South Korean Stocks Snap Two-Day Losing Streak, Rise Over 1% as Chip Firms Jump

MT Newswires Live03-16 18:10

South Korean stocks closed more than 1% higher on Monday, led by chipmakers, ending a two-day decline despite continued tensions in the Middle East, which kept oil prices high. Shares of market movers, Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) added nearly 3% and over 7% at market close.

The benchmark Korea Composite Stock Price Index or Kospi rose by 62.61 points, or 1.1%, to finish at 5,549.85. The Kosdaq, meanwhile, declined by 14.67 points, or 1.3%, to end at 1,138.29.

The South Korean government plans to ban the duplicate listings of conglomerate affiliates in a bid to boost market value by stopping the undervaluation of Korean stocks through subsidiary initial public offerings.

The new regulations are expected to be announced on Wednesday at a meeting chaired by President Lee Jae-myung. The ban will apply to affiliates of conglomerates with assets of more than 5 trillion won and subsidiaries with over 30% parent ownership.

The government, however, plans some exceptions for companies in advanced strategic industries and other future-oriented sectors.

Shares of DN Automotive (KRX:007340) soared 29.9% to 35,850 won on Monday, hitting the daily price limit, as investors bet that the government's proposed dual listing ban could remove a key discount factor on the stock.

DN Automotive, a rubber products maker for the automotive industry, had planned to list its subsidiary DN Solutions in 2025 but later discarded the plan. The stock surge is also indicative of investor optimism over the company's 6.75 million treasury shares, equivalent to an 11.5% stake.

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