Seoul: South Korean stocks ended nearly 1 percent higher Tuesday, led by gains in technology shares, as investors watched for a possible resumption of U.S.-Iran talks in Qatar aimed at easing tensions in the Strait of Hormuz. The Korean won weakened against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) gained 81.83 points, or 0.97 percent, to close at 8,476.47. Investor sentiment improved after the United States and Iran were set to resume talks in Qatar aimed at easing tensions in the Strait of Hormuz, alleviating concerns over a prolonged disruption to global oil supplies.
Overnight, Wall Street rebounded sharply as investors returned to tech stocks. The Dow Jones Industrial Average gained 0.59 percent to close at a record high, while the Nasdaq composite jumped 2.07 percent and the S and P 500 advanced 1.18 percent.
Crude prices rose modestly as investors monitored implementation of the U.S.-Iran peace framework.