FX.co ★ South Korean Shares Extend Gains

The KOSPI index increased by 0.5% to reach 2,467 points on Tuesday, building on the upward momentum from the previous session. This positive trend was bolstered by the announcement of significant economic support measures by the South Korean government, amidst rising concerns about policy uncertainties in the United States. On Tuesday, Seoul introduced an expanded support package amounting to ?33 trillion, a substantial increase from last year's ?26 trillion, aimed at bolstering the crucial semiconductor industry. The program also included enhanced financial assistance for chipmakers, escalating support to ?20 trillion compared to the previous year's ?17 million, to help local firms sustain their global edge. This announcement spurred gains in chip-related stocks, with leading market player Samsung Electronics rising by 1.3%, and competitor SK Hynix climbing by 0.3%. Additionally, automotive stocks demonstrated strong performance, with Hyundai Motor increasing by 2.5% and Kia Corporation advancing by 2.8%.