Seoul: South Korean stocks soared to unprecedented levels on Monday, with the benchmark Korea Composite Stock Price Index (KOSPI) breaking the 7,800-point barrier, closing at a record of 7,822.24. This marks the fifth consecutive session of gains, driven by a robust performance in semiconductor shares, even as concerns loom over a potentially compromised peace deal between the United States and Iran.
According to Yonhap News Agency, the KOSPI experienced a significant surge of 324.24 points, or 4.32 percent, reaching an intraday high of 7,899.32. Meanwhile, geopolitical tensions remained heightened following an attack on the South Korean-operated cargo ship HMM Namu in the Strait of Hormuz. National Security Advisor Wi Sung-lac addressed the media, condemning the attack and emphasizing the importance of protecting civilian vessels.
In response to the attack, HMM is preparing to repair the damaged cargo vessel. Investigations revealed that two "unidentified airborne objects" caused the explosion and fire aboard the ship. Efforts are underway to enhance defense cooperation, as South Korea's arms procurement agency met with NATO representatives to discuss improving interoperability of Korean weapons systems.
To mitigate the economic impact of the Middle East conflict, South Korea plans to distribute a second batch of cash assistance to approximately 36 million citizens, targeting the bottom 70 percent of income earners. This initiative follows the approval of a 26.2 trillion-won extra budget by the National Assembly last month.
In a bid to combat online piracy, Culture, Sports and Tourism Minister Chae Hwi-young ordered the immediate blocking of 34 illegal content websites, including Newtoki, as new regulations came into effect to curb the unauthorized distribution of Korean webtoons and web novels.