The South Korean stock market closed above the 8000-point mark for the first time on Tuesday, reaching a new all-time high. The surge was driven by optimism over a potential peace agreement between the United States and Iran, which could lead to the reopening of the Strait of Hormuz. The Korean won also strengthened against the U.S. dollar.
The Korea Composite Stock Price Index (KOSPI) rose by 199.8 points, or 2.55%, to close at a record 8,047.51 points, marking its third consecutive day of gains.
This is the first time the KOSPI has closed above 8000 points since it surpassed the 7000-point threshold on May 6.
Trading volume was substantial for the day, reaching 514.3 million shares, with a total transaction value of 39.1 trillion won (approximately $26 billion). Decliners significantly outnumbered advancers, with 653 stocks falling and 234 rising.
Institutional investors were net buyers, purchasing 132.7 billion won worth of stocks, while foreign investors were net sellers, offloading 184.1 billion won. Retail investors also sold a net 616.7 billion won.
Market bellwethers Samsung Electronics and SK Hynix led the gains. Samsung Electronics' shares rose 2.22% to close at 299,000 won, while SK Hynix's shares surged 5.72% to a record high of 2.05 million won.
Hyundai Motor's shares soared 5.19% to 689,000 won, and major shipbuilder Hanwha Ocean's shares jumped 10.23% to 134,700 won.
Pharmaceutical giant Samsung Biologics saw its shares rise 0.71% to 1.4 million won. K-pop agency Hybe's shares increased 0.43% to 236,000 won, buoyed by its artist BTS winning the Artist of the Year award at the American Music Awards.
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