The KOSPI index is displayed on an electronic signboard, along with the Kosdaq index and exchange rate, at a dealing room at Hana Bank in Seoul, Tuesday. Yonhap
South Korean stocks opened sharply higher Tuesday, rebounding from the previous session's over 8 percent plunge, as major technology shares bounced back amid a ceasefire between Israel and Iran and sentiment that business fundamentals of sectors related to artificial intelligence (AI) remain strong.
After opening 2.85 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended its gains, rising 247.84 points, or 3.31 percent, to 7,732.25 as of 9:15 a.m.
With the sharp rise, the Korea Exchange activated a buy-side sidecar for the KOSPI at around 9:12 a.m., halting program trading for five minutes.
The rebound came after the KOSPI slid more than 8 percent Monday on a tech hemorrhage sparked by woes over AI profitability and a possible rate hike by the U.S. Federal Reserve, fueled after the release of hotter-than-expected U.S. jobs data for May.
