FX.co ★ South Korea Shares Gain on Strong GDP, SK Hynix Earnings

On Thursday, the benchmark KOSPI index advanced by 1.2% to approximately 3,220, building on the gains from the previous day as investors responded favorably to robust economic data and positive corporate earnings reports. South Korea's GDP saw a 0.6% increase in the second quarter, avoiding a technical recession and achieving its fastest growth rate in over a year. This growth was largely spurred by a resurgence in exports and increased consumer spending. On the corporate side, technology stocks spearheaded the market rally. SK Hynix experienced a 3.4% uptick, following its announcement of record revenue for the second quarter and a 69% surge in profit, driven by strong demand for AI chips. Other notable performers included LG Energy Solution, which rose 6.2%, Samsung Biologics, increasing by 6.0%, and Hanwha Aerospace, up by 2.8%. Concurrently, high-level tariff discussions between the US and South Korea, scheduled for July 25 in Washington, were postponed due to a scheduling conflict with US Treasury Secretary Scott Bessent. Despite this delay, the outlook remains optimistic, with expectations that an agreement may be reached before new tariffs are implemented in August. Both parties are keen to reschedule the talks promptly.