Seoul: South Korean stocks traded higher late Monday morning as an extended rally in semiconductor shares offset concerns over U.S.-Iran negotiations to end their monthslong war. The benchmark Korea Composite Stock Price Index (KOSPI) gained 93.37 points, or 1.03 percent, reaching 9,145.79 as of 11:20 a.m.

According to Yonhap News Agency, the index initially opened 1.08 percent lower due to investor concerns following reports that Washington-Tehran talks in Switzerland were halted. This development came after U.S. President Donald Trump threatened to strike Iran amid ongoing clashes between Israel and the Iranian-backed Hezbollah militant group. However, the market saw a turnaround supported by strong gains in semiconductor-related shares.

Market leader Samsung Electronics experienced a rise of 0.71 percent, while its rival, SK hynix, saw a significant jump of 4.67 percent. SK Square, the parent company of SK hynix, soared by 8.48 percent, and LG Electronics surged 11.82 percent. Despite these gains, some companies faced declines; Korean Air, the flag air carrier, dropped 2.86 percent, and internet giant Naver fell by 1.74 percent.

The Korean won was trading at 1,538.3 won against the U.S. dollar as of 11:20 a.m., marking a decrease of 10.8 won from the previous session.