On the news that a cease-fire agreement between the United States and Iran is nearing completion, the KOSPI index jumped at the open on the 12th by more than 6%. The KOSPI quickly recovered to the 8,300 level.

As the KOSPI index jumps more than 6% at the open, triggering a buy-sidecar on the morning of the 12th, the main board at the dealing room of the Hana Bank headquarters in Jung-gu, Seoul shows 8,291.75, up 527.80 points (6.80%) from the previous session. /Courtesy of News1

As of 9:06 a.m. that day, the KOSPI index was up 543.93 points (7.01%) from the previous trading day at 8,307.88. The KOSPI index had surged at the open to 8,263.85, up 499.90 points (6.44%) from the day before.

In the Korea Exchange main board, individual investors are net buying 215.7 billion won. Foreigners and institutions are net selling 144.3 billion won and 69.8 billion won, respectively.

Blue chips by market cap on the main board all flashed higher. Samsung Electronics and SK hynix are up 9% and 8%, respectively, while SK Square and Samsung Electro-Mechanics are also up 9%. Hyundai Motor, LG Energy Solution, Samsung Life Insurance, Samsung C&T, and HD Hyundai Heavy Industries are also rising.

At the same time, the KOSDAQ index is up 2.94% (29.28 points) from the previous day at 1,026.21. The KOSDAQ index opened at 1,027.05, up 30.12 points (3.02%) from the day before.

On the KOSDAQ market, individuals are net buying 166.3 billion won. Foreigners and institutions are net selling 116.1 billion won and 53.4 billion won, respectively.

Top KOSDAQ names by market cap are also broadly higher for the first time in a while. Wonik IPS is up in the 14% range, and Alteogen, EcoPro BM, EcoPro, Jusung Engineering, Rainbow Robotics, Kolon TissueGene, LEENO Industrial, Sam Chun Dang Pharm, and EO Technics are also rising.

Overnight, all three major New York indexes finished higher. The move was largely driven by U.S. President Donald Trump hinting that a cease-fire agreement with Iran was effectively settled.

The Dow Jones Industrial Average closed at 50,848.75, up 929.97 points (1.86%) from the previous session; the Standard & Poor's (S&P) 500 rose 127.31 points (1.75%) to 7,394.30; and the Nasdaq composite finished at 25,809.66, up 640.16 points (2.54%).

President Trump said, "We just made a great settlement on the war with Iran," adding, "Only the final document coordination stage remains."

He added that the final agreement is expected to be wrapped up within days and that a signing ceremony will be held in Europe.

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