The South Korean stock market is trading sharply higher on Monday with investors stepping back into the ring after Friday's retreat. Markets across the Asian region had tumbled on Friday amid concerns over the impact of Dubai World's financial crisis on the global economy.
With stocks cutting across various sectors surging higher, the benchmark KOSPI index is currently trading at 1,564.45, up 39.95 points or 2.62%.
Bank stocks are rallying sharply. Woori Finance is gaining nearly 8%, Korea Exchange Bank is trading higher by 5.2%, Shinhan Financial is up by about 4% and KB Financial is trading with a gain of 3.6%.
Among automobile stocks, Kia Motor is gaining 4.3%, Ssangyong Motor is up 1.5% and Hyundai Motor is trading higher by over 3.5%.
In the technology space, heavyweight Samsung Electronics is trading higher by 2.3%, LG Display LCD is gaining 4.2%, Hynix Semiconductor is up 1.7% and LG Electronics is gaining about 1.5%.
Among shipping stocks, Hyundai Heavy Industries is up 3.7%, Samsung Heavy Industries is trading 3.2% up and Daewoo Shipbuilding is gaining about 3.2%, while STX Pan Ocean is moving up by 2%.
Oil stocks SK Holdings and S-Oil are trading higher by 4% and 2% respectively. KEPCO is gaining a modest 0.8%. Steel stocks Hyundai Steel and POSCO are up 3.4% and 1.3% respectively.
Airliners Korean Air and Asiana Airlines are up 3.2% and 2.3% respectively. Telecom stocks SK Telecom and KT Corp. are trading modestly higher.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Hong Kong, Japan, New Zealand and Taiwan are trading with sharp gains. The Indonesian market is trading modestly higher, while Singapore is exhibiting weakness. Markets across the region had ended sharply lower on Friday on concerns about the financial crisis in Dubai.
On Wall Street, stocks tumbled on Friday with traders going on a selling spree amid concerns over the impact of Dubai World's debt worries on global economy. The major averages all ended the day firmly in negative territory, although well off their worst levels of the day.
The Dow closed down 154.5 points or 1.5% at 10,309.9, the Nasdaq fell 37.6 points or 1.7% to 2,138.4 and the S&P 500 closed down 19.1 points or 1.7% at 1,091.5.
Major European markets showed a substantial turnaround on Friday after moving sharply lower at the open. The U.K.'s FTSE 100 Index rose 1%, while the French CAC 40 index and the German DAX index closed up 1.2% and 1.3% respectively.
Crude oil prices drifted lower on Friday on concerns that Dubai's call for a freeze on debt payment by Dubai World could derail the global recovery from recession. Light sweet crude for January delivery ended at US$76.05 a barrel, lower by US$1.91 from Wednesday's close.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.