The benchmark KOSPI advanced more than 1% to around 8,640 on Tuesday, rising for a fourth consecutive session as easing tensions in the Middle East and lower oil prices buoyed sentiment. The gains followed news that the US and Iran had reached a preliminary agreement aimed at ending their conflict, with the Strait of Hormuz set to reopen later this week and remain toll-free during a 60-day ceasefire. This development helped alleviate worries about global energy supplies and shipping disruptions.
Crude prices dropped sharply on the news, easing inflation concerns for South Korea. Supporting this view, data showed import prices declined for a second straight month in May, largely reflecting lower oil costs. Semiconductor stocks mirrored overnight strength on Wall Street and lent support to the broader market.
Among notable movers, SK hynix gained 1.7%, Hanwha Aerospace jumped 7.1%, KB Financial Group rose 4.5%, Shinhan Financial Group added 2.0%, and Doosan Enerbility climbed 2.8%.
