Seoul: South Korean stocks rose nearly 3 percent Tuesday to inch toward the 6,000-point mark on hopes for renewed negotiations between Washington and Tehran. The local currency sharply gained against the U.S. dollar.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) added 159.13 points, or 2.74 percent, to close at 5,967.75, after reaching as high as 6,026.52. The index swerved over and under the 6,000-point mark, marking the first such move since March 3, when the index traded at 6,180.45, the first trading day after the United States and Israel carried out air strikes on Iran on Feb. 28.

The U.S. military began a blockade of the Strait of Hormuz on Monday after a breakdown of weekend talks in Islamabad, Pakistan, between Washington and Tehran. However, Donald Trump said Iran wants to reach a deal with the U.S., raising hopes that the two sides could return to negotiations.