South Korean Shares Surge Over 5% at Open After US-Iran Ceasefire Announcement

Deep News04-08

South Korean equities opened sharply higher on Wednesday, following an announcement by U.S. President Donald Trump of a two-week suspension of military action against Iran, with Tehran pledging to ensure safe passage through the Strait of Hormuz during the ceasefire period.

The Korea Composite Stock Price Index (KOSPI) climbed 309.92 points, or 5.64%, to open at 5,804.7.

In a social media post, Trump stated that the United States would halt attacks on Iran for two weeks if Tehran agreed to "fully, immediately, and safely open" the critical Strait of Hormuz.

Trump added that the U.S. had received a ten-point proposal from Iran, which he described as a "workable basis for negotiations."

Iran's foreign ministry also issued a statement accepting the two-week ceasefire proposal.

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