Asia
South Korean Shares Extend Rally as Reopening of Strait of Hormuz Boosts Sentiment
South Korean markets extended their rally for a fourth consecutive session on Tuesday, driven by investor optimism following a landmark agreement between the U.S. and Iran to end hostilities and reopen the Strait of Hormuz.The benchmark Korea Composite Stock Price Index, or Kospi, increased by 2.1%, or 180.62 points, to close at 8,726.6. The Kosdaq decreased by 1.5%, or 15.35 points, to end at 1,018.68.In economic news, South Korea's export prices surged 46.9% year over year in May, while import prices increased 24.8%, according to preliminary data released by the Bank of Korea on Tuesday.The net barter terms of trade index rose 18.7% in May from the same period last year.In corporate news, Chong Kun Dang Pharmaceutical (KRX:185750) plans to invest a total of 392.5 billion won to build a research and demonstration center for biopharmaceutical research and development in Baegot-dong, Siheung-si, according to a Tuesday filing with the Korea Exchange.The investment will be made from June 11, 2026, to Aug. 31, 2028.Shares of Chong Kun Dang Pharmaceutical rose more than 3% at market close.
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