Seoul: South Korean stocks rebounded more than 5 percent Tuesday after suffering a sharp decline the previous session, as investors hunted bargains amid eased concerns over the U.S.-Iran conflict. The local currency gained sharply against the greenback. The Korea Composite Stock Price Index (KOSPI) moved up 280.72 points, or 5.35 percent, to close at 5,532.59.

According to Yonhap News Agency, the sharp gains came after investors scooped up bargains following the previous session's near 6 percent plunge, after news reports said U.S. President Donald Trump remarked the war with Iran was "very complete," which led to a sharp decline in global crude prices.

During the morning session, program trading on the main bourse was suspended for five minutes. A sidecar is triggered by the Korea Exchange (KRX) when the KOSPI 200 futures index moves 5 percent or more for at least one minute.

The Korean won was trading at 1,469.3 won against the U.S. dollar, up 26.2 won from the previous session, as of 3:30 a.m.