Seoul shares closed higher by 1.4 percent on optimism over upcoming U.S.-Iran ceasefire negotiations following a two-week Middle East truce. The KOSPI ended at 5,858.87, extending weekly gains to nearly 9 percent despite lingering geopolitical concerns. Investor sentiment improved amid positive regional developments.
Seoul shares closed higher on Friday, April 10, tracking overnight Wall Street gains amid improved investor sentiment on optimism over U.S.-Iran negotiations following a two-week Middle East ceasefire. The benchmark Korea Composite Stock Price Index (KOSPI) rose 80.86 points, or 1.4 percent, to 5,858.87, extending weekly gains to nearly 9 percent despite lingering geopolitical concerns.
Trading volume was moderate at 989.96 million shares worth 23.43 trillion won ($15.8 billion), with gainers outnumbering losers 716 to 163. Foreign investors were net buyers of 1.1 trillion won worth of shares, while institutions sold a net 294 billion won and retail investors 1.23 trillion won.
Overnight, the Dow Jones Industrial Average gained 0.58 percent and the Nasdaq Composite advanced 0.83 percent. Investor sentiment drew support from Middle East developments, as Israeli Prime Minister Benjamin Netanyahu authorized direct talks with Lebanon on Thursday to disarm Iran-backed Hezbollah, reinforcing ceasefire efforts. Netanyahu said no formal ceasefire exists between Israel and Lebanon.
The United States and Iran are set to begin weekend talks to formalize ceasefire terms. U.S. President Donald Trump expressed optimism about an agreement while warning Tehran against disrupting shipping in the Strait of Hormuz. "The KOSPI rebounded toward the 5,800 level on expectations that ceasefire negotiations will proceed as planned over the coming weeks," said Kim Joo-yeon, an analyst at Mirae Asset Securities.
Most large-cap stocks advanced, with Samsung Electronics up 0.98 percent to 206,000 won and SK hynix jumping 2.91 percent to 1,027,000 won. The won traded at 1,482.5 against the dollar at 3:30 p.m., unchanged. Bond yields rose, with the three-year Treasury at 3.360 percent (up 2.2 basis points) and five-year at 3.511 percent (up 2.1 basis points).
