Asia
South Korean Shares Close at New High on Chip Stock Gains; Kospi Crosses 9,100 Points
South Korean shares closed at a new high on Monday, with the primary index Kospi closing over 9,100 points, owing to strong gains by chipmakers. Shares of SK Hynix (KRX:000660), Hana Micron (KOSDAQ:067310), and Hanmi Semiconductor (KRX:042700) gained nearly 6%, 16%, and over 2%, respectively, at market close.The gains came as the U.S. and Iran made progress at their high-level negotiations in Switzerland, mediated by Pakistan and Qatar.The benchmark Korea Composite Stock Price Index, or Kospi, rose by 0.7%, or 62.13 points, to close at 9,114.55. The Kosdaq also increased by 0.2%, or 1.81 points, to end at 968.4.In economic news, South Korea's exports jumped 60.4% to $62 billion in the first 20 days of June from $38.7 billion a year earlier, Monday data from the Korea Customs Service showed.Imports increased 23.2% to $44.5 billion from $36.1 billion a year earlier, resulting in a $17.5 billion trade surplus.On the corporate front, PanGen Biotech (KOSDAQ:222110) secured a research service contract to advance a production system and evaluate a non-clinical sample production system for an antibody treatment targeting Severe Fever with Thrombocytopenia Syndrome (SFTS).The contract, valued at 2.8 billion won, is valid till Dec. 31, 2028, according to a Monday filing by the biotechnology company with the Korea Exchange.Shares of Pangen Biotech rose nearly 2% at market close.
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