Seoul: South Korean stocks started higher Tuesday on bargain hunting following a sharp drop the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) added 38.96 points, or 1.57 percent, to 2,520.08 in the first 15 minutes of trading.
According to Yonhap News Agency, on Monday, the index lost 3 percent to a near two-month low due to concerns over U.S. tariffs plans and the resumption of short selling, which had been banned for more than a year. Overnight, U.S. stocks finished mixed ahead of the Trump administration's announcement on reciprocal tariffs. The Dow Jones Industrial Average rose 1 percent and the S and P 500 increased 0.55 percent, while the Nasdaq Composite fell 0.14 percent.
In Seoul, large-caps led the strong opening. Market bellwether Samsung Electronics rose 1.38 percent and its chipmaking rival SK hynix gained 1.52 percent. Top carmaker Hyundai Motor added 1.12 percent and its sister Kia climbed 0.98 percent. Steel giant POSCO Holdings increased 1.26 percent and leading biotech firm Samsung Biologics jumped 3.45 percent.
The local currency was trading at 1,474.15 won against the U.S. dollar at 9:15 a.m., down 1.25 won from the previous session.