Seoul: South Korea's key stock index continued its upward trend on Friday, surpassing the 3,000-point threshold for the first time in more than three years. This achievement comes amidst reduced concerns over military tensions in the Middle East and optimistic policy expectations. The local currency also saw a significant rise against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) increased by 44.1 points, or 1.48 percent, closing at 3,021.84. This marks the fifth consecutive day of gains for the index, reflecting a positive sentiment in the South Korean market.
In related developments, President Lee Jae Myung has expressed a commitment to advancing the artificial intelligence sector, aiming to establish it as a key driver of economic growth in South Korea. During a ceremony launching an AI data center project in Ulsan, President Lee emphasized the importance of full-scale support for the industry.
In other news, President Lee has appointed five new vice ministers across various departments, including unification, interior and safety, and agriculture. The presidential office announced these appointments as part of efforts to strengthen the government's administrative framework.
Additionally, the presidential state affairs committee instructed the prosecution to revise its policy briefing report to better align with President Lee's policy pledges. This directive was part of ongoing efforts to prepare a comprehensive policy blueprint for the new administration.
Meanwhile, South Korea's defense ministry highlighted that the country's defense spending as a percentage of GDP is comparatively high among U.S. allies. This comes after the U.S. urged its Asian allies to meet a global defense spending standard.
Finally, a Seoul court has scheduled a hearing next week to decide on the extension of the arrest warrant for former Defense Minister Kim Yong-hyun. Kim is currently on trial for his alleged involvement in a brief martial law imposition attempt under former President Yoon Suk Yeol's administration.