Global Markets | South Korean shares hit highest since late February, chipmakers jump

Round-up of South Korean financial markets:

** South Korean shares rose more than 2% on Thursday to the highest level since late February on hopes of a deal between the U.S. and Iran ‌to end ⁠the war, ⁠also boosted by chipmakers rallying on upbeat earnings by Taiwanese peer TSMC.

** The benchmark KOSPI closed up 134.66 points, or 2.21%, at 6,226.05, the highest closing level since February 27.


** The index returned to levels seen before the Iran war broke out. On February 26, it notched an all-time closing high at 6,307.27.

** "The market is seeing it a ⁠likely scenario ‌that geopolitical uncertainty around the Iran war will be eased or resolved," said Lee Kyoung-min, an analyst at Daishin Securities.

** The ⁠United States expressed optimism on Wednesday about reaching a deal to end the war with Iran, while also warning of increasing economic pressure against Tehran if it remains defiant.

** TSMC on Thursday posted a 58% jump in first-quarter profit to record levels that handily beat market forecasts.

** South Korean chipmaker Samsung Electronics rose 3.08% to the highest since February 26, while peer SK Hynix gained 1.67% ‌to an all-time high.

** Battery maker LG Energy Solution climbed 1.96%, while Hyundai Motor and sister automaker Kia Corp were up 5.12% and 4.22%, respectively.

** Of ⁠the total 905 traded issues, 657 shares advanced, while 207 declined.

** Foreigners were net buyers of shares worth 464.4 billion won ($315.43 million).

** The won was quoted at 1,473.1 per dollar on the onshore settlement platform, 0.16% higher than its previous close at 1,475.5.

** The most liquid three-year Korean treasury bond yield rose by 1 basis point to 3.341%, while the benchmark 10-year yield rose by 2.5 basis points to 3.677%. ($1 = 1,472.2600 won)