Samsung Electronics Averts Strike at the Eleventh Hour; South Korean Stock Market Soars, Triggering Another Trading Halt

Deep News08:40

On May 21, South Korea's KOSPI index opened sharply higher, gaining nearly 4%. By the time of reporting, the gains had expanded to over 4.5%. Following a 5% surge in KOSPI 200 futures, the Korea Exchange activated a circuit breaker for the KOSPI, halting programmatic trading for five minutes. In related news, Samsung Electronics Co., Ltd. reached a preliminary agreement with its labor union late Wednesday, successfully averting a strike at the last moment. Additionally, data released by South Korean customs on Thursday showed that, adjusted for working-day differences, exports from May 1 to 20 increased by 52.6% year-over-year, surpassing the 49.4% growth recorded in the first 20 days of April. On an unadjusted basis, exports rose by 64.8%, while imports grew by 29.3%, resulting in a trade surplus of $11 billion. Notably, semiconductor exports surged by 202% year-over-year, and exports of computer-related products skyrocketed by 305.5%, indicating persistently strong demand related to artificial intelligence.

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