South Korean stocks posted significant gains on Monday, propelled by a robust performance in semiconductor shares, which helped counterbalance worries about ongoing Middle East tensions and high oil prices. The Korea Composite Stock Price Index (KOSPI) rose by 113.49 points, or 1.65%, to reach a closing level of 7,007.72, marking its third consecutive session of growth.
Investor enthusiasm was notably strong in sectors related to artificial intelligence and semiconductors. Samsung Electronics, a major player in the semiconductor industry, saw its stock jump 4.98% to 274,000 won. SK hynix, another key semiconductor company, experienced a more modest increase of 0.59%, closing at 1.87 million won. Furthermore, SK Square, the parent company of SK hynix, advanced by 4.45%.
Not all sectors shared in the optimism, as the broader market showed mixed results. Hyundai Motor’s shares fell 1.64%, and LG Energy Solution declined by 3.3%, reflecting some sector-specific challenges despite the overall market upswing.
In currency markets, the South Korean won gained strength against the US dollar, closing at 1,381 won per dollar, up 4.5 won from the previous trading session. This currency appreciation coincided with the positive momentum in the stock market, providing a favorable backdrop for investors.