South Korean stocks hit a new high, surpassing 6,700 points on Monday following US President Donald Trump’s announcement about freeing ships stuck in the Strait of Hormuz. The benchmark Korea Composite Stock Price Index (KOSPI) opened at a record 6,782.93, marking a 2.79% increase. By 9:15 a.m., it had climbed 2.38% to 6,756.17.
Trump’s pledge to assist vessels stranded in the crucial shipping route as a humanitarian gesture amid tensions with Iran contributed to the market optimism. Iran’s blockade of shipping in the Persian Gulf and the US’s countermeasures have impacted global trade in recent months. Despite Trump’s skepticism towards Iran’s peace talks offer, both countries have engaged in diplomatic exchanges.
Key players in the market, including Samsung Electronics and SK hynix, saw positive gains. Samsung Electronics rose by 2.61%, while SK hynix surged by 4.67%. Other notable performers were Hyundai Motor, LG Energy Solution, Hanwha Aerospace, and Hyundai Heavy Industries. The Korean won was trading at 1,470.65 won against the US dollar at 9:15 a.m., showing a slight decrease from the previous session.
