Seoul shares open sharply higher on 2-week ceasefire in US-Iran war

South Korean stocks opened sharply higher Wednesday as Iran said that it would guarantee safe passage through the Strait of Hormuz during a two-week ceasefire period. Opening at 5.64 percent higher, the benchmark Korea Composite Stock Price Index rose 331.13 points, or 6.03 percent, to 5,825.91 as of 9:20 a.m. Following the surge, the Korea Exchange activated a buy-side sidecar, temporarily halting program-driven buy orders in Kospi futures.