Seoul: South Korean stocks started higher Monday, driven by sharp gains of semiconductor shares on bargain hunting. The benchmark Korea Composite Stock Price Index (KOSPI) rose 38.39 points, or 0.96 percent, to 4,049.96 in the first 15 minutes of trading.
According to Yonhap News Agency, the index had previously sunk 3.81 percent on Friday amid fears of an artificial intelligence (AI) bubble and diminished expectations for a Federal Reserve rate cut. However, foreign investors turned net buyers on Monday, effectively offsetting selling by retail and institutional investors.
Market bellwether Samsung Electronics advanced 2.88 percent, and chip giant SK hynix soared 5.0 percent. LG Chem went up 0.25 percent, while leading battery maker LG Energy Solution shed 0.97 percent. Shipbuilders gathered ground as leading shipbuilder HD Hyundai Heavy grew 0.5 percent, and its rival Hanwha Ocean added 0.46 percent.
In the energy sector, nuclear power plant builder Doosan Enerbility climbed 0.26 percent, and the state-run utility firm KEPCO surged 2 percent. However, automakers opened lower, with top automaker Hyundai Motor falling 0.28 percent and its sister affiliate Kia edging down 0.09 percent. Major bio company Samsung Biologics opened unchanged, while Celltrion dipped 2.5 percent.
The local currency was trading at 1,457.9 won against the greenback at 9:15 a.m., down 0.9 won from the previous session.