South Korean stocks opened higher on Monday, driven by strong gains in the technology sector, despite a surge in global crude oil prices following reported US air strikes near Iran’s primary export hub.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced by 58.31 points, or 1.06 percent, reaching 5,545.55 in the initial 15 minutes of trading.
The KOSPI’s upward trend occurred despite a decline in major US stock indexes the previous week, amidst heightened geopolitical uncertainty in the Middle East.
On Friday, the Dow Jones Industrial Average decreased by 0.26 percent, while the tech-focused Nasdaq Composite fell by 0.98 percent, and the S&P 500 experienced a 0.61 percent loss.
Brent crude oil prices, the international benchmark for oil, exceeded $103 per barrel last week, while the US benchmark West Texas Intermediate (WTI) reached $98.71 after reports of the United States bombing military targets on Kharg Island, a crucial terminal handling a significant portion of Iran’s oil exports.
In Seoul, technology giant Samsung Electronics saw an initial increase of 2.18 percent, while its chipmaking competitor, SK hynix, jumped by 3.19 percent.
Defense company Hanwha Aerospace gained 1.28 percent, and power plant manufacturer Doosan Enerbility rose by 1.88 percent.
Artificial intelligence investment firm SK Square increased by 2.06 percent, and Mirae Asset Securities surged by 4.05 percent.
Conversely, Hyundai Motor began trading 0.77 percent lower, and major shipbuilder HD Hyundai Heavy Industries experienced a loss of 1.34 percent.
