FX.co ★ South Korean Shares Stay at 6-Week High

The KOSPI index advanced by 0.2% on Thursday, reaching approximately 2,578 points, marking the third consecutive session of gains and maintaining its position near six-week highs. This upward movement was influenced by the tech-driven gains observed in the US market, following the Federal Reserve's decision to keep interest rates steady. Market participants remained tentatively hopeful in light of the upcoming U.S.-China trade discussions set to occur in Switzerland this weekend. However, optimism was tempered by President Trump's statement ruling out any tariff reductions prior to the meeting. Domestically, the government announced plans on Thursday to disburse 70% of the 13.8 trillion-won supplementary budget over a three-month period, aiming to bolster the economy and support exporters, according to the finance ministry. Leading the gains among major companies, semiconductor firms saw significant advances, with Samsung Electronics rising by 0.7% and SK Hynix increasing by 1.9%, following reports of relaxed trade restrictions on chips, similar to developments in the US chipmaker Nvidia. Additionally, the shipbuilding sector showed continued strength, with Hyundai Heavy Industries climbing 1.6% and Korea Shipbuilding and Offshore Engineering gaining 1.3%.