Seoul shares open higher on hopes of easing inflation

South Korean stocks opened higher Friday, tracking the overnight US rally partly fueled by the Organization of the Petroleum Exporting Countries' decision to increase the oil supply that helped ease inflation concerns. The Korea Composite Stock Price Index (KOSPI) rose 17.09 points, or 0.64 percent, to 2,676.08 in the first 15 minutes of trading. The OPEC Plus decided Thursday (local time) to add 648,000 barrels per day to the market next month, raising the size from the 432,000 barrels per

June 3, 2022

Seoul shares snap 3-day winning streak amid recession woes; Korean won sharply down

South Korean stocks retreated Thursday, snapping a three-day gaining streak, as worries about the world economy possibly going into a recession continued to weigh on investor sentiment. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 26.91 points to close at 2,658.99. Trading volume was light at 513.1 million shares worth 7.6 trillion won ($6.06 billion), with decliners outnumbering gainers 520 to 322. Institutional investors unloaded a n

June 2, 2022

Talks for alternative trading system gain steam

South Korean brokerages’ yearslong plan to launch the first alternative trading system here has entered a new phase, with more companies expressing support and the exchange’s ownership structure getting clearer, media reports said Thursday. According to local reports, 30 small- and medium-sized brokerages have expressed willingness for the first time to use the ATS, if launched, to the ATS task force. The task force is led by the Korea Financial Investment Association, a self-regu

June 2, 2022

Seoul shares open lower on recession woes

South Korean stocks got off to a weak start Thursday, as worries about the world economy, possibly set for a recession, continued to weigh on investor sentiment. The Korea Composite Stock Price Index (KOSPI) fell 23.52 points, or 0.88 percent, to 2,662.38 in the first 15 minutes of trading. Overnight, Wall Street ended lower amid woes over the potential economic impact of the US Federal Reserve's planned tighter monetary policy. In Seoul, most shares lost ground across the board. Market bel

June 2, 2022

Seoul shares end higher on foreign buying amid eased recession, China woes

South Korean stocks closed higher for a third consecutive day Tuesday as foreigners scooped up local equities amid eased concerns over a global recession and China's economic slowdown, analysts said. The local currency inched up against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 16.24 points, or 0.61 percent, to close at 2,685.90. Trading volume was moderate at 649.8 million shares worth 13.64 trillion won ($11 billion) with gainers outpacing decliners 544 to 291. &

May 31, 2022

Fake crypto exchange operators arrested for duping victims out of W1.7b

Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo

May 31, 2022

Seoul shares open tad lower amid continued recession woes

South Korean stocks opened slightly lower Tuesday, as worries over a possible recession induced by the US Federal Reserve's pledge to hike rates continued to overshadow the markets despite optimism from China's easing of COVID-19 lockdowns. The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading. Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent.

May 31, 2022

Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high

Seoul shares ended higher for second straight session Monday as investors scooped up large-cap stocks on bargain hunting following gains on Wall Street and hopes for economic recovery in China. The South Korean won rose to the highest in over one month to the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 31.61 points, or 1.2 percent, to close at 2,669.66. Trading volume was moderate at 458.66 million shares worth 7.32 trillion won ($5.9 billion), with gainers outpacing decliners

May 30, 2022

Terraform Labs Korea dissolved in 2021, allegedly to evade taxes

Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. Despite recent court documents showing the blockchain company’s decision to officially shut down its Korean branch through a shareholders meeting held Apr

May 30, 2022

Seoul shares open higher on tech gains

Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co

May 30, 2022

S. Korea ramps up action against terraUSD, luna crisis

South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc

May 29, 2022

Seoul shares open higher on Wall Street gains

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou

May 27, 2022

Seoul shares down on inflation, rate hike woes

The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore

May 26, 2022

Seoul shares open higher on Fed minutes

South Korean stocks open higher Thursday, as the US central bank signaled room for flexibility in aggressive interest rates hike plans. The Korea Composite Stock Price Index (KOSPI) rose 16.21 points, or 0.62 percent, to trade at 2,633.43 in the first 15 minutes of trading. Overnight, US stocks closed higher after the US Federal Reserve released minutes of its May meeting, which showed support for a 50-basis point increase in key rates over the next couple of meetings to tame inflation. The minu

May 26, 2022

Seoul shares end higher on bio, chemicals amid inflation woes

Seoul shares ended higher on Wednesday as investors remain cautious about surging inflation and a global economic slowdown. The South Korean won rose against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 11.35 points, or 0.44 percent, to 2,617.22. Trading volume was light at 698.94 million shares worth 8.2 trillion won ($6.5 billion), with gainers outpacing decliners 485 to 360. Institutions bought a net 507 billion won worth of stocks, offsetting foreig

May 25, 2022

Korbit delists luna, vows to use transaction fees for customer protection

Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of terraUSD and luna. The exchanges failed to coordinate when to delist luna, with

May 25, 2022

Seoul shares dip over 1.5% as inflation worries prevail

Seoul shares ended lower on Tuesday as investors remain concerned about inflation despite US President Joe Biden's remark that US tariffs imposed on Chinese imports are being reviewed for reduction. The South Korean won fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 41.51 points, or 1.57 percent, to 2,605.87. Trading volume was moderate at 837.87 million shares worth 8.6 trillion won (US$6.8 billion), with decliners outpacing gainers 742 to 136. Institutions

May 24, 2022

KB, Jefferies chiefs talk cooperation in global investment banking

Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday. In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment banking to expand assets tied to their alternative investment businesses under banks, securi

May 24, 2022

[Exclusive] Hybe to make up 10% of KPOP ETF

Shares of Hybe, the company behind K-pop sensation BTS, will account for some 10 percent of the much-anticipated KPOP ETF, an exchange-traded fund designed by Seoul-based intellectual property-focused company builder Contents Technologies, an industry source said Tuesday. “Hybe with its market cap standing at 8.9 trillion won ($7.1 million) is supposed to make up some 20 or 30 percent of the KPOP ETF, but with the product being a passive exchange traded-fund, there will be a cap putting i

May 24, 2022

Seoul shares open lower ahead of Fed minutes release

Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, as investors await the minutes of the Federal Reserve's latest rate-setting meeting this week to take a cue about the US central bank's future tightening move. The Korea Composite Stock Price Index (KOSPI) fell 1.73 points, or 0.07 percent, to trade at 2,645.65 in the first 15 minutes of trading. Overnight, The Dow Jones Industrial Average rose 2 percent to 31,880.24 and the tech-focused Nasdaq index gained 1.6

May 24, 2022