SEOUL, March 24 (AJP) — Asian markets found modest relief Tuesday on signals of a potential truce after U.S. President Donald Trump suspended his ultimatum over attacks on Iran’s power infrastructure, though gains were pared amid mixed signals from Tehran and Gulf states.
Japanese stocks rose at the open on expectations of early de-escalation in the Middle East, with the Nikkei 225 rebounding after plunging more than 5 percent in the previous session on fears of prolonged oil supply disruptions. The index was up 1.42 percent at 52,249.45 in morning trade.
Hong Kong’s Hang Seng Index gained 1.55 percent to 24,761.14, China’s Shanghai Composite rose 0.68 percent to 3,839.05, and Taiwan’s TAIEX added 0.58 percent to 32,913.26.
Overnight on Wall Street, all three major indexes closed higher after Trump signaled a pause in potential military action against Iran and a resumption of negotiations, boosting hopes for near-term de-escalation. The Dow Jones Industrial Average rose 1.38 percent, while the S&P 500 and Nasdaq gained 1.15 percent and 1.38 percent, respectively. Oil prices also fell more than 10 percent, easing inflation concerns.
In Seoul, the benchmark KOSPI rebounded sharply after the previous session’s steep decline. It rose 4.30 percent at the open before trimming gains to trade up 0.32 percent at 5,423.18 as of 10:53 a.m. The KOSDAQ added 0.34 percent to 1,100.63.
Major KOSPI heavyweights traded mostly higher. Samsung Electronics rose 1.50 percent to 189,100 won, while SK hynix gained 2.79 percent to 959,000 won. Hyundai Motor advanced 1.55 percent to 492,500 won, and LG Energy Solution jumped 6.60 percent to 379,500 won.
Samsung Biologics added 0.46 percent to 1,530,000 won, Hanwha Aerospace rose 3.29 percent to 1,320,000 won, and HD Hyundai Heavy Industries gained 1.79 percent to 511,000 won.
Celltrion climbed 2.66 percent to 193,300 won, Hanwha Ocean gained 2.27 percent to 121,600 won, and Hyundai Mobis rose 2.76 percent to 391,500 won. Naver advanced 1.56 percent to 212,250 won, while Mirae Asset Securities edged up 0.48 percent to 62,200 won. KB Financial Group and Samsung C&T posted modest gains, and HD Hyundai Electric rose 0.11 percent to 914,000 won. Samsung Life Insurance was unchanged at 217,500 won.
On the downside, Kia fell 2.72 percent to 157,300 won, marking the steepest decline among major stocks. Doosan Enerbility slipped 0.35 percent to 100,350 won, while Shinhan Financial Group edged down 0.67 percent to 89,300 won.
On the KOSDAQ, market leadership has been shifting rapidly, with the top spot by market capitalization changing five times so far this year. Biotech stocks have recently emerged as a key driver.
Samchundang Pharm rose 4.57 percent to 984,000 won, briefly becoming the largest KOSDAQ stock by market cap. Its share price has surged more than 300 percent so far this year.
Leadership has rotated among battery and biotech names, including EcoPro BM, EcoPro, Alteogen and now Samchundang.
Despite net foreign selling of 5.8 trillion won in Korean equities over the past week, investors continued to buy biotech stocks, with four biotech firms among the top 10 net purchases.
Strong inflows into newly listed active ETFs on the KOSDAQ, heavily weighted toward biotech, have also supported the sector.
Analysts say biotech could replace secondary batteries as the next market leader, though high volatility tied to clinical outcomes remains a key risk.
The won strengthened slightly to 1,500.60 per dollar from the previous close of 1,517.6, reflecting a temporary easing of Middle East tensions.
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