South Korea’s stock index rises on chipmaker shares — Korea Herald
In Seoul, South Korea, the benchmark Kospi stock index rose by 64.09 points, or 0.93%, to 6,958.32 points as of 09:15 at the start of trading on Monday. The market gained on shares of major technology companies and semiconductor manufacturers, although high oil prices and tensions in the Middle East weighed on investor sentiment.
Rise in chipmaker shares
According to Korea Herald, Samsung Electronics shares rose by 3.26%, while SK hynix shares gained 0.22%. The 2.78% rise in the U.S. Philadelphia Semiconductor Index on Friday was a positive signal for Korean chipmakers.
The technology-heavy Nasdaq index rose by 0.39% on Friday, while the S&P 500 added 0.17%. On the same day, the Seoul market climbed 2.66% amid easing inflation concerns.
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Oil and exchange rate
Meanwhile, the price of Brent crude remained near $104.68 per barrel. High commodity prices remain a risk factor due to inflationary and geopolitical risks in the Middle East.
Among other major companies, shares of automaker Hyundai Motor fell by 0.96%, while those of battery maker LG Energy Solution declined by 2.75%. The South Korean won traded at 1,386.2 won per U.S. dollar, 0.7 won lower than at the close of the previous trading session.
