South Korea's Kospi rallied over 3% on Tuesday, propelled by stronger-than-expected third-quarter GDP growth, a surge in global AI optimism, and a timely pullback in oil prices.
The Korea Composite Stock Price Index, or Kospi, increased by 168.87 points, or 3.1%, to close at 5,638.34. The Kosdaq also rose by 16.62 points, or 2.3%, to close at 743.83.
In economic news, South Korea's GDP grew 3.4% year over year in the third quarter, according to an advance estimate from the Bank of Korea on Tuesday.
The pace of growth was softer than the 3.7% expansion in the previous quarter, but still exceeded the consensus forecast for a 3% growth, according to Investing.com.
On a quarter-over-quarter basis, the economy expanded 1%, accelerating from the 0.6% increase in the previous quarter. It also topped the consensus forecast of 0.7%.
In corporate news, Samsung Electronics (KRX:005930) signed a business agreement with Tencent (HKG:0700) and Woori Financial Group (KRX:316140) subsidiary Woori Bank to support the Samsung Wallet Money overseas payment service, the chipmaker said in a Tuesday release.
Under the agreement, the three parties will launch Samsung Wallet Money QR payments in China, allowing South Korean users to pay at WeChat Pay merchants via the service. The companies also plan to boost their long-term cooperation in digital payments, it said.
Shares of Samsung Electronics added over 4% at market close, while those of Woori Financial Group fell over 1%.
In other news, HD Hyundai Electric (KRX:267260) plans to invest 198 billion won to expand its production facilities, including manufacturing facilities for switchboards and distribution transformers, as well as automation equipment, according to a Tuesday filing with the Korea Exchange.
The investment, expected to be made by June 30, 2029, is designed to respond to the growing demand for AI data centers, which drives orders for mega projects, the company said.
Shares of HD Hyundai Electric rose nearly 1% at market close.
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