Korea's national pension fund logs over 10% return through October

South Korea's state pension fund registered some 10 percent yield through October on the back of good performance in its investments in local and overseas stocks, its operator said Monday. The National Pension Service (NPS) said the national pension fund logged a 10.27 percent return in the January-October period, with the value of its assets under management reaching 997.38 trillion won($739 billion) as of end-October. Last year, the pension fund logged its worst return at minus 8.28 perce

Oct. 30, 2023

Seoul shares inch up on bargain hunting ahead of Fed meeting

South Korean stocks closed slightly higher Monday as investors scooped up bargains ahead of the US Federal Reserve's policy meeting this week, analysts said. The local currency closed higher against the greenback. The benchmark Korea Composite Stock Price Index gained 7.74 points, or 0.34 percent, to close at 2,310.55. Trading volume was moderate at 437 million shares worth 6.82 trillion won ($5 billion), with gainers outnumbering losers 593 to 281. After opening lower, shares rebounded lat

Oct. 30, 2023

Mirae Asset ETF to make Chinese debut

Mirae Asset Global Investments is making its foray into China’s exchange-traded fund market, becoming the first Korean asset management firm to do so. The Global X Hang Seng Tech ETF, operated by the asset manager’s ETF arm in Hong Kong, will be set up for trading on China’s Shanghai Stock Exchange and Shenzhen Stock Exchange from Nov. 6. The ETF tracks the Hang Seng Tech index, a gauge of the 30 largest Chinese tech shares listed on the Hong Kong Stock Exchange. Through the

Oct. 30, 2023

Seoul shares open lower ahead of Fed meeting this week

South Korean stocks opened lower Monday as investors sat on the sidelines as the US Federal Reserve is set to hold its monetary policy meeting later this week. The benchmark Korea Composite Stock Price Index fell 3.78 points, or 0.16 percent, to 2,299.03 in the first 15 minutes of trading. The Federal Reserve is set to hold its two-day meeting Tuesday and Wednesday, with investors focusing on whether Federal Reserve Chairman Jerome Powell will provide any hint on future monetary policy. Tech gia

Oct. 30, 2023

Seoul shares make slight recovery after massive fall

Korea’s benchmark stock index Kospi recovered to over 2,300 points on the back of bargain hunting on Friday, after experiencing a huge dip the day before. The Kospi closed at 2,302.81, up 3.73 points from the previous day. Despite massive sell-offs by foreign investors, retail investors and institutions backed the index, net buying 100.5 billion won ($74.1 million) and 221.9 billion won, respectively. Foreign investors sold off 378.9 billion won. The Kosdaq, Korea’s secondary bourse,

Oct. 27, 2023

Seoul shares open higher on eased Fed rate hike woes

South Korean stocks opened higher Friday as higher-than-expected US economic growth and solid consumer demand boosted hopes for a pause in the Federal Reserve's rate hike march. The benchmark Korea Composite Stock Price Index added 12.04 points, or 0.52 percent, to 2,311.12 in the first 15 minutes of trading, making a rebound from the previous day's crash. Overnight, all three major US indexes closed lower due to a slide in tech blue chips that posted disappointing earnings. Data showe

Oct. 27, 2023

Seoul shares open sharply lower on US losses

South Korean stocks opened over 1.4 percent lower Thursday in a broad sell-off on heightened concerns after Wall Street slumped overnight. The benchmark Korea Composite Stock Price Index lost 33.92 points, or 1.44 percent, to 2,329.25 in the first 15 minutes of trading. In the US, the S&P 500 tumbled 1.43 percent and the tech-heavy Nasdaq Composite shot down 2.43 percent, posting its largest drop this year, on Google's parent Alphabet's disappointing cloud figures and a rise in Tre

Oct. 26, 2023

Seoul shares dip amid grim outlook for EV sector

South Korean stocks closed sharply lower Wednesday as battery shares plummeted amid forecasts that global demand for electric vehicles will slow down next year due to economic uncertainties. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.34 points, or 0.85 percent, to close at 2,363.17. Trading volume was a little slim at 435 million shares worth 7.7 trillion won ($5.7 billion), with gainers outnumbering losers 613 to 267. Foreigners

Oct. 25, 2023

Seoul shares open flat despite US gains

South Korean stocks opened almost flat Wednesday as investors awaited the release of major corporate earnings reports. The benchmark Korea Composite Stock Price Index lost 0.69 points, or 0.03 percent, to 2,382.82 in the first 15 minutes of trading. Overnight, Wall Street ended higher as investors' expectations grew ahead of the release of tech bluechips' earnings reports. The Dow Jones Industrial Average gained 0.62 percent, the tech-heavy Nasdaq composite rose 0.93 percent and the S&

Oct. 25, 2023

Seoul shares snap 3-day fall on strong techs, bios; won sharply up

South Korean stocks rose more than 1.1 percent Tuesday to end a three-day losing streak thanks to sharp gains in big-cap tech and bio shares. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index added 26.49 points, or 1.12 percent, to close at 2,383.51. Trading volume was a little slim at 437.5 million shares worth 7.8 trillion won ($5.8 billion), with gainers outnumbering losers 630 to 249. Foreigners dumped a net 154.3 billion won worth of loc

Oct. 24, 2023

Seoul shares open higher as US Treasury yields slide

South Korean stocks opened higher Tuesday as US Treasury yields took a breather after soaring in the past few days. The benchmark Korea Composite Stock Price Index added 7.77 points, or 0.33 percent, to 2,364.79 in the first 15 minutes of trading. Overnight, Wall Street ended mixed as US Treasury yields dropped after hitting 5 percent and investors awaited earnings reports from tech giants, including Microsoft Corp., Alphabet Inc. and Amazon.com, later this week. In Seoul, market bellwether Sams

Oct. 24, 2023

Seoul shares down for 3rd day amid geopolitical tension, high US bond yields

South Korean stocks closed sharply lower for the third consecutive day Monday as investors' risk-off sentiment escalated amid geopolitical uncertainties and high US bond yields. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.98 points, or 0.76 percent, to close at 2,357.02. Trading volume was slim at 387.7 million shares worth 6.9 trillion won ($5.1 billion), with decliners beating gainers 593 to 283. "With no specific upward mome

Oct. 23, 2023

Seoul shares open almost flat amid geopolitical tensions, rate woes

South Korean stocks opened almost flat Monday amid geopolitical tensions and expectations of continued Fed rate woes. The benchmark Korea Composite Stock Price Index lost 1.75 points, or 0.07 percent, to 2,373.25 in the first 15 minutes of trading. All three major US indexes closed sharply lower Friday amid escalating tensions in the Middle East and market expectations that the Fed will keep its key rates higher for longer. In Seoul, market bellwether Samsung Electronics added 0.29 percent and t

Oct. 23, 2023

Seoul shares hit 7-month low on US rate hike woes

South Korean stocks dropped by more than 1 percent to the lowest point in over seven months Friday amid woes over the US Federal Reserve's further monetary tightening. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 40.8 points, or 1.69 percent, to close at 2,375, marking the lowest level since March 14, when the Kospi finished at 2,348.97. Trading volume was slim at 507.2 million shares worth 8.8 trillion won ($6.5 billion), with decliner

Oct. 20, 2023

Seoul shares open lower on US losses

South Korean stocks got off to a weak start Friday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 35.19 points, or 1.46 percent, to 2,380.61 in the first 15 minutes of trading. After the Federal Reserve Chairman Jerome Powell's hint at a further rate hike, US stocks closed sharply lower. The Dow Jones Industrial Average fell 0.75 percent and the Nasdaq Composite dropped 0.96 percent. In Seoul, market heavyweights led the decline. Top-cap Samsu

Oct. 20, 2023

[Graphic News] Dried seaweed exports up 16% this year: data

South Korea’s exports of the dried seaweed gim grew 16 percent on-year during the first eight months of 2023 on solid overseas demand in line with the popularity of Korean food and culture, the Oceans Ministry said. Outbound shipments of gim came to $540.68 million in the January-August period, up from $466.1 million from a year earlier, according to data from the Ministry of Oceans and Fisheries. In terms of volume, the country sold 24,862 tons of gim products during the cited period, up

Oct. 20, 2023

Seoul shares end nearly 2% lower amid Middle East woes

South Korean stocks tumbled nearly 2 percent lower Thursday as escalating concerns over the Israel-Hamas conflict stoked risk aversion. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 46.8 points, or 1.9 percent, to close at 2,415.8, marking the lowest level since Oct. 10, when Kospi finished at 2,402.58. Trading volume was moderate at 739.5 million shares worth 8.7 trillion won ($6.3 billion), with decliners sharply outnumbering gainers

Oct. 19, 2023

Seoul shares open sharply lower on US losses

South Korean stocks started sharply lower Thursday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index dropped 40.73 points, or 1.65 percent, to 2,421.87 in the first 15 minutes of trading. Dragged down by mixed corporate earnings reports and escalating concerns over the Israel-Hamas conflict, the Dow Jones Industrial Average fell 0.98 percent and the tech-heavy Nasdaq Composite dropped 1.62 percent. In Seoul, most shares opened bearish across the board. Mar

Oct. 19, 2023

Seoul shares close nearly flat on US rate-hike woes

South Korean stocks finished almost flat Wednesday as better-than-expected US retail sales data sparked concerns over a further rate hike by the Federal Reserve. The Korean won increased against the US greenback. After choppy trading, the benchmark Korea Composite Stock Price Index inched up 2.43 points, or 0.1 percent, to close at 2,462.6. Trading volume was heavy at 899.4 million shares worth 8.75 trillion won ($6.48 billion), with losers slightly outnumbering gainers 475 to 390. Foreign inves

Oct. 18, 2023

Registration opens for offshore firms' FX trading

South Korea has begun the registration process for offshore financial firms to participate in interbank trades of the Korean won as part of its ongoing efforts to open up the domestic financial market to more foreign investors. Registered foreign institutions, or RFIs, will be able to participate in dollar-won spot exchanges, forex swap exchanges and forward exchanges from January next year, according to the revised Enforcement Decree of the Foreign Exchange Transaction Act that took effect on O

Oct. 18, 2023