Key facts
- South Korean stocks reached a record high above 9,100 points.
- The gains were primarily driven by chip manufacturers.
- Progress in U.S.-Iran peace talks boosted investor sentiment.
- U.S. tech stocks, including the Nasdaq, experienced losses.
- SpaceX shares fell significantly following a recent IPO.
South Korean stocks surged to a record high above 9,100 points, primarily fueled by gains in chip manufacturers, as progress in U.S.-Iran peace talks improved investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) reached 9,083.54 at the opening bell on Tuesday, June 23, 2026, before climbing to a new record.
This rally occurred despite an initial dip in the market, which mirrored overnight losses on Wall Street. The tech-heavy Nasdaq Composite Index declined 1.3 percent due to concerns surrounding major technology companies. Investor sentiment was further dampened by reports of Elon Musk's SpaceX selling bonds for a significant fundraising effort to support its artificial intelligence initiatives, leading to a 16.4 percent plunge in the company's stock.
Earlier in the day, U.S. Vice President JD Vance stated that a "very good foundation" had been established for negotiations toward a final agreement with Iran, with mediators also reporting progress. However, initial market reactions were mixed, with some reports indicating that President Donald Trump had threatened fresh attacks on Iran, creating initial uncertainty.