South Korean stocks saw a significant rise on Wednesday morning, mainly due to gains in major tech companies. The Korea Composite Stock Price Index (KOSPI) climbed 2.27 percent to 5,680.06 by 11:20 a.m., driven by strong buying from institutional and foreign investors. Investors were optimistic about potential progress in talks between the United States and Iran to resolve ongoing conflicts.
US President Donald Trump mentioned that Iran had proposed a valuable incentive related to oil and gas to the US, hinting at ongoing negotiations to end the month-long conflict in the Middle East. However, reports indicated that Tehran refuted claims of engaging in discussions with the US.
Several large-cap companies experienced positive movement in the market. Samsung Electronics rose by 2.06 percent, SK hynix surged by 3.85 percent, Hyundai Motor advanced by 2.24 percent, and Samsung Biologics went up by 1.87 percent. Additionally, Hyundai Heavy, a major shipbuilder, saw a slight decline of 0.58 percent.
The Korean won was trading at 1,494.4 won against the US dollar by 11:20 a.m., showing a slight increase from the previous session. In another development, South Korea and Canada engaged in discussions to address global supply chain disruptions and other mutual concerns, including South Korea’s interest in a Canadian patrol submarine project.
