South Korean Shares Close Higher Boosted by Strong Export Figures and SK Hynix Gains

Deep News06-11

South Korean shares finished Thursday's session in positive territory, with robust export data and gains in chipmaker SK Hynix helping to counterbalance investor concerns over renewed escalation in Middle East conflicts.

The Korea Composite Stock Price Index (KOSPI) advanced 33.13 points, or 0.43%, to close at 7,763.95. The benchmark index fluctuated around the flat line during the session after having fallen as much as 4.4% earlier.

This market movement followed statements from the U.S. military on Wednesday indicating it had launched a new round of strikes on multiple targets within Iran, coming hours after U.S. President Trump vowed new attacks if a peaceful agreement could not be reached.

Concurrently, data revealed that South Korea's exports for the first ten days of this month surged 85.9% year-on-year, driven by strong chip sales. Daishin Securities analyst Lee Kyoung-min noted that the robust export figures bolstered investor sentiment, contributing to the market's upward move.

SK Hynix shares rose 2.59%, while fellow chipmaker Samsung Electronics Co Ltd declined 1.16%. Battery manufacturer LG Energy Solution Ltd fell 0.26%. Automakers also saw losses, with Hyundai Motor Co down 0.83% and Kia Corp dropping 2.32%. Steelmaker POSCO Holdings Inc declined 1.38%, and biopharmaceutical firm Samsung Biologics Co Ltd decreased 0.92%.

Trading volume reached 472.65 million shares. Among the 921 issues traded, 576 closed higher. Foreign investors were net sellers on the main board, offloading a net 1.46 trillion won worth of shares.

Separately, South Korea's Vice Minister of Economy and Finance, Huh Chang, on Thursday called on export-oriented companies to assist in improving supply and demand conditions in the foreign exchange market to help curb volatility. According to the ministry, during a meeting with representatives from major firms, Huh discussed measures to encourage the timely conversion of export proceeds and to repatriate more funds held overseas by these companies.

Representatives from chipmakers Samsung Electronics and SK Hynix, along with executives from automakers and shipbuilders, attended the meeting.

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