Seoul stocks saw a significant rise on Friday morning following remarks by US President Donald Trump hinting at a resolution to the Iran conflict. The Korea Composite Stock Price Index (KOSPI) surged by 7.81 percent to 8,370.41 points, with major tech stocks attracting institutional and foreign investors.
President Trump’s announcement of a potential deal with Iran led to the index staying above the 8,000-point mark after opening on a high note. The Bank of Korea also maintained a firm stance on interest rates, emphasizing the need for prompt rate hikes.
Market heavyweights, buoyed by gains on Wall Street, showed positive movements. Samsung Electronics and SK hynix recorded notable increases, while Hyundai Motor, LG Electronics, and KB Financial also saw upward trends.
The Korean won strengthened against the US dollar, reflecting the market’s optimism amid ongoing tensions in the Middle East. Trump’s statements hinting at an imminent signing and the reopening of the Strait of Hormuz have added to market expectations.
