South Korean shares closed marginally higher on Monday as investors looked forward to the US-Korea trade talks in Washington. South Korea's finance and industry ministers will meet US Treasury Secretary Scott Bessent and USTR representative Jamieson Greer on Thursday, April 24, for the negotiations.
The Korea Composite Stock Price Index, or Kospi, rose 5 points, or 0.2%, to close at 2,488.42. The Kosdaq, on the other hand, declined 2.32 points, or 0.3%, to 715.45.
In economic news, South Korea's unfunded national debt is projected to increase 11.8% to hit 885.4 trillion won in 2025 from a year earlier, Yonhap News reported Sunday, citing the Ministry of Economy and Finance.
This would represent 69.2% of the total national debt, rising from 66.3% in 2024.
The increase may be partially driven by a proposed 12.2 trillion-won supplementary budget. Unfunded debt, which relies on taxpayer money for repayment, has surged since surpassing 300 trillion won in 2015 and has grown rapidly during the pandemic.
In corporate news, Jeju Bank (KRX:006220) plans to issue 5.7 million shares at 10,055 won per share, the bank said in a stock exchange filing on Friday.
The company aims to raise a total of 57 billion won via the stock sale, the proceeds of which will be used to finance its operations, according to a Yonhap News report the same day.
Shares of Jeju Bank fell nearly 3% at market close on Monday.
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