Seoul shares rise over 1.5 % on US jobs data; won sharply down

Seoul stocks finished over 1.5 percent higher Monday, bolstered by US employment data, and modest gains in chip and battery shares. The local currency sharply fell against the US dollar.

The benchmark Korea Composite Stock Price Index moved up 1.58 percent, or 40.67 points, to 2,610.38.

Trading volume was moderate at 336 million shares worth 10.2 trillion won ($7.57 billion), with gainers outpacing losers at 618 to 259.

Institutions and foreign investors together bought a net 98 billion won, while retail investors dumped a net 129.8 billion won.

Kim Ji-won, an analyst at KB Securities, said, "The latest US employment data eased concerns over a slump in the US economy, which also have acted in favor of the local stock market."

On Friday, the US Labor Department reported that nonfarm payrolls increased by 254,000 in September, substantially higher than market expectations of around 147,000, boosting Wall Street shares in Friday's session.

In Seoul, chip shares enjoyed strong gains ahead of market heavyweight Samsung Electronics' quarterly earnings announcement, set for Tuesday.

Top cap Samsung rose 0.66 percent to 61,000 won, and chip rival SK hynix surged 6.2 percent.

Battery manufacturers also advanced, backed by hopes of demand amid Tesla's expected reveal of its long-awaited robotaxi project.

Industry leader LG Energy Solution jumped 4.09 percent to 420,000 won, and Samsung SDI added 1.66 percent to end at 367,500 won.

Financial firms and automakers also gained traction, with KB Financial climbing 5.69 percent to 87,300 won and Hyundai Motor moving up 3.13 percent to 247,000 won.

Defense-related shares also gained ground following renewed geopolitical tensions in the Middle East. Defense equipment maker Hanwha Aerospace jumped 4.15 percent to 351,500 won.

The local currency was trading at 1,346.7 won against the US dollar at 3:30 p.m., down 13 won from the previous session. (Yonhap)