Seoul: Seoul shares opened higher Thursday, tracking overnight gains on Wall Street as U.S. Treasury yields eased on plans for increased debt buybacks. The benchmark Korea Composite Stock Price Index (KOSPI) added 209.17 points, or 3.23 percent, to 6,680.34 at the opening bell.

According to Yonhap News Agency, the index had plunged nearly 6 percent the previous session due to tech sell-offs amid concerns over rising bond yields. However, overnight developments in the U.S. market provided a positive turn. Wall Street's major indexes closed higher as U.S. Treasury yields retreated following the Treasury Department's announcement of plans to significantly increase buybacks of longer-term government debts. This move helped ease concerns over the rising yields.

The yield on the 30-year Treasury bond, which had reached its highest level since 2007, fell Wednesday, alongside the benchmark 10-year Treasury yield. In response, the Dow Jones Industrial Average rose 0.22 percent, the S and P 500 added 0.21 percent, and the tech-heavy Nasdaq Composite Index climbed 0.16 percent.

Investors are also optimistic about chip giant SK hynix, which plans to buy back 40 trillion won (US$28.7 billion) worth of shares for shareholder returns. This development is expected to further bolster the market sentiment.