Middle East Tensions Ease, Asia-Pacific Markets Collectively Rebound, Korean Stock Index Sees Crypto-Style Surge Again.

TradingKey - The KOSPI Composite Index closed up 5.35% at 5,532.59; the opening rally briefly triggered a sidecar mechanism for program buying, while the Nikkei 225 Index rose over 3.5% intraday before narrowing slightly to close up 2.88% at 54,248.39.

In terms of individual stocks: SK Hynix surged 12.2% and Samsung Electronics soared 8.7%, driving the KOSPI Index higher at one point.

The primary driver of this volatility in Japanese and South Korean equity markets was the price movement in the crude oil market. During Asian trading hours on March 9, WTI and Brent crude surged significantly, nearing $120 per barrel at their intraday highs. Consequently, Japanese and South Korean markets plummeted that day, with the South Korean stock market triggering a circuit breaker. The KOSPI closed down nearly 6%, while the Nikkei 225 finished 5.2% lower.

Military strikes launched by the United States and Israel against Iran have entered their 11th day.

Previously, U.S. President Trump stated that certain oil-related sanctions would be lifted to stabilize prices, adding that the hostilities against Iran would end "soon."

According to reports, Gharibabadi stated that amid intensive diplomatic efforts by global leaders, Iran has explicitly identified the "cessation of further aggression" as a prerequisite for initiating a ceasefire.

He added that several countries, including Russia, have proactively reached out to Iran to seek a de-escalation of the situation.