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Kospi opens 2% higher as Israel and Iran agree cease-fire

Published: 24 Jun. 2025, 10:41

A screen in Hana Bank's trading room shows the Kospi and won-dollar exchange rate in central Seoul on June 24. [NEWS1]

Korean stocks opened 2 percent higher Tuesday over eased regional tensions in the Middle East after U.S. President Donald Trump announced that Israel and Iran have agreed on a cease-fire to end their conflict.

The Kospi jumped 60.32 points, or 2 percent, to 3,074.79 in the first 15 minutes of trading.

Trump made the announcement after Iran fired short- and medium-range ballistic missiles at Al Udeid Air Base in Qatar — the largest U.S. military installation in the Middle East — in response to the United States' attack on three key nuclear sites in Iran over the weekend.

The president said that without the cease-fire, the war could have gone on for years and destroyed the entire region.

Most blue chips benefited from the announcement, with market heavyweight Samsung Electronics rising 3.53 percent and chip rival SK hynix soaring 5.97 percent.

Top bio company Samsung Biologics gained 1.01 percent, and leading battery manufacturer LG Energy Solution climbed 2.89 percent. Top automaker Hyundai Motor added 2.23 percent.

In contrast, refiners and internet portal operators retreated. Leading refiner SK Innovation plummeted 3.02 percent, and top internet portal firm Naver fell 1.9 percent.

The local currency was trading at 1,366.55 won against the greenback at 9:15 a.m., up sharply by 17.75 won from the previous session.

Yonhap