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Tech Rally Lifts Kospi Slightly Ahead of South Korea Election

Investors are cautious over U.S. tariff threats ahead of Tuesday’s presidential vote.

Officials work at a dealing room of Hana Bank in Seoul on June 2, 2025. (Yonhap)
This combined file photo shows the two leading presidential candidates -- Lee Jae-myung (L) of the Democratic Party and Kim Moon-soo of the People Power Party. (Yonhap)
This combined file photo shows presidential candidates -- (from L to R) Lee Jae-myung of the Democratic Party, Kim Moon-soo of the People Power Party and Lee Jun-seok of the minor New Reform Party. (Yonhap)
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Overview

  • Kospi ended Monday at 2,698.97, up 0.05 percent after briefly reclaiming the 2,700 level on preelection momentum.
  • Shares of Samsung Electronics and SK hynix climbed more than 1 percent to lead gains in semiconductor stocks.
  • Steelmakers such as POSCO Holdings and Hyundai Steel, along with automakers Hyundai Motor and Kia Motors, slid on U.S. President Trump’s plan to double steel tariffs to 50 percent.
  • Investors pointed to renewed U.S.-China trade tensions and preelection uncertainty as dampening market sentiment.
  • The Korean won strengthened to around 1,373 per dollar as foreign and retail investors drove net purchases of shares.