Amid global concerns over escalating tensions in the Middle East and rising oil prices, South Korean stocks experienced a notable upswing on Monday. Semiconductor shares, buoyed by investor confidence in artificial intelligence advancements, played a pivotal role in driving this positive momentum.
The Korea Composite Stock Price Index (KOSPI) surged by 113.49 points, or 1.65%, concluding the day at 7,007.72. This marks the third consecutive session of gains, reflecting a robust sentiment among investors towards the tech sector. Leading the charge, Samsung Electronics saw its shares rise by 4.98%, closing at 274,000 won, while SK hynix, another key player in the semiconductor industry, recorded a modest gain of 0.59% to reach 1.87 million won.
Further contributing to the upbeat market mood, SK Square, the parent company of SK hynix, advanced by 4.45%. Despite these gains in the technology sector, the broader market presented a mixed picture. Hyundai Motor experienced a decline of 1.64%, and LG Energy Solution saw its shares dip by 3.3%.
In the currency markets, the Korean won strengthened against the US dollar, ending the session at 1,381 won per dollar, an increase of 4.5 won from the previous trading day. This appreciation of the won further underscored the resilience of South Korea’s financial markets amidst external pressures.