The benchmark KOSPI climbed more than 3% to around 5,370 on Friday, erasing losses from the previous session. The advance came after reports that Iran and Oman are drafting a protocol to monitor transit through the Strait of Hormuz, boosting hopes that the critical waterway could partially reopen. Iran’s Deputy Foreign Minister Kazem Gharibabadi said tanker flows along the key oil route would be supervised and coordinated by the two countries.
All sectors finished in positive territory, led by electronic technology, which gained over 3%. Major index heavyweights advanced sharply, including Samsung Electronics (+4.5%) and SK Hynix (+5.3%). Other notable gainers were Hyundai Motor (+3.9%), LG Electronics (+1.4%), and Hanwha Aerospace (+1.3%).
On the macroeconomic front, South Korea’s foreign exchange reserves declined to $423.7 billion in March from $427.6 billion in February. Despite Friday’s rally, the benchmark index remains on track to post a second consecutive weekly loss.
