In the face of geopolitical uncertainties and rising oil prices due to Middle East tensions, South Korean stocks showed resilience on Monday, bolstered by robust performances in the semiconductor sector. The semiconductor rally helped the market extend gains for the third consecutive session.
The Korea Composite Stock Price Index (KOSPI) surged by 113.49 points, or 1.65%, closing at 7,007.72. Investor confidence was notably strong in stocks related to artificial intelligence and semiconductors, sectors seen as pivotal for the country’s economic growth.
Leading the charge was tech giant Samsung Electronics, which saw its shares rise by 4.98% to 274,000 won. SK hynix, another major player in the semiconductor industry, also experienced a modest uptick of 0.59%, with its shares trading at 1.87 million won. SK Square, the parent company of SK hynix, added to the positive momentum with a 4.45% gain.
However, the broader market presented a mixed picture. Among the decliners, Hyundai Motor saw its shares dip by 1.64%, and LG Energy Solution experienced a more pronounced fall of 3.3%, reflecting sector-specific challenges despite the overall market uptrend.
Complementing the stock market’s performance, the Korean won appreciated against the US dollar, closing at 1,381 won per dollar, an increase of 4.5 won from the previous trading day. This currency strengthening reflects broader economic confidence amidst market fluctuations.
