won

South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.

It marked the second-largest daily gain in terms of points following 490.36 points reached on March 5.

Trade volume was heavy at 984.4 million shares worth 58.2 trillion won (US$40 billion), with losers outnumbering winners 199 to 677.

Foreigners bought 3.1 trillion won worth of local shares, while institutions and individuals dumped a net 2.3 trillion won and 571.2 billion won, respectively.

Overnight, U.S. President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.

The KOSPI opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.

The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.

After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI breached the 7,000-point level on continued optimism over the artificial intelligence (AI) boom and hopes for the reopening of the key waterway.

“Global tech giants’ strong performances and the strengthened value chain for AI data centers boosted the AI-related shares,” Lee Kyung-min, an analyst at Daishin Securities, said. “In particular, the market’s top-three shares of Samsung Electronics, SK hynix and SK Square led the rally.”

Top-cap Samsung Electronics surged 14.41 percent to close at 266,000 won, pushing its market capitalization above 1.5 quadrillion won and becoming the second Asian company to surpass the $1 trillion milestone after Taiwan Semiconductor Manufacturing Co.

SK hynix soared 10.64 percent to 1.6 million won, and AI investment firm SK Square jumped 9.89 percent to 1.1 million won.

Hanmi Semiconductor, a chip manufacturing company, rose 4.37 percent to 394,500 won, and LG Electronics vaulted 8.17 percent to 154,900 won.

However, shipbuilding and defense shares dropped. Major shipyard HD Hyundai Heavy Industries fell 4.71 percent to 648,000 won, and defense giant Hanwha Aerospace lost 2.18 percent to 1.4 million won.

Leading biotech firm Samsung Biologics declined 0.34 percent to 1.48 million won, and top mobile carrier SK Telecom backtracked 1.95 percent to 95,500 won.

The Korean won was quoted at 1,455.1 won against the U.S. dollar at 3:30 p.m., up 7.7 won from the previous session.

The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

New Delhi, India – Seema Das, a househelp in New Delhi, took on a two-day journey to reach her village in India’s West Bengal state, changing trains to make sure she got home in time to vote in provincial elections.

Das had previously always voted for the All India Trinamool Congress (TMC) party under Chief Minister Mamata Banerjee, a centrist political force that has been in power in the eastern Indian state since 2011. But this time, she said, her mother-in-law had convinced her that “Didi” – a nickname for Banerjee, which translates to elder sister in Bangla  – “favours Muslims”.

Das, a Hindu, added: “Didi has lost the track and only appeases Muslims to stay in power.”

That’s an accusation that Prime Minister Narendra Modi’s Hindu majoritarian Bharatiya Janata Party has long levelled against the TMC, which emphasises religious pluralism and the protection of minority rights. But for 15 years, Banerjee and her party have ruled the state of more than 90 million people, even as the BJP gained ground in a state where it had traditionally been a marginal player.

On Monday, that changed. Modi’s party won West Bengal. Early results from elections to the state’s legislature – which were held in April, but votes were counted on May 4 – show that Modi’s well-oiled election machinery is poised to deliver a thumping majority for the BJP in a state that its ideological founder was from, but that it has never won before. By 4:30pm India time, the BJP had won or was leading in 200 out of the state’s 294 seats, where its previous best performance was 77 seats in 2021. Banerjee’s TMC, meanwhile, was leading or had won just 87 seats.

The West Bengal elections were among five whose results were declared on Monday. In the southern state of Tamil Nadu, actor C Joseph Vijay threw up a surprise, defeating dominant parties to win with his upstart TVK party; in its neighbouring state of Kerala, the Congress party – the largest national opposition party – beat a coalition of left parties. A BJP-led alliance won the self-administered territory of Puducherry, once a French colony. And in the northeastern state of Assam, Modi’s party returned to power with a sweeping majority.

Yet it is the outcome in West Bengal that analysts say is by far the most consequential of the results that were declared on Monday, with the BJP walking the trails of religious polarisation and leveraging underlying anti-incumbency to win, experts told Al Jazeera.

Inside Banerjee’s bastion in East

Banerjee founded the TMC in 1998, breaking with the Congress party, disillusioned with its refusal to frontally take on a coalition of communist parties that had ruled West Bengal since 1977.

Rising from a humble background, the lawyer-turned-student-activist-turned-politician finally defeated the communists to win the state in 2011. Since Modi became prime minister of India in 2014, she emerged as a key challenger to the BJP – framing her politics, especially her defence of Bengal’s Muslims, as an act of opposition to Hindu majoritarianism.

She also launched a series of women-centric welfare schemes and pushed back against controversial land acquisition projects sought by big industry.

“There is visible support for Mamta and she remains popular, but there is anti-incumbency against the TMC machinery, and people were not happy with their interference in everyday life,” said Rahul Verma, an election observer who teaches politics at the Shiv Nadar University in Chennai.

He added that the BJP also ran a better-managed campaign this time, noting that he is not “shocked” by the results. “It was a difficult election for the BJP, but not impossible.”

To Verma, “there was a corridor available to them [in West Bengal], and one can now say everything aligned in a way to produce this outcome for them.”

Verma emphasised that “without serious anti-incumbency, West Bengal would not have gotten this kind of result.”

Nearly 68.2 million people voted in the election, or about 92.93 percent, a record high for the state.

Banerjee’s party failed to “offer anything new to the voters and to beat strong anti-incumbency sentiments against it”, said Praveen Rai, a political analyst at the Centre for the Study of Developing Societies, in New Delhi.

“The party system had turned hostile towards the people who did not subscribe to their ideology,” he argued, adding that “the TMC failed to read the growing resentment against economic deprivation and aspirational needs of the common people.”

Rai added that the loss in West Bengal also weakens Banerjee’s hopes of emerging as a national challenger for Modi’s job.

But the implications of the result extend beyond Banerjee, he said. The BJP’s win, and the TMC’s dramatic defeat, would “decrease the political capital of [all] the parties opposed to [Modi]”.

That’s a major shift from two years ago. In the 2024 national elections, Modi’s party had fallen short of a majority, leaving it reliant on allies’ support for survival. The election wins on Monday “offset the electoral setback” suffered in the national vote, Rai said.

“It substantially increases the national standing of Modi’s leadership and extends the hegemonic power of the party [BJP] to govern India,” Rai told Al Jazeera.

‘BJP ran on Hindu-Muslim polarisation’

Neelanjan Sircar, a senior fellow at the Centre for Policy Research in New Delhi, who travelled across West Bengal before the polls, told Al Jazeera that his team identified “a big urban-rural gap among voters’ preferences”.

“We found urban men are very polarised,” he added. “In Bengal, the Muslim population is disproportionately rural, and given the levels of polarisation, the result ended up in a big difference for the BJP.”

Historically, election analysts have argued that due to the BJP’s Hindu majoritarian politics, the party did not stand a chance of winning West Bengal. More than a quarter of the state’s population is Muslim. “That has, of course, not turned out to be true, something we did pick during our research,” Sircar said.

The BJP has not shied from projecting itself as the party of Hindu voters.

Suvendu Adhikari, leader of the BJP in the state and potential chief minister candidate, said, “There has been a Hindu consolidation [of votes].”

He claimed, however, that many Muslims also did not vote for Banerjee’s TMC like earlier, and got swayed towards the BJP. It is impossible to verify the claim until the Election Commission of India (ECI) has released details of the vote count, expected in the next few days.

“I want to thank every Hindu Sanatani who cast their votes in favour of the BJP,” Adhikari said, referring to Banerjee’s TMC as a “pro-Muslim party”. Sanatan Dharma is an endonym for Hinduism.

For the BJP, the win in West Bengal is also deeply symbolic: Shyama Prasad Mukherjee, who founded the Bharatiya Jana Sangh – the forerunner of the BJP – in 1951, was from the state.

Al Jazeera reached out to TMC spokespersons but has not received any response.

Pre-poll voter revision in spotlight

Before the polling in West Bengal, the ECI carried out a so-called revision of its electoral rolls through a Special Intensive Revision (SIR), which authorities have conducted in more than a dozen states so far.

The exercise in West Bengal controversially removed more than nine million people – nearly 12 percent of the state’s 76 million voters – from the voting list, snatching their right to cast a ballot in the elections.

Nearly six million of them were declared absentee or deceased, while the remaining three million were unable to vote because no special tribunals could hear their cases in the short timeframe available before the elections.

Banerjee’s TMC and other opposition parties in several states have called out the discrepancies in the revision of the voter list, accusing the ECI of siding with Modi’s BJP. Right activists and observers believe that the exercise disproportionately disenfranchised Muslims before the election.

Banerjee also appeared before India’s Supreme Court, challenging the “opaque, hasty, and unconstitutional” revision process. The top court did not restore the voting rights of millions affected but directed the ECI to publish a list of affected voters.

“Once the question of whether ‘I should be on the voter list’ became the dominant question for vulnerable populations, it’s not politics as usual,” said Sircar. “The level of polarisation that the voter revision caused is something that people outside the state do not really grasp.”

The Modi government also deployed 2,400 companies of paramilitary troops to West Bengal for the elections – a record for such provincial votes. The federal government claimed this was to assist election officials in carrying out the exercise without fear of political violence.

But the TMC and other opposition parties argued that the forces served to intimidate – or influence – voters.

“The heavy presence of security forces could have also created a favourable situation for the BJP,” argued Verma, of Shiv Nadar University. “Those who might be fence sitters and might have been afraid of TMC’s machinery on the ground were moved by this.

“There is no doubt that the trust level between opposition parties in India and the Election Commission of India is very low,” added Verma.

However, the analysts who spoke with Al Jazeera, including Sircar and Verma, agreed that the voter revision exercise alone could not have delivered such a decisive victory for the BJP – and that it reflects several other factors, including anti-incumbency and religious polarisation.

Still, analysts said, Banerjee will likely not go out without a fight.

In her first reaction to the vote counting, Banerjee addressed her party workers in a video statement, calling all workers and leaders not to leave vote-counting booths until the last ballots are counted.

“It’s a total forceful use of central forces to oppress the Trinamool Congress everywhere, breaking offices, and forcibly occupying them,” she said. “We are with you. Don’t be afraid. We will fight like the cubs of a tiger.”

Those aren’t empty warnings, Sircar said. “We are definitely in for drama.”

South Korean stocks shot up by more than 5 percent to close at a fresh high Monday, approaching the 7,000-point mark, as investors scooped up semiconductor shares while awaiting developments in U.S.-Iran peace talks. The Korean won rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 338.12 points, or 5.12 percent, to a fresh record high of 6,936.99.

Trade volume was heavy at 864.3 million shares worth 41.3 trillion won (US$28.2 billion), with losers outnumbering winners 473 to 392.

Foreigners bought 3 trillion won worth of local shares, and institutions purchased a net 1.9 trillion won, while retail investors dumped a net 4.8 trillion won.

The index opened 2.79 percent higher after U.S. President Donald Trump announced a plan to guide ships not involved in the Iran conflict through the Strait of Hormuz as a “humanitarian gesture” starting this week.

Later, a senior Iranian official warned that Tehran would consider any U.S. interference in the strait a ceasefire breach.

However, the KOSPI extended its gains in the afternoon, supported by foreign and institutional buying.

“Tech shares were driven by gains on Wall Street over the weekend,” Lee Kyung-min, an analyst at Daishin Securities, said. “Also, foreign investors expanded their net purchase ahead of the market closure for Children’s Day on Tuesday.”

The main index surpassed the 5,000-point mark in late January and topped another milestone of the 6,000-point level in February.

After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI is now approaching the uncharted 7,000-point level on continued optimism over the AI boom and hopes for the reopening of the key waterway.

Semiconductor stocks led the rally.

Chip giant Samsung Electronics jumped 5.44 percent to 232,500 won, and its chipmaking rival SK hynix surged 12.52 percent to a fresh record high of 1.4 million won, surpassing 10 trillion won in market capitalization for the first time.

Hanmi Semiconductor, a chip equipment manufacturer, rose 2.72 percent to 378,000 won, and Samsung Electro-Mechanics, an electronic components affiliate of Samsung Electronics Co., soared 10.34 percent to 918,000 won.

Defense shares were also strong as industry leader Hanwha Aerospace advanced 3.39 percent to 1.4 million won and LIG D&A gained 4.46 percent to 983,000 won.

Top carmaker Hyundai Motor climbed 1.51 percent to 539,000 won, and leading battery maker LG Energy Solution increased 2.5 percent to 472,000 won.

However, bio shares went south as Celltrion fell 1.35 percent to 197,800 won, and Samsung Biologics dropped 2.58 percent to 1.4 million won.

The Korean won was quoted at 1,462.8 won against the U.S. dollar at 3:30 p.m., up 20.5 won from the previous session.

The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 2 basis points to 3.615 percent, while the return on the benchmark five-year government bonds gained 1.7 basis points to 3.797 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

Eight candidates for California governor shared a stage for 90 minutes Tuesday night, their second of three scheduled debates before the June 2 primary.

My colleagues Gustavo Arellano and Mark Z. Barabak joined me to decide who the winner was, or if there was a winner at all.

Arellano: The real MVP in this debate? State Supt. Tony Thurmond.

He brought up his family story — child of a Panamanian immigrant who lost his parents young, someone familiar with “government cheese” as sustenance growing up — in a way that didn’t sound forced or pedantic.

He usually stayed within the time limits that were barely enforced by moderators. And he kept knocking down Chad Bianco again and again, drawing applause when he brought up the Riverside County sheriff’s takeover of hundreds of thousands of ballots.

Thurmond is the only gubernatorial candidate currently holding a statewide position, a former Richmond City Council member and Assembly member. “Elect someone with a lived experience,” he told the audience in his closing statement.

So why has Thurmond polled so low again and again to the point that he keeps not getting invited to debates and therefore not getting in front of California voters?

California has never elected a Black governor — in fact, the state is notorious for not voting in Tom Bradley in 1982 even though polls showed him leading George Deukmejian all the way to Election Day (the phenomenon of voters telling pollsters what they think they want to hear instead of what they actually feel is now known as the Bradley Effect).

As California’s Black population keeps shrinking, it would’ve been wonderful to see Thurmond do better than he has.

Chabria: Gustavo is spot on with his take on Thurmond. He came across as polished, capable and knowledgeable. But also, he’s just too far down in the polls for any kind of comeback.

In my mind, though, Xavier Becerra was the clear winner. No, he didn’t blow the other candidates away.

But he landed more than one punch that will almost certainly be on social media feeds for weeks to come, especially when he went at Republican Steve Hilton. Early on, he called President Trump “Hilton’s daddy.” Later, he quipped at Hilton, “We don’t need a talking head for Fox News to tell us how the government works.”

The debate was chaotic in more than one moment, but Becerra managed to get more than his share of airtime and use it wisely. Tom Steyer, the other Democratic front-runner, mired himself in wonk-talk. He wanted to get deep into policy, and got lost in complicated issues such as oil refineries.

Steyer didn’t have a single memorable line, though his closing statement did redeem him somewhat. He called himself the “change maker,” and promised, “if you want change, there is only one person on this stage they are afraid of” — they being tech titans, oil companies and other gods of industry.

It was the same for Katie Porter and Matt Mahan, who didn’t do anything wrong, but also, didn’t break out.

But those back-and-forths of Becerra and Hilton are priceless because they’re quick and shareable. I won’t be surprised to see voters drift Becerra’s way, even if only a bit.

Barabak: No runs, no hits, no errors. Seven men — and one woman — left standing.

I didn’t see, or hear, anything that seems very likely to drastically shake up or dramatically reorder the governor’s race. No breakout performance that will launch any of the candidates into clear-cut front-runner status. No major gaffes to leave any of the contestants sprawled on the killing floor.

So to that extent, I would score Becerra as the evening’s (modest) winner. He’s clearly having a moment, surging from political near-death to the top tier in polls. (Though, let’s be clear, it’s still a muddle, with several candidates bunched in the 15%-20% support range.)

There have been suggestions Becerra needs to show a bit more fight and he did so Tuesday, in particular taking on Hilton. Some of his jabs seemed a bit forced and stagy. (That line about Trump as “Hilton’s daddy.”)

Better, as Anita noted, was the jab from the former congressman, state attorney general and Biden cabinet secretary about a Fox “talking head” explaining how government works.

I found Porter to be crisp and authoritative on policy; Steyer to be repetitive (I’m the only change agent on this stage, look how much money is being spent to stop me — though it’s a small fraction of the sum he’s sunk into his vanity-cruise campaign); Mahan and Antonio Villaraigosa to be largely afterthoughts, and Bianco to have all the warmth and appeal of the grouchy old man telling kids in the neighborhood to get off his damn lawn!

The Riverside County sheriff seemed not to be running for governor of California, but rather mayor of MAGA-ville, a strategy apparently intended to nab one of two spots in the June primary, allowing him to go on to crushing defeat in November.

I agree that perhaps the night’s most surprising performance came from Thurmond. The state schools superintendent is mired in bare single digits in polls and only just made the debate stage after being left out of last week’s meetup in San Francisco.

His chances of being California’s next governor are somewhere between zero and nil, which is why he escaped serious scrutiny. That said, he made the most of the 90 minutes on stage, laying out his compelling up-from-poverty life story and seeming to relish taking on Bianco in particular.

Too little, too late. But Thurmond certainly acquitted himself well.

What else you should be reading
The must-read: ‘This is like the Russian mafia’: L.A. judge elections see unusual drama
The deep dive: Gavin Newsom wants to break up with Elon Musk. Tesla is making that difficult.
The L.A. Times Special: John Seymour, Anaheim mayor and U.S. senator, dies at 88

Stay Golden,

Anita Chabria

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