Seoul: Seoul stocks opened sharply higher Monday despite hopes of a breakthrough between the United States and Iran faltering further over the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) rose 69.95 points, or 1.08 percent, to 6,545.58 in the first 15 minutes of trading. Soon after the market's opening, the index once hit a fresh intraday record of 6,557.78 points.

According to Yonhap News Agency, stock indexes on Wall Street closed mixed on Friday, as investors pinned hopes that peace talks between the U.S. and Iran would make progress during the Iranian foreign minister's second visit to Pakistan last week. However, these hopes were dampened after U.S. President Donald Trump announced the cancellation of U.S. negotiators' trip to Pakistan, which was scheduled for the weekend.

Iran's Foreign Minister Abbas Araghchi is headed for Russia, according to Iran state media, and is expected to meet with President Vladimir Putin on Monday. Over the weekend, a gunman opened fire near a security checkpoint at the correspondents' dinner event at the White House, leading to President Trump's evacuation from the event.

Despite these events, financial markets remained stable, noted Lee Kyoung-soo, an analyst from Hana Securities. Investors have shifted their focus to policy decisions from central banks in major economies and the upcoming earnings release from big tech companies, including Microsoft, Apple, and Meta. Additionally, investors are closely watching the upcoming earnings season from local companies.

In Seoul, most large-cap shares traded higher. Market bellwether Samsung Electronics added 0.91 percent, while its chipmaking rival SK hynix rose 4.83 percent. Top carmaker Hyundai Motor moved up 0.78 percent, and shipbuilder HD Hyundai Heavy Industries advanced 1.79 percent. However, defense giant Hanwha Aerospace inched down 0.68 percent.

The Korean won was trading at 1,477 won against the U.S. dollar, up 7.5 won from the previous session.