Seoul: South Korean stocks closed sharply higher Friday as investors snapped up shares in major automakers amid reduced U.S. tariff concerns. The Korean won gained ground against the U.S. dollar. After opening lower, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 71.54 points, or 1.78 percent, to close at 4,100.05.

According to Yonhap News Agency, trade volume was moderate at 474.7 million shares worth 16.13 trillion won (US$10.98 billion), with winners beating losers 597 to 277. Foreigners and institutions purchased a net 992.54 billion won and 1.15 trillion won worth of stocks, respectively, while individuals offloaded 2.12 trillion won alone. The index had initially opened lower on profit-taking but rebounded after foreigners shifted to net buying.

"The auto sector led today's market," Lee Kyung-min, an analyst at Daeshin Securities, said, noting Hyundai Motor Group has been the main driver of the KOSPI's gains. Most large-cap shares ended higher. No. 1 automaker Hyundai Motor jumped 11.11 percent to a 52-week high of 315,000 won, and its sister automaker Kia added 2.74 percent to 123,600 won on reduced tariff concerns.

U.S. President Donald Trump's administration earlier posted on the Federal Register a notice implementing certain tariff elements of a South Korea-U.S. trade deal, including a reduced duty rate of 15 percent on Korean autos retroactive to Nov. 1. Top-cap Samsung Electronics increased 3.14 percent to 108,400 won, and its chipmaking rival SK hynix went up 0.37 to 544,000 won. Leading battery maker LG Energy Solution was up 3.9 percent to 426,000 won. Hanwha Aerospace increased 4.68 percent to 895,000 won.

The local currency was quoted at 1,468.8 won against the greenback at 3:30 p.m., up 4.7 won from the previous session.