South Korean Shares Open at New High on Technology Stock Gains

MT Newswires Live06-01

South Korean stocks opened at a new high on Monday, led by surging technology shares despite uncertainty around the negotiations between the US and Iran.

The benchmark Korea Composite Stock Price Index, or Kospi, rose 0.1%, or 9.52 points, to open at 8,485.67. The Kosdaq decreased 0.2%, or 2.03 points, to open at 1,072.77.

Major market movers Samsung Electronics (KRX:005930) and LG Electronics (KRX:066570) gained nearly 7% and over 25% in early morning trade, respectively.

Oil prices jumped over 2% on Monday after Israel ordered troops to push deeper into Lebanon, fueling concerns over a broader conflict in the region and potential disturbances to global energy supplies. Brent crude rose 2.1% to $93.05 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 2.5% to $89.53 in early trading.

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