Market Wrap: KOSPI Climbs On Election Optimism, Tech Gains
The index rose over 2.6%, climbing from 2,698.97 on June 2 to around 2,780 by June 6, marking one of its strongest weekly performances this year.
Markets were closed on June 3 for the snap presidential election, which concluded with a decisive victory for Lee Jae-myung. Investors responded positively to expectations of market-friendly reforms and fiscal stimulus under the new administration.
Tech giants led the charge as Samsung Electronics Co Ltd and SK Hynix Inc posted solid gains amid optimism over global chip demand and easing US-China tensions.
Meanwhile, steel and energy counters underperformed on worries over new US tariff measures.
Foreign investors returned as net buyers, reversing months of outflows driven by geopolitical uncertainty. Analysts attributed the shift to improved policy visibility and attractive valuations, with the KOSPI's forward price-to-earnings still well below regional peers.
With key resistance levels near 2,800–2,820, technical strategists suggest the index could enter a consolidation phase. Eyes will be on upcoming US inflation data and Korea's fiscal announcements for further direction. Related
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New Straits Times
2 hours ago
- New Straits Times
Solitary cell with mattress on the floor for South Korea's once powerful ex-first lady
SEOUL: South Korea's former first lady Kim Keon Hee will spend her first day in jail on Wednesday in a cell much like the one her husband and ex-President Yoon Suk Yeol occupies as prosecutors pursue the once high-flying couple in a widening criminal probe. Kim was formally booked into the Seoul Nambu Detention Center on the western edge of the capital, a comparatively new correctional facility that opened in 2011 and one of the few run by a female warden. She will be treated in the same way as other inmates but will receive minor adjustments in her daily routine given her status as a high-profile figure, a source familiar with the matter told Reuters. Kim was imprisoned after a court approved a warrant for her arrest late on Tuesday on the grounds that she might destroy evidence amid an ongoing investigation into allegations of bribery, stock fraud and influence peddling. Kim's lawyers have denied the accusations against her and dismissed as groundless speculation news reports about some of the gifts she allegedly received in return for favours. Kim apologised for causing concern in the country and called herself "a nobody" as she appeared for questioning last week. Her solitary cell has a small table that can be used as a desk and for eating meals and a floor mattress to sleep on, said the source, who asked not to be identified because he was not authorised to speak to the media. Kim will have separate access to a common shower room and be allowed to exercise outdoors for an hour every day except on Sundays, the time staggered to avoid overlap with other inmates, the source said. Prison will be an entirely new experience for Kim, unlike for her husband who has already spent about 100 days in jail. Yoon is on trial over his botched attempt to impose martial law, on charges of insurrection, an accusation he denies. He has been imprisoned at the Seoul Detention Center, which despite its name is outside the capital to the south. 'POLITICAL MIND' The former first couple had lived in a spacious apartment in an upscale district of Seoul before Yoon's election as president in May 2022 and had returned there after his ouster for the martial law decree that resulted in a political disaster for him, his party and now for his wife. Kim is a wealthy businesswoman in her own right and most of the couple's assets including the apartment belong to her, according to a government database. Now, Kim will receive the same food as the average inmate, usually traditional Korean fare prepared at a cost of about 1,500 won (US$1.08) per meal. On Wednesday, toast with strawberry jam, sausages and salad were on the menu for breakfast. Kim had not eaten since late Tuesday and was not in good health, one of her lawyers told Reuters. It was unclear whether she would appear for questioning by prosecutors on Thursday, the lawyer said. A fine art expert who founded and ran a successful curation agency, Kim has been embroiled in a number of scandals before and after her husband's election in 2022, with the controversies at times overshadowing Yoon's turbulent presidency. Her fashion choices and policy lobbying in areas like promoting a ban on eating dog meat made her controversial in a country where a first lady has typically kept a low profile. Han Dong-soo, a former judge and a prosecutor who worked with Yoon, said Kim had "a politically strategic mind" and was a driving force behind her husband's ascent to top office. After she married Yoon when he was 52, Kim became the main influence of practically all of his thinking and decisions, Han said. Kim was 39 when they wed.
The Sun
2 hours ago
- The Sun
HSBC Premier goes ‘beyond just wealth'
KUALA LUMPUR: HSBC Malaysia has rolled out a redefined HSBC Premier proposition designed to capture the country's fast-growing affluent and high-net-worth segment, which is projected to transform Malaysia's financial landscape over the next decade. Anchored on four strategic pillars (wealth, health, travel and international) the new premier offering blends traditional financial services with health, lifestyle and global connectivity in what the bank says is a blueprint for the next era of affluent banking. HSBC international wealth and premier banking Asia head Kai Zhang framed the launch as both a milestone for Malaysia and a stepping stone for HSBC's wider regional ambitions. 'Today is more than a proposition launch. It's a milestone in how we serve the evolving wealth and international banking needs of our customers in Malaysia, and a signal of our broader ambition in the region,' Zhang said. 'We estimate that the percentage of adults in Malaysia with at least US$250,000 (RM1.18 million) in financial wealth will double over the course of this decade. 'But it's not just about growth, it's about how wealth is changing. 'Customers are seeking diversification, investing for the long term, and integrating wealth decisions into broader life goals.' Data from GlobalData suggests Malaysia's affluent market, including high-net-worth individuals, will grow at a compound annual growth rate of 5.4% between 2025 and 2029, with liquid assets expected to reach nearly US$350 billion in four years. HSBC Malaysia international wealth and premier banking country head Linda Yip, said this growth is also altering what customers expect from their banks. 'Affluent customers now seek holistic solutions that help them accelerate their wealth while placing their health and wellbeing at the forefront,' she said. 'Achieving this balance allows them to grow, protect, enjoy and preserve their wealth for generations.' Yip said the bank's goal is not only to deepen relationships with existing customers but to attract new ones to its platform and hope Malaysians, especially the affluent segment, will feel that this is the bank and the service they want to get. 'Our aspiration is to go higher than what we have now, and we expect the second half of 2025 to be very robust for us.' According to HSBC's Quality of Life research, 78% of affluent Malaysians keep most of their portfolios in fixed income bonds and equities, while over half (51%) are saving for leisure and travel and 48% prioritise health for a better quality of life. Yip said HSBC Premier stands out by going 'beyond just wealth', combining financial planning, lifestyle experiences and borderless banking. This includes seamless international services for families with children studying abroad, ensuring access to banking support across HSBC's global network, giving parents peace of mind.
Focus Malaysia
2 hours ago
- Focus Malaysia
Avangaad divests RM44.5m FSO asset to re-allocate capital for next-phase investments -
MAIN Market-listed marine operations service and solutions provider Avangaad Bhd [formerly E.A. Technique (M) Bhd] has finalised the sale of its floating storage and offloading (FSO) vessel for a US$10.5 mil (RM44.5 mil) to deliver an immediate gain of RM29.4 mil. At any rate, the latest divestment unlocks RM44.5 mil in immediate cash flow to the group which is now more precisely identified as a marine COP (coordinator, operator and partner). The proceeds will be strategically re-deployed into higher-yielding and longer-tenured assets in line with Avangaad's long-term strategy while providing additional headroom for financial flexibility. For starter, the transaction is expected to strengthen the group's financial capacity to sustain a broad, balanced fleet and to expand its service offerings across oil & gas (O&G) and non-O&G markets. 'This transaction is about creating optionality. We are monetising this asset at the right time to ensure Avangaad stays agile and well-capitalised. In asset strategy, success lies in aligning capability with contract tenure,' commented Avangaad's executive director Datuk Wira Mubarak Hussain Akhtar Husin. 'The group's fleet also comprises vessel types capable of securing decade-long commitments, each contributing uniquely to the group's long-term portfolio optimisation.' Moreover, the proceeds would serve as a natural hedge to strengthen Avangaad's agility in navigating cyclical market changes. 'They position us to pursue opportunities that could enhance our earnings visibility and also preserve our balanced mix between O&G and marine logistics,' envisages Mubarak. 'As the group's newly appointed management, we take pride in sharpening our industry differentiator by positioning Avangaad as the Marine COP through our 4P model: Port, People, Product, and Platform.' He added: 'This defines us not merely as asset owners but as the coordinator, operator and partner delivering end-to-end marine solutions. The capital unlocked today further fortifies our agility and decisiveness, thus setting a clear course to redefine integrated maritime solutions in the region.' While the next capital deployment is under consideration, the latest gain re-affirms Avangaad's stable operational cash flow by providing strategic capacity to pursue expanded charter contract opportunities. At the close of today's (Aug 13) market trading, Avangaad was up 1 sen or 3.51% to 29.5 sen with 9.59 million shares traded, thus valuing the company at RM391 mil. – Aug 13, 2025
