On the morning of the 8th, a status board in the Hana Bank dealing room in Jung-gu, Seoul, displays the KOSPI and international oil prices after a KOSPI buy sidecar was triggered. Moon Jae-won

With the United States and Iran agreeing to a two-week cease-fire premised on fully reopening the Strait of Hormuz, the domestic stock market rebounded sharply on the 8th. The KOSPI index, powered by a surge in large caps, climbed more than 6% early in the session to reclaim 5800. International oil prices fell more than 15%, dropping below 100 dollars per barrel.

As of 9:04 a.m., the KOSPI was trading at 5833.58, up 338.80 points (6.17%) from the previous session. Major blue chips excluding defense stocks are jumping and lifting the index, including Samsung Electronics (6.87%), SK hynix (9.17%), and Hyundai Motor (5.29%).

The KOSDAQ index also rebounded sharply from the start, opening at 1084.57, up 47.84 points (4.61%) from the previous session.

Ahead of the negotiation deadline presented to Iran by U.S. President Donald Trump (9:00 a.m. Korea time), the United States and Iran reached a dramatic cease-fire, bringing significant relief to financial markets.

In particular, once the decision to open the Strait of Hormuz was made, West Texas Intermediate (WTI) plunged more than 15% intraday to as low as 95 dollars per barrel, fueling a strong rebound in the oil-sensitive domestic stock market. At one point it fell about 19%, pushing oil down to around 91 dollars.

Kim Seok-hwan, an analyst at Mirae Asset Securities, assessed that a powerful TACO (Trump Always Chickens Out), seldom seen in recent times, appeared.