South Korean stocks surged on Monday, driven by a robust performance in semiconductor shares, despite ongoing concerns about Middle East tensions and high oil prices. The Korea Composite Stock Price Index (KOSPI) rose by 113.49 points, a 1.65% increase, closing at 7,007.72. This marks the third consecutive session of gains for the index.
The optimism among investors was particularly evident in the technology sector, with significant interest in artificial intelligence and semiconductor-related stocks. Samsung Electronics led the charge with a substantial 4.98% rise, bringing its share price to 274,000 won. SK hynix also saw a modest increase of 0.59%, closing at 1.87 million won, while its parent company, SK Square, experienced a notable gain of 4.45%.
While the semiconductor sector thrived, the broader market displayed mixed results. Among the notable decliners, Hyundai Motor saw its shares fall by 1.64%, and LG Energy Solution experienced a more pronounced decline of 3.3%.
In currency markets, the South Korean won strengthened against the US dollar, closing at 1,381 won per dollar, an improvement of 4.5 won from the previous session.