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<Asia>S Korean Stocks Surge 5%, Futures Up 6% Triggering Circuit Breaker; Oil Prices Plummet as Mideast Situation Sees Ray of Hope
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Overnight (9th), the G7 held a meeting but did not decide to release oil reserves. US President Donald Trump, in an interview with CBS, stated that the war with Iran will end very soon, and that he also had a separate call with Russian President Vladimir Putin regarding the war. On the other hand, Trump is reportedly mulling options such as easing sanctions on Russian oil to suppress oil prices. The three major US stock indices initially shrank but later rebounded, rising 0.5-1.4% at close. International oil prices sharply retreated, with New York oil futures for April delivery last quoted at USD86.12 per barrel, down 9.1%, and Brent oil futures for May delivery down 9.6% at USD89.46 per barrel. Following a 6% collapse the previous day, South Korea's Kospi opened nearly 5.2% higher this morning at 5,523, initially struggling at high levels, and last soared 5.6% at 5,546. Samsung Electronics picked up 8.7%. SK Hynix surged 10.5%. SK Square spiked 8.1%. Hyundai Motor and Kia Motors mounted 4.4-4.9%. The South Korean Exchange stated that, in light of a 6% surge in Kospi 200 futures, the "Sidecar" mechanism was triggered to mitigate market volatility, temporarily suspending the validity of program trading quotes from 9:06 AM local time for 5 minutes. AASTOCKS Financial News Website: www.aastocks.com |
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