The South Korean stock market opened above the 7,000-point milestone on Wednesday, reaching a historic high. This surge followed an announcement by U.S. President Donald Trump that he had suspended U.S.-led efforts to escort ships through the Strait of Hormuz, in order to observe whether an agreement with Iran could be finalized.

The Korea Composite Stock Price Index (KOSPI) opened at 7,093.01 points, rising by 156.02 points, or 2.25%.

This marks the first time the benchmark index has surpassed this significant level.

Driven by strong gains in artificial intelligence (AI)-related stocks, the KOSPI has been setting record highs for several consecutive weeks. It reached 6,600 points last Wednesday and surged more than 5% on Monday, closing above 6,900 points.

Just before the South Korean market opened on Wednesday, President Trump posted on social media that he had halted the U.S. operation to guide stranded vessels out of the Strait of Hormuz, aiming to finalize a conflict-ending deal with Iran.

Overnight, Wall Street also experienced significant gains, with both the S&P 500 and Nasdaq indices hitting new all-time highs.