South Korean stocks surged on Monday, driven by significant gains in the semiconductor sector despite ongoing concerns about Middle East tensions and rising oil prices. The Korea Composite Stock Price Index (KOSPI) advanced by 113.49 points, or 1.65%, closing at 7,007.72, marking its third consecutive session of gains.
Semiconductor giants Samsung Electronics and SK hynix were at the forefront of this rally, with Samsung Electronics seeing a substantial increase of 4.98% to reach 274,000 won. SK hynix experienced a modest rise of 0.59%, bringing its shares to 1.87 million won. Additionally, SK Square, the parent company of SK hynix, recorded a 4.45% uptick.
While the semiconductor sector flourished, the broader market displayed mixed results. Hyundai Motor’s shares fell by 1.64%, and LG Energy Solution saw a decline of 3.3%, reflecting varied investor sentiment across different industries.
The South Korean currency also showed strength against the US dollar. The Korean won closed at 1,381 won per dollar, appreciating by 4.5 won from the previous trading session, further underscoring the positive trend observed in the financial markets.
