South Korean stocks extended gains for a fourth session on May 8, closing at a fresh record high of 7,498 despite renewed tensions in the Middle East. President Donald Trump said the ceasefire remained in effect after U.S. and Iranian forces exchanged fire overnight.
The benchmark Korea Composite Stock Price Index opened 1.82 percent lower but reversed course to close at 7,498 points, up 7.95 points or 0.11 percent. Trade volume reached 518.3 million shares worth 40 trillion won.
Institutions bought a net 1.5 trillion won and individuals 4 trillion won, offsetting foreign net selling of 5.6 trillion won. Auto and robotics shares such as Hyundai Motor and Kia advanced while semiconductor names took a breather.
U.S. President Donald Trump told reporters the ceasefire with Iran was still in effect despite the overnight clash. The Korean won fell sharply, closing at 1,471.7 won per dollar, down 17.7 won from the previous session.
