South Korean Shares Close Higher for Sixth Day on Upcoming Tax Reforms, Possible US Fed Rate Cuts

MT Newswires Live09-09

South Korean stocks closed higher for a sixth consecutive session on Tuesday, hitting an annual high as technology shares rallied on optimism over upcoming market-friendly tax reforms on the domestic front and anticipated US Federal Reserve rate cuts at its rate-setting meeting later in September.

The Korea Composite Stock Price Index or Kospi rose 40.46 points, or 1.3%, to end at 3,260.05. The Kosdaq also increased by 6.22 points, or 0.8%, to close at 824.82.

In other economic news, the capital ratios of South Korea's domestic banks improved in the second quarter, with the common equity Tier 1 ratio increasing 0.38 percentage points to 13.57% at the end of the second quarter from the previous three-month period.

The Tier 1 capital ratio rose 0.36 percentage points to 14.87%, while the total capital ratio climbed 0.29 percentage points to 15.95%. The leverage ratio also edged up by 0.14 percentage points to 6.87% in end-June, the Financial Supervisory Service said in a Tuesday release.

In corporate news, Toyota Group's sole general trading company Toyota Tsusho (TYO:8015) acquired a 25% stake in LG Chem's (KRX:051910) Gumi cathode plant LG-HY BCM in Korea, LG Chem said in a Tuesday press release.

The acquisition makes Toyota Tsusho the plant's second-largest shareholder with 25%. LG Chem owns the other 51%, while Zhejiang Huayou Cobalt (SHA:603799) holds 24%.

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