Seoul shares open higher led by chip and bio sector; auto stocks gain, battery shares weaken

The Seoul stocks market opened on a positive note on Monday, with the Korea Composite Stock Price Index (KOSPI) gaining 0.23% in the initial 15 minutes of trading.

South Korean stocks (Seoul) opened higher on Monday, driven by gains in the chip and bio sectors. The Korea Composite Stock Price Index (KOSPI) rose by 0.23%, adding 5.86 points to reach 2,530.91 in the initial 15 minutes of trading.

The market witnessed notable gains in key sectors, contributing to the overall positive sentiment. Market bellwether Samsung Electronics led the way with a 1.09% increase, while SK Hynix, the second-largest chipmaker, recorded a rise of 0.75%. The bio sector saw positive movements, with Samsung Biologics gaining 0.67% and Celltrion climbing 0.66%.

Auto stocks also contributed to the positive trend, as Hyundai Motor saw a 0.22% increase, and its affiliate Kia experienced a more than 1% rise.

However, the battery sector faced a weak start, with industry leader LG Energy Solution dropping 1.57%. Samsung SDI and Posco Future M also witnessed declines of 1.72% and 0.48%, respectively.

In addition, steel giant Posco Holdings and chemical producer LG Chem saw reductions of 0.56% and 0.89%, respectively, adding a nuanced aspect to the overall market dynamics.

The local currency, the won, was trading at 1,316.90 against the US dollar, reflecting a decrease of 3.4 won from the previous session’s close.

The opening session sets the tone for the week, with investors closely monitoring sectoral performances and global market cues. The positive start in the chip and bio sectors suggests resilience in key industries, while fluctuations in the battery sector may warrant further attention as the trading day progresses. Overall, market participants will remain vigilant for developments impacting stock movements and economic trends in the coming sessions.