South Korean Shares Rise on Tech Gains

The benchmark KOSPI edged up 0.5% to around 6,290 on Monday, rebounding from the previous session as gains in technology stocks tracked Wall Street’s record-setting performance. The S&P 500 reached a fresh record while the Nasdaq advanced on Friday after a weaker-than-expected US jobs report showed an unexpected contraction in July employment, easing expectations of a September Federal Reserve rate hike. The improved rate outlook supported demand for technology stocks, with Samsung Electronics and SK hynix both rising around 1%. Other gainers included Hyundai Motor (+2.8%), Hanwha Aerospace (+4.4%), HD Hyundai Heavy Industries (+2.0%), and Doosan Enerbility (+2.1%). Meanwhile, uncertainty over a US-Iran deal to reopen the Strait of Hormuz persisted after Iran denied direct talks with Washington, limiting the recovery in the KOSPI. WTI crude also rose above $79 a barrel, raising concerns over higher energy costs and inflation.






