Seoul, March 5 South Korean stocks traded sharply higher late on Thursday morning on bargain hunting following the steepest decline in history the previous session.
After opening 3.09 per cent higher, the benchmark Korea Composite Stock Price Index (KOSPI) had extended its gains, shooting up 10.25 per cent, or 521.9 points, to 5,615.44 as of 11:20 am, reports Yonhap news agency.
The Korea Exchange (KRX), the country's main bourse operator, activated a five-minute buy-side sidecar at 9:06 a.m., halting program-driven buy orders in KOSPI futures for five minutes.
On Wednesday, the KOSPI plunged 12.06 per cent to close at 5,094.54, marking the sharpest daily decline in history, as investor sentiment was dampened by fears that the Iran crisis could heavily weigh on the export-driven South Korean economy.
Most shares traded in positive territory across the board.
Market bellwether Samsung Electronics soared 11.96 percent, and its chipmaking rival SK hynix surged 12.49 percent.
Major shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean jumped 8.22 percent and 11.34 percent, respectively.
Naver, a leading internet portal operator, mounted 6.25 percent, and Samyang Foods, best known for its smash hit instant ramyeon Buldak series, rose 3.37 percent.
The Korean won was trading at 1,463.35 won against the U.S. dollar as of 11:20 a.m., up 13.15 won from the previous session.
On Wednesday, Seoul shares plunged more than 12 per cent on Wednesday, closing below the 5,100-point mark, as mounting concerns over the economic fallout from the escalating Middle East conflict rattled investor sentiment. The Korean won also fell sharply against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 698.37 points, or 12.06 per cent, to close at 5,093.54, extending losses from a 7.24 per cent drop in the previous session, reports Yonhap news agency.
The 12.06 per cent fall marked the steepest one-day decline since Sept. 12, 2001, in the aftermath of the Sept. 11 terrorist attacks in the United States.
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