SEOUL, April 03 (AJP) - Asian markets swung mostly higher Friday as governments from the Middle East to Europe scramble to reopen the Strait of Hormuz.
The benchmark KOSPI led gains, closing up 2.7 percent at 5,377.3, as foreign and institutional investors returned to net buying. The won strengthened to 1,507.9 per dollar.
The move followed reports that Iran is working with Oman on a maritime protocol to manage transit through the Strait of Hormuz, a route that handles roughly 20 million barrels of oil per day. The development eased immediate concerns over prolonged supply disruptions, though tensions remain elevated.
Foreign investors bought a net 808.5 billion won ($536 million) of stocks, while institutions added 723.8 billion won. Retail investors sold 2.09 trillion won, indicating profit-taking into the rebound.
Energy-linked sectors led the rally. Equipment and services firms surged 12.35 percent, shipbuilders rose 6.6 percent and trading companies gained 6.7 percent, reflecting continued positioning around energy security and logistics risks.
Semiconductors also drove gains. Samsung Electronics climbed 4.4 percent to 186,200 won, while SK hynix advanced 5.5 percent to 876,000 won, tracking steady U.S. tech performance.
By contrast, rate-sensitive heavyweights lagged. LG Energy Solution fell 1.5 percent to 398,500 won and Samsung Biologics declined 2.0 percent to 1,554,000 won, pointing to lingering caution.
The KOSDAQ rose 0.7 percent to 1,063.8, giving up part of its earlier gains after hitting an intraday high of 1,083.24. Foreign and institutional investors sold a combined 413.8 billion won, while retail investors bought 406.0 billion won, signaling weaker conviction in smaller, growth-oriented stocks.
In currency markets, the won gained 0.34 percent against the dollar, while the dollar index edged down 0.07 percent to 99.95.
The VIX fell 2.7 percent to 23.9, indicating easing near-term volatility. Still, oil prices held above $110 per barrel, suggesting that risks tied to Hormuz are not fully priced out.
Japan’s Nikkei 225 rose 1.3 percent, while China’s Shanghai Composite fell 1.0 percent and Hong Kong’s Hang Seng slipped 0.7 percent.
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