NewKerala.com

KOSPI Breaks 4,500 Barrier, Hits Record High Amid Tech Rally

South Korea's benchmark KOSPI index briefly surpassed the 4,500-point level for the first time, setting a new record high driven by institutional and retail buying in technology stocks. This milestone comes just one day after the index broke through the 4,400-point barrier. Concurrently, government data reveals a significant reduction in state-funded R&D projects, with one in ten lead researchers losing projects in 2024 due to budget cuts. The Ministry of Science and ICT is operating a task force to review the impact of these R&D spending reductions.

Key Points: KOSPI Tops 4,500 for First Time, Sets Record High

  • KOSPI hits historic 4,500 mark
  • Tech and large-cap shares drive gains
  • Government R&D projects face 11.2% researcher cut
  • R&D budget falls 9.6% to $18.9 billion
  • Ministry task force reviewing budget impact
2 min read

KOSPI briefly tops 4,500 for first time; further gains eyed

South Korea's KOSPI index briefly surpassed 4,500 points, hitting a record high on tech stock gains, while R&D projects face cuts.

"The KOSPI briefly traded above the landmark 4,500 level, one day after breaking the 4,400-point mark - Yonhap news agency"

Seoul, Jan 6

South Korea's benchmark stock index briefly topped the 4,500-point mark on Tuesday for the first time, setting a fresh record high.

The KOSPI briefly traded above the landmark 4,500 level, one day after breaking the 4,400-point mark on gains in technology stocks, reports Yonhap news agency.

The main index opened lower Tuesday on profit taking but later turned higher as institutions and retail investors scooped up technology and other large-cap shares.

The KOSPI was at 4,491.98 as of 2:08 p.m., up 34.46, or 0.77 percent, from the previous session.

Meanwhile, one in 10 lead researchers involved in state-funded research and development (R&D) projects lost their projects in 2024 amid sweeping budget cuts under the previous Yoon Suk Yeol administration, government data showed on Tuesday.

According to the Ministry of Science and ICT, the total number of lead researchers in government-funded R&D projects had stood at 41,902 in 2024, down 11.2 percent from the previous year.

Government R&D spending for the year totaled 26.2 trillion won (US$18.9 billion), down 9.6 percent from the previous year, while the number of projects fell 13 percent to 60,696.

The total number of participating researchers also dropped, falling 10.8 percent on-year to 276,215 in 2024.

The decline reflects a sharp reduction in the number of government R&D projects following budget cuts and a shift toward larger-scale projects, which reduced opportunities for smaller projects, the ministry said.

The ministry said it is operating a task force to review the R&D budget cuts and assess their impact, including changes in the number and size of reduced projects and the number of affected researchers, said the report.

- IANS

Share this article:

Reader Comments

S
Sarah B
The stock market high is impressive, but the R&D cuts are concerning. Cutting science funding to chase short-term stock gains is a risky strategy. India should learn from this and protect its research budgets, especially in critical tech areas.
P
Priya S
Wow, 4,500 points! 🚀 Our Korean friends are doing well. But as an Indian investor, I'm more focused on whether this global positivity will bring more FII money into India. That's the real question for us.
R
Rohit P
The part about researchers losing projects is sad. In India, we also face challenges with consistent funding for scientists. Government needs to understand that innovation needs long-term commitment, not just budget adjustments based on the political cycle. Jai Vigyan!
V
Vikram M
Interesting contrast in the article. Market hits record high, but R&D faces cuts. Shows where priorities lie. Hope our policymakers in Delhi are watching. A strong economy needs both a booming stock market AND strong investment in future technologies.
K
Karthik V
As someone in the tech industry, I find the KOSPI surge encouraging. It reflects global confidence in tech. But the 10% drop in lead researchers is a red flag. Talent is everything. India has a chance to attract some of that talent if we play our cards right with better research ecosystems.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50