South Korean shares start week higher as chipmakers jump; won hits near 2-year high

Business Recorder, citing Reuters, reported that South Korean shares opened the week higher on Monday, with the KOSPI up 2.94% at 6,883.78 by 0123 GMT. Chipmakers led the advance on hopes of robust spending on artificial intelligence, and the index had earlier climbed as much as 3.5% before reaching its best intraday point since August 27.

Samsung Electronics gained 3.72% and SK Hynix added 6.01%, leading gains among index heavyweights, while Hyundai Motor and Kia rose 1.69% and 0.32%. POSCO Holdings fell 1.19%, and of 909 traded issues, 438 advanced against 406 that declined. Foreign investors were net buyers worth 789.2 billion won, or $590.45 million, while on Friday the Philadelphia Semiconductor Index had jumped 3.4% even as Wall Street weakened.

The won rose 1.07% to 1,335.8 per dollar on the onshore settlement platform, its firmest level since October 2024, as major exporters were expected to keep selling dollars. South Korea's exports this year have already passed last year's annual record, as the economy benefits from firm global demand for AI chips. In debt markets, the benchmark 10-year yield fell 2.7 basis points to 4.334%.