Korea's stock market rose on the 15th on news that the United States and Iran agreed on a memorandum of understanding (MOU) for a cease-fire. The KOSPI jumped 5% to top the 8,500 level.
As of 9:02 a.m., the KOSPI index was trading at 8,502.33, up 378.71 (4.66%) from the previous session. Individuals were net buyers of 191.1 billion won, lifting the index. Foreigners and institutions were net sellers of 130 billion won and 66.1 billion won, respectively.
Samsung Electronics and SK hynix each surged 6%, trading at the "340,000 electronics" and "2.28 million hynix" levels. Substrate plays such as Samsung Electro-Mechanics and LG Innotek were also strong. Power names including LS Electric, Hyosung Heavy Industries, and HD Hyundai Electric gained 5%.
Mirae Asset Securities, which said it failed to secure an allocation of SpaceX IPO shares, fell 9% early in the session and is now trading slightly lower.
On the night before, U.S. President Donald Trump declared that MOU talks for a cease-fire were finalized and approved the U.S. Navy to immediately and fully lift its maritime blockade measures against Iran.
Oil prices slumped and risk asset appetite recovered on news that the Strait of Hormuz would be opened. August Brent crude fell 4% to trade around $83, and West Texas Intermediate (WTI) July futures also dropped 4% to around $81.
At the same time, the KOSDAQ index was trading at 1,042.86, up 13.81 (1.34%) from the previous session. Individuals were net buyers of 66 billion won, while foreigners and institutions were net sellers of 56.2 billion won and 8.8 billion won, respectively.
The won-dollar exchange rate was trading at 1,508.2 won, down 6.5 won (0.43%).