Seoul shares spike nearly 3% on hope for policy push under Lee administration
South Korean shares closed nearly 3 percent higher Wednesday on hopes for a policy push by the Lee Jae-myung government. The Korean won also rose against the US dollar.
The benchmark Korea Composite Stock Price Index added 71.87 points, or 2.66 percent, to close at 2,770.84.
Trade volume was heavy at 485.85 million shares worth 11.95 trillion won ($8.7 billion), with gainers beating losers 798 to 119.
Foreign and institutional investors bought a net 1.05 trillion won and 203.48 billion won, respectively, while individuals sold a net 1.22 trillion won.
Analysts said foreign investors picked up local stocks on expectations that the new administration would support key sectors.
Overnight, the Dow Jones Industrial Average gained 0.51 percent, while the tech-heavy Nasdaq Composite climbed 0.81 percent.
Lee Jae-myung of the liberal Democratic Party won the presidential election, defeating Kim Moon-soo of the conservative People Power Party. The vote followed the ouster of former President Yoon Suk Yeol after martial law was imposed in December.
Lee began his five-year term earlier in the day.
Most large-cap stocks advanced.
Market bellwether Samsung Electronics rose 1.76 percent to 57,800 won, and its rival SK hynix jumped 4.82 percent to 217,500 won.
Top carmaker Hyundai Motor climbed 1.09 percent to 186,000 won, and national flag carrier Korean Air gained 0.66 percent to 22,800 won.
Mirae Asset Securities surged 13.25 percent to 17,690 won on expectations tied to Lee's pledge to usher in a "KOSPI 5,000 era" by reviving economic growth.
Leading battery maker LG Energy Solution rose 1.41 percent to 288,500 won, and No. 1 steelmaker POSCO Holdings was up 0.61 percent to 245,500 won.
Among losers, state-run utility Korea Electric Power Corp. fell 1.5 percent to 29,650 won, and top cosmetics firm AmorePacific declined 0.15 percent to 134,100 won.
The local currency was quoted at 1,369.50 won against the greenback at 3:30 p.m., up 3.6 won from the previous session. (Yonhap)
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Korea Herald
an hour ago
- Korea Herald
Lee, Trump agree to meet soon, tee up ‘golf for alliance': Seoul
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Korea Herald
14 hours ago
- Korea Herald
Lee, Trump agree to meet soon, tee up golf for alliance: Seoul
South Korean President Lee Jae-myung and US President Donald Trump agreed to meet as soon as possible — and play a round of golf — with Trump inviting Lee to visit the US, Seoul's presidential office said. The first phone call between Lee and Trump occurred around 10 p.m. Friday, two days after Lee was officially inaugurated as president on Wednesday, following his confirmed victory in Tuesday's early presidential election. The 20-minute phone conversation drew heightened attention in Seoul as the alliance faces a laundry list of pending issues on multiple fronts, from security to trade. 'The two presidents agreed to work toward reaching a tariff agreement between the US and South Korea that would be satisfactory to both countries,' said Kang Yu-jung, the presidential spokesperson, in a written statement. To that end, Lee and Trump agreed to 'encourage tangible results from the working-level negotiations.' Seoul and Washington have been engaged in working-level negotiations ahead of the expiration of a 90-day self-imposed moratorium on Trump's reciprocal tariffs, which are scheduled to take effect for each country on July 9. The deadline set by the Trump administration for all US trading partners to submit their best offers on a trade deal expired Wednesday. According to Lee's office, 'President Trump invited President Lee to visit the US, and President Lee responded that he hopes to meet and consult frequently with the US as part of their special alliance.' 'The two presidents agreed to meet at the earliest possible time — either on the sidelines of a multilateral meeting or on the occasion of a bilateral visit — to further discuss the development of the alliance," the statement added. Notably, the presidential office in Seoul disclosed that Lee and Trump 'introduced their respective golfing skills and agreed to play a round for the alliance whenever possible.' Trump and Lee could meet on the sidelines of two multilateral events in June. The first is the G7 Summit in Alberta, Canada, on June 16–17, 2025, if South Korea is invited as an observer state and decides to attend. The other opportunity is the upcoming NATO Summit in The Hague on June 24–25, which South Korea has been invited to as one of four Indo-Pacific partners alongside Australia, Japan and New Zealand. Lee's office highlighted that the call between Lee and Trump was conducted with a 'friendly and informal atmosphere.' 'The two presidents also shared various anecdotes and experiences from their presidential campaigns, particularly concerning the risks of assassination and the political challenges they faced,' the presidential office said. 'They agreed that strong leadership comes from overcoming such difficulties.' The Korea Herald has learned that South Korea's Foreign Ministry sought to arrange the first phone call between the two leaders on Lee's inauguration day. However, the call occurred later than his predecessors. President-elect Yoon Suk Yeol held his first phone call with then-US President Joe Biden about five hours after his election on March 10, 2022. Similarly, President Moon Jae-in spoke with his US counterpart on the day of his inauguration, May 10, 2017, despite the absence of a traditional transition period following the early presidential election. Then President-elect Park Geun-hye held a phone call with US President Barack Obama two days after her victory on December 19, 2012. The protracted phone call drew criticism in Seoul, mainly from the opposition People Power Party — especially after the White House issued an unusual response to the presidential election, expressing US concern and opposition to "Chinese interference and influence in democracies around the world."
Korea Herald
20 hours ago
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
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