South Korean shares start week higher as chipmakers rise on upbeat data

Chip stocks lifted South Korean equities on Monday, according to Business Recorder, which relayed a Reuters market round-up. By 0134 GMT, the KOSPI index had added 101.16 points, or 1.47 per cent, to reach 6,995.39. Gains came after US chip shares rallied the day before, while local export figures also looked encouraging.

Samsung Electronics climbed 4.02 per cent and SK Hynix added 0.92 per cent, which helped lift the index. Customs figures showed South Korean exports in the first 20 days of the current month reached a record, driven by stronger chip sales. Wall Street had ended a volatile week quietly on Friday, although the Philadelphia Semiconductor Index rose 2.8 per cent.

Among other large names, LG Energy Solution fell 2.75 per cent, Hyundai Motor slipped 1.10 per cent and Kia dropped 1.64 per cent. Overseas investors were net purchasers of stock totalling 113 billion won ($81.64 million), while the won stood at 1,384.9 per dollar in onshore trading.