Kospi Index Rises as Bargain Hunters Snap Two-Day Losing Streak
The Kospi index in South Korea rose by 0.65% on Monday, ending a two-session losing streak. The index opened higher at 6,306.33 and briefly surged to 2.16%, but pared most of those gains as the day wore on.
The secondary Kosdaq market fared better, jumping 6.97% to close at 854.47. Large-cap technology names were mixed, with Samsung Electronics slipping 0.43% and SK Hynix edging down 0.14%. The pullback in these chip giants came after reports that Apple is considering sourcing memory chips from Chinese manufacturer CXMT.
Lee Kyung-min, an analyst at Daishin Securities, said the reports pressured large-cap chip stocks during the session, but 'bargain hunters moved into semiconductor equipment and materials stocks' elsewhere in the sector. Other major stocks fared better, with LG Energy Solution gaining 2.08% and Hyundai Motor rising 3.16%. The Korean won weakened by 2.3 won from the previous session to trade at 1,418.4 won against the dollar.