Kospi opens higher on chip gains

Stocks opened higher Monday, led by gains in tech heavyweights, though elevated oil prices and lingering tensions in the Middle East kept investors cautious.

The benchmark Kospi opened 44.11 points, or 0.64 percent, higher at 6,938.34.

On Friday, Seoul stocks advanced 2.66 percent as easing inflation concerns lifted investor sentiment.

U.S. semiconductor shares rallied Friday, providing a positive cue for major Korean chipmakers.

The Philadelphia Semiconductor Index jumped 2.78 percent, while the tech-heavy Nasdaq gained 0.39 percent and the S&P 500 edged up 0.17 percent.

Elevated crude oil prices remained a concern amid persistent inflationary and geopolitical risks in the Middle East. Brent crude traded at around $104.68 a barrel.

Yonhap