Seoul: Seoul stocks trimmed earlier gains late Tuesday morning, despite easing military tensions between the United States and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 45.02 points, or 0.83 percent, to 5,450.77, as of 11:20 a.m.
According to Yonhap News Agency, the index reduced its gains following a sharp rebound of over 4 percent at the opening bell, as the broader market came under selling pressure from foreign investors. Overnight, major U.S. stock indexes closed up after U.S. President Donald Trump announced plans to postpone attacks on Iranian energy facilities following talks with Iran. Trump had earlier threatened to strike Iran's power plants if Tehran did not open the Strait of Hormuz, a key global oil waterway, by Monday evening. In response, Iran warned of possible retaliation. The latest development has fueled hopes that tensions in the Middle East could ease, leading to stabilization in soaring oil prices.
Meanwhile, South Korea's tariff agency reported that the country's exports as of Friday rose by more than 50 percent year-on-year, primarily driven by semiconductors, which achieved a new monthly record. Large-cap shares were trading mixed, with the country's two major chipmakers losing some of their gains. Samsung Electronics was up 1.18 percent, and SK hynix added 2.47 percent. Top carmaker Hyundai Motor rose 1.24 percent, and defense giant Hanwha Aerospace advanced 1.72 percent, while major financial group KB Financial remained unchanged. The Korean won was quoted at 1,498.4 won against the U.S. dollar, up 18.9 won from the previous session.