Seoul: South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street on revived hopes for peace talks after a U.S. blockade of the Strait of Hormuz. The benchmark Korea Composite Stock Price Index (KOSPI) opened at 5,960, up 151.38 points, or 2.61 percent.
According to Yonhap News Agency, U.S. President Donald Trump claimed that Iran had reached out to his administration on potential peace talks as the U.S. Navy began a naval blockade of the strait Monday. This development led to a positive performance in U.S. stocks, with the Dow Jones Industrial Average rising 0.63 percent and the Nasdaq Composite gaining 1.23 percent.
Over the weekend, the U.S. and Iran participated in peace talks following an agreement to a two-week ceasefire, though they did not resolve their differences regarding the terms of the deal.