Seoul shares open sharply higher as US recession woes fade

South Korean stocks opened sharply higher Friday as major US data eased economic slowdown fears. The benchmark Korea Composite Stock Price Index (Kospi) rose 52.43 points, or 1.98 percent, to 2,696.93 in the first 15 minutes of trading. Overnight, major US indexes rallied as the latest retail sales data showed that shoppers are still driving the economy. The Dow Jones Industrial Average rose 1.4 percent, the S&P 500 increased 1.61 percent, and the tech-heavy Nasdaq composite soared 2.34 perc

Aug. 16, 2024

Korean brokerages to halt daytime trading of US stocks

Local securities firms that offer daytime trading of US stocks for South Korean investors are to tentatively suspend the service, following the order cancellation fiasco that happened earlier this month. A total of 19 brokerage houses, affected by the cancellation of orders by the US overnight trading platform operator Blue Ocean Technologies, are to temporarily suspend the service from Friday, according to the Korea Financial Investment Association. “Representing local securities firms,

Aug. 14, 2024

Seoul shares up for 4th day on hopes for rate cuts by Fed

South Korean stocks closed higher for the fourth consecutive session Wednesday as cooler-than-expected US producer price data soothed concerns and boosted investors' sentiment. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 23 points, or 0.88 percent, to close at 2,644.50. Trade volume was a little slim at 321.4 million shares worth 8.6 trillion won ($6.3 billion), with winners outnumbering losers 649 to 234. Foreigners purchased

Aug. 14, 2024

[Hello India] Korean investors flock to India's booming stock market

More South Korean investors are eyeing lucrative opportunities in the booming Indian market with its equity funds yielding more returns than those comprising US and Japanese stocks. In June, India’s total stock market value reached the $5 trillion milestone, making it one of the world’s biggest markets, following those of the US, China, Japan and Hong Kong. With remaining hurdles in foreign direct investment regarding registration and taxation, local retail investors are choosing to

Aug. 14, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street led by a cooler-than-expected US producer price index. The benchmark Korea Composite Stock Price Index rose 29.24 points, or 1.12 percent, to 2,650.74 in the first 15 minutes of trading. Overnight, major US indexes gained ground as softer producer price data boosted bets the Federal Reserve will start cutting its rates soon. In Seoul, market bellwether Samsung Electronics advanced 1.97 percent, and its chipmakin

Aug. 14, 2024

Seoul shares up for 3rd day ahead of key US data

South Korean stocks ended slightly higher Tuesday as investors remained cautious ahead of the releases of major US data later this week to gauge the Federal Reserve's monetary policy direction. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 3.2 points, or 0.12 percent, to 2,621.50. Trade volume was a little slim at 372.2 million shares worth 8.8 trillion won ($6.4 billion), with losers outnumbering winners 561 to 322. Fo

Aug. 13, 2024

Seoul shares open higher ahead of key US economic data

South Korean stocks opened slightly higher Tuesday as investors are awaiting the release of major US economic data due later this week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.8 points, or 0.22 percent, to 2,624.10 in the first 15 minutes of trading. Overnight, major US indexes finished mixed, with the S&P 500 almost unchanged, the Dow Jones Industrial Average down 0.4 percent, and the tech-heavy Nasdaq composite up 0.2 percent. Investors' eyes are on the US consu

Aug. 13, 2024

Seoul shares spike over 1% on eased US recession woes

South Korean stocks closed more than 1 percent higher Monday, recovering from last week's rout as concerns over a US economic recession eased. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 29.87 points, or 1.15 percent, to 2,618.30, rising for the second consecutive day. Trade volume was slim at 286.2 million shares worth 7.4 trillion won ($5.4 billion), with winners far outnumbering losers 674 to 202. Foreigners and institution

Aug. 12, 2024

[Herald Interview] Why Korean investors can benefit from US equity exposure

With the US stock market representing more than half of the world’s total equity market capitalization, adopting a US perspective for investment decisions can be helpful for Korean investors, Hamish Preston, head of US Equity Indices at S&P Dow Jones Indices, said in a recent interview held online with The Korea Herald. Over the years, Korean investors have been showing an increased appetite in US-listed stocks. Their holdings of US equity stood at $88.23 billion in end-July, displayin

Aug. 12, 2024

FSC chief stresses need to enhance corporate values for strong economy

The chief of the financial regulator called on local companies to actively join the government-initiated corporate value-up program Monday, stressing the need to build a stock market that is "stronger" and can "recuperate faster." Kim Byoung-hwan, head of the Financial Services Commission, made the call in a meeting with the heads of eight local businesses that have made public disclosures about their corporate value-up efforts or promised to do so in the near future. "I

Aug. 12, 2024

Seoul shares open higher on eased US recession woes

South Korean stocks opened higher Monday on eased woes over a US recession after last week's rout. The benchmark Korea Composite Stock Price Index added 26.81 points, or 1.04 percent, to 2,615.24 in the first 15 minutes of trading. Major US indexes finished higher Friday following a rout as recession woes diminished thanks to better-than-expected unemployment data. Investors' eyes are now on the US consumer price, producer price and retail sales data due out later this week. In Seoul,

Aug. 12, 2024

Seoul shares end over 1% higher on calmed recession woes

South Korean stocks finished more than 1 percent higher Friday as investor sentiment was boosted by better-than-expected recent US jobless data, soothing recent recession fears that had rocked global financial markets. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 31.7 points, or 1.24 percent, to close at 2,588.43. Trade volume was moderate at 464.3 million shares worth 9.5 trillion won ($6.96 billion), with gainers largely outnumbering de

Aug. 9, 2024

Seoul shares open higher on eased recession woes

South Korean stocks got off to a strong start Friday tracking overnight gains on Wall Street on eased recession woes. The benchmark Korea Composite Stock Price Index added 36.85 points, or 1.44 percent, to 2,593.58 in the first 15 minutes of trading. In the United States, stock indices finished higher as better-than-expected unemployment data buoyed investor sentiment. The Dow Jones Industrial Average rose 1.76 percent and the tech-heavy Nasdaq Composite jumped 2.87 percent. In Seoul, most share

Aug. 9, 2024

Seoul shares end two-day rise after global sell-off

South Korean stocks ended a two-day rebound after the global crash as investor sentiment was dampened by lingering US recession woes and the sluggish performance of big tech firms. The local currency slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 11.68 points, or 0.45 percent, to close at 2,556.73. Trade volume was moderate at 477.7 million shares worth 11.2 trillion won ($8.1 billion), with losers closely beating winners 464 to 423. Foreigners and i

Aug. 8, 2024

W630b Korean trades canceled amid huge global sell-off

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellations affected around 90,000 accounts at 19 local securities firms that offer daytime trading of US stocks to Korean investors. On Monday afternoon Korean time, US overnight trading platform Blue Ocean ATS

Aug. 8, 2024

Seoul shares open lower on lingering US recession woes

South Korean stocks started lower Thursday amid lingering fears about a US recession. The benchmark Korea Composite Stock Price Index lost 28.7 points, or 1.12 percent, to 2,539.71 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.6 percent and the Nasdaq Composite dropped 1.05 percent as investors were still worried about a possible US recession and the sluggish performance of big tech companies. The Kospi has risen for two straight sessions after plunging n

Aug. 8, 2024

Seoul shares rebound for 2nd day on tech gains after global rout

Seoul shares ended higher for a second straight session Wednesday, helped by tech gains, as investors' sentiment for risky assets improved following a global stock rout. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.26 points, or 1.8 percent, to close at 2,568.41. Trade volume was moderate at 469.69 million shares worth 12.9 trillion won ($9.4 billion), with winners exceeding losers 727 to 176. The rebound comes in line with gains

Aug. 7, 2024

Seoul shares open higher on US gains, but jitters linger

Seoul shares opened higher Wednesday, tracking gains on Wall Street, two days after their worst rout over fears of a US recession. However, some analysts said worries about market turmoil linger. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.17 points, or 0.48 percent, to 2,534.32 in the first 15 minutes of trading. The Kospi ended 3.3 percent higher Tuesday after plunging nearly 9 percent Monday due to massive selloffs amid concerns over a recession in the United States. Overn

Aug. 7, 2024

Seoul shares sharply rebound from worst rout

South Korean stocks rose more than 3 percent Tuesday, rebounding from the previous day's worst market sell-off, sparked by fears over a US recession and the sluggish performance of big tech firms. The local currency slightly fell against the US greenback. The benchmark Korea Composite Stock Price Index gained 80.6 points, or 3.3 percent, to close at 2,522.15. It marked a turnaround from a whopping 8.77 percent crash Monday as investor sentiment was undermined by fears that the US economy is

Aug. 6, 2024

Seoul shares remain volatile after market meltdown

The South Korean stock market partially rebounded Tuesday following the previous day's massive rout, as bargain-hunting investors sought to profit. The benchmark Kospi closed at 2,522.15, up 80.6 points, or 3.3 percent, Tuesday. After opening at 2,533.34, the market showed a limited recovery. It fluctuated throughout the trading hours, but eventually lost over 10 points. Shortly after trading began Tuesday, the Korea Exchange, the nation's sole bourse operator, activated a sidecar trad

Aug. 6, 2024