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South Korean stocks rallied more than 5% on Thursday, with the KOSPI briefly exceeding the 9,000-point mark, driven by Micron's better-than-expected earnings that eased concerns about AI demand. Samsung Electronics and SK hynix led the gains, while the Korean won weakened against the dollar.
South Korea's defense ministry announced plans to introduce a technology-focused noncommissioned officer track as part of broader conscription reforms, aiming to attract young talent amid a demographic decline. The Army also unveiled measures to enhance job security and benefits for career noncommissioned officers by 2028.
Prime Minister Kim Min-seok announced the government's final decision to scrap the prosecution's supplementary investigative right, citing the principle of separating investigation and indictment. The ruling party supports the move, while the opposition warns of negative effects, and President Lee Jae Myung expresses cautious concern.
K-pop boy group Cortis' debut album 'Color Outside the Lines' has surpassed 600 million streams on Spotify, with physical sales reaching 2.1 million units. The group's latest single 'RedRed' also surpassed 100 million streams, marking a record for a K-pop boy group, and their first tour has sold out in Incheon and North America.
Samsung Electronics held its lead as the world's largest DRAM supplier in the first quarter, with a 38% revenue share, while the global memory market is projected to more than quadruple this year on AI infrastructure investment.
South Korea and China have agreed to simplify the origin certification process and expand cooperation on services and investment under their bilateral FTA, following the 15th round of follow-up negotiations in Beijing. The two sides also pledged enhanced protection for South Korean content.
President Lee Jae Myung vowed to build a Korean Peninsula free from the fear of war, marking the 76th anniversary of the Korean War outbreak. He also pledged sustained efforts to engage North Korea and replace the armistice with a peace regime, while reaffirming nonaggression toward Pyongyang.
During a Washington visit, South Korea’s Vice Defense Minister Lee Doo-hee urged U.S. lawmakers to support Seoul’s nuclear-powered submarine program, including the acquisition of low-enriched uranium, and the planned transfer of wartime operational control. The trip also included a bilateral defense industry conference and a Pentagon meeting with a U.S. defense official.
South Korean-operated vessels continue to clear the Strait of Hormuz following the U.S.-Iran ceasefire, with the total number of exits reaching 11 as of late June. Officials report 13 South Korean-linked ships remain in the waterway, and the HMM Namu is expected to depart in late July after repairs.
South Korean investigators plan to question four additional election workers as part of an ongoing probe into ballot shortages that disrupted voting during the June 3 local elections. The joint police-prosecution team is examining allegations that the National Election Commission reduced printed ballots and responded inadequately to shortages. Meanwhile, protests demanding a rerun continue outside a Seoul stadium for a 21st day.
South Korean stocks opened sharply higher on Thursday, buoyed by semiconductor gains following Micron Technology's stronger-than-expected earnings, a day after the KOSPI defied Wall Street losses to advance. Yonhap reported the KOSPI added 232.40 points at Thursday's opening bell.
South Korean stocks opened sharply higher on Thursday, driven by strong earnings from US memory chipmaker Micron Technology, with the KOSPI jumping 5.61 percent. Samsung Electronics and SK hynix led gains, though the surge triggered a temporary halt in program trading.
SK hynix plans to raise up to 45.45 trillion won through a stock offering tied to the listing of its American depositary receipts on the Nasdaq, with proceeds earmarked for chip production facilities in South Korea and EUV equipment. The company has resubmitted an amended registration with the U.S. SEC, and the listing is expected to be the largest-ever U.S. equity debut by a foreign company.
South Korea will hold a ceremony on Thursday marking the 76th anniversary of the Korean War, honoring troops and conferring military honors, according to the veterans ministry. A separate event this week commemorates 242 Korean students from Japan who fought for U.N. forces but were denied re-entry to Japan after the war.
South Korea's benchmark KOSPI rebounded 3.26% on Wednesday, closing at 8,471.02 after heavy foreign selling briefly pushed it near the 8,000 level. Retail and institutional buying, particularly in semiconductor shares, drove the recovery, though caution persisted ahead of Micron's earnings and U.S. inflation data.
President Lee Jae Myung visited a front-line Marine Corps unit on Yeonpyeong Island, vowing strong deterrence and reform of military service. He also pledged a peaceful Korean Peninsula free from war fears at a ceremony marking the 76th anniversary of the Korean War.
Seoul's city council has approved an ordinance to provide free bus rides for residents aged 70 and over, a move also tied to discussions on raising the free subway age. The policy, a campaign pledge by Mayor Oh Se-hoon, aims to support seniors in areas without subway access while addressing Seoul Metro's financial deficit.
Indian External Affairs Minister S. Jaishankar and South Korean Foreign Minister Cho Hyun met in Seoul to review bilateral cooperation and exchange views on the Middle East. The discussions focused on follow-up measures from the April summit and enhancing ties in economy, defense, and technology. Jaishankar also spoke at the Jeju Forum, calling for greater opportunities for the Global South.
South Korean police are investigating a break-in at a ballot-counting center in Seoul amid ongoing protests over the June 3 local elections, while also summoning a woman who staged a solo blockade at the same venue. The incidents are linked to demonstrations demanding a rerun of the elections due to ballot shortages on election day.
Lee Man-hee, founder of the Shincheonji Church of Jesus, has been indicted on charges of forcing over 56,000 followers to join South Korea's main opposition People Power Party to influence party elections. A Seoul court granted an arrest warrant in June, and his trial is set to begin July 24.