(2nd LD) Seoul stocks rise 1.65 pct on chip gains despite Middle East tensions
SEOUL, Sept. 21 (Yonhap) -- Seoul stocks rose Monday as investors scooped up sem...
Seoul stocks experienced a 1.65% increase on Monday as investors purchased semiconductor shares, despite concerns over Middle East tensions and high oil prices. The Korea Composite Stock Price Index (KOSPI) rose 113.49 points, or 1.65%, to 7,007.72, marking its third consecutive day of gains. The Korean won strengthened against the US dollar, closing at 1,381 won per dollar, up 4.5 won from the previous session.
Semiconductor shares led the market rally, driven by institutional buying and positive sentiment towards AI-related stocks. Samsung Electronics and SK hynix, two major semiconductor companies, saw significant gains, with Samsung up 4.98% to 274,000 won and SK hynix up 0.59% to 1.87 million won. However, traditional automakers and battery manufacturers faced declines, with Hyundai Motor down 1.64% to 359,000 won and LG Energy Solution falling 3.3% to 352,000 won.
Despite the overall market optimism, elevated oil prices and geopolitical risks in the Middle East remained a cause for cautious optimism.
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