Defense Industry
Seoul stocks hit record high then rebound on defense, shipbuilding gains
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Seoul's stock market set a new record high on January 8 driven by strong defense and shipbuilding stocks, then dipped early on January 9 before rebounding later in the morning. The KOSPI index closed at 4,552.37 on the 8th, its all-time high, and rose 0.3 percent to 4,565.88 by 11:20 a.m. on the 9th. Institutional and individual buying offset foreign selling to support the market.
President Lee Jae Myung's chief of staff has departed on a trip as a presidential envoy for strategic economic cooperation, Cheong Wa Dae announced on Monday. The move is widely seen as aimed at boosting South Korea's defense exports. Kang Hoon-sik focused on expanding defense cooperation during previous visits.
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South Korea signed a framework agreement on Tuesday (local time) to supply Peru's army with 54 K2 main battle tanks and 141 K808 wheeled armored vehicles. This marks Seoul's largest defense export deal in Latin America, aimed at modernizing Peru's forces and fostering long-term industrial ties. The presidential office stated that the agreement will significantly elevate bilateral defense and security cooperation.