Seoul, May 4 (IANS) South Korean stocks opened at a fresh high of over 6,700 on Monday as US President Donald Trump announced plans to free ships stranded in the Strait of Hormuz, while Washington and Tehran exchanged their proposals for peace talks.

After opening at a fresh record high of 6,782.93, or 2.79 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 157.3 points, or 2.38 percent, to 6,756.17 as of 9:15 a.m.

The index had risen 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, reports Yonhap news agency.

Overnight, Trump said on social media that the United States would start a project to aid ships that have been locked up in the key shipping route as a “humanitarian gesture” to aid neutral countries in the U.S.-Israeli war 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 said on Sunday it had received a U.S. response to its latest offer for peace talks a day after Trump said he would probably reject the Iranian proposal, noting “they have not paid a big enough price.”

Most market heavyweights started in positive territory.

Market bellwether Samsung Electronics rose 2.61 percent, and its chipmaking rival SK hynix jumped 4.67 percent.

Top carmaker Hyundai Motor advanced 0.94 percent, and leading battery maker LG Energy Solution added 1.41 percent.

Defense giant Hanwha Aerospace climbed 3.53 percent, and major shipbuilder HD Hyundai Heavy Industries increased 0.73 percent.

The Korean won was trading at 1,470.65 won against the U.S. dollar at 9:15 a.m., down 12.25 won from the previous session.

—IANS

na/