FX.co ★ South Korean Shares Rise on Global Tech Momentum

On Thursday, the KOSPI index saw a rise of 1.2%, reaching approximately 4,010, as the market continued its upward trajectory. This positive move was influenced by Wall Street's gains and growing optimism about a potential rate cut by the US Federal Reserve in the near future. Such sentiment has bolstered risk appetite throughout Asia, allowing the KOSPI to surpass the 4,000 mark again. The tech sector was a significant contributor to this momentum with notable performances from Samsung Electronics and SK hynix, which aligned with robust semiconductor growth seen in the US and Japan. Specifically, SK hynix surged by 4.6%, Samsung Electronics increased by 1.5%, LG Energy Solution gained 0.8%, Samsung Biologics rose by 1.2%, Doosan Enerbility saw a 1.5% uptick, Hanwha Aerospace edged up by 0.2%, and SK Square advanced by 4.3%. Furthermore, the Bank of Korea's decision to maintain its policy rate at 2.5% provided a stable domestic environment, supporting financial stability amidst a depreciating currency and persistent housing market issues.