South Korea's Kospo Rise for Second Day on Tech Stock Gains
South Korean shares rose for a second consecutive session on Tuesday, lifted by technology stocks despite renewed U.S.-Iran airstrikes and heightened Middle East tensions.The Korea Composite Stock Price Index, or Kospi, increased by 15.78 points, or 0.23%, to close at 6,835.8. The Kosdaq fell by 13.04 points, or 1.6%, to close at 821.25.Iran launched missiles and drones at U.S. bases in Jordan on Sunday in retaliation for a U.S. strike on Larak Island, prompting President Donald Trump to vow a forceful response. Iran later said it would "immediately" reciprocate if Washington fulfills commitments under an interim deal to end the conflict and reopen the Strait of Hormuz.In economic news, South Korea recorded a trade surplus of $34.7 billion in August, compared with $30.4 billion in the previous month, data showed Tuesday.The data beat the forecast for a trade surplus of $30.7 billion, according to Investing.com.Exports increased by 68.7% to $98.3 billion from the year-ago period, while imports expanded 22.5% to $63.5 billion, the Ministry of Trade, Industry and Energy added.In corporate news, Hahn & Co. Auto Services Holdings and KG Steel completed a transaction on Monday involving K Car (KRX:381970) shares, according to a Tuesday filing with the Korea Exchange.Hahn & Co. Auto Services Holdings previously agreed to sell all of its shares in the company, comprising 35,255,670 shares, to KG Steel and In-Guk Jung.Following the transaction's completion, KG Steel now becomes the company's largest shareholder with a 52.52% stake, or equivalent to about 25.6 million shares.Shares of K Car rose nearly 1% at market close.
