South Korean auto and shipbuilding stocks rallied Thursday after Seoul and Washington finalized a trade deal announced back in July.

Hanwha Ocean spiked as much as 14.9% while Samsung Heavy Industries climbed 8.33% at its peak. Defense product maker Firstec also rose as much as 9.7%.

Automakers Hyundai and Kia saw gains of around 12% and 9% respectively.

The agreement, detailed following a meeting between President Lee Jae Myung and U.S. President Donald Trump, includes lower U.S. tariffs on South Korean goods in exchange for a $350 billion investment pledge from Seoul — a move that could reshape trade and defense ties between the two allies.

Under the new terms, U.S. tariffs on South Korean exports will drop to 15% from the earlier "tariff letter" rate of 25%. South Korea's $350 bi

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