South Korean stocks opened higher on Wednesday, driven by bargain hunting among investors. This positive sentiment persisted despite ongoing volatility in global oil prices, influenced by the escalating tensions in the Middle East.
The benchmark Korea Composite Stock Price Index (KOSPI) experienced a significant increase, rising 154.83 points, or 2.8 percent, to reach 5,687.42 as of 9:15 a.m. This surge follows a rebound of 5.35 percent observed on Tuesday.
Heightened geopolitical tensions contributed to market uncertainty. US President Donald Trump issued a statement on social media, warning Iran of “military consequences” of unprecedented severity if it is found to have deployed mines in the Strait of Hormuz.
In a subsequent post, Trump asserted that the United States had “completely destroyed” ten inactive mine-laying ships and suggested that further action was anticipated.
The Strait of Hormuz, located south of Iran, is a critical waterway responsible for approximately 20 percent of global oil and gas shipments, making it a key area of concern for global markets.
Major technology companies showed positive movement. Samsung Electronics shares climbed by 2.66 percent, while SK hynix experienced a gain of 1.81 percent.
Leading battery manufacturers also saw increases. LG Energy Solution’s stock rose by 2.32 percent, and its competitor, Samsung SDI, increased by 2.73 percent.
Automotive stocks began the day with gains. Industry leader Hyundai Motor saw its shares rise by 4 percent, and its sister company, Kia, increased by 4.53 percent.
Pharmaceutical companies also showed strength in early trading, with Samsung Biologics advancing by 4.21 percent and Celltrion increasing by 2.91 percent.
