S.Korean shares close at 3-1/2-year high on AI rally; SK Hynix hits record high

South Korean shares rose on Monday to their highest level in 3-1/2 years, as artificial intelligence firms rallied on policy hopes.
ADVERTISEMENT ** The benchmark KOSPI ended up 52.04 points, or 1.80%, at 2,946.66, its highest closing level since January 13, 2022.
** President Lee Jae-myung, who took office on June 4 and has vowed to boost investment in AI, appointed Ha Jung-woo, head of Future AI Centre at Naver, the country's dominant web portal operator, as his first AI secretary on Sunday.
** AI chipmaker SK Hynix rose 5.31% to a record closing high. Cloud service provider Samsung SDS gained 21.7%, its biggest daily jump on record, while peer LG CNS added 11.3%. ** Search engine Naver rose 4.49%, while instant messenger Kakao gained 3.30%.
** "Meanwhile, geopolitical tension in the Middle East will not be over anytime soon, but financial markets are no longer expecting its downward pressure to be huge," said Park Kwang-nam, an analyst at Mirae Asset Securities.
ADVERTISEMENT ** Israel and Iran launched fresh attacks on Sunday, killing and wounding civilians and raising concerns of a broader regional conflict, with both militaries urging civilians on the opposing side to take precautions against further strikes.
** South Korea's finance ministry said authorities would closely monitor financial markets and deploy immediate and bold measures if volatility heightened excessively.
ADVERTISEMENT ** Of the total 937 traded issues, 621 shares advanced, while 280 declined. ** Foreigners were net sellers of shares worth 322.4 billion won ($236.88 million).
ADVERTISEMENT ** The won was quoted at 1,361.0 per dollar on the onshore settlement platform, 0.18% higher than its previous close at 1,363.5.
** The most liquid three-year Korean treasury bond yield rose by 3.2 basis points to 2.488%, while the benchmark 10-year yield rose by 5.6 basis points to 2.876%. ($1 = 1,361.0300 won)
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