Seoul: South Korean stocks jumped over 2 percent higher late Tuesday morning over eased tensions in the Middle East after U.S. President Donald Trump announced that Israel and Iran have agreed on a ceasefire to end their conflict. The benchmark Korea Composite Stock Price Index (KOSPI) soared 68.65 points, or 2.28 percent, to 3,083.12 as of 11:20 a.m.
According to Yonhap News Agency, Trump made the announcement after Iran fired short- and medium-range ballistic missiles at Al Udeid Air Base in Qatar, the largest U.S. military installation in the Middle East. This was in response to America's attack on three key nuclear sites in Iran over the weekend. Trump stated that without the ceasefire, the war could have continued for years, potentially devastating the entire region.
Most blue chips benefited from the announcement, with market heavyweight Samsung Electronics rising 3.28 percent and chip rival SK hynix surging 7.51 percent. Top bio company Samsung Biologics gained 0.71 percent, and leading battery manufacturer LG Energy Solution climbed 1.87 percent. Top automaker Hyundai Motor added 1.49 percent.
In contrast, refiners and internet portal operators saw declines. Leading refiner SK Innovation plummeted 1.65 percent, and top internet portal firm Naver fell 2.07 percent. The local currency was trading at 1,366.95 won against the greenback at 11:20 a.m., up 17.35 won from the previous session.