Seoul: South Korean stocks started 3.09 percent higher Thursday after the previous session's daily record drop of over 12 percent on fears over a prolonged Iran crisis, while Wall Street rebounded and oil prices calmed. The benchmark Korea Composite Stock Price Index (KOSPI) opened at 5,250.92, up 157.38 points from the previous session.
According to Yonhap News Agency, the index plunged 12.06 percent to close at 5,094.54 on Wednesday, marking the sharpest daily decline in history. The drastic fall was attributed to escalating concerns regarding the Iran crisis, which caused significant unease in global markets and led to a sharp sell-off in stocks.
The rebound on Thursday reflects a recovery in investor confidence as oil prices stabilized and Wall Street showed signs of recovery. The stabilization of oil prices played a significant role in calming market fears and contributed to the positive opening of the KOSPI.