Seoul: South Korean stocks opened sharply higher on Tuesday, driven by gains in major tech shares, setting another record high following a four-day rally. The benchmark Korea Composite Stock Price Index (KOSPI) surged by 57.28 points, or 1.5 percent, reaching 3,871.97 in the first 15 minutes of trading.
According to Yonhap News Agency, U.S. shares closed higher on Monday, bolstered by gains in tech sectors. The S and P 500 rose by 1.2 percent, the tech-heavy Nasdaq composite climbed 1.5 percent, and the Dow Jones Industrial Average increased by 507 points. In Seoul, large-cap shares contributed to the upward momentum.
Chip manufacturer Samsung Electronics saw an increase of 1.53 percent, while rival SK hynix continued its five-day rally with a 2.99 percent gain. Defense company Hanwha Aerospace rose by 1.89 percent, and leading battery maker LG Energy Solution edged up by 0.46 percent.
The local currency stood at 1,420.3 won against the U.S. dollar as of 9:15 a.m., reflecting a decline of 1.1 won from the previous session's close.