The benchmark KOSPI traded at 8,105 as of around 10 a.m., up about 3.3 percent from Friday's close of 7,847.71, while the junior KOSDAQ stood at 1,184.76. It was the first time the index has opened and held above 8,000, after a brief touch on May 15 that ended in a steep sell-off.
The won, however, did not follow equities higher, trading at 1,509.70 against the dollar — weaker than levels seen earlier in the month and a sign that foreign capital may not yet be returning in force.
Chipmakers led the advance, as they have throughout the index's run this year. Samsung Electronics traded at 301,000 won and SK hynix at 2,077,000 won, while the holding company SK Square reached 1,208,000 won, supported by continued optimism over AI-driven semiconductor demand.
The strength extended across the market. Among automakers, Hyundai Motor rose to 686,000 won and Kia to 167,300 won, while HD Hyundai Heavy Industries climbed to 712,000 won. Battery shares were firmer, with LG Energy Solution at 400,500 won.
Sentiment improved after global oil prices retreated overnight on hopes for a diplomatic breakthrough in the Middle East. U.S. President Donald Trump said over the weekend that an agreement with Iran to reopen the Strait of Hormuz would be announced shortly, sending West Texas Intermediate below $91 a barrel in early Asian trade. The war between the United States, Israel and Iran, which erupted in late February, had effectively closed the strait and driven crude sharply higher, pressuring energy-importing economies such as Korea.
Trump cautioned, however, that the framework was not yet final and that his negotiators should "not rush" into a deal, leaving the catalyst behind the rally a provisional one. Markets are likely to stay sensitive to any sign the talks could stall over uranium enrichment, the duration of restrictions or the timing of sanctions relief.
Investors were also watching foreign flows, which have been the decisive factor in recent sessions. Overseas funds had net-sold heavily through the middle of the month, concentrated in the same chip stocks now leading the market, and the won's failure to strengthen on a record-setting morning suggested that selling pressure had not fully cleared. A labor dispute at Samsung Electronics, which makes up about one-fifth of the KOSPI by market capitalization, remained a further point of caution.
Across Asia, markets that traded during Korea's holiday closure had rallied broadly. Japan's Nikkei 225 rose 2.87 percent to a record close of 65,158.19 on Monday, while Taiwan's Taiex hit an all-time high of 43,495.92. Both economies, like Korea, are energy importers whose markets lean heavily on semiconductors, and their gains pointed to Seoul catching up on reopening rather than leading the move.
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