South Korea Economy
Seoul shares open at fresh high on us-iran peace hopes
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South Korean stocks opened at a fresh record high on Thursday, driven by hopes for a US-Iran peace deal and continued gains in chipmakers.
GM Korea dismissed rumors of withdrawal during a media briefing at its Changwon plant, reaffirming its commitment to local production as a small SUV hub. The company announced cumulative production of 2 million Trax Crossover and Trailblazer vehicles, with the factory operating at around 95% capacity year-round. It pledged a $600 million investment to bolster Korean operations.
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South Korea's Finance Minister Koo Yun-cheol said on Thursday that volatility in financial and foreign exchange markets has "somewhat eased" following a two-week ceasefire between the United States and Iran. The statement came after U.S. President Donald Trump announced a suspension of strikes on Iran, which led South Korean stocks to surge nearly 7 percent on Wednesday and the Korean won to strengthen sharply against the U.S. dollar. The government pledged to remain vigilant in maintaining macroeconomic stability.