SEOUL: South Korea‘s benchmark Kospi index staged a dramatic recovery on Thursday (Mar 5), soaring as much as 12 per cent at the open to swiftly erase almost all of its worst-ever daily slump a day earlier, lifted by renewed hopes of progress in Iran diplomacy.
The rebound was fuelled by reports of secret diplomatic outreach from Iran’s Ministry of Intelligence, which signalled to the US CIA an openness to talks on ending the war, the New York Times reported on Wednesday, citing officials briefed on the matter.
The index surged to 5,685.47 at open, reclaiming almost all of Wednesday’s loss of 12.06 per cent.
Market sentiment was further bolstered as global oil prices stabilised and Wall Street showed resilience overnight despite the ongoing Middle East conflict.
The Korea Exchange also activated a sidecar trading curb on both the benchmark Kospi and junior Kosdaq index, briefly halting programme trading for five minutes after stocks surged.
Among index heavyweights, chipmaker Samsung Electronics rose 14.98 per cent, while peer SK Hynix gained 16.02 per cent.
Battery maker LG Energy Solution climbed 9.64 per cent.
Hyundai Motor and sister automaker Kia jumped 15.57 per cent and 9.38 per cent, respectively.
Steelmaker POSCO Holdings added 9.64 per cent, while drugmaker Samsung BioLogics advanced 5.28 per cent.
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