Seoul shares sharply higher on revived hopes for US-Iran deal
South Korean stocks traded sharply higher on Tuesday on revived hopes for US-Iran peace talks, briefly topping the 6,000-point mark for the first time since the outbreak of the U.S.-Iran conflict.
The benchmark Korea Composite Stock Price Index (KOSPI) added 189.03 points, or 3.25 percent, to 5,997.65 as of 11:20 a.m (local time).
The index rose to 6,000.18 around 10:12 a.m. and hovered near the 6,000 level, reports Yonhap news agency.
It marked the first intraday move above the 6,000 mark since March 3, when the index traded at 6,180.45, the first trading day after the United States and Israel carried out air strikes on Iran on Feb. 28.
The KOSPI crashed 7.28 percent to close at 5,791.91 that day.
On Monday, the U.S. began a blockade of the Strait of Hormuz following marathon talks between Washington and Tehran in Islamabad, Pakistan, over the weekend that ended without progress.
However, Washington did not close the door on diplomacy, saying it would continue to engage with Tehran to make a deal.
Renewed hopes for a deal pushed up U.S. stocks overnight. The Dow Jones Industrial Average rose 0.63 percent, and the Nasdaq Composite gained 1.23 percent.
In Seoul, tech and shipbuilding shares led the upbeat mode. Market bellwether Samsung Electronics rose 3.73 percent and chip giant SK hynix jumped 7.5 percent.
Major shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean advanced 1.73 percent and 2.83 percent, respectively.
Carmakers were also strong as industry leader Hyundai Motor gained 3.97 percent and its sister Kia climbed 2.04 percent.
The local currency was trading at 1,483.05 won against the greenback at 11:20 a.m., up 6.15 won from the previous session.
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