S. Korea aims to allow overseas firms' participation in FX market in Q4

South Korea plans to allow overseas financial firms to participate in the local foreign exchange market in the fourth quarter, the finance ministry said Wednesday, in the latest move to meet "global standards." Under the measure, the country will allow foreign institutions that obtain registration from the South Korean government to participate in the South Korean foreign exchange market, according to the Ministry of Economy and Finance. Currently, foreign institutions can only partici

July 12, 2023

Seoul shares open lower ahead of key US inflation data

Seoul shares opened lower Wednesday, bucking overnight gains on Wall Street, as investors await key US inflation data and major firms' second-quarter earnings results. The benchmark Korea Composite Stock Price Index fell 3.32 points, or 0.13 percent, to 2,559.17 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.9 percent, and the tech-heavy Nasdaq Composite climbed 0.6 percent. Federal Reserve officials have said the US central bank will likely need to r

July 12, 2023

Seoul shares spike nearly 2% ahead of key US inflation data; won sharply up

Seoul shares finished nearly 2 percent higher Tuesday, led by gains in techs and telecoms, as investors eye this week's US inflation data for clues on future rate hikes. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 41.79 points, or 1.7 percent, to finish at 2,562.49, snapping its five-session losing streak. Trading volume was moderate at 584.15 million shares worth 10.46 trillion won ($8.08 billion) with gainers outpacing decliners

July 11, 2023

Seoul shares end lower amid US rate hike woes

South Korean stocks finished lower Monday amid US rate hike woes. The local currency went down against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 6.01 points, or 0.24 percent, to finish at 2,520.7, extending its losing streak to the fifth consecutive session. Trading volume was moderate at 553.1 million shares worth 9.53 trillion won ($7.29 billion) with decliners outpacing gainers 450 to 428. Foreigners sold a net 152.9 billion won worth of local e

July 10, 2023

EcoPro shares fly high on battery frenzy

Shares of South Korean battery materials firm EcoPro rose to over 1 million won ($766.58) during trading hours Monday, surpassing a significant bar for a stock listed on Kosdaq. The stock price of EcoPro closed at 965,000 won, lower than its previous closing price of 988,000 won. It hit a record high of 1.01 million won earlier during the day. As of closing, the market cap of EcoPro stood at 25.69 trillion won, shoulder to shoulder with tech giants Kakao and Naver, which are worth 22.14 trillion

July 10, 2023

Seoul shares open tad higher amid rate hike woes

South Korean stocks opened marginally higher Monday amid continued concerns over the US Federal Reserve's additional rate hikes. The benchmark Korea Composite Stock Price Index rose 4.59 points, or 0.18 percent, to 2,531.3 in the first 15 minutes of trading. All US stock indexes finished lower Friday amid woes over the Fed's additional rate hikes. In Seoul, big-cap shares opened mixed. Market bellwether Samsung Electronics shed 0.43 percent, and No. 2 chipmaker SK hynix traded flat. Le

July 10, 2023

Seoul shares down for 4th day on US rate hike woes

South Korean stocks dropped by more than 1 percent on Friday to extend their losing streak to the fourth day amid US rate hike woes. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 29.58 points, or 1.16 percent, to finish at 2,526.71. Trading volume was high at 602.7 million shares worth 10.2 trillion won ($7.8 billion) with decliners far outpacing gainers 656 to 236. Foreigners sold a net 41.3 billion won worth of local equities, wit

July 7, 2023

Seoul shares open sharply lower on Fed rate hike woes, Samsung earnings

South Korean stocks got off to a weak start Friday amid concerns over the US Federal Reserve's additional rate hikes and Samsung Electronics' poor earnings guidance. The benchmark Korea Composite Stock Price Index dropped 23.55 points, or 0.92 percent, to 2,532.74 in the first 15 minutes of trading. All US stock indexes finished lower Thursday with investors' concerns over the Fed's potential additional rate hikes following stronger-than-expected US employment data. In Seoul,

July 7, 2023

Seoul shares down for 3rd day on China's export curbs, Fed minutes

South Korean stocks closed down for a third straight day Thursday as investors gauged potential impacts after China said it plans to restrict exports of some key metals used in semiconductors and the US central bank reaffirmed more interest rate hikes ahead. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.71 points, or 0.88 percent, to finish at 2,556.29. Trading volume was high at 524.7 million shares worth 10.2 trillion won ($7

July 6, 2023

Seoul shares open lower on China's export curbs, Fed minutes

South Korean stocks got off to a weak start Thursday, dragged down by the fall in tech blue chips as China's export restrictions of metals used in semiconductors and others sapped investor sentiment. The benchmark Korea Composite Stock Price Index dropped 17.26 points, or 0.67 percent, to 2,561.74 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics, the world's largest manufacturer of smartphones and memory chips, fell 0.4 percent. Chip giant SK hynix slid 1.6 perc

July 6, 2023

Seoul shares end lower ahead of FOMC minutes release

South Korean stocks closed lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's June meeting this week. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index sank 14.31 points, or 0.55 percent, to close at 2,579.00. Trading volume was moderate at 589.2 million shares worth 10.05 trillion won ($7.7 billion), with decliners outnumbering gainers 632 to 243. Fore

July 5, 2023

'China decoupling could boost Korean trade'

Korea and other Asian nations can be key players in the global supply chain, as countries wean off their dependence on China, a report issued by the Korea Chamber of Commerce and Industry suggested Wednesday. According to the report, Korea and other “Altasia” countries can be a substitute for China in the global trade scene. The term Altasia is a compound of alternative and Asia, encompassing 14 countries in Asia that could replace China in the global supply chain. The weekly newspap

July 5, 2023

Seoul shares nearly flat ahead of China's economic data

South Korean stocks turned a tad lower after starting marginally higher on Wednesday ahead of the release of China's purchasing managers' index. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,591.14 in the first 15 minutes of trading. Wall Street was closed Tuesday for the Independence Day holiday. Later in the day, China is set to release the Caixin purchasing managers' index. In Seoul, most large-cap shares opened in negative terrain. Mar

July 5, 2023

Seoul shares end lower on profit-taking

South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292. Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investor

July 4, 2023

Seoul shares open tad higher amid eased inflation woes

South Korean stocks opened a tad higher Tuesday, driven by tech heavyweights and signs of easing inflation. The benchmark Korea Composite Stock Price Index advanced 4.13 points, or 0.16 percent, to 2,606.6 in the first 15 minutes of trading. All US stock indexes finished higher Monday ahead of a one-day close for the Independence Day holiday amid signs of moderating inflation. Tesla Inc. advanced 6.9 percent on record quarterly sales. South Korea also saw its consumer price growth slow for the

July 4, 2023

Seoul shares rally 1.5% on strong techs, easing inflation

South Korean stocks rallied Monday, boosted by strong tech companies that tracked US peers and signs of inflation cooling in the US economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 38.19 points, or 1.49 percent, to close at 2,602.47. Trading volume was moderate at 607.3 million shares worth 8.86 trillion won ($6.77 billion), with gainers outnumbering decliners 606 to 269. "The fact that the University of Michigan consumer senti

July 3, 2023

Seoul shares open higher on tech boost, easing inflation

South Korean stocks got off to a strong start Monday, driven by tech heavyweights and signs of inflation easing in the US economy. The benchmark Korea Composite Stock Price Index advanced 22.61 points, or 0.88 percent, to 2,586.89 in the first 15 minutes of trading. The US personal consumption expenditures index, a reading on inflation, rose 3.8 percent in May, a marked drop from a 4.3 percent rise in April, the US Commerce Department data showed, in a sign that inflation is cooling. The core PC

July 3, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants. (Hana Financial Group)

July 2, 2023

Mirae Asset Securities outpaces rivals in ESG ratings for H1

Mirae Asset Securities announced Friday that it received a grade A for its sustainable management by local ESG ratings agency Sustinvest, becoming the only securities firm to earn the top ranking. The latest recognition comes as the company has ramped up sustainability efforts since it started releasing its own sustainable management report in 2006. The company said establishing medium and long-term goals for ESG criteria and taking systematic steps to fulfill the goals with sub-level tasks cont

July 2, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants.

July 2, 2023