(LEAD) Seoul stocks open higher on chip gains

Seoul's stock market began the day on an optimistic note on Monday, propelled by advances in technology-focused companies, although investors remained cautious due to high oil prices and Middle Eastern tensions. The main Korea Composite Stock Price Index (KOSPI) climbed 64.09 points, or 0.93%, to 6,958.32 as of 9:15 a.m. GMT. On the preceding Friday, Seoul stocks experienced a 2.66% increase as concerns over inflation eased, boosting investor sentiment.

The performance was bolstered by gains in U.S. semiconductor shares, with the Philadelphia Semiconductor Index jumping 2.78% and the Nasdaq rising 0.39%. However, the volatile crude oil market continued to cast a shadow, with Brent crude oil trading around US$104.68 per barrel. Among the leading stocks, Samsung Electronics surged 3.26%, while SK hynix increased 0.22%.

On the downside, automotive giant Hyundai Motor experienced a 0.96% decline, and battery manufacturer LG Energy Solution saw a 2.75% drop. The Korean won weakened slightly to 1,386.2 per U.S. dollar, reflecting a 0.7% decrease from the previous trading session.