Seoul: South Korean stocks rose sharply Wednesday, led by big-cap technology gains, as investors hoped for an end to the monthlong conflict in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) surged 331.93 points, or 6.57 percent, reaching 5,384.39 by 11:20 a.m.
According to Yonhap News Agency, the index opened nearly 5.5 percent higher, tracking overnight gains on Wall Street, and continued to rise due to solid institutional buying. The Korea Exchange (KRX), the country's main bourse operator, activated a five-minute buy-side sidecar shortly after the market opened, temporarily halting program-driven buy orders in KOSPI futures.
The rally followed U.S. President Donald Trump's statement on Tuesday (U.S. time) indicating that the United States could conclude its military operation against Iran within "two or three weeks." Trump remarked, "All I have to do is leave Iran." Additionally, Iranian President Masoud Pezeshkian informed 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 resulted in rising global oil prices amid supply disruptions, affecting global financial markets and raising concerns about inflation and an economic slowdown. In Seoul, most big-cap shares gained ground.
Market bellwether Samsung Electronics surged 9.99 percent, while chip giant SK hynix soared 8.8 percent. Top automaker Hyundai Motor rose 8.31 percent, with its sister affiliate Kia advancing 4.75 percent. Leading battery maker LG Energy Solution increased 0.89 percent, and artificial intelligence investment firm SK Square spiked 6.54 percent.
Bio giant Samsung Biologics climbed 2.93 percent, and Celltrion gained 2.94 percent. Defense giant Hanwha Aerospace jumped 7.21 percent, and nuclear power plant builder Doosan Enerbility rose 6.97 percent. Leading financial firm KB Financial grew 4.16 percent, while major steelmaker POSCO increased 2.56 percent.
Shipbuilders opened with mixed results. Leading shipbuilder HD Hyundai Heavy dropped 4.09 percent, while its rival Hanwha Ocean increased 4.33 percent. The local currency was trading at 1,507.5 won against the greenback at 11:20 a.m., up 22.6 won from the previous session.