Korean Stocks Hit New Record as US Prepares “Project Freedom”
South Korean stocks hit a new record on Monday, extending momentum after posting their strongest monthly gain in 28 years in April. The gains came as investors weighed geopolitical risk dynamics in the Middle East, particularly the impact of the Strait of Hormuz closure on energy and regional risk sentiment.
The main risk catalyst came from the US plan to “free” ships stranded since the closure of the Strait of Hormuz due to the Iran-Iran conflict. US President Donald Trump has dubbed the effort “Project Freedom,” focusing on evacuating civilian vessels flying flags of countries unaffiliated with the conflict so they can resume business activities.
US Central Command (CENTCOM) stated that military support for the operation includes guided-missile destroyers, more than 100 land-based and sea-based air assets, cross-domain unmanned platforms, and 15,000 personnel. Oil markets were volatile as market participants assessed the implications of the plan for supply continuity: June WTI rose 0.98% to US$102.92 per barrel, while July Brent rose 1.07% to US$109.31.
In Asia, the Kospi ended the session up 5.12% to 6,936.99, with Samsung Electronics and SK Hynix hitting intraday records, up 5.44% and 12.52%, respectively, driven by positive sentiment following strong US technology earnings. Other regional indices tended to strengthen, although Australia's S&P/ASX 200 fell 0.37% to 8,697.10; the Hang Seng rose 1.26% and the Nifty 50 gained 0.44%, while Japanese and Chinese markets were closed for holidays.
US stock futures traded mixed: S&P 500 futures rose 0.11% and Nasdaq 100 futures rose 0.33%, while Dow futures fell about 0.1%. On Friday, the S&P 500 and Nasdaq Composite set new intraday and closing records, while the Dow fell 0.31%—reflecting a market that remains risk-on, particularly with technology, but remains sensitive to energy shocks and geopolitical escalations that could impact inflation and interest rate expectations. (asd)
Source: Newsmaker.id
