The benchmark KOSPI experienced a significant increase of 1.6% on Monday, closing at 2,610 points. This upward trend marks its highest level in a week, primarily fueled by strong performances in the chip and battery sectors.
Samsung Electronics, a key player in the index, rose 0.6% as analysts predict a potential fourfold boost in profits, even as the recovery from the AI boom appears to be slowing. In contrast, SK Hynix saw an impressive surge of 5.6%.
The battery manufacturing sector also showcased significant growth, with LG Energy Solution experiencing a 4.1% increase, reaching its highest point since early January. Meanwhile, Samsung SDI added 1.7% to its value. Additional battery-related companies, including Posco Future M (up 4.5%), Ecopro BM (up 1.4%), and LG Chem (up 3%), made gains following their development of a new temperature-responsive safety reinforced layer (SRL) designed to enhance battery safety.
In terms of economic indicators, South Korea's foreign reserves reached $420 billion by the end of Stember, securing the country the ninth position globally, with $373.3 billion in securities and $22.3 billion in dosits.
Looking ahead, the KOSPI has decreased by 45 points or 1.69% since the beginning of 2024, based on trading in contracts for difference (CFDs) that track the benchmark index. Projections from global macro models and analysts suggest that the South Korean stock market may trade around 2,505.36 points by the end of the quarter, with further estimations predicting a dip to 2,259.00 points within the next 12 months.