Seoul stocks open lower on interest rate hike jitters

South Korean stocks opened lower Tuesday, trailing behind lackluster trading on Wall Street, as investors brace for Federal Reserve Chair Jerome Powell's testimony this week. The benchmark Korea Composite Stock Price Index was down 1.9 points, or 0.08 percent, to 2,460.72 points in the first 15 minutes of trading. Federal Reserve Bank of San Francisco President Mary Daly said Saturday that "there is more work to do" in the Fed's ongoing fight against inflation, suggesting t

March 7, 2023

Seoul shares close over 1% higher on tech gains

Seoul stocks closed over 1 percent higher Monday to extend their winning streak to a fourth day on advances in chips, batteries and tech, as the US Federal Reserve may slow down its monetary tightening. The local currency rose against the US dollar for the fourth session. The benchmark Korea Composite Stock Price Index rose 30.55 points, or 1.26 percent, to a close at 2,462.62 points. Trading volume was moderate at 411 million shares worth 9.63 trillion won ($7.4 billion), with losers outnumberi

March 6, 2023

S. Korean stocks opens higher amid lingering rate hike woes

South Korean stocks opened a tad higher Monday as investors wait for the Federal Reserve chief's remarks on the US economy and clues on future monetary policy. The benchmark Korea Composite Stock Price Index rose 9.63 points, or 0.4 percent, to 2,441.7 in the first 15 minutes of trading. US stocks had ended the week on a higher note on speculations the Fed could slow down the pace of rate hikes. All three major indexes on Wall Street closed over 1 percent higher last week. Investors are kee

March 6, 2023

Seoul shares rise for third day amid eased rate hike worries

South Korean stocks closed marginally higher Friday, on growing hopes that the US Federal Reserve could go for smaller interest rate hikes despite data showing a resilient economy. The local currency gained sharply against the US dollar. The benchmark Korea Composite Stock Price Index added 4.22 points, or 0.17 percent, to finish at 2,432.07. Trading volume was moderate at 363.8 million shares worth 7.73 trillion won ($5.93 billion), with gainers outnumbering decliners 467 to 410. Federal Reserv

March 3, 2023

FSC to expand information disclosure on banks' rate differentials

South Korea's financial regulator said Friday it will expand the disclosure of information on loan-deposit rate differences as part of efforts to promote competition in the banking sector amid criticism that it has been bent on making profits from the "interest business" without diversifying income sources. Banks have been providing information on deposit-loan spreads on new lending and savings since mid-2022 in a bid to enhance transparency in their operation and provide customer

March 3, 2023

Seoul shares open higher on hopes of pause in Fed rate hikes

South Korean stocks opened marginally higher Friday, on growing hopes that the US Federal Reserve may not raise the interest rates as aggressively as expected. The benchmark Korea Composite Stock Price Index rose 5.75 points, or 0.24 percent, to 2,433.6 in the first 15 minutes of trading. Federal Reserve Bank of Atlanta President Raphael Bostic said Thursday that he believes the Fed should go "steady" on interest rate hikes, a dovish remark from someone known as one of the most hawkish

March 3, 2023

Seoul shares rise on China recovery hope

South Korean stocks closed higher Thursday, snapping a two-day losing streak, as data suggesting China's economic recovery from the COVID-19-driven slowdown helped spur investor appetite for risky assets. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 15 points, or 0.62 percent, to close at 2,427.85. Trading volume was moderate at 422.3 million shares worth 9.48 trillion won ($7.3 billion), with gainers outpacing decliners 495 to 389.

March 2, 2023

JB Financial names new CFO

JB Financial Group announced Thursday that it has named Senior Vice President Song Jong-keun as its new chief financial officer. An industry veteran, Song has extensive experience in finance and business management as well as a deep knowledge and understanding of the challenges facing the traditional banking industry, JB said. Born in 1965, he received both his bachelor's and master's degrees in international economics at Seoul National University before completing his MBA at the Unive

March 2, 2023

Seoul shares open higher on China data

South Korean stocks opened moderately higher Thursday, buoyed by strong manufacturing data in China that indicated it is on a path for an economic recovery. The benchmark Korea Composite Stock Price Index rose 21.75 points, or 0.9 percent, to trade at 2,434.60 won in the first 15 minutes of trading. Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing s

March 2, 2023

Seoul shares close higher amid Fed rate uncertainties

South Korean stocks closed moderately higher Tuesday amid worries the US Federal Reserve's monetary tightening may last for longer than expected. The local currency ended almost flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.21 points, or 0.42 percent to 2,412.85. Trading volume was moderate at 518.1 million shares worth 8.9 trillion won ($6.72 billion) with gainers outnumbering decliners 504 to 362. "Investors have become quite immune to the negati

Feb. 28, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking gains in Wall Street overnight amid speculation that the tight monetary policy by the Federal Reserve may persist for longer than expected. The benchmark Korea Composite Stock Price Index rose 16.01 points, or 0.67 percent, to 2,418.65 in the first 15 minutes of trading. US stocks rebounded Monday as investors hunted for bargains from last week's losses. Data showed new orders for capital goods in the world's largest economy increased

Feb. 28, 2023

More robots lead to fewer workplace injuries: BOK

Industrial robots are found to have helped drastically reduce workplace injuries as well as improve the overall wellness of workers in labor-intensive industries, according to a report released by the Bank of Korea on Monday. The report analyzed the industrial impact of robot adoption across industries between 2010 and 2019, especially on the number of workplace injuries. According to the report, regions with more robots adopted saw fewer injuries at workplaces. More specifically, when an averag

Feb. 27, 2023

Seoul shares open sharply lower on renewed US inflation woes

South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time. The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading. U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in Januar

Feb. 27, 2023

Seoul shares fall on tech losses amid rate hike uncertainty

South Korean stocks ended lower Friday on losses in big-cap tech shares amid caution over the United States' monetary policy path amid high inflation. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.48 points, or 0.63 percent, to close at 2,423.61. Trading volume was slim at 363.7 million shares worth 6.86 trillion won ($5.26 billion), with decliners outpacing gainers 662 to 222. The index opened higher, tracking US gains, but fell to n

Feb. 24, 2023

Seoul shares open higher on tech gains

South Korean stocks opened slightly higher Friday, tracking Wall Street gains, as big-cap tech shares gathered ground. The benchmark Korea Composite Stock Price Index added 6.34 points, or 0.26 percent, to 2,445.43 in the first 15 minutes of trading. Overnight, US shares ended higher following a recent rout amid lingering uncertainties over the United States' monetary policy path to curb inflation. The Dow Jones Industrial Average rose 0.33 percent, and the tech-heavy Nasdaq Composite advan

Feb. 24, 2023

Seoul shares close up after BOK's rate freeze

South Korean stocks finished higher on Thursday as investors got a much-awaited reprieve from consecutive rate hikes by the Bank of Korea. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 21.41 points, or 0.89 percent, to close at 2,439.09. Trading volume was a bit slim at 393.06 million shares worth 7.33 trillion won ($5.65 billion), with gainers outpacing losers 510 to 362. Institutions and foreign investors combined bought a net 300.87 billi

Feb. 23, 2023

Seoul shares open higher amid rate hike woes

South Korean stocks opened higher Thursday amid lingering concerns over more interest rate hikes. The benchmark Korea Composite Stock Price Index had gained 18.54 points, or 0.77 percent, to 2,436.22 in the first 15 minutes of trading. The Bank of Korea is scheduled to hold its rate-setting meeting later in the day. It raised its benchmark interest rate by a quarter percentage point in January to 3.5 percent to tackle persistently high inflation. It was its seventh straight rate hike since April

Feb. 23, 2023

Seoul stocks end sharply lower on rate hike fears

South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68. Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147. Institutions and foreign investors combined

Feb. 22, 2023

Seoul shares open sharply lower on rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a Wall Street plunge overnight, on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The benchmark Korea Composite Stock Price Index had shed 34.26 points, or 1.39 percent, to 2,424.70 as of 9:15 a.m. Wall Street dropped overnight as market sentiment was weighed down by fears about higher rates for a longer period of time. Investors are concerned that the Fed will continue to raise r

Feb. 22, 2023

Seoul shares end tad up amid rate hike concerns

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won. Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323. The index had fluctuated b

Feb. 21, 2023