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Stocks open higher on sound earnings hope

South Korean stocks opened higher Tuesday, as investors expect strong earnings from major companies.

The benchmark Korea Composite Stock Price Index climbed 2.97 points, or 0.12 percent, to 2,493.02 in the first 15 minutes of trading.

Retail investors bought stocks worth more than 35 billion won ($31 million), offsetting 34 billion won sold by foreigners and institutions.

Large-cap stocks were mixed across the board, with market bellwether Samsung Electronics Co. leading the gains.

The tech giant gained 0.74 percent, but No. 2 chipmaker SK hynix Inc. fell 2.13 percent.

POSCO, the country's leading steelmaker, advanced 0.90 percent.

Top carmaker Hyundai Motor Co. fell 0.33 percent, and leading chemical firm LG Chem Ltd. declined 1.64 percent.

The local currency was trading at 1,129.50 won against the US dollar, up 0.70 won from the previous session's close. (Yonhap)