Kospi surges past 3,100 as Israel-Iran ceasefire lifts sentiment

Heavyweight tech stocks and strong foreign buying push index above 3,100 for first time since 2021

South Korean shares rallied sharply on June 24, with the benchmark Kospi Index breaking above the 3,100 mark for the first time in nearly four years, as easing geopolitical tensions lifted investor sentiment.

As of 12:22 p.m., the Kospi was up 2.81%, or 84.77 points, trading at 3,099.67. The index opened 1.55% higher at 3,061.14 and briefly touched 3,100 around 12:20 p.m.—a level last seen on Sept. 28, 2021.

The rally followed news of a ceasefire agreement between Israel and Iran, announced by U.S. President Donald Trump via his social media platform Truth Social. “It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE,” Trump wrote on June 23, local time.

A traditional band performs to show solidarity with the Iranian people at Hafteh-tir Square, in Tehran on June 23, 2025. United Nations investigators warned on June 23, of the "extensive suffering" Israeli attacks are causing in Iran, voicing particular concern at the risk facing detainees held near sites being bombed./AFP-Yonhap

“The ceasefire has effectively pushed Middle East-related uncertainties below the surface,” said Han Ji-young, an analyst at Kiwoom Securities. “We expect the upward momentum to continue, supported by falling oil prices and gains in U.S. tech stocks led by Tesla.”

Foreign and institutional investors were key drivers of the day’s gains, with net purchases of 397.5 billion won and 209.1 billion won, respectively. Retail investors, meanwhile, sold a net 568.4 billion won worth of shares.

Large-cap stocks rose across the board. Samsung Electronics gained 3.88% to 60,250 won, returning to the so-called “60,000-won” threshold. SK Hynix surged 8.67% to 282,000 won. Other major advancers included Samsung Biologics (+0.91%), LG Energy Solution (+2.04%), KB Financial Group (+4.46%), and Hyundai Motor (+1.74%).

The tech-heavy Kosdaq Index also advanced 1.81%, or 14.21 points, to 799.00. It briefly surpassed the 800 level earlier in the session for the first time in 11 months. Top-performing Kosdaq stocks included Alteogen (+2.24%), EcoPro BM (+5.34%), Ecopro (+7.82%), and Peptron (+8.29%).

The won strengthened sharply in response to easing regional tensions. As of 12:23 p.m., the currency was trading at 1,366.2 per dollar, up 18.1 won from the previous close. Crude prices fell in parallel: West Texas Intermediate futures for August delivery settled 7.2% lower at $68.51 a barrel on June 23 in New York.