South Korean stocks surged on Monday, driven by robust performance in semiconductor shares, counterbalancing concerns over Middle East tensions and high oil prices. The Korea Composite Stock Price Index (KOSPI) increased by 113.49 points, or 1.65%, concluding the session at 7,007.72, marking its third consecutive day of gains.
Samsung Electronics led the charge, with its shares climbing 4.98% to reach 274,000 won. SK hynix also contributed to the semiconductor rally, rising 0.59% to 1.87 million won, while its parent company, SK Square, saw a significant increase of 4.45%.
Despite the positive trend in technology stocks, the broader market showed mixed results. Hyundai Motor experienced a decline, with shares falling 1.64%, and LG Energy Solution saw its stock decrease by 3.3%.
In currency markets, the South Korean won strengthened against the US dollar, closing at 1,381 won per dollar, an increase of 4.5 won from the previous trading day.