South Korean stocks saw an increase on Thursday, driven by gains in major technology companies, as investors monitored corporate earnings post the US extending its ceasefire with Iran indefinitely. The Korea Composite Stock Price Index (KOSPI) climbed 0.75% to 6,465.97 by 11:20 am local time, opening 1.1% higher in line with Wall Street’s previous gains and briefly surpassing the 6,500-point mark for the first time.
The surge followed U.S. President Donald Trump’s decision to prolong the ceasefire with Iran, which came after peace talks between the two nations hit a standstill. Notably, big-cap tech firms like Samsung Electronics and SK hynix experienced notable growth. Samsung Electronics surged by 2.76%, while SK hynix rose by 0.08% after posting record revenue and profits for the first quarter, fueled by robust demand for high bandwidth memory and other memory segments.
Market movements also saw SK Square, an artificial intelligence investment firm, climbing by 0.83%, and Doosan Enerbility, a nuclear power plant constructor, jumping by 4.83%. However, LG Energy Solution, a prominent battery manufacturer, witnessed a decline of 3.41%, and Hanwha Aerospace, a defense giant, dipped by 0.14%.
Top automaker Hyundai Motor experienced a 0.65% decrease ahead of its quarterly report release, while its affiliate Kia saw a 0.06% increase. Samsung Biologics, a major bio company, dropped by 0.77%, whereas Celltrion, another bio firm, added 0.25% to its value.
In the financial sector, KB Financial fell by 0.06%, and POSCO, a leading steelmaker, declined by 1.55%. Shipbuilders, on the other hand, started on a lower note, with Hyundai Heavy Industries dropping by 0.78% and Hanwha Ocean slipping by 0.59%.
The local currency was trading at 1,481.5 won against the dollar at 11:20 a.m., down by 5.5 won from the previous session, amid rising global oil prices.
