The South Korean stock market has reopened after a holiday break, continuing its upward momentum in pre-market trading. Samsung Electronics and SK Hynix are both showing gains of 2% to 3%, with their stock prices rebounding to 280,000 KRW (about 198 USD) and 1.7 million KRW (about 1,203 USD), respectively.

As of 8:08 a.m. (Korean time) on Tuesday, Samsung Electronics is trading at 280,000 KRW (about 198 USD), up 2.0% from the previous trading day.

SK Hynix has also climbed 3.83%, trading at 1,708,000 KRW (about 1,203 USD).

Other tech giants are joining the rally, with SK Square up 2.77% and Samsung Electro-Mechanics rising 2.05%.

Overnight, U.S. markets saw a decline in major indices due to rising oil prices and slowing consumer spending. However, semiconductor stocks bucked the trend, driving gains in the Philadelphia Semiconductor Index.

This positive sentiment in chip stocks was fueled by SanDisk's recent announcement of increased long-term supply contracts, driven by robust AI infrastructure demand. Additionally, the impressive revenue growth of artificial intelligence (AI) startup Anthropic, which is gearing up for its initial public offering (IPO), has helped alleviate concerns about AI profitability.

This upbeat mood in semiconductor stocks appears to be spilling over into the domestic market. In pre-market trading, 586 stocks are currently up an average of 1.71% compared to their reference prices.

However, a potential headwind has emerged over the weekend. The expiration of the 60-day negotiations between the U.S. and Iran without a final agreement has triggered a surge in global oil prices. On Monday, Brent crude futures closed at 90.87 USD per barrel, jumping 2.7% from the previous session. Similarly, West Texas Intermediate (WTI) crude rose 2.6%, ending at 84.50 USD per barrel.

Han Ji-young, an analyst at Kiwoom Securities, offered this perspective: The strong performance of U.S. semiconductor stocks like Micron and SanDisk during the holiday period could propel the domestic market higher early in the week. However, in the absence of major market-moving events, lingering macroeconomic uncertainties surrounding interest rates and oil prices may lead to profit-taking pressure as the week progresses.

The South Korean stock market has reopened after a holiday break, continuing its upward mo …

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