FX.co ★ South Korean Shares Rise on US-China Trade Talks

On Wednesday, the KOSPI index experienced a 0.5% increase, reaching approximately 2,573 points, following the return of investors from the Labor Day holidays. This uptick in the market is attributed to renewed hope surrounding US-China trade discussions. The positive market sentiment was fueled by reports indicating that senior US officials are scheduled to engage in talks with their Chinese counterparts this week, which could potentially signal the beginning of new trade negotiations. Additionally, US Treasury Secretary Scott Bessent mentioned on Tuesday that trade agreements with South Korea and other significant partners might be announced as early as this week. Nonetheless, South Korean Foreign Minister Cho Tae-yul has urged the United States to allocate ample time for tariff negotiations, particularly in the lead-up to the June 3 presidential election. Among the major players in the index, chipmakers were at the forefront, with SK Hynix experiencing a 1.6% increase and rival Samsung Electronics seeing a 0.4% rise. Other significant contributors to the gains included battery leader LG Energy Solutions, which rose by 0.6%, and the foremost defense company Hanwha Aerospace, with a notable 2.8% ascent.