Amid growing optimism for a swift resolution to the U.S.-Iran conflict, global oil prices have taken a nosedive, reigniting investor appetite for higher-risk assets. In pre-market trading on Nextrade, tech giants Samsung Electronics and SK Hynix saw their shares skyrocket by over 8%.
Nextrade reports that as of 8:13 a.m. on Tuesday, 639 stocks in pre-market trading experienced an average uptick of 5.36%.
Samsung Electronics shares climbed 7.67% to 186,800 KRW (about 127 USD), briefly touching an 8% increase at the opening bell. SK Hynix followed suit with an 8.37% jump to 906,000 KRW (about 614 USD). SK Square, SK Hynix’s largest stakeholder, saw its shares rise 7.5% to 548,000 KRW (about 371 USD). Automotive giant Hyundai Motor, the third-largest company by market cap, also joined the rally with a 6.1% increase to 538,000 KRW (about 365 USD).
Market analysts attribute this bullish trend to the overnight plunge in global oil prices, which has revitalized investor confidence in riskier assets.
G7 officials have announced preparations to release strategic oil reserves, while President Donald Trump’s statement suggesting the conflict is nearing its end contributed to oil prices plummeting below 100 USD per barrel after nearly reaching 120 USD.
Wall Street echoed this positive sentiment, with all three major indices closing higher. The Dow Jones Industrial Average gained 0.50% to finish at 47,740.80. The S&P 500 rose 0.83% to 6,795.99, while the tech-heavy Nasdaq Composite surged 1.38% to close at 22,695.95.