An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)
Seoul stocks rose by more than 4 percent Friday, as investors snapped up tech heavyweights amid hopes the war between the United States and Iran could end soon.
The benchmark Korea Composite Stock Price Index closed up 359.67 points, or 4.63 percent, at 8,123.62 after rising as high as 8,434.40.
After opening sharply higher on renewed hopes that the war between the US and Iran is near its end, the index trimmed earlier gains on profit taking ahead of the closing bell.
Trade volume was heavy at 490.3 million shares worth 51.1 trillion won ($33.6 billion). Winners outnumbered losers 753 to 144.
On Thursday, US President Donald Trump said he has reached a "great settlement" that would resolve the monthslong conflict with Iran and the deal would be signed as early as over the weekend, possibly in Europe.
Media outlet Axios also reported that four US Air Force C-17 planes departed for Europe on Thursday, moving equipment for possible travel by Vice President J.D. Vance, raising the possibility a signing ceremony could take place in Geneva, Switzerland.
"Market sentiment improved as foreign investors shifted to net buying after a 25-session selling streak, on anticipations for peace negotiations," said Lee Kyoung-min, an analyst from Daishin Securities.
But the rise was limited, amid reports that global banks are curbing hedge funds' leveraged bets on the country's two semiconductor heavyweights: Samsung Electronics and SK hynix, Lee added.
Foreigners and institutional investors net purchased a combined 4.4 trillion won. Retail investors net sold 4.3 trillion won.
In Seoul, shares closed higher across the board.
Market top-cap Samsung Electronics rose 7.86 percent, to 322,500 won, while its chipmaking rival SK hynix moved up 2.33 percent to 2,150,000 won.
Semiconductor equipment maker Hanmi Semiconductor vaulted 24.05 percent to 361,000 won, after the company said in a regulatory filling it is seeking to invest in SpaceX, Elon Musk's space company set to make its Nasdaq debut on Friday.
Shipmakers also gathered ground as investors went bargain hunting. Hanwha Ocean added 7.85 percent to 112,700 won and HD Hyundai Heavy Industries increased 0.62 percent to 650,000 won.
Portal operator Naver jumped 10.27 percent, to 247,000 won, financial firm KB Financial climbed 6.4 percent to 161,200 won, and top car maker Hyundai Motor added 1.68 percent to 607,000 won.
The Korean won was quoted at 1,519.8 won against the US dollar as of 3:30 p.m., up 9.1 won from the previous session's close. (Yonhap)
Read the full article at The Korea Herald →📄Source document: Electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday.→4 reports
The Korea HeraldIndependentCenter2 days agoSeoul stocks experienced a decline on Friday after a six-day upward trend, driven by profit-taking amidst an AI-driven market boom and renewed uncertainties regarding Iran. The Korea Composite Stock Price Index dropped 0.13% to 9,052.42. Trading volumes were high, with retail investors acting as net buyers while institutional and foreign investors sold shares. Market reactions were influenced by delayed U.S.-Iran talks and analyst predictions about potential increases in chip demand.
Bias read (Center): The article provides a factual account of stock market movements without overtly favoring any political stance. It reports on economic factors influencing the market, such as investor behavior, trade volumes, and external geopolitical events, without using biased language or selective sourcing.
The Korea HeraldIndependentCenter5 days ago Seoul stocks up for 4th day to finish above 8,700 on US-Iran deal optimismSeoul stocks increased by over 2 percent on Tuesday, continuing a four-day upward trend driven by optimism surrounding a potential U.S.-Iran deal aimed at ending the conflict and reopening the Strait of Hormuz. The Korea Composite Stock Price Index closed at 8,726.6, up 180.62 points. The local currency weakened against the U.S. dollar. U.S. stocks also rose following comments from President Donald Trump indicating a preliminary agreement had been signed. Oil prices declined as tensions eased.
Bias read (Center): The article reports on stock market movements influenced by geopolitical developments without taking a stance on the U.S.-Iran situation or expressing ideological bias. It presents factual data on stock indices, currency exchange rates, and oil prices, focusing on economic indicators rather than any
The HankyorehIndependentCenter7 days agoThe article discusses why the expected oil price surge following potential conflict with Iran did not materialize as anticipated.
Bias read (Center): The article appears to present an analytical perspective without overtly favoring any particular political stance. It focuses on economic factors rather than making value judgments or taking sides in geopolitical issues.
The Korea HeraldIndependentCenter9 days ago Seoul stocks spike over 4% to settle again in 8,000 territory on hopes for end to Mideast crisisSeoul stocks increased by over 4% as investors bought technology sector stocks, driven by optimism that the conflict between the United States and Iran might be nearing an end. The Korea Composite Stock Price Index closed at 8,123.62, up 359.67 points, though it pared some of its early gains due to profit-taking before the market close.
Bias read (Center): The article reports on stock market movements influenced by geopolitical expectations without taking a stance on the situation with Iran or the U.S. It provides factual data on stock performance and mentions investor sentiment without editorializing or biased language.
KR