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Seoul shares rebound more than 5% on eased Middle East concerns

Published: 10 Mar. 2026, 19:37

KIM MIN-YOUNG
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A dealing room of Hana Bank in Seoul on March 10 [YONHAP]

Korean shares surged on Tuesday — just one day after the numbers plunged with fears from the war — as investors rushed to buy beaten-down stocks after U.S. President Donald Trump’s comments on the Iran war helped drive crude oil prices sharply lower.

The Kospi moved up 280.72 points, or 5.35 percent, to close at 5,532.59. During the morning session, program trading on the main bourse was suspended for five minutes. A sidecar is triggered by the Korea Exchange (KRX) when the Kospi 200 futures index moves 5 percent or more for at least one minute.

The sharp gains came after investors scooped up bargains following the previous session's near 6 percent plunge, as news reports released Trump's remarks about the war with Iran being “very complete,” leading to a sharp decline in global crude prices.

“I think the war is very complete, pretty much,” the president said in a phone interview with CBS News Monday, speaking from his golf club in Doral, Florida. "[Iran has] no navy, no communications. They've got no air force. Their missiles are down to a scatter. Their drones are being blown up all over the place, including their manufacturing of drones.”

“Seoul shares recouped earlier losses on expectations of easing war-related risks and a sharp decline in crude prices,” said Han Ji-young, a researcher at Kiwoom Securities. “The market is experiencing unprecedented volatility. Even if shares surge today, they could undergo a correction in the following session before shooting up again the day after.”

Oil refiners traded mixed, with SK Innovation rising 1.35 percent to 119,800 won ($81.60), while S-Oil slid 8.39 percent to 117,900 won. Air carriers also closed higher on falling crude prices, with Korean Air gaining 8.71 percent to 24,350 won and Asiana Airlines adding 4.35 percent to 113,800 won.

A dealing room of Hana Bank in Seoul on March 10 [YONHAP]

“The latest drop in oil prices was driven by Trump’s remarks,” said Kiwoon Securities ESG analyst Lee Sung-hoon. “That means prices could turn upward again if fresh geopolitical risks emerge. Still, given Iran’s weakening capacity to sustain the war and the political pressure the Trump administration would face if the conflict drags on, the likelihood of a prolonged and intensifying war appears low.

“Through this week, investors should keep tracking conditions in the Strait of Hormuz and the war-related news flow to see whether crude prices stabilize at lower levels while also considering increasing exposure to stocks that have fallen excessively below their fundamentals because of recent war risks.”

Top market cap Samsung Electronics moved up 8.3 percent to 187,000 won, and SK hynix jumped 12.2 percent to 938,000 won.

“Overnight strength in U.S. chip stocks such as Sandisk and Micron, along with news that SK hynix had completed development of [16-gigabit low-power double data rate memory 6], helped drive semiconductor shares higher,” said Kang Jin-hyeok of Shinhan Securities. “The market welcomed Trump’s remarks, but caution still seems warranted as localized clashes continue.”

Defense shares closed bearish, with LIG Nex1 plunging 4.65 percent to 759,000 won and Hanwha Systems losing 4 percent to 156,200 won.

People attend a gathering to support Iran's new Supreme Leader Mojtaba Khamenei, amid the U.S.-Israeli conflict with Iran in Tehran on March 9. [REUTERS/YONHAP]

Trade volume was heavy at 913 million shares worth 28.4 trillion won, with gainers far outpacing losers 753 to 146.

Individual investors sold a net 1.8 trillion won, while foreigners bought a net 1 trillion won. Institutions purchased a net 847 billion won.

The won strengthened 26.2 won from the previous session to trade at 1,469.3 won against the dollar as of 3:30 p.m.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 13.7 basis points to 3.283 percent, and the return on the benchmark five-year government bonds lost 14.4 basis points to 3.508 percent.

BY KIM MIN-YOUNG, YONHAP [[email protected]]