The KOSPI and KOSDAQ indices are displayed on a screen inside the dealing room of Hana Bank in central Seoul, Monday. Yonhap
Korean stocks traded nearly 4 percent higher to hit a fresh intraday high late Monday morning, driven by strong chip advance amid patchy signals on peace talks from the Middle East.
Opening 2.79 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 260.12 points, or 3.94 percent, to an all-time intraday high of 6,858.99 as of 11:20 a.m.
The stock market pulled off a strong start following U.S. President Donald Trump's announcement on guiding ships not involved in the Iran conflict through the Strait of Hormuz from this week.
However, a senior Iranian official warned that Tehran would consider any U.S. interference in the strait a ceasefire breach.
Iran said on Sunday it had received a U.S. response to its latest offer for peace talks a day after Trump said he would probably reject the Iranian proposal because "they have not paid a big enough price."
Semiconductor stocks led the rally.
Top-cap Samsung Electronics jumped 3.85 percent, and smaller rival SK hynix soared 9.33 percent.
Hanmi Semiconductor, a chip equipment manufacturer, rose 3.12 percent, and Samsung Electro-Mechanics, an electronic components affiliate of Samsung Electronics Co., vaulted 7.33 percent.
Kia, the second-biggest carmaker, advanced 2.44 percent, and leading mobile carrier SK Telecom increased 1.79 percent.
Source: Korea Times News
