SEOUL, March 2 (Yonhap) — South Korean stocks opened steeply higher Tuesday, tracking an overnight Wall Street rally that stemmed from eased concerns about the impacts of a bond yield hike.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 81.62 points, or 2.71 percent, to 3,094.57 points in the first 15 minutes of trading.
Stocks got off to a bullish start after a three-day holiday weekend on strong institutional and foreign buying.
Foreigners, who net sold a record 2.8 trillion won (US$2.5 billion) the previous session, raked in local stocks, taking a cue from the 3.01 percent rally on the U.S. Nasdaq composite.
Samsung Electronics added 3.27 percent, and No. 2 chipmaker SK hynix jumped 6.01 percent.
Top automaker Hyundai Motor moved up 2.53 percent, with internet portal operator Naver gaining 2.53 percent. Leading chemical firm LG Chem surged 7.1 percent.
Pharmaceutical firm Samsung Biologics climbed 2.53 percent, and Celltrion rose 2.52 percent.
The local currency was trading at 1,117.85 won against the U.S. dollar, up 5.65 won from the previous session’s close.