Seoul: South Korean stocks were trading sharply higher late Tuesday morning, on track to set a new record high, as investors pinned hopes on progress in the U.S.-Iran peace talks and remained bullish over corporate earnings. The benchmark Korea Composite Stock Price Index (KOSPI) was up 124.48 points, or 2 percent, to 6,343.57 as of 11:20 a.m.
According to Yonhap News Agency, the index bucked overnight declines on Wall Street amid the looming deadline of the two-week ceasefire between the United States and Iran. U.S. President Donald Trump stated that the ceasefire will end "Wednesday evening Washington time," while indicating that an extension is "unlikely." Tehran, meanwhile, declared it has no plans for talks.
In Seoul, most market heavyweights were trading higher. Chip giant Samsung Electronics added 1.17 percent, while its chipmaking rival SK hynix rose 4.12 percent. Top carmaker Hyundai Motor moved up 2.28 percent, while defense giant Hanwha Aerospace declined 1.61 percent and bio firm Samsung Biologics retreated 0.56 percent.
The Korean won was quoted at 1,472.1 won against the U.S. dollar, up 5.1 won from the previous session.