FX.co ★ South Korea Shares Surpass 2900 on Reform Hopes

The KOSPI index increased by 0.5% on Thursday, surpassing the 2,920 mark - its highest point in over three years and marking its seventh consecutive day of gains. This upward trend was driven by substantial foreign investments and growing investor confidence in President Lee Jae-myung's proposed economic reforms. Key among these reforms are plans to reduce dividend taxes and address unfair trading practices through a "one-strike-out" policy, both designed to boost market transparency and attractiveness. Additionally, Lee's party put forth a bill to enhance corporate board responsibilities, underscoring a pro-investor stance with an ambitious objective of elevating the KOSPI to 5,000. The gains were prominently led by semiconductor and automotive stocks, although financial stocks experienced profit-taking. Among the notable performers were SK Hynix with a 0.2% increase, LG Energy Solution at 2.6%, Hyundai Motor rising by 1.0%, and Hanwha Aerospace also up by 1.0%. Conversely, Samsung Electronics saw a downturn of 0.7%, and KB Financial Group declined by 0.9%.