Korean stocks opened sharply higher Friday following reports that the United States and Iran have reached an agreement to extend the current ceasefire.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 199.02 points, or 2.43 percent, to 8,384.31 at the opening bell.
Investors were boosted by overnight reports that Washington and Tehran had agreed to a memorandum of understanding to extend a ceasefire for 60 days and resume talks on Iran's nuclear program.
On Wall Street, all three major indexes posted record closing highs driven by optimism in the Middle East. The Dow Jones Industrial Average rose 0.05 percent, the S&P 500 gained 0.58 percent, and the Nasdaq Composite added 0.91 percent.
In Seoul, semiconductor and auto shares led the strong opening. Market bellwether Samsung Electronics advanced 4.34 percent, and its chipmaking rival SK hynix gained 3.06 percent. Top carmaker Hyundai Motor vaulted 6.5 percent.
