Seoul

SouthKorean stocks finished more than 4 per cent higher on Tuesday to snap their three consecutive sessions of sharp decline, driven by strong gains in technology shares as oil prices dropped sharply on hopes for the possible end of the war in the Middle East.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 220.28 points, or 4.39 per cent, to 5,239.13 after rising as high as 5,300.92, reports Yonhap news agency. After opening 4.55 per cent higher, the Korea Exchange activated a buy-side sidecar for the main bourse at 9:06 a.m., suspending program trading for KOSPI-listed shares for five minutes.

Trade volume was light at 241 million shares worth 16.2 trillion won (US$12.1 billion), with winners sharply outnumbering losers 714 to 174. Foreigners returned to net buyers, scooping up a net 365.9 billion won worth of shares, and institutions purchased a net 489 billion won.