Seoul: South Korean stocks opened higher Friday following the previous session's sharp rise, led by tech gains, tracking overnight gains on Wall Street amid rising hopes for a diplomatic resolution to the conflict between the United States and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) rose 57.53 points, or 0.74 percent, to 7,873.12 at the opening bell.
According to Yonhap News Agency, U.S. stocks advanced overnight after Iran stated that the latest proposal from the U.S. partly bridged the gap between the warring sides. This development has raised hopes that the three-month conflict may soon conclude with a peace agreement. The S and P 500 rose 0.2 percent, while the Dow Jones Industrial Average gained 0.6 percent. Additionally, the tech-heavy Nasdaq composite added 0.1 percent.
On the previous day, the KOSPI surged more than 8 percent, driven by tech gains. This rise followed market heavyweight Samsung Electronics successfully averting a strike and strong earnings from Nvidia. Investor sentiment was further boosted by optimism over Samsung's robotics business outlook.