Kospi Tops 8,100 Intraday on US-Iran Truce Hopes; Samsung, SK Hynix Hit Records

Kosdaq also climbs back above 1,200 intraday

The Kospi rose above 8,100 in intraday trading as hopes for a truce between the US and Iran boosted investor sentiment. Samsung Electronics Co. and SK Hynix Inc., South Korea's two biggest chipmakers, also climbed past 300,000 won and 2 million won per share, respectively.

As of 9:33 a.m. on May 26, the Kospi was up 263.91 points, or 3.36%, at 8,111.62 from the previous session. The benchmark opened 2.84% higher.

Expectations for a ceasefire agreement between the US and Iran appeared to lift risk appetite. The two countries had earlier been reported to be close to extending a ceasefire for 60 days and signing a memorandum of understanding aimed at reaching a final agreement during that period.

At that time, foreign and institutional investors were net buyers of 432.1 billion won and 424.6 billion won, respectively, on the main board. Retail investors were net sellers of 903.3 billion won.

Samsung Electronics and SK Hynix were both surging. Samsung Electronics traded at 298,500 won, up 6,000 won, or 2.05%, from the previous session. The stock earlier jumped as high as 302,500 won, briefly topping 300,000 won. SK Hynix traded at 2,016,000 won, up 75,000 won, or 3.86%. It was the first time the stock had risen above 2 million won during regular trading hours.

Other large-cap shares also advanced, including Samsung Electro-Mechanics Co., up 9.78%, HD Hyundai Heavy Industries Co., up 3.53%, LG Energy Solution Ltd., up 2.76%, Hyundai Motor Co., up 2.44%, Doosan Enerbility Co., up 2.15%, SK Square Co., up 1.35%, and Samsung Life Insurance Co., up 0.27%.

The Kosdaq also rose. As of 9:25 a.m. on May 26, the index was up 39.2 points, or 3.38%, at 1,200.33. Foreign and institutional investors on the Kosdaq were net buyers of 140.8 billion won and 51.3 billion won, respectively. Retail investors were net sellers of 193.9 billion won.

The won opened stronger against the dollar. In Seoul trading, the won-dollar exchange rate opened at 1,515 won per dollar, down 2.2 won from the previous session.

Lee Su, Hankyung.com reporter 2su@hankyung.com