South Korea's Tech-Fueled Market Rally Sparks KOSPI Gains Amid Mixed Auto Performance

South Korea's stock market surged on Monday, buoyed by optimism in the technology sector surrounding artificial intelligence, and further uplifted by the rally in Chinese stocks. Consequently, the Korean won appreciated, while yields on benchmark bonds fell. The KOSPI index advanced by 0.71%, settling at 2,609.38 points.

Within the index's heavyweight stocks, Samsung Electronics saw a minor dip of 0.18%, whereas SK Hynix experienced a significant rise of 1.67%. Meanwhile, LG Energy Solution remained flat with no percentage change. LG Chem had a notable increase of 5.05%, while major internet portal Naver slipped by 0.23%. The mobile communications app provider Kakao managed a modest gain of 0.77%.

Conversely, the automotive industry faced challenges, with Hyundai Motor falling by 2.96% and Kia Motors declining by 1.16%. In the currency market, the Korean won strengthened slightly against the US dollar on local settlement platforms, moving to 1,440.5 from the previous close of 1,441.9, marking a gain of 0.1%.