Seoul stocks up 1.5 pct late Mon. morning as chipmakers advance

Seoul stocks saw an increase of 1.5% late on Monday morning, with major chipmakers driving the market's upward trend, reports Yonhap. The Korea Composite Stock Price Index (KOSPI) rose by 106.65 points, or 1.55%, reaching 7,000.88 by 11:20 a.m. U.S. semiconductor shares surged on Friday, giving a positive signal to major Korean chipmakers.

The Philadelphia Semiconductor Index surged 2.78%, while the tech-heavy Nasdaq gained 0.39% and the S&P 500 increased by 0.17%. The ongoing concerns of high crude oil prices due to persistent inflation and geopolitical risks in the Middle East persisted. Brent crude oil was trading near $104.68 per barrel. Among the top companies, Samsung Electronics experienced a 4.21% gain, while SK hynix increased by 0.78%.

However, leading automaker Hyundai Motor declined 1.1%, and battery maker LG Energy Solution dropped 3.16%. The Korean won was quoted at 1,386.0 against the U.S. dollar as of 11:12 a.m., down by 0.5 won from the previous day's closing.