Seoul: Many South Koreans headed to the polls Friday in early voting for next week's local elections and parliamentary by-elections, widely seen as a referendum on President Lee Jae Myung's first year in office. Eligible voters can cast ballots at 3,571 polling stations nationwide from 6 a.m. to 6 p.m. until Saturday, according to the National Election Commission (NEC).
According to Yonhap News Agency, South Korean stocks rebounded to a fresh all-time high Friday, driven by strong gains in stocks related to artificial intelligence (AI) and renewed optimism about a potential ceasefire in the Middle East. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 290.86 points, or 3.55 percent, to close at 8,476.15, after hitting a new intraday high of 8,615.09.
Chung Mong-gyu, president of the Korea Football Association (KFA), announced he would step down after the 2026 FIFA World Cup in North America, after leading South Korean football for 13 years. Chung stated he would resign following the tournament, which kicks off next month, adding that supporting the national team would be his final responsibility in office.
South Korea will prioritize policies to speed up housing supply and address volatility in the property market while tackling speculative trading, the finance minister said Friday. Finance Minister Koo Yun-cheol made the remark during a meeting on real estate policies with relevant ministries, noting South Korea will accelerate the timetable for existing housing supply projects by streamlining approval procedures, according to the Ministry of Finance and Economy.
Even as the benchmark KOSPI continued its record-breaking rally toward the unprecedented 9,000-point mark, rising volatility is fueling concerns that gains were increasingly concentrated in a handful of heavyweight stocks, bourse data showed Friday. The KOSPI 200 volatility index, or VKOSPI, closed at 74.26, up 3.72 percent from the previous session, according to data from the Korea Exchange. The index has risen sharply for four consecutive sessions since Tuesday.