FINWIRES · TerminalLIVE
FINWIRES

South Korean Shares Close at New High, Lifted by Semiconductor Stocks

By

-- South Korean stocks surged more than 5% on Monday to close at a record high, with the Kospi nearing 7,000 points, as strong buying in semiconductor shares boosted the market while investors kept a close eye on developments in the U.S.-Iran peace talks front.

The Korea Composite Stock Price Index or Kospi increased 338.12 points, or 5.1%, to end at 6,936.99. The Kosdaq also rose by 21.39 points, or 1.8%, to close at 1,213.74.

On Sunday, President Donald Trump said the U.S. would help countries with ships stranded in the Strait of Hormuz. The US military support will comprise guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms, and 15,000 service members. However, the naval mission is being seen as a violation of the ceasefire by Iran, top Iranian lawmaker Ebrahim Azizi said.

In economic news, South Korea's manufacturing sector continued to expand in April, with the seasonally adjusted headline S&P Global South Korea Manufacturing Purchasing Managers' Index increasing to 53.6 last month from 52.6 in March, S&P Global said in a Monday report.

A reading above 50 indicates an overall increase compared with the previous month, and below 50 indicates a decline.

April's expansion in the country's manufacturing sector was the strongest since February 2022.

In corporate news, HD Korea Shipbuilding & Offshore Engineering (KRX:009540) secured an order worth 504.8 billion won for three very large gas carriers from South Korean shipper KSS Shipping.

Shares of HD Korea Shipbuilding rose nearly 2% at market close.

Related Articles

Research

Research Alert: CFRA Keeps Buy Rating On Shares Of Iron Mountain Incorporated

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $20 to $143 based on a forward P/FFO of 34.0x our 2026 FFO estimate, a premium to its one-year average of 27.2x. We maintain our 2026 and 2027 FFO estimates at $4.20 and $4.61, respectively. IRM reported 17% organic growth in Q1, the highest mark in more than 25 years, highlighting the strength of the data center expansion and services growth. Data center growth continues to beat expectations with management expecting to be meaningfully above its original 100MW guidance for the year; this is evident in the guidance increase of $175M for revenue. We see the recently acquired FedRAMP High authorization designation, which allows for cloud storage of mission-critical and highly-sensitive federal data, will drive higher service revenue growth in the future. Net lease adjusted leverage is now 4.8x, the lowest level since IRM's 2014 REIT conversion, highlighting the capacity for management to fund significant data center capex expansion over the next five years.

$IRM
Asia

Singapore Stocks Mirror Regional Gains Buoyed by IT Rally; Salt Investments Zooms 33%

Singapore shares surged on Monday, tracking regional sentiment lifted by a rally in technology stocks.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,924.31 and 4,960.14 throughout the day. It ended the session at 4,924.31, up 11.62 points or 0.2% compared to Thursday's close.On the corporate front, shares of Salt Investments (SGX:FQ7) soared over 33% at the close as it signed a placement agreement with Evolve Capital Advisory to raise up to SG$4.8 million.OxPay Financial Services (SGX:TVV) closed over 15% higher as its subsidiary, Oxygen7, secured a financial services license from the Gelephu Financial Services Office of Bhutan.Meanwhile, shares of Emerging Towns & Cities Singapore (SGX:1C0) fell nearly 17% at the close with the property developer forecasting a loss in the first quarter of the year.

$^STI$SGX:1C0$SGX:FQ7$SGX:TVV
Equities

Adnoc Boss Says UAE's OPEC, OPEC+ Departure Served National Interests

Abu Dhabi National Oil Co., or Adnoc, Chief Executive Sultan Al Jaber said the United Arab Emirates' decision to leave the Organisation of the Petroleum Exporting Countries served national interests and the country's long-term strategic objectives.Speaking at the Make It In The Emirates conference, Jaber said the move was "not a decision directed ​against anyone," adding that it would allow the country to accelerate investment, ⁠expand and create value, Reuters reported Monday.

$^FADGI