Seoul: Seoul stocks surged Wednesday, led by gains in chipmakers and other big-cap tech shares, as hopes grew for a possible end to the U.S.-Iran conflict. The Korean won strengthened sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 426.24 points, or 8.44 percent, to 5,478.7, snapping a four-day losing streak.
According to Yonhap News Agency, tracking overnight gains on Wall Street, the index opened nearly 5.5 percent higher and extended gains on solid institutional buying. The Korea Exchange (KRX), the country's main bourse operator, activated a five-minute buy-side sidecar about seven minutes after the opening bell, temporarily halting program-driven buy orders in KOSPI futures.
The rally came after U.S. President Donald Trump stated that the United States could end its military operation against Iran within "two or three weeks," adding, "All I have to do is leave Iran." Iranian President Masoud Pezeshkian also communicated to European Council President Antonio Costa that Tehran has the "necessary will" to end the war, provided its adversaries guarantee it will not reignite, as reported by foreign media.
The conflict, which began in late February following U.S.-Israeli strikes on Iran, has driven up global oil prices amid supply disruptions. This has rattled financial markets and fueled concerns over inflation and a potential economic slowdown.