South Korean Shares End Near 6,000 Points on Hopes of Renewed US-Iran Talks
South Korean shares closed just shy of 6,000-point mark on Tuesday, as investors appeared optimistic about renewed US-Iran talks following the failed talks in Islamabad.The Korea Composite Stock Price Index or Kospi rose 159.13 points, or 2.7%, to end at 5,967.75. The Kosdaq also increased by 22.04 points, or 2%, to close at 1,121.88.US President Donald Trump on Monday claimed that Iran wants to make a deal, but he will not allow Tehran to possess a nuclear weapon. He said that nuclear-related disagreements had stalled the peace talks, adding that a blockade of ships passing through the Strait of Hormuz by the US Navy had begun on Monday.Meanwhile, Iranian lawmaker Ebrahim Rezaei warned that Tehran will return to war if its conditions are not met. Rezaei said that either Iran's rights, including control over the Strait of Hormuz, are acknowledged, or the country will go back to war with the US.In economic news, South Korea's information and communication technology (ICT) exports surged 112% to $43.51 billion in March from a year earlier, the Ministry of Trade, Industry and Energy said in a Tuesday release.Imports increased 32.2% to $16.15 billion, resulting in a trade surplus of $27.36 billion.In corporate news, LS Eco Energy (KRX:229640) posted first-quarter net income attributable to shareholders of 12.7 billion won, up 13% from 11.3 billion won a year earlier, according to a Tuesday filing with the Korea Exchange.Sales of the power and communication cables manufacturer were up 30% year over year to 296.4 billion won from 228.3 billion won.Shares of LS Eco Energy rose 2% at market close.
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