South Korean stocks opened sharply higher on March 24 amid hopes of easing Middle East tensions, following U.S. President Donald Trump's announcement of talks with Iran and a five-day postponement of strikes. The KOSPI index rose 4.25% at open, reaching 5,602.08, up 3.63%, after 15 minutes of trading.
SEOUL, March 24 (Yonhap) -- South Korean stocks opened sharply higher Tuesday as investors pinned hopes on easing military tensions in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 4.25 percent at open but stood at 5,602.08, up 196.33 points or 3.63 percent, after the first 15 minutes of trading. This followed a plunge of more than 6 percent in the previous session. Overnight, major Wall Street indexes closed over 1 percent higher after U.S. President Donald Trump said the United States and Iran held talks and that he ordered a five-day postponement of strikes against Iranian power plants and energy infrastructure. The development fueled hopes that Middle East turmoil might end soon and souring oil prices could stabilize. Brent crude fell more than 10 percent the previous session. In Seoul, market heavyweights advanced: Samsung Electronics rose 3.76 percent, SK hynix added 6 percent, Hyundai Motor strengthened 3.04 percent, Hanwha Aerospace advanced 1.64 percent, and KB Financial moved up 1.72 percent. The Korean won traded at 1,495.5 against the U.S. dollar as of 9:15 a.m., up 21.8 won from the prior session after hitting a 17-year low previously. Early reports noted a 4.25 percent jump to 5,635.43 in the first minute.
