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South Korean stocks sharply rebounded on Thursday from the previous session’s sharpest decline ever, soaring almost 10 percent, amid signs of an easing oil price surge sparked by the ongoing Iran conflict. The local currency rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) added 490.36 points, or 9.63 percent, to close at 5,583.9, snapping the three-session losing streak.

It marked the largest daily gain in terms of points in KOSPI history, renewing the previous record of 338.41 points set on Feb. 3.

Also, the 9.63 percent rise is the second steepest since Oct. 30, 2008, when the index rose 11.95 percent in the midst of the global financial crisis.

The country’s main bourse operator, the Korea Exchange (KRX), issued a buy-side sidecar around opening, suspending the selling of KOSPI futures for five minutes.

Trade volume was heavy at 1.6 billion shares worth 44.8 trillion won (US$30.5 billion), with gainers sharply beating decliners 898 to 21.

Individual investors drove the steep rally, scooping up a net 1.79 trillion won, while foreigners and institutions sold a net 144.6 billion won and 1.7 trillion won, respectively.

“The KOSPI experienced the sharpest decline in history and dropped near the 5,000-point line the previous day,” Roh Dong-gil, an analyst at Shinhan Securities, said. “Bargain hunters returned to the market to pull off a turnaround.”

Overnight on Wall Street, the Dow Jones Industrial Average rose 0.49 percent and the tech-heavy Nasdaq Composite climbed 1.29 percent on calmed oil price hikes.

In Seoul, market heavyweights led the rally.

Market bellwether Samsung Electronics surged 11.27 percent to 191,600 won, and chip giant SK hynix soared 10.84 percent to 941,000 won.

Top carmaker Hyundai Motor escalated 9.38 percent to 548,000 won, and its sister Kia jumped 6.19 percent to 166,400 won.

Defense shares were among the biggest winners as industry leader Hanwha Aerospace vaulted 4.38 percent to 1.38 million won and LIG Nex1 shot up 23.26 percent to 763,000 won.

Shinhan Financial Group rose 4.62 percent to 92,900 won, and internet giant Naver advanced 5.77 percent to 220,000 won.

Samsung Biologics, a leading pharmaceutical firm, mounted 8.64 percent to 1.65 million won, and entertainment giant CJ ENM increased 5.91 percent to 64,500 won.

The Korean won was quoted at 1,468.1 won against the U.S. dollar at 3:30 p.m., up 8.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.4 basis points to 3.189 percent, and the return on the benchmark five-year government bonds declined 3.5 basis points to 3.442 percent.

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South Korean stocks plunged more than 7 percent Tuesday to close below the 5,800-point mark as investor sentiment was dampened by escalating geopolitical concerns triggered by the ongoing Middle East conflict. The Korean won lost sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 452.22 points, or 7.24 percent, to close at 5,791.91, marking the lowest closing price since Feb. 20, when the index finished at 5,808.53.

It marked the largest-ever daily drop.

The country’s main bourse operator, the Korea Exchange (KRX), issued a sell-side sidecar for 5 minutes around noon, suspending the selling of KOSPI futures.

Trade volume was heavy at 1.2 billion shares worth 52.5 trillion won (US$35.8 billion). Losers sharply outnumbered winners 840 to 73.

Foreign and institutional investors led the daily sell-off, dumping a net 5.1 trillion won and 891.1 billion won, respectively. Retail investors, on the other hand, went bargain hunting and snapped up a net 5.8 trillion won.

Coordinated U.S. and Israeli air strikes on Iran over the weekend roiled global markets from the start of this week, but the Korean market closed on Monday in observation of the March 1 Independence Movement Day holiday.

“The main index experienced expanded volatility as the Middle East risk was realized after a long weekend,” Roh Dong-gil, an analyst at Shinhan Securities, said. “The stock market is expected to be affected by oil prices and interest rates as the situation develops.”

Most shares closed bearish.

Market bellwether Samsung Electronics tumbled 9.88 percent to 195,100 won, and its chipmaking rival SK hynix plummeted 11.5 percent to 939,000 won.

Top automaker Hyundai Motor dived 11.72 percent to 595,000 won, and leading battery maker LG Energy Solution sank 7.96 percent to 393,000 won.

Travel shares were among the biggest losers as flag air carrier Korean Air nosedived 10.32 percent to 25,200 won and major travel agency Hana Tour Service lost 6.65 percent to 44,900 won.

KB Financial Group, a leading banking group, fell 3.46 percent to 153,500 won, and Celltrion, a major pharmaceutical firm, dropped 5.66 percent to 225,000 won.

However, oil refinery and defense shares were bullish.

Leading refinery firm SK Innovation rose 2.51 percent to 130,900 won, and S-Oil, whose largest shareholder is Saudi Aramco, shot up 28.45 percent to 141,300 won.

Defense giant Hanwha Aerospace soared 19.83 percent to 1.43 million won, and LIG Nex1 surged 29.86 percent to 661,000 won.

The Korean won was quoted at 1,466.1 won against the U.S. dollar at 3:30 p.m., down 26.4 won from the previous session’s close. It marked the lowest since Feb. 6, when the won-dollar rate was 1,469.5 won.

Bond prices, which move inversely to yields, closed sharply lower. The yield on three-year Treasurys increased 13.9 basis points to 3.180 percent, and the return on the benchmark five-year government bonds declined 14.6 basis points to 3.424 percent.

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Seoul shares surged more than 2 percent Tuesday to close at a fresh record high above the 5,900-point mark, driven by strong gains in technology shares. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 123.55 points, or 2.11 percent, to finish at an all-time high of 5,969.64.

The index has extended its upward momentum in recent weeks, surpassing the 5,000-point mark for the first time on Jan. 27 and crossing 5,500 on Feb. 12. It moved above 5,800 on Friday.

Trading volume was heavy at 1.58 billion shares worth 30.73 trillion won (US$21.3 billion), with decliners outnumbering gainers 465 to 407.

Institutions bought a net 2.37 trillion won worth of stocks, offsetting net sales of 199.16 billion won by foreign investors and 2.28 trillion won by retail investors.

The rally came despite overnight losses on Wall Street.

The Dow Jones Industrial Average fell 1.66 percent, and the tech-heavy Nasdaq Composite declined 1.13 percent.

In Seoul, investors scooped up major chip stocks ahead of an earnings report from U.S. chipmaker Nvidia later this week, while remaining cautious over U.S. President Donald Trump‘s push to impose new tariffs after the Supreme Court struck down his original sweeping duties, analysts said.

Trump signed an executive order Friday (U.S. time) authorizing new 10 percent global tariffs that took effect Tuesday. He has also threatened to raise the rate to 15 percent, though no formal order has been issued.

“Even if the global tariffs are raised to 15 percent, there will be no major impact on the local stock market because current U.S. tariffs on Korean imports already stand at 15 percent,” an analyst at IBK Securities Co. said.

Technology and automobile stocks led the gains.

Market bellwether Samsung Electronics jumped 3.63 percent to 200,000 won, while chip giant SK hynix surged 5.68 percent to a record high of 1,005,000 won.

Top automaker Hyundai Motor rose 0.19 percent to 524,000 won, and leading battery maker LG Energy Solution gained 4.17 percent to 412,500 won.

Among decliners, shipbuilder Hanwha Ocean fell 2.79 percent to 143,100 won, and Lotte Shopping declined 1.67 percent to 111,700 won.

The Korean won was quoted at 1,442.50 won against the U.S. dollar at 3:30 p.m., down 2.5 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.4 basis point to 3.158 percent, and the return on the benchmark five-year government bonds also climbed 0.5 basis point to 3.410 percent.

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