Seoul: South Korean stocks opened at a fresh high of over 6,700 as U.S. President Donald Trump announced plans to free ships stranded in the Strait of Hormuz, while Washington and Tehran exchanged their proposals for peace talks. The benchmark Korea Composite Stock Price Index (KOSPI) opened at a new high of 6,782.93, up 184.06 points, or 2.79 percent.

According to Yonhap News Agency, the index had risen for three straight sessions to close at an all-time high of 6,690.90 on Thursday but fell 1.38 percent to 6,598.87 on Friday. Overnight, Trump stated on social media that the United States would begin a project to aid ships that have been locked up in the key shipping route as a "humanitarian gesture" to assist neutral countries in the U.S.-Israeli conflict with Iran.

Iran has been blocking nearly all shipping from the Persian Gulf for more than two months, while the U.S. imposed its own blockade of ships from Iranian ports last month. Iran announced on Sunday that it had received a U.S. response to its latest offer for peace talks, shortly after Trump indicated he would likely reject the Iranian proposal, citing that "they have not paid a big enough price."