The dealing room of Hana Bank in Seoul, Wednesday / Yonhap
Korean stocks extended gains late Wednesday morning as investors continued to hunt bargains while monitoring geopolitical uncertainties surrounding the Strait of Hormuz.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 182.69 points, or 3.3 percent, to 5,715.28 as of 11:20 a.m. The index shot up 5.35 percent in the previous session.
Investors continued to scoop up undervalued shares following the market's recent volatility, which triggered two circuit breakers in a single month for the first time since 2020, although gains were limited by reports that Iran may have laid mines in the Strait of Hormuz.
Located south of Iran, the key waterway accounts for roughly 20 percent of global oil and gas shipments.
U.S. President Donald Trump said in a social media post that Iran will face "military consequences" if mines were deployed. In another post, Trump said the United States had "completely destroyed" 10 inactive mine-laying ships, with "more to follow."
In Seoul, top tech giant Samsung Electronics gained 2.66 percent, and SK hynix rose 3.94 percent.
Top brokerage house Mirae Asset Securities increased 12.38 percent, and Kiwoom Securities moved up 7.62 percent.
HMM, a major shipping firm, advanced 1.44 percent, and Hyundai Glovis added 3.41 percent.
Leading air carrier Korean Air gained 3.29 percent, and Asiana Airlines rose 1.58 percent.
Source: Korea Times News
