South Korean stock markets surged on Thursday, reaching their highest point since late February. The benchmark KOSPI closed up 134.66 points, or 2.21%, at 6,226.05, the highest closing level since February 27. This rally was fueled by optimism surrounding a potential U.S.-Iran deal to end the war. Strong earnings from Taiwanese chipmaker TSMC also propelled South Korean chipmakers like Samsung Electronics and SK Hynix higher.
Samsung Electronics rose 3.08% to the highest since February 26, while SK Hynix gained 1.67% to an all-time high. Battery maker LG Energy Solution climbed 1.96%, while Hyundai Motor and sister automaker Kia Corp were up 5.12% and 4.22%, respectively. Of the total 905 traded issues, 657 shares advanced, while 207 declined. Foreigners were net buyers of shares worth 464.4 billion won ($315.43 million).
The won was quoted at 1,473.1 per dollar, 0.16% higher than its previous close. The most liquid three-year Korean treasury bond yield rose by 1 basis point to 3.341%, while the benchmark 10-year yield rose by 2.5 basis points to 3.677%.
