South Korean Shares Reach Over Seven-Week High Fueled by Chip and Battery Stocks

Deep News13:02

South Korean equities advanced more than 1% on Monday, reaching their highest level in over seven weeks, driven by gains in chip and battery makers, although investors continued to closely monitor the Middle East situation. The Korea Composite Stock Price Index rose 70.19 points, or 1.13%, to close at 6,262.11. Market concerns intensified over the potential failure of a US-Iran ceasefire agreement to hold. This followed a US announcement of the seizure of an Iranian cargo ship attempting to breach a blockade, with Tehran vowing retaliation. Among heavyweight stocks, Samsung Electronics rose 0.12%, while SK Hynix gained 3.99%. Battery maker LG Energy Solution increased by 3.11%. LG Chem advanced 2.78%. In contrast, major portal Naver fell 1.15%, and mobile platform operator Kakao declined 1.30%. Hyundai Motor dropped 1.30%, and Kia Motors Corp. decreased by 0.38%. Steelmaker POSCO Holdings rose 1.30%, while pharmaceutical firm Samsung Biologics added 0.56%. Foreign investors were net sellers in the KOSPI, offloading 229.098 billion won.

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