South Korean stocks opened sharply higher on Thursday amid optimism over US-Iran talks and a tentative wage agreement at Samsung Electronics. The gains triggered a temporary trading halt on the futures market.
The benchmark Korea Composite Stock Price Index, or KOSPI, rose 277.42 points, or 3.85 percent, to 7,486 at the opening bell. It later reached 7,388.52, up 5.27 percent, by 9:30 a.m.
A buy-side sidecar halted KOSPI futures trading for five minutes around 9:23 a.m. after the index climbed more than 5 percent.
Investor confidence rose following reports that US President Donald Trump described talks with Iran as being in the final stages. US stocks also advanced overnight, with the S&P 500 gaining 1.08 percent.
Samsung Electronics shares jumped 6.07 percent after the company reached a tentative labor deal, averting a strike planned for Thursday. Other tech and auto stocks followed the upward trend.
