South Korean stocks rose over 1.4 percent Monday as financial, auto and other blue chips advanced after last week’s overall market decline amid eased tensions in the Middle East. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 37.58 points, or 1.45 percent, to close at 2,629.44.
Trade volume was moderate at 389 million shares worth 10.85 trillion won (US$7.86 billion), with winners outpacing gainers 659 to 226.
Lee Kyung-min, an analyst at Daeshin Securities, said “market anxiety has apparently passed its peak,” and added, “The market is expected to find its footing this week following recent excessive concerns over the U.S. monetary policy direction.”
Financial stocks led the overall bullish market, with KB Financial surging 9.11 percent to 69,500 won and Shinhan Financial soaring 6.11 percent to 44,300 won.
Automakers advanced as well, with industry leader Hyundai Motor and No. 2 automaker Kia both rising 4.26 percent to 245,000 won and 115,
100 won, respectively.
Bio shares also gained strong momentum, with Celltrion rising 3.35 percent to 178,700 won and Samsung Biologics advancing 2.69 percent to 802,000 won. Top battery maker LG Energy Solution rose 3.13 percent to 378,500 won.
Tech shares, meanwhile, retreated after Nvidia shares plunged last week.
Market heavyweight Samsung Electronics slumped 1.93 percent to 76,100 won and chip rival SK hynix sank 0.98 percent to 171,600 won.
The local currency ended at 1,379.2 won against the greenback, up 3 won from the previous session’s close.
Source: Yonhap News Agency