South Korean Shares Extend Gains for Third Day as US Shutdown Fears Ease

MT Newswires Live11-12

South Korean shares closed higher for a third day on Wednesday as investor concerns eased around the U.S. government shutdown after the Republican-led Senate approved a bill by a 60-40 vote to reopen the government.

The measure, which funds the government until Jan.30, 2026, now moves to the House for a vote. The shutdown began on Oct. 1 after Democrats opposed a Republican bill that would cut healthcare support for millions.

The Korea Composite Stock Price Index or Kospi rose 44 points, or 1.1%, to end at 4,150.39. The Kosdaq also increased by 22.24 points, or 2.5%, to close at 906.51.

In economic news, the seasonally adjusted unemployment rate in South Korea in October edged up to 2.6% from 2.5% in September, data from Statistics Korea indicated Wednesday.

In corporate news, the shares of Posco (KRX:005490) closed over 5% higher at the end of the trading session on Wednesday after news broke of its plans to acquire a 30% stake in Mineral Resources' (ASX:MIN) lithium business for AU$1.2 billion.

Shares of Mineral Resources jumped more than 9% at market close.

In other news, HJ Shipbuilding & Construction (KRX:097230) secured the Busan joint fish market modernization project from the Busan metropolitan city, the construction firm said in a Wednesday filing with the Korea Exchange.

Shares of the shipbuilder increased more than 1% at market close.

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