Seoul shares open up after Fed chief's speech

Seoul shares opened higher Monday, tracking gains on Wall Street, as the US Federal Reserve looks set to take a cautious stance in raising rates again. The benchmark Korea Composite Stock Price Index rose 7.25 points, or 0.29 percent, to 2,526.39 in the first 15 minutes of trading. Overnight, US stocks ended in positive territory, with the Dow Jones Industrial Average rising 0.7 percent and the tech-heavy Nasdaq Composite climbing 0.9 percent. In his speech last week in Jackson Hole, Wyoming, Fe

Aug. 28, 2023

[Graphic News] Exports of agro-fisheries products fall 3.8% in H1

South Korea’s exports of farm and fisheries products fell 3.8 percent on-year in the first half of the year, data showed. Outbound shipments of agricultural and fisheries goods came to $5.95 billion in the January-June period, down from $6.19 billion a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. Last year’s tally marked an all-time high for the first half of any year, and it was the first time that the figure surpassed the $6 billion mark. This

Aug. 28, 2023

[Photo News] Hanwha Ocean rebranded

Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, said Sunday that it completed the rebranding process at its Geoje shipyard in South Gyeongsang Province, almost three months after Hanwha Group took over the cash-strapped shipbuilder in May. The four gigantic orange cranes are now adorned with Hanwha Ocean’s new logo. (Hanwha Ocean)

Aug. 27, 2023

Seoul shares end lower ahead of Fed chief's speech

Seoul shares ended lower Friday, tracking losses on Wall Street, as investors await the US Federal Reserve chief's speech for any clues of its rate policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.54 points, or 0.73 percent, to close at 2,519.14. Trading volume was moderate at 569.76 million shares worth 8.19 trillion won ($6.2 billion), with decliners outnumbering gainers 488 to 367. Institutions and foreigners sold a combined 369 b

Aug. 25, 2023

Seoul shares open lower before Fed chief's speech

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors await the US Federal Reserve chief's speech for clues on its rate policy. The benchmark Korea Composite Stock Price Index fell 23.46 points, or 0.92 percent, to 2,514.22 in the first 15 minutes of trading. Overnight, US stocks declined, with the Dow Jones Industrial Average falling 1.1 percent and the tech-heavy Nasdaq Composite declining 1.9 percent. Investors are keeping an eye on the speech Friday to be delive

Aug. 25, 2023

Seoul shares open sharply up on tech gains

Seoul shares opened more than 1 percent higher Thursday, tracking overnight tech gains on Wall Street, amid expectations the Bank of Korea is likely to freeze its policy rate later in the day. The benchmark Korea Composite Stock Price Index rose 27.09 points, or 1.08 percent, to 2,532.59 in the first 15 minutes of trading. Wall Street finished higher Wednesday, with the tech-heavy Nasdaq Composite rallying 1.59 percent ahead of the release of Nvidia's earnings results. The Dow Jones Industr

Aug. 24, 2023

Seoul shares end lower ahead of US chipmaker's earnings, Fed chief's address

Seoul shares ended lower Wednesday as investors await US chip giant Nvidia Corp.'s earnings results and comments from the US Federal Reserve on its monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index declined 10.24 points, or 0.41 percent, to close at 2,505.50. Trading volume was moderate at 535.96 million shares worth 8.35 trillion won ($6.2 billion), with losers outnumbering gainers 503 to 367. Overnight, US stocks ended mixed, with

Aug. 23, 2023

Seoul shares open lower ahead of Nvidia's earnings results

Seoul shares opened lower Wednesday as investors await US chipmaking giant Nvidia Corp.'s earnings results. The benchmark Korea Composite Stock Price Index fell 5.0 points, or 0.2 percent, to 2,510.74 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the Dow Jones Industrial Average falling 0.51 percent but the tech-heavy Nasdaq Composite inching up 0.06 percent. Nvidia's earnings results will likely have broader implications for stock markets as the tech st

Aug. 23, 2023

Korea tightens regulations on foreigner real estate investment

Foreigners seeking to make real estate investments in South Korea are now obligated to hire a local entrusted manager if they don’t have a permanent residential address here, officials said Tuesday. Foreign investors who have resided in Korea for more than 90 days -- considered long-term residents -- must also submit detailed documents backing up their home address here. The latest changes in the nation’s real estate laws are part of the Ministry of Land, Infrastructure and Transport

Aug. 22, 2023

Seoul shares end tad higher, erasing earlier tech gains

South Korean stocks closed slightly higher Tuesday but spent most of the session giving back their early tech gains. The Korean won went up against the US dollar. The benchmark Korea Composite Stock Price Index added 6.94 points, or 0.28 percent, to close at 2,515.74. Trading volume was slim at 462.1 million shares worth 9.05 trillion won ($6.77 billion), with losers outnumbering gainers 498 to 373. Offshore investors and institutions bought a net combined 46.92 billion won worth of shares, whil

Aug. 22, 2023

Seoul shares driven higher by tech surge

South Korean stocks opened sharply higher Tuesday on tech gains. The benchmark Korea Composite Stock Price Index added 17.3 points, or 0.69 percent, to 2,526.1 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the tech-heavy Nasdaq Composite rallying 1.56 percent and the S&P 500 rising 0.69 percent. The Dow Jones Industrial Average declined 0.11 percent. US chipmaker Nvidia, which has spurred the artificial intelligence boom this year, sharply rose 8.3 percent ahe

Aug. 22, 2023

Seoul stocks snap 6-day losing streak, won hits 9-month low

South Korean shares broke six consecutive days of losses Monday, as China's interest rate cut helped ease market jitters over the country's financial sector and its overall economy. The local currency fell to the lowest level against the US dollar in almost nine months. The benchmark Korea Composite Stock Price Index gained 4.3 points, or 0.17 percent, to finish at 2,508.8. Trading volume was slim at 393.37 million shares worth 8.39 trillion won ($6.24 billion), with gainers slightly o

Aug. 21, 2023

Seoul shares open higher amid rate hike, China concerns

South Korean stocks opened higher Monday amid fears of a US rate hike and China's economic concerns. The benchmark Korea Composite Stock Price Index added 9.6 points, or 0.38 percent, to 2,514.1 in the first 15 minutes of trading. Investor sentiment has been weighed down after China's heavily indebted property developer Evergrande Group filed for bankruptcy protection in the United States last week. Concerns are also lingering over a possible rate hike push by the US Federal Reserve, w

Aug. 21, 2023

Seoul shares fall for 6th day amid US rate hikes, China woes

South Korean stocks fell for the sixth consecutive session Friday to a three-month low on concerns about the Federal Reserve's continued push for aggressive monetary tightening and risks in the Chinese property sector and the broader economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.35 points, or 0.61 percent, to close at 2,504.50. It was the lowest level since May 18, when the Kospi ended at 2,515.4. Trading volume was moderate

Aug. 18, 2023

Listed firms’ earnings plunge in H1

In the first six months of 2023, the added operating profit of Kopsi-listed firms fell by more than half, as the economy struggles to deal with the impact of global geopolitical tensions and high interest rates, the Korea Exchange said Thursday. According to data provided by the Korea Exchange, the operating profit of 615 firms listed on Kospi stood at 53.1 trillion won ($39.6 billion) from January to June, 52.45 percent less than that of the same period from a year before. Data was not included

Aug. 18, 2023

Seoul shares open lower on China woes, high yields

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as a Chinese property giant filed for bankruptcy and yields neared record highs. The benchmark Korea Composite Stock Price Index shed 15.53 points, or 0.62 percent, to 2,504.32 in the first 15 minutes of trading. Investors were worried about the Chinese economy, as China's Evergrande Group filed for bankruptcy in the United States on Thursday after struggling with over $300 billion in liabilities, according t

Aug. 18, 2023

[Graphic News] S. Korea’s exports of ice cream hit record high in H1

South Korea’s exports of ice cream reached a record high in the first half of 2023, data showed, on the back of the growing popularity of Korean entertainment content across the globe. Outbound shipments of ice cream and similar products reached $59 million in the January-June period, up 19.8 percent from a year earlier, according to the data compiled by the Korea Customs Service. The figure almost doubled South Korea’s ice cream imports, which came to $30 million, up 7.5 percent ove

Aug. 18, 2023

Seoul shares open lower on Fed minutes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street, as the Federal Reserve's minutes reaffirmed the central bank's push for continued monetary tightening to curb inflation. The benchmark Korea Composite Stock Price Index shed 29.08 points, or 1.15 percent, to 2,496.55 in the first 15 minutes of trading. Overnight, US stocks fell after the minutes from the Fed's July meeting showed that officials still saw a possible resurgence of inflation and the

Aug. 17, 2023

Mirae Asset acquires Australia's No. 1 robo-adviser

Mirae Asset Global Investments announced Wednesday that it has acquired Australia’s No. 1 robo-adviser Stockspot. The Korean assets management firm said it will secure a 53 percent stake in the company in a deal worth 28 million Australian dollars ($18 million), with plans to increase the stake in the future in phases. Founded in Sydney in 2013, Stockspot is the leading online investment adviser, ranking atop the robo-adviser sector in Australia with a base of 13,000 clients and some 650

Aug. 16, 2023

Seoul shares open lower on woes over Fed's rate hike, Chinese economy

South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street, on concerns about the Federal Reserve's monetary tightening and China's economy. The benchmark Korea Composite Stock Price Index shed 23.96 points, or 0.92 percent, to 2,547.24 in the first 15 minutes of trading. US stocks fell on Tuesday after retail sales grew at a faster-than-expected rate of 0.7 percent in July, which could prod the Fed to continue its aggressive monetary tightening pol

Aug. 16, 2023