South Korean stocks reached an all-time high driven by a surge in semiconductor shares and positive developments in US-Iran negotiations. The benchmark Korea Composite Stock Price Index (KOSPI) initially opened lower but later rose by 0.69 percent to 9,114.55 points. Trade volume stood at 377.2 million shares valued at 41.4 trillion won.
Retail investors and institutions were net buyers, while foreign investors sold a net 2.55 trillion won. Talks between the US and Iran concluded with an agreement on a 60-day roadmap towards a final deal, easing tensions. Semiconductor stocks performed well, with SK hynix surpassing Samsung Electronics in market capitalization for the first time.
SK hynix saw a significant increase of 5.61 percent, reaching 2.92 million won, while SK Square and Hanmi Semiconductor also experienced gains. However, Samsung Electronics and Samsung Electro-Mechanics faced slight declines. Hyundai Motor and LG Energy Solution witnessed decreases, while Samsung Life Insurance and Samsung Biologics also saw drops in their stock prices.
The Korean won was quoted at 1,537 won against the US dollar, showing a slight decline from the previous session. Bond prices closed lower, with yields on three-year Treasurys and five-year government bonds increasing.
