Seoul: South Korean stocks got off to a strong start Tuesday, tracking gains on Wall Street amid hopes for progress in talks on the United States' tariff negotiations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 43.01 points, or 1.4 percent, to 3,114.71 in the first 15 minutes of trading.
According to Yonhap News Agency, the S and P 500 and the tech-heavy Nasdaq hit all-time highs overnight as investors welcomed signs of progress in trade talks between the U.S. and Canada, as well as other trading partners. Investors also held onto hopes that the Federal Reserve will resume interest rate cuts.
In Seoul, most big-cap tech shares opened higher. Market bellwether Samsung Electronics surged 1.67 percent, while chip giant SK hynix remained unchanged. Leading biotech firm Samsung Biologics increased 0.71 percent, and nuclear power plant manufacturer Doosan Enerbility rose 0.58 percent.
Top automaker Hyundai Motor climbed 1.47 percent, and its sister affiliate Kia advanced 1.86 percent. Leading financial firm KB Financial went up 1.08 percent, and defense giant Hanwha Aerospace soared 2 percent. No. 1 steelmaker POSCO Holdings jumped 2.59 percent.
However, leading battery maker LG Energy Solution lost 0.51 percent following sharp gains during the previous session. The local currency was trading at 1,349.85 won against the greenback at 9:15 a.m., down 0.15 won from the previous session.