South Korean stocks began trading nearly 1% higher on Friday, fueled by optimism that the escalating tensions between the US and Israel against Iran may de-escalate sooner than anticipated. This positive sentiment has eased concerns in global financial markets.
The Korea Composite Stock Price Index (KOSPI) climbed 53.89 points, a 0.94% increase, reaching 5,817.11 within the first 15 minutes of trading.
In overnight trading, the Dow Jones Industrial Average experienced a 0.44% decrease, the Nasdaq Composite fell by 0.28%, and the S&P 500 declined by 0.27%. However, these indices recovered most of their earlier losses following remarks from Israeli Prime Minister Benjamin Netanyahu, who suggested that the conflict with Iran might conclude more quickly than expected. He also noted that US President Donald Trump had requested a cessation of attacks on Iranian energy infrastructure.
Earlier in the week, reports indicated that Israel targeted Iran’s largest gas field, South Pars, prompting a retaliatory strike from Iran on a significant liquefied natural gas facility in Qatar.
In Seoul, major South Korean stocks displayed mixed performance at the opening bell.
Samsung Electronics saw a slight increase of 0.25%, while its competitor in the semiconductor industry, SK hynix, rose by 0.39%.
Automotive giant Hyundai Motor experienced a gain of 0.57%, and its affiliate Kia Motors increased by 0.35%.
Leading battery manufacturer LG Energy Solution advanced by 1.35%, and power plant constructor Doosan Enerbility surged by 1.41%.
Prominent biopharmaceutical firm Samsung Biologics rose by 1.64%, and Celltrion increased by 0.99%.
Financial stocks also demonstrated strength, with Shinhan Financial up by 1.87% and Mirae Asset Securities soaring by 3%.
Conversely, defense industry leader Hanwha Aerospace experienced a decrease of 2.91%.
Major shipbuilding companies HD Hyundai Heavy and Hanwha Ocean declined by 0.88% and 0.69%, respectively.
The Korean won’s exchange rate against the US dollar stood at 1,488.1 won at 9:15 a.m., reflecting a jump of 12.9 won compared to the previous trading session.
