South Korean stocks opened sharply higher Thursday, tracking overnight rallies on Wall Street that stemmed from a plunge in oil prices.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.71 points, or 1.9 percent, to trade at 2,672.11 points in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq composite surged 3.59 percent and the Dow Jones Industrial Average advanced 2 percent, largely as oil prices dipped more than 10 percent on expectations of a production increase.

Also, investor sentiment runs high as the country elected a new president.

Market bellwether Samsung Electronics added 2.3 percent, and No. 2 chipmaker SK hynix advanced 2.54 percent.

Internet portal operator Naver soared 6.73 percent, and LG Chem gained 1.79 percent.

The local currency was trading at 1,226.65 won against the US dollar, up 10.35 percent from the previous session's close. (Yonhap)