Seoul: South Korean stocks opened sharply higher Tuesday, tracking overnight gains on Wall Street on revived hopes for a rate cut by the Federal Reserve and eased artificial intelligence (AI) uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) added 64.02 points, or 1.66 percent, to 3,910.08 in the first 15 minutes of trading.

According to Yonhap News Agency, major U.S. stocks closed higher Monday (U.S. time) as investors were buoyed by some dovish comments from Fed members and eased concerns over inflated AI valuation. The Dow Jones Industrial Average rose 0.44 percent, and the Nasdaq Composite jumped 2.69 percent.

In Seoul, shares opened higher across the board. Market bellwether Samsung Electronics rose 3.1 percent, and its chipmaking rival SK hynix advanced 3.27 percent. Top carmaker Hyundai Motor climbed 0.87 percent, and leading battery maker LG Energy Solution increased 1.09 percent. Shinhan Financial Group, a major banking group, went up 2.62 percent, and Celltrion, a leading pharmaceutical firm, added 1.21 percent.

The local currency was trading at 1,475.4 won against the greenback at 9:15 a.m., up 1.8 won from the previous session.