SEOUL - The Seoul stock market closed higher on Monday, buoyed by continued foreign investment and positive developments in the technology and financial sectors. The Korea Composite Stock Price Index (KOSPI) rose by 31.91 points, or 1.21 percent, ending the day at 2,674.27.
According to Yonhap News Agency, the market saw moderate activity with 383 million shares valued at approximately 12.2 trillion won (US$9.22 billion) changing hands. The session concluded with a slight advantage in the number of declining stocks over advancing ones, 442 to 436.
Foreign investors led the buying spree for the seventh consecutive session, purchasing net 590 billion won worth of stocks. In contrast, individual investors sold off a net 622 billion won, while institutional investors made net purchases of 41.4 billion won.
Market analysts attribute the positive momentum to growing optimism surrounding the demand for semiconductors, a key export for South Korea. February saw a remarkable 66.7 percent year-on-year increase in chip exports, marking the fourth consecutive month of growth and the sharpest rise since October 2017. Technology shares, including Samsung Electronics and SK hynix, saw significant gains, riding on the back of a Wall Street rally from the previous week.
Financial shares also performed well, with notable gains in companies such as KB Financial and Samsung Life Insurance. The automotive sector, including Hyundai Motors and Kia, contributed to the market's upward movement as well.
The South Korean won strengthened against the U.S. dollar, closing at 1,331.3 won, a slight improvement from the previous session. Bond prices rose in tandem with the stock market, indicating a decrease in yields, with the three-year Treasury yield dropping 2.5 basis points to 3.36 percent.
DAEGU - President Yoon Suk Yeol has pledged comprehensive support for Daegu, promising the construction of a new airport by 2030 and significant development in the robotics industry. During the 16th government-public debate held in Daegu for the first time, Yoon outlined plans to overhaul the city’s industrial base and enhance its transport infrastructure.According to Yonhap News Agency, these measures are part of a broader effort to catalyze transformative changes in Daegu, a key conservative stronghold in southeastern South Korea.
The proposed new airport, intended to replace the aging Daegu International Airport, will be located in the nearby areas of Uiseong and Gunwi in North Gyeongsang Province. It is designed to accommodate both civilian and military aircraft. With construction slated to begin in 2025, the airport is expected to bolster the region's transportation network, complemented by a new high-speed rail line connecting the airport, western Daegu, and Uiseong.
In addition to the airport project, Yoon detailed the government's ambition to transform Daegu into a leading center for robotics and future mobility industries. Leveraging the city’s historic strengths in machinery, metal, and parts manufacturing, the government plans to initiate a 200 billion-won (approximately US$150 million) national project to construct a robotics testing facility. This site will provide companies with the resources to evaluate the safety and functionality of robotics technologies.
This initiative follows a preliminary feasibility study completed last August and aligns with Yoon’s strategy to position Daegu at the forefront of industrial innovation. Furthermore, in response to the nationwide demand for more medical professionals, particularly in rural areas, Yoon highlighted a significant increase in medical school admission quotas. He proposed that local talent from Daegu and similar regions would be prioritized, aiming to bolster the local healthcare workforce with graduates who have completed their education within the community.
The announcement comes amid ongoing protests by medical interns and residents against the plan to expand medical school enrollment quotas. Approximately 70 percent of the country's 13,000 medical interns and residents, critical to surgeries and emergency services in major hospitals, have been on a walkout for nearly two weeks, expressing their opposition to the government's proposal.