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South Korean Shares Open Higher on Chip Rally Despite US-Iran Peace Agreement Fallout, Oil Price Jump

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-- South Korean shares opened higher on Monday, owing to gains made by chipmakers despite the fallout of the US-Iran peace agreement.

US President Donald Trump dismissed Iran's response to the former's proposals to end the ongoing war as "totally unacceptable."

The benchmark Korea Composite Stock Price Index, or Kospi, rose by 277.31 points to open at 7,775.31. The Kosdaq gained marginally to open at 1,212.88.

Shares of key chipmakers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) were trading over 7% and 11% higher in Monday morning trade, tracking recent gains on Wall Street.

Iran had forwarded a proposal to the US through Pakistan to end the conflict, calling for an immediate ceasefire across all fronts, an end to the U.S. naval blockade, and assurance of no further attacks, according to Tasnim news agency.

However, Trump on Sunday evening accused Iran of "playing games", which raised concerns over a possible fallout to reach a peace agreement between the US and Iran.

In addition, oil prices jumped on Monday after Israeli Prime Minister Benjamin Netanyahu warned that the military conflict with Iran was "not over." U.S. West Texas Intermediate futures with June delivery rose 3.08% to $95.42 per barrel, while the international benchmark Brent crude futures with July delivery increased 3.16% to $104.49 per barrel.

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