South Korean Stocks Trade Higher on Semiconductor Rally
Quick Look
- South Korean stocks rose late Monday morning, with semiconductor shares leading the gains.
- The KOSPI index increased by 1.03% to 9,145.79, driven by strong performances from Samsung Electronics and SK hynix.
- Investor sentiment was initially dampened by stalled U.S.-Iran talks and ongoing clashes.
AI-generated summary
Why It Matters
South Korean stocks initially fell due to concerns over stalled U.S.-Iran negotiations and ongoing clashes, but a rally in semiconductor shares led to a rebound.
SEOUL, June 22 (Yonhap) -- South Korean stocks traded higher late Monday morning as an extended rally in semiconductor shares offset concerns over U.S.-Iran negotiations to end their monthslong war.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 93.37 points, or 1.03 percent, to 9,145.79 as of 11:20 a.m.
The index opened 1.08 percent lower as investor sentiment was weighed down by overnight news reports that Washington-Tehran talks in Switzerland were halted after U.S. President Donald Trump threatened to strike Iran amid ongoing clashes between Israel and the Iranian-backed Hezbollah militant group.
However, strong gains in semiconductor-related shares supported the turnaround.
Market top cap Samsung Electronics rose 0.71 percent, and its chipmaking rival SK hynix jumped 4.67 percent.
SK Square, the parent of SK hynix, soared 8.48 percent, and LG Electronics surged 11.82 percent.
However, flag air carrier Korean Air dropped 2.86 percent, and internet giant Naver fell 1.74 percent.
The Korean won was trading at 1,538.3 won against the U.S. dollar as of 11:20 a.m., down 10.8 won from the previous session.
Open Questions
- Will U.S.-Iran talks resume?
- Will semiconductor demand continue to rise?
