FX.co ★ Korean Shares Rise on Wall Street Gains

The KOSPI index saw an increase of 1.17% on Wednesday, reaching approximately 4,041, and extended its upward trajectory into a second consecutive session. This positive movement was influenced by a surge in technology stocks on Wall Street overnight. Contributing to the gains were notable increases from Samsung Electronics, up by 1.79%, LG Energy Solution at 1.08%, Doosan Enerbility rising by 3.07%, Kia Corporation at 1.20%, and Hanwha Aerospace climbing by 3.64%. Conversely, SK Hynix and Celltrion experienced slight declines of 0.09% and 0.16%, respectively. The market sentiment improved notably due to promising new economic indicators revealing robust underlying conditions. During the third quarter, the economy expanded at its swiftest rate in nearly four years, buoyed by strong export performance and solid household spending. The real GDP increased by 1.3% compared to the previous quarter, marking the most rapid growth since the end of 2021. Additionally, investor confidence was bolstered by a continual rise in foreign reserves, which increased for the sixth successive month in November, reaching their highest level since mid-2022. This increase was attributed to enhanced investment income and a rise in foreign-currency deposits.