South Korean shares start week higher as chipmakers jump; won hits near 2-year high
SEOUL: Round-up of South Korean financial markets: South Korean shares rose on Monday, driven by chipmakers on optimism around strong demand for AI investments, while the won hit a near two-year high amid expectations of continued dollar selling by major exporters. The benchmark KOSPI was up 196.57 points, or 2.94%, at 6,883.78, as of 0123 GMT. Earlier in the session, it rose as much as 3.5% to…
South Korean shares began the week on an upward trajectory on Monday, buoyed by optimism surrounding strong demand for artificial intelligence investments, particularly in the semiconductor sector. The benchmark KOSPI climbed 2.94%, reaching 6,883.78 points by 12:23 GMT, marking its highest intraday level since August 27. Wall Street experienced a decline on Friday, but the Philadelphia Semiconductor Index stood out as a key performer, gaining 3.4%.
South Korea's exports for the year have surpassed the previous annual record, driven by robust global demand for AI chips. Samsung Electronics and SK Hynix, leading index constituents, surged by 3.72% and 6.01% respectively. Other key players like LG Energy Solution and Hyundai Motor also posted gains. Despite a slight dip from POSCO, drugmaker Samsung BioLogics saw a rise.
Among traded shares, 438 increased while 406 decreased, with foreigners net buyers worth 789.2 billion won. The Korean won saw its strongest level in two years, trading at 1,335.8 per dollar, up 1.07% from the previous close. Money and debt markets indicated a steady performance, with three-year treasury bond futures rising 0.07 point to 103.24, and the 10-year yield dipping by 2.7 basis points to 4.334%.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
