Seoul stocks up 1.5% late Monday morning as chipmakers advance
The benchmark KOSPI index is displayed on a screen at a dealing room of Hana Bank headquarters in Seoul, Monday. Yonhap
Seoul stocks were trading higher late Monday morning as gains in major chipmakers lifted the broader market, offsetting concerns over Middle East tensions and elevated oil prices.
The benchmark Korea Composite Stock Price Index (KOSPI) added 106.65 points, or 1.55 percent, to 7,000.88 as of 11:20 a.m.
U.S. semiconductor shares rallied Friday, providing a positive cue for major Korean chipmakers.
The Philadelphia Semiconductor Index jumped 2.78 percent, while the tech-heavy Nasdaq gained 0.39 percent and the S&P 500 edged up 0.17 percent.
Elevated crude oil prices remained a concern amid persistent inflationary and geopolitical risks in the Middle East. Brent crude traded at around US$104.68 a barrel.
Market heavyweights were mixed.
Top market cap Samsung Electronics jumped 4.21 percent, and chip giant SK hynix gained 0.78 percent.
In contrast, leading automaker Hyundai Motor fell 1.1 percent, while battery maker LG Energy Solution shed 3.16 percent.
The Korean won was quoted at 1,386.0 won against the U.S. dollar as of 11:12 a.m., down 0.5 won from the close of the previous stock trading session.