A presidential official said South Korean President Yoon Suk Yeol summoned a national strategy conference on Monday to strengthen the competitiveness of the rechargeable battery and semiconductor sectors.
The official did not elaborate, but the statement came a day before the central bank is anticipated to hold interest rates constant for a second straight meeting on Tuesday to support the faltering economy.
Trade and chip exports drive South Korea’s economy, but a deteriorating global economy and slowing Chinese demand have slowed it. In addition, interest rate hikes have also slowed local expenditure.
South Korean battery and semiconductor stocks rose early Monday. LG Energy Solution (373220. KS) and SK Hynix (000660. KS) shares rose 2.76% and 2.58%, respectively, compared to the KOSPI’s 0.94% advance.
