South Korean chip stocks lead the gains as the government cancels the lowering of the threshold for capital gains tax.

The South Korean government has decided to cancel its plan to lower the threshold for capital gains tax on major shareholders' stocks. Driven by the rise in chip stocks, the South Korean stock market opened higher on Monday. In the first 15 minutes of trading before the market opened, the Korea Composite Stock Price Index rose by 13.6 points, or 0.4%, to 3409.14 points. On Friday, the index hit an all-time high for the third consecutive trading day, closing at 3395.54 points. Foreign investors showed a net buying trend, offsetting selling pressure from institutions and individual investors. The government had previously proposed to lower the capital gains tax threshold for stocks from the current level to 1 billion Korean Won, but the plan was put on hold due to opposition, which was welcomed by investors. Leading the market, Samsung Electronics' stock price surged by 2.12%, while chip giant SK Hynix rose by 1.83%.