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South Korean stocks soared by nearly 3 percent Friday, as Iran’s discussions with Oman on a protocol to monitor traffic through the Strait of Hormuz boosted hopes of easing oil supply disruptions despite heightened tensions in the Middle East. The Korean won strengthened sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 143.25 points, or 2.74 percent, to 5,377.30, rebounding from sharp losses in the previous session.

Trading volume was moderate at 1.12 billion shares, with a total value of 22.13 trillion won (US$14.69 billion), as gainers outnumbered losers 664 to 224.

Foreign and institutional investors bought a net 814.57 billion won and 716.93 billion won worth of shares, respectively, while individuals sold a net 2.09 trillion won worth of shares.

The rebound followed news that Tehran was drafting a protocol with Oman to monitor maritime traffic through the Strait of Hormuz, raising hope of progress toward reopening the waterway.

The strategic waterway has effectively been shut since the outbreak of war in the Middle East in late February, driving up global oil prices due to supply disruptions.

Dozens of countries are also seeking ways to resume shipments through the Strait of Hormuz after U.S. President Donald Trump warned of an “extremely hard” attack on Iran within the next two to three weeks, while urging countries that rely on the key shipping route for energy imports to “take care of” it themselves.

“Iran has said the measure is intended to ensure safety and improve services, suggesting that the blockade of the waterway may be easing,” Seo Sang-young, a researcher at Mirae Asset Securities, said.

Top-cap shares finished mixed.

Market bellwether Samsung Electronics surged 4.37 percent to 186,200 won, while chip giant SK hynix soared 5.54 percent to 876,000 won.

Defense giant Hanwha Aerospace climbed 2.26 percent to 1,449,000 won, and artificial intelligence investment firm SK Square went up 2.88 percent to 483,000 won. Nuclear power plant builder Doosan Enerbility jumped 3.21 percent to 96,600 won.

Shipbuilders gathered ground. Local industry leader HD Hyundai Heavy spiked 9.23 percent to 479,000 won, and its rival Hanwha Ocean went up 7.29 percent to 128,000 won.

Carmakers finished mixed. Top automaker Hyundai Motor advanced 1.18 percent to 471,000 won, while its affiliate Kia fell 0.27 percent to 150,200 won.

Leading battery maker LG Energy Solution fell 1.48 percent to 398,500 won, and bio giant Samsung Biologics lost 1.96 percent to 1,554,000 won. Leading financial firm KB Financial shed 0.68 percent to 145,500 won.

The local currency was quoted at 1,505.2 won against the U.S. dollar as of 3:30 p.m., up 14.5 won from the previous session.

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South Korean stocks surged more than 5 percent Wednesday, on a semiconductor rally boosted by the ongoing U.S. chip giant Nvidia’s global artificial intelligence (AI) conference. The Korean won strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 284.55 points, or 5.04 percent, to 5,925.03.

The index came under strong buying pressure from foreigners and institutional investors, triggering the Korea Exchange (KRX), the country’s main bourse operator, to issue a buy-side sidecar near the closing bell.

Program trading for the KOSPI was suspended for five minutes at 2:34 p.m., according to the KRX.

Offshore and institutional investors snapped up a combined net 4 trillion won (US$2.7 billion) worth of equities. Retail investors, on the other hand, offloaded 3.9 trillion won.

Trade volume was heavy at 1.1 billion shares worth 26.1 trillion won, with winners far outnumbering losers 614 to 278.

Investors’ appetite for semiconductors increased, following remarks from Nvidia’s Chief Executive Officer (CEO) Jensen Huang on Samsung Electronics, Lee Kyoung-min, an analyst at Daishin Securities, said.

During the ongoing four-day event in California, Huang said on Monday he wants to “thank Samsung, who manufactures the Groq LP30 chip” for the company, adding that the chips are in production and would be shipped in the second half of this year.

“The stock market’s sensitivity to geopolitical issues in the Middle East is markedly declining,” Lee added.

Most large cap shares ended bullish.

Top-cap Samsung Electronics jumped 7.53 percent to 208,500 won, while its chipmaking rival SK hynix climbed 8.87 percent to 1,056,000 won.

Nuclear power plant builder Doosan Enerbility rose 2.78 percent to 107,300 won, on anticipations alternative energy sources would benefit from the recent spike in oil prices.

Brent crude, the international oil benchmark, has remained at the US$100 per barrel level for the past five sessions.

In contrast, defense shares lost ground as investors went to lock in profits. Hanwha Aerospace inched down 0.43 percent to 1,390,000 won, and LIG Nex1 retreated 2.27 percent to 689,000 won.

The Korean won was quoted at 1,483.1 won against the U.S. dollar as of 3:30 p.m., up 10.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 6.3 basis points to 3.261 percent, and the return on the benchmark five-year government bonds retreated 6.7 basis points to 3.511 percent.

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South Korean stocks sharply rebounded on Thursday from the previous session’s sharpest decline ever, soaring almost 10 percent, amid signs of an easing oil price surge sparked by the ongoing Iran conflict. The local currency rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) added 490.36 points, or 9.63 percent, to close at 5,583.9, snapping the three-session losing streak.

It marked the largest daily gain in terms of points in KOSPI history, renewing the previous record of 338.41 points set on Feb. 3.

Also, the 9.63 percent rise is the second steepest since Oct. 30, 2008, when the index rose 11.95 percent in the midst of the global financial crisis.

The country’s main bourse operator, the Korea Exchange (KRX), issued a buy-side sidecar around opening, suspending the selling of KOSPI futures for five minutes.

Trade volume was heavy at 1.6 billion shares worth 44.8 trillion won (US$30.5 billion), with gainers sharply beating decliners 898 to 21.

Individual investors drove the steep rally, scooping up a net 1.79 trillion won, while foreigners and institutions sold a net 144.6 billion won and 1.7 trillion won, respectively.

“The KOSPI experienced the sharpest decline in history and dropped near the 5,000-point line the previous day,” Roh Dong-gil, an analyst at Shinhan Securities, said. “Bargain hunters returned to the market to pull off a turnaround.”

Overnight on Wall Street, the Dow Jones Industrial Average rose 0.49 percent and the tech-heavy Nasdaq Composite climbed 1.29 percent on calmed oil price hikes.

In Seoul, market heavyweights led the rally.

Market bellwether Samsung Electronics surged 11.27 percent to 191,600 won, and chip giant SK hynix soared 10.84 percent to 941,000 won.

Top carmaker Hyundai Motor escalated 9.38 percent to 548,000 won, and its sister Kia jumped 6.19 percent to 166,400 won.

Defense shares were among the biggest winners as industry leader Hanwha Aerospace vaulted 4.38 percent to 1.38 million won and LIG Nex1 shot up 23.26 percent to 763,000 won.

Shinhan Financial Group rose 4.62 percent to 92,900 won, and internet giant Naver advanced 5.77 percent to 220,000 won.

Samsung Biologics, a leading pharmaceutical firm, mounted 8.64 percent to 1.65 million won, and entertainment giant CJ ENM increased 5.91 percent to 64,500 won.

The Korean won was quoted at 1,468.1 won against the U.S. dollar at 3:30 p.m., up 8.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.4 basis points to 3.189 percent, and the return on the benchmark five-year government bonds declined 3.5 basis points to 3.442 percent.

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