South Korean Shares Lifted by Wall Street Momentum
On Thursday, the KOSPI index increased by 0.5%, reaching approximately 3,200 and marking its third consecutive day of growth. This surge was driven by a rally in the technology sector on Wall Street and domestic initiatives for corporate reform. Investor sentiment mirrored Wall Street’s robust overnight performance, where the S&P 500 and Nasdaq indices rose thanks to gains by Alphabet and Apple. The boost came after Google’s parent company avoided being dismantled in an antitrust ruling, which heightened risk appetite across Asian markets. In South Korea, all ten major business conglomerates, including Samsung, SK, and Hyundai, submitted strategic plans in line with the government’s value-up initiative. This program is aimed at tackling the “Korea discount,” or the undervaluation of local stocks. Nevertheless, enthusiasm was tempered after U.S. President Trump issued a threat of imposing tariffs on countries that regulate American technology firms. It was reported that South Korea might be particularly targeted due to its impending digital platform regulations. Among notable stock movements, SK Hynix saw an increase of 1.1%, LG Energy Solution rose by 1.7%, and Doosan Enerbility climbed by 2.4%, whereas Samsung Electronics experienced a slight decline of 0.3%.
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