Seoul: South Korean stocks extended gains late Wednesday morning as investors continued to hunt bargains while monitoring geopolitical uncertainties surrounding the Strait of Hormuz. The benchmark Korea Composite Stock Price Index (KOSPI) rose 182.69 points, or 3.3 percent, to 5,715.28 as of 11:20 a.m., following a 5.35 percent increase in the previous session.

According to Yonhap News Agency, investors continued to scoop up undervalued shares following the market's recent volatility, which triggered two circuit breakers in a single month for the first time since 2020. However, gains were limited by reports that Iran may have laid mines in the Strait of Hormuz, a crucial waterway that accounts for roughly 20 percent of global oil and gas shipments.

U.S. President Donald Trump commented on social media that Iran would face "military consequences" if mines were deployed. He also mentioned that the United States had "completely destroyed" 10 inactive mine-laying ships, with "more to follow."

In Seoul's stock market, top tech giant Samsung Electronics gained 2.66 percent, and SK hynix rose 3.94 percent. Top brokerage house Mirae Asset Securities increased 12.38 percent, and Kiwoom Securities moved up 7.62 percent. HMM, a major shipping firm, advanced 1.44 percent, and Hyundai Glovis added 3.41 percent. Leading air carrier Korean Air gained 3.29 percent, and Asiana Airlines rose 1.58 percent.

The Korean won was trading at 1,468.7 won against the U.S. dollar, an increase of 0.6 won from the previous session.