South Korean stocks extended earlier gains Tuesday on massive stimulus measures around the globe to minimize the economic fallout from the new coronavirus outbreak.

The benchmark Korea Composite Stock Price Index (KOSPI) spiked 31 points, or 1.81 percent, to reach 1,748.12 as of 11:20 a.m.

The index opened higher, adding 1.35 percent in the first 15 minutes of trading. Such a strong start followed overnight gains on Wall Street.

"The New York stock market closed higher on the news that the US government will come up with additional stimulus measures and efforts to develop a vaccine," said Kim Hoon-gil, an analyst at Hana Financial Investment.

"However, investors are expected to remain cautious for some time as uncertainties still remain high."

In Seoul, most large caps were in positive terrain.

Market kingpin Samsung Electronics remained flat, but Samsung BioLogics surged 4.57 percent while leading pharmaceutical firm Celltrion spiked 14.59 percent.

Top automaker Hyundai Motor added 2.22 percent, with No. 2 carmaker Kia Motors soaring 3.01 percent.

The local currency was trading at 1,221.30 won against the US dollar, up 3.10 won from the previous session's close. (Yonhap)