South Korean equities rallied after President Donald Trump secured a two‑week cease‑fire with Iran, calming energy‑supply fears. The benchmark Kospi jumped 6.2%, outpacing peers and marking a fourth straight gain. Chip giants Samsung Electronics and SK Hynix each rose over 9%, while Kospi 200 futures surged past 6% and triggered a brief program‑trading halt.

Currency and bond markets followed the equity surge. The won rose up to 1.9% versus the dollar, while 10‑year bond futures gained 120 ticks and three‑year yields fell to 3.3%, easing oil‑price inflation worries. The won hit its strongest since March 11, and 10‑year futures peaked near March 19. The Bank of Korea will hold rates steady on Friday, and investor appetite for Korean tech surged.

Analysts view the rally as a shift from a war‑risk discount to a normalization phase, with lower energy costs reviving focus on AI chip sales and corporate governance reforms. While the cease‑fire eases immediate supply worries, officials warn the underlying oil‑price drivers remain and could re‑ignite volatility. The won climbed to its March‑high, cementing the risk‑on momentum in the market this week.