South Korean stocks rallied sharply on June 12, with the Kospi surging more than 4% as investors rushed into technology shares on renewed hopes that the US-Iran conflict could be nearing an end.
The benchmark index closed up 359.67 points, or 4.63%, at 8,123.62, after briefly hitting an intraday peak of 8,434.40 before easing on late profit-taking.
Sentiment was lifted after reports that a potential US-Iran settlement could be signed as soon as the weekend, reinforcing expectations of easing geopolitical tensions and improved global risk appetite.
Market activity was strong, with turnover reaching 51.1 trillion won on volume of 490.3 million shares. Advancers overwhelmed decliners 753 to 144, while foreign and institutional investors jointly net bought 4.4 trillion won, offset by 4.3 trillion won in retail selling.
Technology stocks led gains across the board. Samsung Electronics rose 7.86%, while SK hynix advanced 2.33%. Hanmi Semiconductor surged 24.05% after revealing plans tied to a potential investment in SpaceX.
Buying extended beyond chips, with Naver jumping 10.27%, KB Financial up 6.4%, and Hyundai Motor gaining 1.68%. Shipbuilders also strengthened, led by Hanwha Ocean, which climbed 7.85%.
