The benchmark Korea Composite Stock Price Index(KOSPI) rose more than one percent Thursday, driven by tech and steel gains amid optimism over shareholder-friendly revisions to the Commercial Act and developments in tariff negotiations with the U.S.
The KOSPI rose 41-point-21 points, or one-point-34 percent, to close at three-thousand-116-point-27.
The index opened higher due to eased U.S. tariffs on imports from Vietnam, a major manufacturing hub for Samsung Electronics, LG Electronics and several other South Korean companies; as well as the National Assembly vote to amend the Commercial Act to expand corporate directors’ fiduciary duties to shareholders.
Tech and steel shares led the rise with Samsung Electronics rising two-point-22 percent, SK hynix falling zero-point-72 percent, LG Energy Solution jumping two-point-23 percent, POSCO Holdings soaring nine-point-72 percent and Hyundai Steel skyrocketing 16-point-18 percent.
The tech-heavy KOSDAQ rose 11-point-16 points, or one-point-43 percent, to close at 793-point-33.