An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) South Korean stocks opened at a fresh record high Monday as investor appetite for tech shares helped offset uncertainty surrounding negotiations between the United States and Iran over a peace agreement.
The benchmark Korea Composite Stock Price Index rose 120.03 points, or 1.42 percent, to 8,596.18 as of 9:15 a.m., continuing its upward momentum after opening at a fresh high.
The Kospi closed at a record high of 8,476.15 on Friday.
Over the weekend, Washington and Tehran exchanged messages seeking revisions to a draft agreement aimed at extending the ceasefire and reopening the Strait of Hormuz, though it remained unclear whether the talks were making meaningful progress.
Oil prices rebounded from a six-week low amid uncertainty surrounding the prospects for the US-Iran peace deal. Brent crude climbed toward $93 a barrel after closing Friday at its lowest level since mid-April.
Market bellwether Samsung Electronics rose 3.47 percent, while its chipmaking rival SK hynix fell 1.41 percent.
Top carmaker Hyundai Motor gained 6.22 percent, and its parts affiliate Hyundai Mobis increased 5.34 percent.
Robot and artificial intelligence-related stocks traded higher on expectations of potential partnership opportunities ahead of US chip giant Nvidia CEO Jensen Huang’s visit to South Korea later this week.
LG Electronics skyrocketed 29.86 percent, and portal operator Naver surged 8.97 percent.
The Korean won was trading at 1,508.75 won against the US dollar at 9:15 a.m., down 0.85 won from the previous session. (Yonhap)