KOSPI Opens Higher As U.S. Pauses Iran Strikes

According to Yonhap, South Korean stocks opened higher Monday after the United States paused strikes on Iran over the weekend, easing military tensions in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) rose 115.65 points, or 1.73%, to 6,806.27 at the opening bell. Oil prices also declined, with Brent crude futures down 5.7% to US$91 a barrel and West Texas Intermediate off 5.5% at $84. Also over the weekend, South Korean and U.S. tech companies agreed to pursue cooperation projects worth a combined US$950 billion at an artificial intelligence summit hosted by the South Korean government in San Francisco. The projects include a long-term deal under which SK Group will supply $750 billion worth of high-performance semiconductors to Nvidia and others.