South Korean stocks opened sharply higher on Tuesday ahead of the deadline for a two-week ceasefire in the U.S.-Iran war. The benchmark KOSPI rose 1.99 percent to 6,342.76 as of 9:23 a.m., on pace to break a record. Investors are closely watching the Middle East situation alongside corporate earnings.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 123.67 points, or 1.99 percent, to 6,342.76 as of 9:23 a.m. This puts it on track to surpass the previous high of 6,307.27 set on February 26. Overnight, Wall Street indexes closed lower, with the S&P500 down 0.24 percent and the Nasdaq falling 0.26 percent.
Investors are monitoring the Middle East, where the deadline for a two-week U.S.-Iran ceasefire approaches. U.S. President Donald Trump stated the ceasefire ends on "Wednesday evening Washington time" and said it would be "highly unlikely" to extend without a deal. Iran's foreign ministry, however, said there were no plans for talks "as of now."
Most large-cap shares traded higher. Samsung Electronics added 2.1 percent, SK hynix advanced 3.86 percent, Hyundai Motor rose 1.9 percent, Hanwha Aerospace inched up 0.07 percent, and LG Energy Solution jumped 8.28 percent. Seo Seong-yong, an analyst at Mirae Asset Securities, said, "While the U.S.-Iran issue remains important, the market appears to be looking for direction based on corporate earnings."
The Korean won traded at 1,471.5 against the U.S. dollar, up 5.7 won from the previous session.
