On Wednesday, the KOSPI index surged by 2.66% to close at 2,771, marking its highest position in over ten months. This rise comes in response to a shift in investor sentiment following the election of Lee Jae-myung as South Korea’s new president. President-elect Lee has committed to rejuvenating the economy through an expansive recovery strategy that includes a $20.6 billion supplementary budget, regulatory relaxation to enhance innovation, and substantial investments in artificial intelligence, biotechnology, and renewable energy sectors. Additionally, addressing concerns over US tariffs, President Lee is determined to negotiate more favorable trade agreements and strengthen relationships with China, Japan, and North Korea. Notable gains were observed in key stocks, particularly among chipmakers and financial institutions, with SK Hynix rising by 5.4%, Samsung Electronics by 1.6%, Shinhan Financial Group by 5.6%, and KB Financial Group by 7.3%. In contrast, Celltrion and Samsung Biologics experienced declines of 0.5% and 0.2%, respectively.
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