Seoul stocks soar 1.5% on Samsung, SK hynix

South Korean stocks rallied by some 1.5 percent Monday as a surge in chip heavyweights, such as Samsung Electronics, led the market gain. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 42.23 points, or 1.42 percent, to close at 3,013.25 points.

Trading volume was moderate at about 524 million shares worth some 12.8 trillion won ($10.8 billion), with gainers outnumbering losers 490 to 372.

Foreigners bought a net 796 billion won and institutions purchased 567 billion won, while retail investors sold 1.4 trillion won.

Stocks got off to a bullish start, as South Korea's exports jumped 27.6 percent on-year in the first 20 days of November on high demand for chips, autos and petroleum goods.

"There had been strong buying demand for small and mid caps, but today, foreigners and institutions seem to have shifted to large caps," Shinyoung Securities analyst Park So-yeon said.

Top cap Samsung Electronics soared 5.2 percent to 74,900 won, and No. 2 chipmaker SK hynix surged 7.17 percent to 119,500 won.

Internet portal operator Naver added 1.49 percent to 410,000 won, leading chemical firm LG Chem increased 0.92 percent to 765,000 won, and top automaker Hyundai Motor jumped 4.3 percent to 218,500 won.

Among losers, pharmaceutical giant Samsung Biologics retreated 1.79 percent to 876,000 won, and banking heavyweight Kakao Bank lost 1.54 percent to 64,000 won.

The local currency closed at 1,185.1 won against the US dollar, up 0.2 won from the previous session's close. (Yonhap)