South Korean stocks opened sharply higher on Friday, extending Wall Street's overnight gains as lower oil prices and a Federal Reserve rate hike eased inflation concerns. According to Sina Finance, the KOSPI opened up 170.29 points, or 2.54%, at 6,885.7.

U.S. stocks also rose overnight after oil prices fell and pressure in the U.S. bond market eased. The S&P 500 gained 1.14%, while the tech-heavy Nasdaq rose 1.69%.

Brent crude fell nearly 1% on Thursday to about $104 a barrel, and lower oil prices also pushed bond yields lower. The Federal Reserve had raised its benchmark rate by 25 basis points, its first increase in more than three years, to combat inflation.