South Korean tech stocks rally on policy optimism

Kakao

18/06/2025 06:46

** South Korean tech shares rally on policy optimism

** Search engine Naver 035420.KS rises as much as 16.7%, set for its biggest daily jump since August 2013, if gains hold

** Shares of instant messenger Kakao 035720.KS climb as much as 6.95%

** Earlier this week, President Lee Jae Myung, who has pledged to increase investment in AI, appoints Ha Jung-woo — head of the Future AI Centre at Naver, South Korea's leading web portal — as his first AI secretary

** JPMorgan raises target price for Naver to 270,000 won from 250,000 won, cites the appointment of Ha, according to Korea Economic Daily

** Naver up 16.6% at 240,500 won and Kakao rises 6%

** The broader KOSPI market .KS11 up 0.54%, as of 0526 GMT

 (Reporting by Jihoon Lee)

 ((jihoon.lee@thomsonreuters.com))