KOSPI rises as auto and aerospace stocks lead recovery

The South Korean benchmark KOSPI index rose 16.76 points, or 0.26 percent, to close at 6,579.48 on Thursday. The rebound follows a significant plunge in the previous session caused by Middle East tensions and concerns regarding U.S. Federal Reserve interest rate hikes.

Gains in the financial and automobile sectors, including a 1.46 percent rise for Hyundai Motor, helped drive the index higher. Aerospace and shipbuilding stocks also saw increases, with Hanwha Aerospace climbing 2.15 percent and Hanwha Ocean jumping 5.49 percent. However, these gains were partially offset by declines in technology stocks, specifically Samsung Electronics, which fell 0.2 percent, and SK hynix, which dropped 1.05 percent.

The market recovery was supported by an upbeat global outlook and easing concerns over inflation and interest rates. In the U.S., Wall Street saw gains as Federal Reserve Governor Christopher Waller suggested a leaning toward steady rates. Additionally, comments from U.S. President Donald Trump regarding the potential brevity of renewed strikes on Iran helped stabilize oil prices and ease market anxiety.