SEOUL, April 8 (AJP) — South Korea’s benchmark KOSPI zoomed above 5,800 by flying 6 percent upon the opening bell Wednesday on expectations of the reopening of the Strait of Hormuz as a part of the ceasefire terms of the United States that Tehran reportedly accepted.
The main index opened sharply higher, jumping 6.56 percent to 5,855.29, while the tech-heavy KOSDAQ rose 4.13 percent to 1,079.58. Japan’s Nikkei 225 also climbed more than 4 percent.
A buy-side sidecar was triggered on the KOSPI 200 after the index surged past the 5 percent threshold.
U.S. President Donald Trump said Tuesday (local time) he would suspend military operations against Iran for two weeks, writing on Truth Social: “I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double-sided CEASEFIRE!”
The decision, announced about 90 minutes before the deadline, is conditional on Iran ensuring the full and safe reopening of the Strait of Hormuz. The proposal — reportedly mediated by Pakistan — has been accepted by both sides, raising expectations for a broader agreement and easing concerns over oil supply disruptions.
Improved risk sentiment lifted Asian markets, with Seoul leading gains on expectations of stabilizing energy prices and reduced geopolitical risk.
Large-cap stocks rallied broadly.
Samsung Electronics jumped 7.12 percent to 210,500 won, while SK hynix surged 8.95 percent to 998,000 won.
Automakers and battery makers also advanced. Hyundai Motor rose 5.39 percent to 498,500 won, Kia gained 5.57 percent to 159,200 won, and LG Energy Solution added 2.57 percent to 419,000 won.
Bio and industrial shares were higher, with Samsung Biologics up 4.35 percent to 1,655,000 won, Doosan Enerbility rising 5.06 percent to 99,700 won, and HD Hyundai Heavy Industries gaining 5.32 percent to 495,000 won.
Financials led the rally. KB Financial Group jumped 7.91 percent to 158,300 won, Samsung Life Insurance rose 8.11 percent to 240,000 won, Shinhan Financial Group added 6.35 percent to 97,200 won, and Mirae Asset Securities climbed 8.13 percent to 66,500 won.
Other major gainers included Samsung C&T, up 9.49 percent to 300,000 won; Celltrion, rising 5.32 percent to 204,000 won; Hanwha Ocean, advancing 6.20 percent to 128,400 won; Samsung SDI, up 3.07 percent to 470,500 won; and Hyundai Mobis, gaining 4.87 percent to 409,000 won.
Hanwha Systems was the only major decliner, falling 2.34 percent to 1,501,000 won.
The U.S dollar dropped nearly 20 won to 1,477.5, breaking below the 1,500 level.
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