FX.co ★ South Korean Shares Hit Record High on Trade Deal Progress

On Friday, the KOSPI index surged by 0.6%, reaching approximately 3,770, a new peak spurred by positive developments in US–Korea trade initiatives. Senior officials from South Korea engaged with representatives from the White House to discuss potential collaborations in shipbuilding, following the framework trade agreement established in July. These discussions encompassed potential projects such as shipyard construction, workforce development, and supply chain partnerships, shifting focus from previous tariff-centered negotiations. This progress has bolstered expectations for the smooth advancement of bilateral trade commitments, enhancing sentiment across industrial and export-focused sectors. Additionally, investor confidence was buoyed by Samsung Electronics’ $110 million investment in the US-based biotech firm, Grail, a move perceived as strategic in enhancing its AI-driven healthcare capabilities. On the corporate front, significant gains were observed in companies such as SK Hynix, which rose by 3.0%, LG Energy Solution by 3.7%, Samsung Electronics by 0.41%, and HD Hyundai Heavy Industries by 0.6%.