Seoul stocks up over 1% on hopes for end to US-Iran war

Korean stocks closed more than 1 percent higher Wednesday, on growing optimism the U.S.-Iran war could end soon. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 88.29 points, or 1.59 percent, to 5,642.21, after hitting an intraday high of 5,740.97. Trade volume was moderate at 756.4 million shares worth 24.4 trillion won ($16.3 billion). Winners outnumbered losers 716 to 165. Institutional investors were net buyers, purchasing a net 2.3 trillion won. Retail and foreign investors sold off a combined net 2.6 trillion won of equities. On Tuesday, U.S. President Donald Trump claimed he had productive talks with Iran on ending the monthlong war, adding that Iran has offered a "significant prize," related to gas and oil. But Iran denied claims of having contact with the United States, according to foreign media. "However, lingering uncertainties over the Middle East situation limited the rise in the local stock market," Lee Kyoung-min, an analyst from Daishin Securities, said. In Seoul, most large-cap shares were trading higher. Market

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