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Seoul shares spike to 11-month high on hopes for policy backup, U.S.-China talks

Published: 09 Jun. 2025, 17:20

Korean bourse Kospi closes at 2,855.77, up 1.55 percent compared to the previous day, on June 9, continuing a rising streak since June 2. [YONHAP]

Korean stocks rallied to their highest level in 11 months Monday, driven by gains in chip shares amid hopes for new policy measures under the Lee Jae-myung administration and upcoming trade talks between the United States and China. The local currency strengthened against the U.S. dollar.

The benchmark Kospi gained 43.72 points, or 1.55 percent, to close at 2,855.77, extending its winning streak to a fourth straight session.

It marked the highest level since July 16, 2024, when the index finished at 2,866.09.

Trade volume was heavy, at 528.24 million shares worth 13.61 trillion won ($10.03 billion), with winners beating losers 700 to 200.

Foreign investors bought a net 980.0 billion won worth of stocks, while individuals and institutions sold 229.67 billion won and 721.53 billion won worth of stocks, respectively.

The index opened markedly higher and maintained its momentum, as investors harbored hopes for eased global trade tensions ahead of a meeting between senior U.S. and Chinese officials set to take place in London later in the day.

Korean bourse Kospi closes at 2,855.77, up 1.55 percent compared to the previous day, on June 9, continuing a rising streak since June 2. [YONHAP]

Expectations have also risen for a set of measures by the Lee government aimed at bolstering the economy.

During telephone talks on Friday, Lee and U.S. President Donald Trump agreed to work toward a "mutually satisfactory" agreement on the United States' sweeping tariff scheme, Seoul's presidential office said.

Semiconductor and auto shares led the upturn of the index.

Market bellwether Samsung Electronics rose 1.18 percent to 59,800 won, and its rival, SK hynix, advanced 2.0 percent to 229,000 won.

Top carmaker Hyundai Motor surged 4.32 percent to 197,800 won, and its sister Kia jumped 2.36 percent to 95,300 won.

Korean bourse Kospi closes at 2,855.77, up 1.55 percent compared to the previous day, on June 9, continuing a rising streak since June 2. [YONHAP]

Leading biotech firm Samsung Biologics advanced 1.37 percent to 1.03 million won, and Celltrion rose 1.97 percent to 160,200 won.

Leading financial firm KB Financial soared 4.14 percent to 110,700 won, and No. 1 steelmaker Posco Holdings grew 0.39 percent to 258,000 won.

Top online portal operator Naver increased 3.82 percent to 198,500 won, and Kakao, the operator of the country's dominant mobile messenger, spiked 16.03 percent to 51,400 won.

But major battery maker LG Energy Solution sank 2.06 percent to 285,000 won, and defense giant Hanwha Aerospace dipped 2.76 percent to 880,000 won.

The local currency was quoted at 1,356.40 won against the greenback at 3:30 p.m., up 2 won from the previous session.

YONHAP