Seoul: South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street on revived hopes for peace talks after a U.S. blockade of the Strait of Hormuz. After opening 2.61 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 146.28 points, or 2.52 percent, to 5,954.9 in the first 15 minutes of trading.

According to Yonhap News Agency, U.S. President Donald Trump claimed that Iran had reached out to his administration on potential peace talks as the U.S. Navy began a naval blockade of the strait Monday. This development led to U.S. stocks closing higher, with the Dow Jones Industrial Average rising 0.63 percent and the Nasdaq Composite gaining 1.23 percent.

Over the weekend, the U.S. and Iran sat together for peace talks after agreeing to a two-week ceasefire but failed to iron out their differences on terms of the deal. Despite this, most shares started bullish in the South Korean market. Market bellwether Samsung Electronics rose 2.74 percent, and chip giant SK hynix gained 5 percent. Top carmaker Hyundai Motor advanced 2.87 percent, and its auto parts affiliate Hyundai Mobis increased 3.32 percent. Banking giant KB Financial Group added 0.57 percent, and Celltrion, a leading pharmaceutical firm, climbed 2.97 percent.

However, defense shares traded lower as industry leader Hanwha Aerospace fell 0.98 percent, and LIG DandA, formerly LIG Nex1, dropped 0.43 percent. Meanwhile, the local currency was trading at 1,479.25 won against the U.S. dollar at 9:15 a.m., up 10.05 won from the previous session's close.