South Korean Shares Rise on Chip Strength
The benchmark KOSPI edged higher to around 7,050 on Wednesday, extending gains for a fourth consecutive session as advances in AI-related and semiconductor stocks on Wall Street bolstered Korean chipmakers. The Nasdaq Composite closed at another record high, while Samsung Electronics and SK hynix rose more than 2% and 1%, respectively. Gains were also seen in SK Square (4.1%), LG Energy Solution (1.1%), SK Inc (2.0%), and SK Innovation (4.8%). Additionally, easing Middle East tensions lifted the broader market as US and Iranian officials held a three-hour meeting, raising hopes for diplomatic progress. Oil prices fell around 1%, easing concerns over energy costs and supply disruptions. At the same time, the Asian Development Bank raised its 2026 growth forecast for South Korea to 3.2% from 2.6%, citing strong exports, corporate earnings and expansionary fiscal policy, while flagging geopolitical tensions, financial-market volatility and potential US tariffs as risks.
The benchmark KOSPI edged higher to around 7,050 on Wednesday, extending gains for a fourth consecutive session as advances in AI-related and semiconductor stocks on Wall Street bolstered Korean chipmakers. The Nasdaq Composite closed at another record high, while Samsung Electronics and SK hynix rose more than 2% and 1%, respectively. 8%). Additionally, easing Middle East tensions lifted the broader market as US and Iranian officials held a three-hour meeting, raising hopes for diplomatic progress.
Oil prices fell around 1%, easing concerns over energy costs and supply disruptions. 6%, citing strong exports, corporate earnings and expansionary fiscal policy, while flagging geopolitical tensions, financial-market volatility and potential US tariffs as risks.