South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading.

The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers.

Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and the Dow Jones Industrial Average and the S&P 500 gained 0.61 percent and 0.85 percent, respectively.

The Nasdaq 100 soared to a record high amid investors' expectations that the US Federal Reserve may not hurry the timeline for tapering its stimulus amid spreading new coronavirus variants.

The US Food and Drug Administration's full approval of the Pfizer-BioNTech COVID-19 vaccine also boosted investor sentiment in the global financial markets.

In Seoul, market bellwether Samsung Electronics advanced 1.36 percent, and No. 2 chipmaker SK hynix increased 1.94 percent.

Internet portal operator Naver moved up 0.81 percent, while giant pharmaceutical firm Samsung Biologics lost 1.68 percent.

Top automaker Hyundai Motor climbed 1.23 percent, but leading chemical firm LG Chem retreated 0.38 percent.

The local currency was trading at 1,142.1 won against the US dollar, up 1.6 percent from the previous session's close. (Yonhap)