Seoul stocks sharply higher late Monday morning on US-Iran deal
The benchmark KOSPI is displayed on a screen at a dealing room in Hana Bank, Seoul, Monday. Yonhap
Seoul stocks were trading sharply higher late Monday morning, as market sentiment improved after the United States and Iran reached an agreement to end their monthslong war, which includes the reopening of the Hormuz Strait.
The benchmark Korea Composite Stock Price Index (KOSPI) was up 386.85 points, or 4.76 percent, to 8,510.47 as of 11:20 a.m.
U.S. and Iran's agreement to extend their ceasefire for 60 days and reopen the Strait of Hormuz, provided relief to investors who snatched up market heavyweights.
Market top-cap Samsung Electronics advanced 3.95 percent, while industry rival SK hynix jumped 5.81 percent.
Top carmaker Hyundai Motor rose 6.59 percent, defense giant Hanwha Aerospace moved up 3.15 percent, and major financial group KB Financial climbed 7.88 percent.
The Korean won was quoted at 1,513.2 won against the U.S. dollar, up 6.6 won from the previous session.