South Korean Shares Close Higher as Oil Prices Ease on Trump's Iran Remarks
South Korean shares closed higher on Thursday, supported by easing oil prices after U.S. President Donald Trump downplayed the prospect of a prolonged military conflict with Iran. Investors weighed the risk of renewed US-Iran military strikes disrupting crude supplies from West Asia.Brent crude futures fell 43 cents, or 0.45%, to $95.20 a barrel, while West Texas Intermediate (WTI) crude futures declined 24 cents, or 0.26%, to $90.77. The latest attacks marked the most substantial exchange of fire between the US and Iran since July, with the conflict now in its seventh month.The Korea Composite Stock Price Index, or Kospi, increased by 16.76 points, or 0.3%, to close at 6,579.48. The Kosdaq fell by 13.77 points, or 1.7%, to close at 790.21.In corporate news, Samsung Fire & Marine Insurance (KRX:000810) and Samsung Life Insurance (KRX:032830) plan to take over London-based reinsurance firm Canopius by purchasing an additional 50% stake for more than 2 trillion won, the Korea Economic Daily reported Thursday.The two Samsung affiliates currently hold a combined 40% stake in Canopius. The firms are expected to fund the stake purchase with dividends from Samsung Electronics (KRX:005930), which had reported record operating profit in the second quarter, according to the report.The two firms are expected to sign a deal with major shareholders, including asset manager Centerbridge Partners, the report said, citing unnamed industry sources.The Samsung affiliates said that no decision has been made, while Samsung Life said it was reviewing investment opportunities, both at home and abroad, to identify new growth drivers, without reaching any specific decision on a possible equity investment in a U.S. insurer, the report said.Samsung and Canopius did not immediately respond to' request for comment.Shares of Samsung Fire & Marine Insurance jumped nearly 7% at market close, while those of Samsung Life Insurance added 3%.In other news, SK Oceanplant (KRX:100090) received an order worth 592.9 billion Korean won from an undisclosed Greek shipowner.The contract is for building six 115,000-DWT-class crude oil tankers, according to a Thursday filing with the Korean Exchange.The contract runs from Aug. 28, 2026, to June 30, 2030.Shares of SK Oceanplant added 8% at market close.
