The KOSPI index, which hit a record high the day before, is fluctuating around the flat line. Investors appear to be taking a wait-and-see stance as the United States and Iran need to keep negotiating under a cease-fire.

On the 22nd, the KOSPI index opened at 6,387.57, down 0.90 points (0.01%) from the previous day. In the Korea Exchange, foreigners and institutions are net sellers together, and the index is repeatedly moving around the flat line. Early in the session, the KOSPI index broke above 6,400 points, setting an intraday record high.

The KOSDAQ index opened slightly lower, and the decline widened somewhat, leaving it modestly down. Foreigners and institutions are also net sellers in the KOSDAQ market.

On the 22nd, as the KOSPI index tops 6,400 points early in the session to set another record high, employees work at the dealing room of Hana Bank in Jung-gu, Seoul./Courtesy of Yonhap News

The Iran war, which is having the biggest impact on global financial markets, has yet to find an exit. Although the two-week cease-fire set by the United States and Iran has passed, the two sides have not reached an agreement.

U.S. stocks fell across the board the day before. Although the cease-fire expiration date initially agreed upon by the United States and Iran was until the evening of the 22nd Eastern time, the two countries' negotiating teams did not meet. With neither side producing meaningful results, investor sentiment weakened.

However, right after the U.S. market closed, news broke that the cease-fire period between the two sides had been extended. President Donald Trump said on his social media that he would extend the cease-fire until Iran's leadership and negotiating team present a unified proposal.

Investors also paid close attention to the night hearing before the Senate Banking Committee for Federal Reserve chair nominee Kevin Warsh. At the hearing, Warsh, referring to President Trump's overt pressure on the Fed to cut rates, said he is "absolutely not" the president's "puppet." "The Fed's independence rests with the Fed," he said, adding, "As Fed chair, I will make monetary policy decisions independently."

Among top market-cap stocks, Samsung Electronics is up slightly, and Samsung Electro-Mechanics and Samsung SDI are posting strong gains.

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