The benchmark KOSPI rose 0.1% to around 3,401 on Monday, surpassing the 3,400 mark for the first time and holding at record levels, supported by Fed rate-cut bets and relief over domestic tax policy. Expectations that the US Federal Reserve will deliver a 25-basis point rate cut at its meeting this week bolstered global risk appetite, with investors also watching for signals on the pace of further easing. Domestically, the government’s decision to maintain the KRW 5 billion threshold for large shareholder capital gains tax, in line with recent pledges from President Lee, eased concerns over higher burdens and encouraged foreign inflows. On the corporate front, gains in heavyweight chipmakers such as SK Hynix (+0.2%) and Samsung Electronics (+1.9%), backed by optimism over AI-related demand, lent support to the index. Still, profit-taking limited further advances, with losses from LG Energy Solution (-0.1%) and Hyundai Motor (-2.9%).