Seoul’s stock market witnessed a notable upswing on Monday, with the Korea Composite Stock Price Index (KOSPI) surging over 1 percent, buoyed by robust performances in battery and chemical sectors, even amidst a downturn in the technology segment. Conversely, the local currency experienced a marginal depreciation against the U.S. dollar.
The KOSPI recorded an impressive gain of 31.11 points, equivalent to a 1.17 percent increase, ultimately settling at 2,687.44 by the end of the trading session. Market activity remained moderate, with a total of 461 million shares changing hands, valued at approximately 10.2 trillion won (roughly US$7.4 billion). Notably, the number of advancing stocks outnumbered decliners, with 719 stocks registering gains compared to 165 stocks witnessing losses.
Foreign investors continued to exhibit a strong appetite for Korean equities for the second consecutive session, netting a substantial 415.9 billion won worth of local shares. Institutional investors also contributed positively to the market sentiment by net purchasing shares worth 330.7 billion won. However, retail investors took a different stance, offloading a net 690.6 billion won.
The KOSPI’s upward trajectory was largely attributed to encouraging signals from Wall Street, where the Dow Jones Industrial Average climbed by 0.40 percent to close at 38,239.66, and the Nasdaq surged by an impressive 2.03 percent to reach 15,927.90 on the preceding Friday.
According to analysis provided by Hana Securities analyst Lim Seung-mi, the KOSPI’s remarkable gain of over 1 percent was primarily driven by the active participation of foreign and institutional investors, who resumed net buying following a notable downturn in technology stocks during the previous session.
In terms of individual stock performance, several large-cap companies posted significant gains. LG Energy Solution, a leading player in the battery industry, witnessed its shares rise by 1.75 percent, while Samsung SDS, another prominent player in the same sector, recorded a modest gain of 0.19 percent. LG Chem, a major chemicals producer, saw its stock price surge by an impressive 5.89 percent, and Celltrion, a leading pharmaceutical company, experienced a notable increase of 4.02 percent.
Furthermore, Hyundai Motor, the largest automaker in South Korea, observed a gain of 0.80 percent, while its subsidiary, Kia Motors, registered a marginal increase of 0.08 percent. However, market heavyweight Samsung Electronics concluded the trading day with a flat performance, while SK hynix, the second-largest chipmaker, witnessed a slight retreat of 1.07 percent.
In the currency markets, the local currency, the won, closed at 1,377.00 won against the U.S. dollar, exhibiting a marginal depreciation of 1.70 won from the previous session’s closing rate.
Meanwhile, bond prices experienced a decline, resulting in an increase in yields. The yield on three-year Treasurys rose by 2.1 basis points to reach 3.552 percent, while the yield on the benchmark five-year government bonds gained 1.8 basis points to reach 3.620 percent.