South Korean stocks surged on Monday, driven by strong performances in the semiconductor sector, despite investor concerns over rising tensions in the Middle East and escalating oil prices. The Korea Composite Stock Price Index (KOSPI) closed at 7,007.72, marking an increase of 113.49 points, or 1.65%, and extending its positive run to three consecutive sessions.
The rally was largely attributed to gains in semiconductor stocks, with Samsung Electronics leading the charge. The tech giant’s shares climbed 4.98% to reach 274,000 won. SK hynix also saw a modest rise, up 0.59% to 1.87 million won. SK Square, the parent company of SK hynix, posted a 4.45% increase, bolstering confidence in the sector’s growth potential.
While the semiconductor industry enjoyed a boost, the broader market exhibited mixed results. Hyundai Motor experienced a decline, with its shares falling 1.64%. Similarly, LG Energy Solution saw a drop of 3.3%, highlighting the varied performance across different sectors.
In the foreign exchange market, the Korean won strengthened against the US dollar, closing at 1,381 won per dollar, an increase of 4.5 won from the previous session. This currency movement reflects a positive sentiment in the market, amidst broader economic uncertainties.