FX.co ★ Korean Stocks Close at New Record High

On Wednesday, the benchmark KOSPI index rose by 0.65%, finishing at 4,723 and marking its fourth consecutive day of gains. This upward trend followed an initial drop in early trading, largely driven by strong performances in the chip and biotech sectors. Major players like Samsung Electronics saw a rise of 1.53%, while SK Hynix gained 0.68%. Biotech companies also posted significant gains, with Samsung Biologics increasing by 1.62%, ABL Bio by 0.61%, and SK Bioscience by 0.96%. Other noteworthy movers included Doosan Enerbility and Kia Corp, each surging by more than 3.5%. The index achieved a new record high, surpassing the 4,700-point milestone for the first time, and it has seen an increase of over 11% year-to-date. Market sentiment received a further boost from the government's announcement of a KRW 235.1 billion investment in research projects within the semiconductor, display, and battery sectors. This investment, primarily targeted at next-generation chips and automotive processors, reinforces expectations for sustained policy support for crucial technology industries.