Shipbuilding
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.
South Korea's government is launching a special guarantee program to provide up to 400 billion won ($272.4 million) in financing support to enhance the shipbuilding industry's export competitiveness. The initiative targets small and medium-sized suppliers of HD Hyundai Heavy Industries with low-interest loans. K-SURE, HD Hyundai, and Hana Bank signed a cooperation agreement in Ulsan on Friday.
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The chief of South Korea's state arms procurement agency cited legality as the main reason for changing the bidding process on a multi-trillion-won contract to build advanced homegrown destroyers. The Defense Project Promotion Committee unanimously decided to select the winner for the estimated 7 trillion-won ($5 billion) project to build six destroyers through competitive bidding. The landmark initiative, delayed by a legal feud between rival shipbuilders, aims for delivery to the Navy by the end of 2032.
Japan and the United States plan to sign a memorandum on improving shipbuilding capabilities during U.S. President Donald Trump's visit starting Monday. The agreement seeks to counter China's dominance in the sector and enhance national security.