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Seoul shares closed higher on Friday, buoyed by optimism over upcoming U.S.-Iran negotiations following a two-week ceasefire in the Middle East. The KOSPI rose 1.4 percent to 5,858.87, extending weekly gains to nearly 9 percent, while foreign investors were net buyers of 1.1 trillion won worth of shares.
The Bank of Korea kept its benchmark interest rate unchanged at 2.5% for the seventh consecutive meeting, citing heightened uncertainty from the Middle East conflict. The decision was unanimous, with the central bank noting risks to inflation, growth, and financial markets. New Governor Shin Hyun-song has pledged a cautious monetary policy approach.
Chinese Foreign Minister Wang Yi met with North Korean leaders in Pyongyang, where both sides pledged to strengthen bilateral relations. The visit, the first by a Chinese foreign minister in over six years, coincided with the 65th anniversary of their friendship treaty. Discussions also touched on regional stability and historical ties, with Kim Jong-un reaffirming commitment to high-level exchanges.
Chinese Foreign Minister Wang Yi met with North Korean officials in Pyongyang this week, marking his first visit to North Korea since 2019 and signaling a further thaw in bilateral relations. The talks, confirmed by multiple sources, come ahead of U.S. President Donald Trump's planned visit to China in May.
South Korea's ruling Democratic Party has selected Chong Won-o, a former Seongdong district chief, as its candidate for Seoul mayor in the June 3 local elections. Chong won a majority in the primary, defeating two three-term lawmakers, and will face the winner of the main opposition's primary race.
Seoul shares fell over 1.5% on Thursday, ending a four-day rally as investors weighed conflicting US and Iranian statements about a two-week ceasefire. The KOSPI dropped 94.33 points, with tech and defense stocks leading declines, while the won weakened against the dollar.
A fire broke out on a South Korean Navy submarine undergoing maintenance at the HD Hyundai Heavy Industries shipyard in Ulsan, forcing 40 people to evacuate. One cleaner in her 60s is missing, and authorities have located her inside the vessel but are struggling to reach her due to a narrow entry path.
South Korea's Defense Minister Ahn Gyu-back announced plans to reduce troops at border units from 22,000 to 6,000 by 2040, replacing them with AI surveillance systems. The move, driven by demographic changes and low birth rates, aims to address shrinking military manpower. Ahn emphasized the reduction will be phased, dismissing concerns of an abrupt drawdown.
South Korean shares declined Thursday morning as uncertainty over the US-Iran ceasefire deal weighed on investor sentiment. The KOSPI fell nearly 1 percent, with tech giants like Samsung Electronics and SK hynix leading losses, while oil refiners gained on rebounding crude prices.
President Lee Jae Myung has urged a fundamental overhaul of South Korea's economic system, citing rising oil prices and inflationary pressures from the Middle East war. He framed the crisis as an opportunity for structural reform, as separate reports noted diplomatic efforts and North Korean military activities.
South Korea's Cabinet approved revisions to exempt owners of multiple homes from heavier capital gains taxes if they apply for sales permits by May 9. The move follows President Lee Jae Myung's suggestion to give sellers extra time before the reinstated 75% tax rate takes effect. Officials forecast slower housing price growth but remain committed to curbing speculation.
The South Korean won has experienced sharp fluctuations against the U.S. dollar as ceasefire negotiations between the United States and Iran progress and stall. Reports indicate initial agreement on a two-week truce, followed by disagreements over terms and renewed threats, impacting oil prices and market sentiment.
Russian Ambassador to South Korea Georgy Zinovyev says bilateral trade nearly halved from $21.1 billion in 2022 to $10.9 billion in 2025 due to Western sanctions and Seoul's export controls. He notes that some sectors, like aluminum and energy, continue to trade, and hints at possible future normalization.
Chinese Foreign Minister Wang Yi arrived in Pyongyang on April 9 for a two-day visit, marking his first trip to North Korea since September 2019. The visit, at the invitation of North Korea's foreign ministry, aimed to strengthen bilateral relations and came as the neighbours resume direct rail and flight services post-pandemic.
A South Korean court dismissed North Jeolla Gov. Kim Kwan-young's injunction requests against his expulsion from the ruling Democratic Party and against the primary race for his own party nomination. The dismissal comes amid allegations that Kim handed out cash to 20 people, which he claims were chauffeur fees. Police have also raided his office as part of the investigation.
Doosan Bears manager Kim Won-hyong says catcher Yang Eui-ji's early-season batting slump is not affecting his defense, as the veteran backstop looks to turn the corner following a 7-3 win over the Kiwoom Heroes.
North Korea fired multiple short-range ballistic missiles on Wednesday, with launches observed in the morning and afternoon from the Wonsan area, according to South Korea's military. The launches follow a failed projectile test and come amid heightened tensions and diplomatic overtures from Seoul.
South Korean stocks rallied sharply after the U.S. and Iran agreed to a two-week ceasefire and the reopening of the Strait of Hormuz. The KOSPI spiked nearly 7 percent, and oil prices fell below $100 a barrel, though analysts cautioned that uncertainty remains.
Following a US-Iran ceasefire, South Korea has vowed to ensure the safe passage of its vessels through the Strait of Hormuz, with seven oil tankers carrying essential crude still stranded. Despite the truce, shipping remains largely disrupted, prompting Seoul to explore alternative routes and maintain close monitoring of oil supply conditions.
HD Korea Shipbuilding & Offshore Engineering's affiliates have secured orders worth 1.97 trillion won for LNG and LPG carriers from clients in Greece, Oceania, Asia, and Africa. The company aims to reach $23.31 billion in annual orders, citing rising global demand due to geopolitical risks and oil prices.