Seoul stocks rebound on hopes of easing tension in Mideast

SEOUL, March 24 (Yonhap) -- Seoul stocks closed sharply higher on Tuesday amid hopes that the U. S.-Iran war may end soon. The Korean won sharply strengthened against the U. S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 148.18 points, or 2.74 percent, to 5,553.92, after reaching as high as 5,643.00. On Monday, the index plunged by more than 6 percent on escalating tensions in the Middle East. Trade volume was moderate at 1.2 billion shares worth 24.5 trillion won (US$16.39 billion). Winners outnumbered losers 705 to 190. Foreigners were net sellers, offloading 2 trillion won. Institutional and retail investors purchased a combined net 1.7 trillion won. "The stock market surged on Trump's TACO but reduced gains amid persisting geopolitical uncertainties," Lee Kyoung-min, an analyst from Daishin Securities, said, referring to the acronym that stands for "Trump Always Chickens Out." Earlier, Trump had threatened to hit Iranian power plants if Tehran does not reopen the Strait of Hormuz by Monday evening. But he later announced a postponement of such a plan, adding that the United States is having "good talks" with Iran. Investors, however, remained cautious over persisting geopolitical uncertainties, as Iran denied having talks with the U. S., and the strait, a critical oil waterway, remains effectively closed, Lee added. Financial data is displayed on a screen inside the dealing room of Hana Bank in central Seoul on March 24, 2026. (Yonhap) Most market heavyweights closed higher. Chip giant Samsung Electronics added 1.44 percent to 189,700 won, and its rival SK hynix surged 5.68 percent to 986,000 won. Top carmaker Hyundai Motor advanced 1.44 percent to 492,000 won, battery maker LG Energy Solution jumped 10.25 percent to 392,500 won, and defense giant Hanwha Aerospace rose 4.46 percent to 1,335,000 won. Among the decliners were nuclear power plant builder Doosan Enerbility, which fell 0.6 percent to 100,100 won, and brokerage Mirae Asset Securities, which declined 1.29 percent to 61,100 won. The local currency was quoted at 1,495.2 won against the U. S. dollar as of 3:30 p.m., up 22.1 won from the previous session. fairydust@yna.co.kr(END)