Seoul, Jan 6 (IANS) 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

na/