SEOUL, March 10 (AJP) -South Korean stocks posted the strongest advance in Asia on Tuesday, reversing course after leading the region’s losses a day earlier as oil prices retreated sharply from above $100 a barrel and eased fears of a prolonged energy shock from the Middle East conflict.
Korea’s benchmark KOSPI closed up 5.35 percent at 5,532.6, recouping much of Monday’s nearly 6 percent drop triggered by the surge in crude prices.
The rally gathered momentum after oil prices slid overnight to below $90 per barrel, reviving investor sentiment and triggering a buy-side sidecar shortly after the opening bell as the main index jumped more than 6 percent.
Foreign and institutional investors drove the rebound in Seoul. Foreigners bought a net 1.1 trillion won ($749 million) worth of shares on the KOSPI, while institutions added 847 billion won. Individual investors locked in profits, selling a net 1.8 trillion won.
Technology shares led the advance. Samsung Electronics surged 8.3 percent to 187,900 won, while SK hynix jumped 12.2 percent to 938,000 won. Automakers also gained, with Hyundai Motor rising 3.6 percent. The smaller KOSDAQ also climbed 3.21 percent to finish at 1,137.7.
Foreign investors purchased 128 billion won worth of shares on the KOSDAQ, while institutions added 72 billion won. Retail investors were heavy sellers, offloading about 200 billion won.
Japan’s Nikkei 225 rose 2.9 percent to close at 54,248.39, while the broader TOPIX gained 2.2 percent. Semiconductor equipment makers supported the rally, with Tokyo Electron advancing 2.9 percent and Advantest climbing 5.3 percent.
Taiwan’s TAIEX added 2.1 percent to close at 32,771.9, tracking gains in global semiconductor stocks.
Hong Kong’s Hang Seng Index climbed 1.9 percent to 25,888, while mainland China’s Shanghai Composite rose 0.6 percent.
The rebound in regional markets came after U.S. President Donald Trump suggested the conflict with Iran could end soon, easing concerns over prolonged disruption to global energy supplies.
“We are going to have a much safer world as soon as it ends, and it's going to finish pretty quickly,” Trump said during a speech at the Republican Members’ Issues Conference in Florida.
Brent crude dropped about 8 percent to $90.25 per barrel, while U.S. benchmark West Texas Intermediate fell nearly 8 percent to $87.24.
The Korean won also strengthened as easing oil prices improved investor sentiment, closing at 1,469.3 per dollar compared with 1,467.5 won the previous session.
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