FX.co ★ South Korean Shares Rise on Autos, Shipbuilder Gains

The KOSPI index climbed 1.22% to approximately 4,668 on Tuesday, marking its third consecutive day of gains. This upward trend was driven by robust performances from the automotive and shipbuilding sectors, which bolstered investor confidence and secured the index at a new record high. The rally also benefited from the positive momentum carried over from Wall Street, where U.S. stocks increased as investors responded to the Justice Department's investigation of Federal Reserve Chairman Jerome Powell. Automotive companies led the charge with Hyundai Motor advancing 7.49% and Kia Corporation increasing by 2.71%. Shipbuilders followed suit with HD Hyundai Heavy Industries gaining 3.64%, Hanwha Ocean climbing 1.24%, and Samsung Heavy Industries rising 0.89%. Since the beginning of the year, the KOSPI has seen a nearly 10% increase, frequently closing at record highs due to improved sentiment towards export-focused sectors and steady earnings forecasts. Market activity was lively, with 382.4 million shares traded, valued at KRW 22.8 trillion, and the number of advancing stocks outnumbering decliners by 530 to 348.