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Asia

South Korean Shares Rise to Record High on Chip, AI-related Stock Gains; Hanmi Science Shares Jump Over 4%

South Korean stocks climbed to a new high on Monday, buoyed by strong gains in semiconductor firms and AI-related shares. Shares of major market movers Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), and LG Electronics (KRX:066570) added over 10%, more than 1%, and nearly 30%, respectively, at market close.The Korea Composite Stock Price Index or Kospi rose 312.23 points, or 3.7%, to end at 8,788.38. The Kosdaq decreased by 24.77 points, or 2.3%, to close at 1,050.03.In economic news, South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus, the Ministry of Trade, Industry and Energy said in a Monday release.It came as exports increased 53.2% to $87.8 billion from the year-ago period, the sharpest pace of growth since 1984. Imports rose 20.8% to $60.8 billion.Semiconductor exports surged 169.4% to a record $37.16 billion, while non-semiconductor exports increased by 16%. Rising memory chip prices amid increased capital spending by major U.S. technology companies pushed chip exports higher.In corporate news, Hanmi Science (KRX:008930) signed a technology licensing agreement for Sonefpeglutide (HM15912), a short bowel syndrome drug, with Eli Lilly and Co., according to a Monday filing with the Korea Exchange.The technology licensing agreement is worth up to $1.26 billion, including a $75 million upfront payment and up to $1.185 billion in development, regulatory, and commercial milestones, along with royalties based on future sales.Shares of the company rose more than 4% at market close.

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South Korea's Trade Surplus Hits Record High as May Exports Surge 53% on Semiconductor Boom
US Markets

South Korea's Trade Surplus Hits Record High as May Exports Surge 53% on Semiconductor Boom

South Korea's trade surplus hit an all-time high in May, driven by a semiconductor boom that pushed exports to their fastest growth rate in four decades, according to data released Monday by the Ministry of Trade, Industry and Energy.Trade surplus reached nearly $27 billion during the month, according to figures from the ministry.Exports increased 53.2% to $87.8 billion, topping the $80 billion mark for the third straight month, the ministry said. This marks the steepest percentage increase since January 1984, beating the 48.4% growth forecast, according to Investing.com."It is truly an unprecedented pace, raising market expectations again and again and ​exceeding them again and again," Reuters quoted Meritz Securities economist Stephen Lee as saying.Semiconductor exports surged 169% to $37.2 billion during the year, led by capital investments by U.S. technology companies.Dynamic Random-Access Memory chip exports soared 370% to $18.6 billion while NAND memory chip exports jumped 207% to $1.7 billion during the month.Computer exports soared 291% to $4.18 billion due to demand for solid-state drives for artificial intelligence servers.Wireless communication device exports increased 13% to $1.46 billion."Market sentiment appears to be shifting toward the view that the semiconductor upcycle will last longer than previously expected," Bloomberg quoted BNP Paribas economist Jeeho Yoon as saying.Petroleum product exports jumped 47% to $5.25 billion on rising oil prices, but volume slid 24% amid export control measures.Automobile exports were an outlier, sliding 5.9% to $5.83 billion, led by logistics disruptions due to the war in the Middle East, as well as difficulties with car parts purchases due to domestic fires and fewer working days."The pickup in South Korea's exports in May underscores the resilience of external demand despite uncertainty from the Iran war," Bloomberg Economics' Hyosung Kwon said.An increase in semiconductor profits could also lead to rises in housing, equities, and wages, Bloomberg reported, citing Kwon.By destination, exports to China topped the list, increasing 81% to $18.9 billion, while exports to the U.S. rose 59% to nearly $16 billion. Sales to Southeast Asia jumped 58% to $15.9 billion and to the EU, up by 2% at $6.2 billion."Exports are likely to remain strong at least through the end of this year and into early next year," Bloomberg said, citing Yoon.Strong artificial intelligence-driven demand for semiconductors recently translated into surging equity valuations for South Korea's tech giants. Nvidia supplier SK Hynix (KRX:000660) last week joined the $1 trillion market capitalization club for the first time.SK Hynix's rally came just weeks after its rival, Samsung Electronics (KRX:005930) also topped $1 trillion in market capitalization.

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Asia

Market Chatter: Seoul, Tokyo Discuss Military Logistics Deal; to Conduct Joint Humanitarian Search, Rescue Exercise in June

South Korea and Japan discussed the possibility of a military logistics support agreement during talks on the sidelines of the Shangri-La Dialogue in Singapore, Reuters reported Sunday.Defence Minister Ahn Gyu-back held the talks with his Japanese counterpart Shinjiro Koizumi. Both parties discussed carrying out a joint humanitarian search and rescue exercise this month, which would be the ⁠first ​time in about nine years, the report said.The agreement would allow South Korea and Japan to share military logistics and supplies, including fuel, food, and ammunition, during operations and emergencies, it said.Ahn said Seoul remains cautious about pursuing the agreement, stressing that public understanding and support in both countries would be needed before moving forward, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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South Korea's Manufacturing Activity Rises to Five-Year High in May
US Markets

South Korea's Manufacturing Activity Rises to Five-Year High in May

South Korea's manufacturing sector logged its strongest activity in May since March 2021.The seasonally adjusted S&P Global South Korea Manufacturing Purchasing Managers' Index (PMI) rose to 54.8 from 53.6 in April, marking the strongest reading in five years, according to S&P Global's release on Monday.The data indicated a robust improvement in the sector's health, driven by higher demand and a surge in new orders that grew at the fastest pace since June 2021."Both new orders and production growth hit the highest for around five years, but anecdotal evidence from respondents often linked expansions to stock building efforts as the war in the Middle East continued to cause price increases and disrupt supply conditions for the manufacturing economy," said S&P Global Market Intelligence economist Usamah Bhatti.The surge in new orders drove production output higher, prompting manufacturers to expand their workforces. As a result, employment rose at the sharpest rate in over 13 years.Official data is expected to reflect this employment growth for May. In April, the unemployment rate ticked up to 2.8% from 2.7% the previous month, with the number of jobless individuals rising to 816,000 from 799,000. However, the total number of employed people also increased, reaching 28.96 million from 28.77 million.S&P Global noted that input costs remained under pressure, as the conflict in the Middle East drove up raw material prices, particularly oil.Bank of Korea data showed that producer prices increased for the eighth consecutive month in April, jumping 6.9% compared to a 4.1% rise in the previous month. South Korea remains vulnerable to global supply chain disruptions caused by the Middle East conflict.However, Min Joo Kang, ING's senior economist for South Korea and Japan, said overall activity in South Korea may start recovering in May."Both consumer and business sentiment are improving. We believe that the government's cash payouts should provide some buffer against a decline in consumption. For business sentiment, semiconductor performance remains strong," Kang said in a Friday note.Meanwhile, Jefferies predicted that the central bank may begin hiking rates in July due to an improving economic outlook and persistent inflation concerns."The headline numbers [in April] were weak, reflecting the Middle East conflict and some payback from the previous month's strong gains. The weakness was led by non-semiconductors such as autos, refining and durable goods consumption, while semiconductors continued to expand," Jefferies said in a note.The BoK held its key interest rate steady at 2.50% last week.

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International

South Korea Logs Record Trade Surplus in May as Export Growth Hits Four-Decade High

South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus, the Ministry of Trade, Industry and Energy said in a Monday release.It came as exports increased 53.2% to $87.8 billion from the year-ago period, the sharpest pace of growth since 1984. Imports rose 20.8% to $60.8 billion.Semiconductor exports surged 169.4% to a record $37.16 billion, while non-semiconductor exports increased by 16%. Rising memory chip prices amid increased capital spending by major U.S. technology companies pushed chip exports higher, the release said.

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Asia

South Korean Shares Open at New High on Technology Stock Gains

South Korean stocks opened at a new high on Monday, led by surging technology shares despite uncertainty around the negotiations between the US and Iran.The benchmark Korea Composite Stock Price Index, or Kospi, rose 0.1%, or 9.52 points, to open at 8,485.67. The Kosdaq decreased 0.2%, or 2.03 points, to open at 1,072.77.Major market movers Samsung Electronics (KRX:005930) and LG Electronics (KRX:066570) gained nearly 7% and over 25% in early morning trade, respectively.Oil prices jumped over 2% on Monday after Israel ordered troops to push deeper into Lebanon, fueling concerns over a broader conflict in the region and potential disturbances to global energy supplies. Brent crude rose 2.1% to $93.05 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 2.5% to $89.53 in early trading.

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International

South Korea's Manufacturing Activity Hits Five-Year High, S&P Global Data Shows

South Korean manufacturing output expanded in May, S&P Global said on Monday.The latest seasonally adjusted S&P Global South Korea Manufacturing PMI rose to 54.8 from 53.6 in April.S&P Global said the reading was the highest in five years, driven by the rise in production and new order volumes.The demand for manufactured products was fueled by the need to build and maintain inventories due to the disruption caused by the war in the Middle East, according to S&P.

KOSPI
South Korea's Industrial Output, Retail Sales Weaken in April as Iran War Disrupts Supply Chains
US Markets

South Korea's Industrial Output, Retail Sales Weaken in April as Iran War Disrupts Supply Chains

South Korea's industrial output and retail sales weakened in April amid global supply disruptions and elevated fuel costs stemming from the US-Iran conflict.Industrial production slipped 0.6% from the previous month, according to data released Friday by the Ministry of Data and Statistics.Mining and manufacturing output slid 0.7%, while construction fell 1.4%. The service sector also declined 1%, with finance and insurance dropping 7.7%. The information and telecommunications segment bucked the trend, rising 4.3%.Within manufacturing, semiconductor output rose 3.1%. Automobile production, however, fell 10%, and petroleum output plunged 19.4%, the steepest drop in decades, reflecting supply disruptions tied to the US-Iran conflict.The finance ministry, in a separate statement, attributed part of the decline to production disruptions caused by a fire at an auto parts supplier.On a year-over-year basis, industrial output rose 2.4%, softer than the 3.7% increase in March.Despite the weak April figures, the ministry expects industrial activity to rebound in May, citing a recovery in consumer sentiment and a business sentiment index that reached its highest level in 43 months."It appears the figures were affected both by a base effect following gains in February and March and by the Middle East war," Lee Doo-won, a senior official at the data ministry, was quoted by The Korea Herald as saying.Meanwhile, retail sales contracted 3.6% from the prior month but rose 1.6% year on year. Sales of semi-durable goods were flat, while durable goods, including telecommunications equipment and computers, slumped 11.1%. Non-durable goods such as fuel edged down 1.1%.The government said it will continue fuel price relief measures and other steps to minimize the economic fallout from the conflict.The outlook for this year's economy was also revised upward, with the Bank of Korea raising its growth forecast to 2.6% from 2% and the Korea Development Institute lifting its projection to 2.5% from 1.9%.The BoK held its benchmark interest rate at 2.5% amid ongoing uncertainties surrounding the war, but signaled a more hawkish stance later in the year.

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International

South Korea Retail Sales Growth Eases to 1.6% in April

South Korea's retail sales increased 1.6% on an annual basis in April, slowing from 5.0% growth in the prior month, data from Statistics Korea showed on Friday.On a month-on-month basis, retail sales contracted 3.6%, reversing the 1.9% increase in March and marking the steepest drop since July 2020, according to the government data.

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International

South Korea's Industrial Production Growth Slows to 2.4% in April

South Korea's industrial production grew 1.5% year over year in April, easing from a 3.9% increase in the previous month as output across most sectors moderated, according to data released by Statistics Korea on Friday.While activity in the construction sector remained in negative territory, albeit at a slower pace, yearly output growth in manufacturing and services slowed to 1.6% and 3.5% from 4.2% and 5.4%, respectively, while public administration growth accelerated to 2.9% from 2.4%, the data showed.On a seasonally adjusted basis, industrial production declined 0.7% in April, reversing the 0.6% monthly growth in March, Statistics Korea said.

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Asia

Market Chatter: US, Iran Reach Tentative 60-Day Ceasefire Extension

The U.S. and Iran have tentatively agreed to extend a ceasefire for two months while initiating new negotiations over Tehran's nuclear program, fueling optimism that the ongoing three-month conflict may soon end, Bloomberg News reported on Thursday, citing a source familiar with the discussions.The anonymous source confirmed a prior Axios report, though President Donald Trump has not yet signed off on the terms, the newswire said.While both sides have previously celebrated progress and Trump has often claimed a deal was imminent, the impasse has repeatedly persisted, the publication said.Vice President JD Vance told reporters that the two nations are exchanging proposals on specific language regarding Iran's nuclear capabilities, and noted that Iran appears to be engaging in good faith, with tangible progress underway, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

South Korean Shares Decline on Fresh Conflict in Middle East, Higher Oil Prices

South Korean shares closed lower on Thursday, snapping a four-day winning streak as investors were skeptical of the recent rally led by AI boom.Investors also took a moment to ponder the increasing oil prices after the U.S. attacked Iran despite the ongoing peace talks.The Korea Composite Stock Price Index or Kospi fell 43.41 points, or 0.5%, to end at 8,185.29. The Kosdaq also decreased by 28.77 points, or 2.5%, to close at 1,104.36.Oil prices climbed on Thursday after fresh U.S. strikes in Iran raised concerns over shipping disruptions in the Strait of Hormuz. Brent crude added more than 3% to around $97 a barrel, while U.S. crude gained over 3%, as Iran's Revolutionary Guards said they had targeted a U.S. airbase following American strikes on a site seen as threatening regional shipping and U.S. forces.In economic news, the Bank of Korea kept its base rate unchanged at 2.50% for the inter-meeting period amid high inflationary pressure and uncertainties surrounding developments in the Middle East, the central bank said in a Thursday release.In corporate news, Megabox JoongAng took out a loan of 21 billion won from its parent and entertainment giant ContentreeJoongAng (KRX:036420) to secure liquidity, according to a filing with the Korea Exchange on Thursday.Shares of ContentreeJoongAng fell nearly 1% at market close.

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Bank of Korea Holds Interest Rates Steady, Raises Growth and Inflation Forecasts
US Markets

Bank of Korea Holds Interest Rates Steady, Raises Growth and Inflation Forecasts

The Bank of Korea left its benchmark interest rate unchanged at 2.50% on Thursday, citing heightened uncertainty surrounding the conflict in the Middle East and its potential impact on inflation and economic growth.The decision was widely expected, with 30 of 32 economists polled by Reuters forecasting the central bank would keep rates unchanged."Given the uncertainties surrounding developments in the Middle East and that their spillover effects remain high, the board judged that it would be appropriate to maintain the current level of the base rate," the central bank said in a statement.The BOK said inflationary pressures had increased due to the war, while domestic growth had strengthened more than previously expected, driven by robust exports and semiconductor-related investment.Five board members supported keeping rates unchanged, while two members voted for a 25-basis-point increase to 2.75%, signaling growing concern over inflation risks.The bank's updated dot plot also pointed to a more hawkish policy outlook, with most board members projecting rates to rise toward 3% over the next six months, while two members saw rates reaching 3.25%.The central bank said rising global oil prices and supply constraints linked to the Middle East conflict were expected to push inflation higher in the coming months.The BOK raised its economic growth forecast for this year to 2.6% from 2% projected in February, supported by strong semiconductor exports, resilient consumption, and supplementary fiscal spending.Consumer price inflation is now projected at 2.7% this year, up from the previous forecast of 2.2%, while core inflation is expected at 2.4%, compared with the earlier estimate of 2.1%."Inflation appears to have more room to rise, so the likelihood of the Bank of Korea taking action in July looks fairly high," Cho Yong-gu, a fixed-income strategist at Shinyoung Securities, was quoted as saying by Bloomberg News.The meeting marked the first policy decision chaired by Governor Shin Hyun Song, who was scheduled to hold his first press conference later Thursday."The BOK's economic outlook itself seems relatively reasonable and free of major surprises, so the focus now will likely shift to the dot plot, any dissent favoring a hike, and the governor's qualitative comments on guidance," Cho was quoted by Bloomberg News as saying.The BOK's hawkish projections reinforced expectations for further tightening later this year."We expect the BOK will hike its policy rate to 2.75% at the next meeting in July, followed by another rate hike in October, pushing the rate toward 3.00% by the end of the year," Stephen Lee, an economist at Meritz Securities in Seoul, said, according to Reuters.

KOSPI
International

Bank of Korea Keeps Base Rate Unchanged at 2.50%

Bank of Korea kept its base rate unchanged at 2.50% for the inter-meeting period amid high inflationary pressure and uncertainties surrounding developments in the Middle East, the central bank said in a Thursday release.Five members of the Monetary Policy Board backed keeping the base rate steady, while Chang Yongsung and Ryoo Sangdai opposed, calling for a 0.25% rate hike to 2.75%.The decision was in line with a poll conducted by Reuters, wherein 30 of ​32 economists anticipated the rate freeze decision. A survey conducted by Bloomberg also witnessed 22 out of 23 economists agreeing on a steady rate decision.Inflation pressures have risen due to the Middle East conflict, while stronger exports raised growth beyond earlier expectations, and financial stability risks remain.Consumer inflation rose to 2.6% in April on the jump in petroleum prices, while core inflation remained unchanged at 2.2%, and inflation expectations remained in the upper 2% range.The central bank expects inflationary pressure to build further amid higher oil prices and growing demand, raising inflation forecasts for this year to 2.7% for headline inflation and 2.4% for core inflation, both above its February projections.

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Asia

South Korean Shares Open Lower After US Attack on Iran, Oil Gains

South Korean stocks opened lower on Thursday, as investors adopted a wait-and-watch approach amid a slowdown in the rally led by AI boom. Investors also took a moment to ponder over the increasing oil prices after the U.S. attacked Iran despite the ongoing peace talks.The benchmark Korea Composite Stock Price Index, or Kospi, fell 0.8%, or 62.97 points, to open at 8,165.73. The Kosdaq increased 0.2% to open at 1,135.84.Oil prices rose in early Asian trading after new U.S. strikes near Bandar Abbas and drone interceptions near the Strait of Hormuz raised supply concerns, with U.S. crude futures and Brent crude both gaining more than 2%.According to a U.S. official, the overnight strikes targeted an Iranian ground control station seen as a threat to U.S. forces and commercial shipping near the Strait of Hormuz, while four Iranian attack drones were also shot down.The strikes came hours after U.S. President Donald Trump rejected Iranian media reports that Tehran and Oman could jointly oversee shipping in the strategic waterway under a potential peace agreement.

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International

Bank of Korea Holds Rate Steady as Expected

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Asia

Market Chatter: Bank of Korea Expected to Hold Rate Steady at 2.50%: Bloomberg

South Korea's central bank is expected to hold the seven-day repurchase rate steady at 2.50% at its rate-setting meeting on Thursday, 22 out of the 23 economists projected in a Bloomberg survey.The economist who did not agree with a steady-rate policy this time expects a quarter-point hike, Bloomberg said in a Wednesday report.The central bank's first dot plot, introduced in February under former Governor Rhee Chang-yong, showed that policymakers expected rates to remain steady at 2.5% over the next six months.Investors are now watching for any upward shift in the median outlook under the new Governor Shin Hyun Song and newly appointed board member Kim Jin Ill. Ill's appointment is viewed as tilting the board toward a more hawkish stance after the exit of dovish member Shin Sung-hwan, the report said.The Bank of Korea has already warned that consumer prices could rise well above the 2.2% forecast issued in February, with Governor Shin cautioning that higher oil prices and a weaker currency may add to price pressures while cutting growth short, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

South Korean Stocks Hit New High Above 8,200 Points as Samsung, SK Hynix Rally

South Korean stocks climbed for a fourth straight session on Wednesday to a new record above the 8,200-point level, led by strong gains in Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660), which added nearly 3% and over 9% respectively.Investors also assessed renewed Middle East tensions alongside efforts toward a peace agreement between the U.S. and Iran.The Korea Composite Stock Price Index or Kospi jumped by 181.19 points, or 2.3%, to end at 8,228.7. The Kosdaq decreased by 39.39 points, or 3.4%, to close at 1,133.13.In economic news, the composite business sentiment index in all industries in South Korea increased four points to 98.9 in May from 94.9 in April, while the outlook for the next month added 3.7 points to 97.6, according to data released by the Bank of Korea on Wednesday.The latest print marked the highest in over three years.The seasonally adjusted composite business sentiment index for the manufacturing sector added 1.7 points to 100.8, while the outlook for the following month also added 2.3 points to 100.3, the central bank said.For the non-manufacturing sector, the seasonally adjusted composite business sentiment index increased 5.4 points to 97.5, while the outlook for the following month added 4.7 points to 95.9.In corporate news, Aamajority of Samsung Electronics' largest labor union approved a compensation agreement that will provide chip workers with average bonuses of about 513 million won, or $340,000 each, Bloomberg News reported Wednesday.Around 74% of union members backed the deal after weeks of negotiations.The move follows a similar bonus payout agreement reached in 2025 by competitor SK Hynix, though Samsung's actual bonus payments will largely depend on earnings and chip demand.In other news, Samsung Electronics also plans to invest $1.5 billion in Vietnam to build its first chip testing factory in the country, The Economic Times reported Wednesday, referring to a company document reviewed by Reuters.Construction has already begun at an industrial park about 60 kilometers north of the Vietnamese capital of Hanoi, with operations expected to start in November 2027.

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Asia

Korea Exchange Halts Kospi Trading for Five Minutes After Strong Buy Amid Chip Stock Gains

The Korea Exchange activated a five-minute buy-side sidecar on the country's primary stock market on Wednesday morning amid gains made by semiconductor shares as investors weighed the possibility of a peace agreement between the U.S. and Iran.The Korea Exchange announced the order at 9:06 am after the KOSPI200 Futures rose 66.10 points, or 5.21%, to trade at 1,333.50.A buy-side sidecar is activated when the KOSPI200 Futures index jumps 5% or more for at least one minute.

KOSPI
Asia

South Korean Equities Open to New High on Chip Stocks Rally, Middle East Optimism

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.

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