South Korean stocks began the day slightly higher on Friday, following a notable increase in the previous session. This rise mirrored gains on Wall Street, driven by optimism for a diplomatic solution to the US-Iran conflict. The benchmark Korea Composite Stock Price Index (KOSPI) initially rose by 0.74 percent before moderating to a 0.03 percent increase at 7,818.3.
Overnight, US stocks saw gains as Iran indicated that the latest US proposal was narrowing the gap between the two nations. This development raised expectations of a potential peace deal, with the S&P 500 climbing by 0.2 percent and the Dow Jones Industrial Average by 0.6 percent. The Nasdaq composite also rose by 0.1 percent.
In Seoul, major market players displayed mixed performances. Samsung Electronics, despite a previous surge, opened 1.34 percent lower, while SK hynix, its chipmaking competitor, experienced a 2.29 percent decline. Notably, Hyundai Motor, the top automaker, saw a 2.55 percent drop, and its subsidiary Kia declined by 1.61 percent. Conversely, SK Square, an artificial intelligence investment firm, rose by 0.76 percent, and LG Energy Solution, a leading battery manufacturer, gained 2.62 percent.
The Korean won was trading at 1,507.4 won against the US dollar at 9:15 a.m., marking a decrease of 1.3 won from the previous session. Additionally, recent government data revealed that the average income of South Korea’s farming households reached a record high last year, totaling 54.66 million won (US$36,200). This surge was primarily fueled by significant income growth in livestock and the farming sector, with increases of 28.5 percent and 22.3 percent, respectively.
