South Korean stocks opened sharply higher Monday as investors apparently went bargain hunting after technology shares tumbled last week on renewed concerns over the profitability of artificial intelligence firms.
The benchmark Korea Composite Stock Price Index (KOSPI) shot up 208.9 points, or 4.1 percent, to 5,298.04 in the first 15 minutes of trading.
South Korean shares traded in negative territory late last week after global investors offloaded technology stocks on Wall Street amid concerns over an AI bubble. US shares later rebounded to close higher on Friday (US time) as investors hunted for bargains.
In Seoul, top market cap Samsung Electronics soared 5.74 percent, and SK hynix shot up 5.84 percent.
Financial firms opened higher as well, with KB Financial rising 0.6 percent, and Shinhan Financial moving up 1.6 percent.
Leading carmaker Hyundai Motor gained 1.71 percent, and its sister Kia added 0.72 percent. Top defense firm Hanwha Aerospace jumped 5.84 percent.
Top trading firm Samsung C&T opened 6.22 percent higher, and POSCO International rose 0.31 percent.
