Seoul: South Korean stocks finished markedly higher Monday led by gains of top-cap Samsung Electronics and other tech shares tracking their Wall Street peers despite lingering concerns about U.S. President Donald Trump's sweeping tariff scheme. The local currency rose against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) added 44.33 points, or 1.73 percent, to close at 2,610.69, ending a two-day losing streak. Trade volume was moderate at 391.15 million shares worth 11.82 trillion won (US$8.16 billion), with winners outnumbering losers 529 to 355. Foreigners and institutions bought a net 624.51 billion won and 498.69 billion won worth of local shares, respectively, while retail investors sold a net 1.18 trillion won worth of shares.
The index opened higher before further extending gains after U.S. shares jumped Friday on bargain hunting for recently battered tech blue chips as investors shrugged off concerns about an economic slowdown and a global trade war. Also improving investor sentiment was China's announcement of a plan Sunday to boost domestic consumption, according to analysts.
Market bellwether Samsung Electronics went up 5.3 percent to 57,600 won, and chip giant SK hynix advanced 0.73 percent to 206,000 won. The strong performance of tech blue chips came as GTC 2025, or the GPU Technology Conference 2025, an annual event hosted by Nvidia, was to kick off in California from Monday through Friday with a focus on artificial intelligence, robotics and other advanced technologies.
Leading bio firm Samsung Biologics surged 1.71 percent to 1,069,000 won, and Celltrion grew 0.91 percent to 187,800 won. However, leading electric vehicle battery maker LG Energy Solution shed 0.46 percent to 325,000 won, and SK Innovation plunged 4.39 percent to 126,200 won.
Carmakers ended mixed. No. 1 carmaker Hyundai Motor inched up 0.25 percent to 199,000 won, but its sister affiliate Kia dropped 0.7 percent to 98,800 won. Among gainers, leading defense equipment manufacturer Hanwha Aerospace surged 6.81 percent to 753,000 won, and top steelmaker POSCO Holdings added 0.82 percent to 307,000 won.
Top portal operator Naver increased 1.44 percent to 211,000 won, and Kakao, the operator of the country's top mobile messenger, rose 0.12 percent to 43,500 won. The local currency was quoted at 1,447.9 won against the greenback at 3:30 p.m., up 5.9 won from the previous session.