South Korean shares start week higher on tech boost
South Korean shares bucked global equity weakness and started the week higher on Monday as technology stocks jumped on policy hopes.
The benchmark KOSPI was up 33.51 points, or 1.07%, at 3,152.92, as of 0145 GMT.
Search engine Naver rose 3.33% and chat app Kakao jumped 6.31% amid hopes the government would announce policy measures to boost artificial intelligence technologies.
A presidential spokesperson said after the KOSPI fell 3.9% on Friday it was unlikely the government's tax hike proposals caused the drop.
The ruling Democratic Party will have fresh discussions about the proposed measures, its leader said on Monday, according to local media reports.
Among other index heavyweights, chipmaker Samsung Electronics rose 1.45%, while peer SK Hynix gained 0.29%. Battery maker LG Energy Solution climbed 0.40%.
Hyundai Motor and sister automaker Kia Corp were up 0.24% and 1.88%, respectively. Steelmaker POSCO Holdings shed 0.34%, while drugmaker Samsung BioLogics rose 0.58%.
Of the total 934 traded issues, 734 shares advanced, while 161 declined.
Foreigners were net sellers of shares worth 23.7 billion won ($17.12 million).
The won was quoted at 1,384.2 per dollar on the onshore settlement platform, 0.30% higher than its previous close at 1,388.3.
In money and debt markets, September futures on three-year treasury bonds gained 0.23 point to 107.43.
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