South Korean shares opened nearly 1 percent higher Friday amid hopes the U.S.-Israel war against Iran may end sooner than expected. The benchmark KOSPI rose 0.94 percent to 5,817.11, while the won rebounded from its 17-year low.
South Korean shares opened almost 1 percent higher on March 20 amid hopes the U.S. and Israel-led war against Iran may end sooner than expected, following statements from leaders. The benchmark Korea Composite Stock Price Index (KOSPI) rose 53.89 points, or 0.94 percent, to 5,817.11 in the first 15 minutes of trading. Israeli Prime Minister Benjamin Netanyahu said the war against Iran may end 'a lot faster than people think,' and U.S. President Donald Trump requested no further attacks on Iranian energy infrastructure. The Korean won traded at 1,488.1 against the U.S. dollar at 9:15 a.m., jumping 12.9 won from the previous session after hitting a 17-year low of 1,501 on Thursday. That plunge followed Israel's attack on Iran's South Pars gas field and Iran's strike on a Qatar LNG site, driving oil prices up over 5 percent. Federal Reserve Chair Jerome Powell noted the oil surge has increased inflationary pressures after holding rates steady at 3.5-3.75 percent. KB Kookmin Bank researcher Lee Min-hyuk said, 'Escalating tensions in the Middle East have increased upward pressure on oil prices, which has weighed on the won.' Top caps like Samsung Electronics edged up 0.25 percent, SK hynix 0.39 percent, and LG Energy Solution rose 1.35 percent, while Hanwha Aerospace dipped 2.91 percent. South Korea's markets have shown volatility due to heavy energy import reliance.
