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Seoul stocks closed over 1 percent higher Monday to extend their winning streak to a fourth day on advances in chips, batteries and tech, as the US Federal Reserve may slow down its monetary tightening. The local currency rose against the US dollar for the fourth session.
The benchmark Korea Composite Stock Price Index rose 30.55 points, or 1.26 percent, to a close at 2,462.62 points.
Trading volume was moderate at 411 million shares worth 9.63 trillion won ($7.4 billion), with losers outnumbering gainers 450 to 435.
The Kospi remained bearish during early trading and sharply advanced around noon as institutional and foreign investors snapped up shares in chips, batteries and tech.
Foreign and institutional investors snapped up a combined 781.7 billion won of shares, while retail investors sold off 787.5 billion won.
"The weakening US dollar and expectations over the Fed's rate hike slowdown boosted market sentiment," analyst Seo Sang-yong from Mirae Asset Securities said.
Also, South Korea said it has decided to halt a process of its complaint with the World Trade Organization on Japan's export controls of key industry materials to Seoul as they prepare to launch official talks on the lifting of the restrictive measures.
Shares closed higher across the board.
Market bellwether Samsung Electronics advanced 1.65 percent to 61,500 won, and its smaller rival, SK hynix, added 2.75 percent to 89,700 won.
Shares of battery maker Samsung SDI jumped 6.84 percent on news that it is set to sign a deal with General Motors on a battery manufacturing plant in the US
Leading K-pop agency Hybe gained 2.35 percent to extend its winning streak to a fourth consecutive session to close at 191,800 won.
Among decliners, top steelmaker Posco Holdings was down 0.75 percent to 329,500 won, beauty giant LG Household & Health Care inched down 0.74 percent to 671,000 won, and shipper HMM declined 1.78 percent to 22,050 won.
The local currency closed at 1,296.9 won against the US dollar, up 4.7 won from the previous session's close. (Yonhap)
