South Korean stocks opened steeply higher Wednesday, tracking overnight rallies on Wall Street that stemmed from easing fears about the impact of the omicron variant on the global economy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.95 points, or 0.64 percent, to trade at 2,993.98 points in the first 15 minutes of trading.

The KOSPI got off to a bullish start, led by tech and auto advances.

Overnight, the tech-heavy Nasdaq composite jumped 2.4 percent and the Dow Jones Industrial Average added 1.6 percent, largely on optimism that the symptoms of the omicron strain are not as severe.

In Seoul, market bellwether Samsung Electronics gained 1.41 percent, and No. 2 chipmaker SK hynix increased 2.41 percent.

Internet portal operator Naver moved up 0.93 percent, and leading carmaker Hyundai Motor climbed 1.22 percent.

Among losers, giant pharmaceutical firm Samsung Biologics lost 1.4 percent, with Celltrion decreasing 0.73 percent.

The local currency was trading at 1,190.75 won against the US dollar, up 2.15 percent from the previous session's close. (Yonhap)