South Korean Stocks Open Higher, Led by Chip and Bio Shares

Seoul - South Korean stocks witnessed a positive start on Monday, with notable gains in chip and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) saw an increase of 5.86 points, or 0.23 percent, reaching 2,530.91 within the first 15 minutes of trading.

According to Yonhap News Agency, the market bellwether, experienced a rise of 1.09 percent. This was followed closely by SK hynix, the second-largest chipmaker, which saw an increase of 0.75 percent. The bio sector also showed significant gains, with Samsung Biologics and Celltrion climbing 0.67 percent and 0.66 percent, respectively.

The auto sector also reported positive trends. Hyundai Motor, one of the leading automakers, saw its shares increase by 0.22 percent. Kia, a smaller affiliate of Hyundai, experienced a more substantial rise of over 1 percent.

Contrastingly, the battery sector opened weaker. LG Energy Solution, a leading industry player, witnessed a decline of 1.57 percent. Samsung SDI and POSCO Future M also saw decreases in their share prices, retreating 1.72 percent and 0.48 percent, respectively.

Other major stocks experienced a dip as well. Steel giant POSCO Holdings and prominent chemical producer LG Chem saw their shares shed 0.56 percent and 0.89 percent, respectively.

In the currency market, the local currency weakened against the U.S. dollar, trading at 1,316.90 won, which is a decrease of 3.4 won from the close of the previous session.

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