Seoul: South Korean stocks opened sharply higher on Tuesday ahead of the deadline for a two-week ceasefire in the U.S.-Iran war. The benchmark Korea Composite Stock Price Index (KOSPI) rose 123.67 points, or 1.99 percent, to 6,342.76 as of 9:23 a.m., on pace to break another record.

According to Yonhap News Agency, the previous high was recorded on February 26, when the index closed at 6,307.27 points. Overnight, major stock indexes on Wall Street closed lower, with the S and P 500 inching down 0.24 percent and the tech-heavy Nasdaq falling 0.26 percent. Investors are keeping a close eye on the Middle East situation, with the deadline for the ceasefire nearing.

U.S. President Donald Trump stated that the ceasefire will end on "Wednesday evening Washington time," and indicated it would be "highly unlikely" for an extension if a deal is not reached before then. Meanwhile, Iran's foreign ministry reported no current plans for talks.

"While the U.S.-Iran issue remains important, the market appears to be looking for direction based on corporate earnings," said Seo Seong-yong, an analyst from Mirae Asset Securities. Most large-cap shares were trading higher, with market bellwether Samsung Electronics adding 2.1 percent, chipmaking rival SK hynix advancing 3.86 percent, top carmaker Hyundai Motor rising 1.9 percent, defense giant Hanwha Aerospace inching up 0.07 percent, and battery maker LG Energy Solution jumping 8.28 percent.

The Korean won was trading at 1,471.5 won against the U.S. dollar, up 5.7 won from the previous session.