The benchmark KOSPI rose more than 3% to around 5,370 on Friday, recouping losses from the previous session, following reports that Iran and Oman were drafting a protocol to monitor transit through the Strait of Hormuz, raising hopes that the key waterway could partially reopen. Tanker flows through the key oil route should be overseen and coordinated by the two countries, Iran’s Deputy Foreign Minister Kazem Gharibabadi said. All sectors traded in the green, led by electronic technology, which rose over 3%, with major index heavyweights climbing, including Samsung Electronics (+4.5%) and SK Hynix (+5.3%). Other notable gainers included Hyundai Motor (+3.9%), LG Electronics (+1.4%), and Hanwha Aerospace (+1.3%). On the economic front, South Korea’s foreign exchange reserves fell to $423.7 billion in March from $427.6 billion in February. For the week, however, the benchmark index is still heading for a second consecutive loss.