Seoul Shares Surge on Wall Street Gains

South Korean stocks got off to a strong start Tuesday as investor sentiment was lifted by overnight surges in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 20.22 points, or 1.22 percent, to 1,675.52 in the first 15 minutes of trading.

Most shares started higher with consumer electronics giant LG Electronics rising 3.52 percent. No. 2 automaker Kia Motors gained ground after unionized workers at the company said they have put on hold a decision to strike over the company's asset sale.

U.S. markets surged Monday after investors hailed a revised deal where JPMorgan Chase & Co. raised its takeover offer for ailing Bear Stearns to US$10 a share from $2. The Dow Jones industrial average rose 1.52 percent and the tech-heavy Nasdaq composite index jumped 3.04 percent.

The local currency was trading at 993.7 won to the U.S. dollar as of 9:15 a.m., up 3.5 won from Monday's close. (Yonhap)