South Korean stocks opened at a new high on Wednesday, led by gains made by semiconductor shares as investors assessed renewed Middle East tensions alongside efforts toward a peace agreement between the U.S. and Iran.
The benchmark Korea Composite Stock Price Index, or Kospi, rose 2.4%, or 194.61 points, to open at 8,242.12. The Kosdaq increased 0.1%, or 1.28 points, to open at 1,173.80.
Shares of key market-moving chip stocks Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) added over 6% and 9% in recent trade.
Iran said Tuesday that the U.S. violated a ceasefire by striking targets near the Strait of Hormuz, raising concerns over efforts to end the military conflict. Meanwhile, U.S. Secretary of State Marco Rubio said a deal to halt the war could take "a few days" despite earlier signs of progress in talks to restore shipping through the strategic waterway.