South Korea's benchmark KOSPI index topped 7,000 points for the first time at the opening bell on Wednesday. The surge was driven by U.S. President Donald Trump's announcement pausing operations in the Strait of Hormuz amid efforts to finalize a deal with Iran. The index opened at a record high of 7,093.01.
South Korea's benchmark Korea Composite Stock Price Index (KOSPI) opened at a fresh record high of 7,093.01, up 156.02 points or 2.25 percent, on Wednesday, according to the Korea Exchange (KRX). By 9:15 a.m., it had added 343.09 points, or 4.95 percent, to reach 7,280.08. KRX issued a buy-side sidecar at 9:06 a.m., halting program-driven buy orders in KOSPI futures for five minutes—the first such action since April 8.
Just before the opening bell, U.S. President Donald Trump posted on social media that he had paused U.S. efforts to guide stranded vessels out of the Strait of Hormuz to finalize a settlement with Iran to end the war. The move signaled eased Mideast tensions. Overnight, Wall Street rallied, with the S&P 500 and Nasdaq notching record high closes.
Supported by strong gains in artificial intelligence (AI)-related stocks, KOSPI has been on a record-breaking run for weeks. It reached 6,600 last Wednesday and surged more than 5 percent to close over 6,900 on Monday. Market heavyweights led the rally: Samsung Electronics jumped 9.89 percent, SK hynix vaulted 9.33 percent, Hyundai Motor advanced 2.97 percent, and LG Electronics rose 7.47 percent. KB Financial Group and Shinhan Financial Group increased 1.39 percent and 0.92 percent, respectively.
The Korean won traded at 1,462.75 against the U.S. dollar at 9:15 a.m., up 0.15 won from the previous session. (Yonhap, The Korea Times)
