Brokerage stocks rallied across the board as the Korean market rebounded on growing expectations that the war between the United States and Iran may be entering its final phase.
In early trading on the 1st, SK Securities rose 160 won (8.70%) from the previous session to trade at 2,000 won, posting the highest gain among brokerage stocks. At the same time, DB Financial Investment (5.27%), Eugene Investment & Securities (5.10%), Samsung Securities (4.76%), Kyobo Securities (4.87%), Shinyoung Securities (4.50%) and Daishin Securities (4.40%) all posted strong gains.
An overnight surge on Wall Street also boosted investor sentiment. On the New York Stock Exchange on the 31st of last month (local time), the S&P 500 index rose 2.91% and the Nasdaq index climbed 3.83%. The Dow Jones index also gained 2.49%, with all three major U.S. stock indices rallying sharply.
Earlier, as U.S. President Donald Trump pushed for an end to the war, conciliatory remarks emerged from Iran, which had previously maintained a hardline stance, somewhat easing the tense standoff. Following reports that Trump told aides he was willing to end the Iran war without requiring the reopening of the Strait of Hormuz, Iran's president also signaled an end to hostilities, sharply raising the prospect of a war's conclusion.
The Korean market responded strongly to the New York rally driven by war-end expectations. KOSPI opened at 5,330.04, up 277.58 points (5.49%) from the previous session. The KOSDAQ index also opened strong at 1,090.36, up 37.97 points (3.61%) from the previous session.
