South Korean stocks rose sharply Tuesday morning as institutions and foreign investors snapped up large-cap shares, emboldened by overnight Wall Street rallies.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 53.84 points to 1,023.98 in the first 15 minutes of trading. But the index retreated to 1,001 as of 11 a.m. as more individuals dumped stocks.
The Korea Exchange, the nation's bourse operator, suspended program trading for five minutes after the main index futures prices rose more than 5 percent. It was the 23rd such emergency break imposed this year.
U.S. stocks closed sharply higher Monday after the government unveiled a bailout plan for struggling banking giant Citigroup. The Dow Jones industrial average jumped 4.93 percent and the tech-dominated Nasdaq composite index rose 6.33 percent.
The tech-loaded Kosdaq market also gained on the bailout for Citigroup, reaching 295.15, up 3.72 percent, as of 10 a.m.
The local currency was trading at 1,483.65 won to the U.S. dollar as of 9:15 a.m., up 29.35 won from Monday's close.