Seoul shares soar over 4 pct to snap 3-day slide on tech rally, oil prices fall

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SEOUL, Nov. 10 (Yonhap) -- South Korean stocks finished more than 4 percent higher 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 percent, to 5,239.13 after rising as high as 5,300.92.

After opening 4.55 percent 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.

U.S. President Donald Trump told reporters overnight that he is not prepared to resume military strikes against Iran, dragging down crude oil prices.

On Wall Street, three major stock indexes closed higher, led by technology shares, with the PHLX chip index rising 6.85 percent.

However, Nvidia slumped 4.2 percent as the company's board will launch a probe into its CEO Jensen Huang over his admission of an affair with a purported Chinese spy.

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