FX.co ★ KOSPI Hits Over 3-Month High

The KOSPI index experienced a significant rise of 1.4% on Wednesday, reaching approximately 2,674 points, marking its highest level in over three months. This upward trend was largely driven by a positive performance on Wall Street the previous night. Contributing to the enthusiasm was U.S. President Donald Trump's decision to postpone a proposed 50% tariff on the European Union. Furthermore, investors are anticipating the Bank of Korea's forthcoming monetary policy announcement, with a widespread consensus predicting a 25 basis point reduction in the interest rate. Concurrently, focus is also directed at the economic stimulus commitments being made in anticipation of South Korea's presidential election on June 3. Among the leading stocks, chip manufacturers were at the forefront of the gains. Samsung Electronics saw an increase of 1.1%, while SK Hynix surged by 2.2%, benefitting from the positive movement of their U.S. counterpart Nvidia in advance of its eagerly awaited earnings release. Additional notable gains were recorded in sectors such as batteries, automotive, and software, with companies like LG Energy Solution, Hyundai Motor, and Naver increasing by 0.6%, 0.7%, and 2% respectively.