Korean stocks surge on hopes of end to US-Iran war

Seoul stocks opened sharply higher Wednesday, as optimism grew over Washington's moves to end the monthlong war in Iran. The benchmark Korea Composite Stock Price Index (KOSPI) rose 170.22 points, or 3.06 percent, to 5,724.14 in the first 15 minutes of trading. Overnight, major stock indexes on Wall Street closed slightly lower, on mixed signals related to negotiations between the United States and Iran. U.S. President Donald Trump claimed that his administration is "talking to the right people" in Iran and "they want to make a deal so badly." He also signaled that Tehran has offered a "present," suggesting the gift was related to the Strait of Hormuz, a key global oil waterway, of which its effective closure since the war has pushed up energy prices to record levels. In Seoul, most large-cap shares gathered ground. Chip giant Samsung Electronics rose 3.27 percent, while its rival SK hynix advanced 4.26 percent. Shares of SK hynix were boosted after the company said in its regulatory filing it has begun taking steps to have its American Depository receipts listed on the U.S. stock market. To

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