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South Korean Shares Rebound on Gains by Chipmakers Amid Continued US-Iran Negotiations

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South Korean shares rebounded on Monday, owing to gains made by key market movers and chipmakers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660), which added nearly 4% and over 1% at market close.

Negotiations continue between the US and Iran, with Pakistan as the mediator, Iran's Foreign Ministry spokesperson said Monday.

Oil prices rose as much as 2% on Monday after US President Donald Trump warned that the "clock is ticking" for a peace agreement with Iran. Brent crude climbed to $110.72 a barrel by 7:30 GMT, extending gains to more than 50% since the start of the US-Israel conflict involving Iran.

The Korea Composite Stock Price Index or Kospi increased by 22.86 points, or 0.3%, to end at 7,516.04. The Kosdaq declined by 18.73 points, or 1.7%, to close at 1,111.09.

In corporate news, Samsung Heavy Industries (KRX:010140) secured an order for three liquefied natural gas carriers from an Oceania-based shipper.

The deal is valued at 1.124 trillion won. The shipbuilder will deliver the vessels by May 31, 2029, according to a Monday filing with the Korean Exchange.

Shares of Samsung Heavy Industries rose nearly 1% at market close.

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