Seoul shares end slightly down amid market uncertainty ahead of Fed meeting

South Korean stocks finished slightly lower Tuesday amid inflation woes and uncertainty over this week's US Federal Reserve meeting. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.99 points, or 0.26 percent, to close at 2,680.46. Trading volume was moderate at about 869 million shares worth some 9 trillion won ($7.1 billion), with losers outnumbering gainers 475 to 368. Institutions sold a net 214 billion won, while foreign and reta

May 3, 2022

Seoul shares edge higher amid market uncertainty ahead of Fed meeting

South Korean shares edged higher Tuesday, tracking a cue from overnight Wall Street gains, amid market uncertainty ahead of this week's US Federal Reserve meeting. The Korea Composite Stock Price Index (KOSPI) rose 0.20 points, or 0.01 percent, to trade at 2,687.65 in the first 15 minutes of trading. The Federal Reserve is widely expected to raise interest rates by half a percentage point this week, kicking off a series of aggressive rate hikes to tackle the highest inflation in decades. Overnig

May 3, 2022

Authorities, Woori Bank missed W61b swindle despite 11 audits

South Korea’s financial authorities failed to notice a mammoth embezzlement scheme at a top bank here, in which an employee withdrew a combined 61.4 billion won ($48.84 million) from 2012 to 2018, despite carrying out 11 audits during the period, sources said Monday. 　 Police arrested the employee surnamed Jeon, who is in his 40s, last Wednesday mere hours after Woori Bank had reported the theft. Jeon -- who had worked at Woori Bank for almost a decade -- turned himself in. The employee

May 2, 2022

Seoul shares open sharply lower on Wall Street plunge

South Korean stocks opened sharply lower Monday, as investors here are concerned about a sharp dip on Wall Street last week that stemmed from weaker-than-expected earnings reports from market heavyweights and persistent woes over the Fed's aggressive tightening. The Korea Composite Stock Price Index (Kospi) fell 21.35 points, or 0.79 percent, to trade at 2,673.7 in the first 15 minutes of trading. On Friday, the tech-heavy Nasdaq tumbled 4.17 percent on investors' fears about the tightening US m

May 2, 2022

NTS hosts in-house video contest to help public understand tax

National Tax Service has hosted an in-house video contest in which contestants submitted short clips designed to help people understand complicated tax procedures, officials said Friday. The contest was held to make the agency’s digital tax service more user-friendly for those unfamiliar with online services. In videos one to five minutes long, NTS officials introduced key services such as, income tax, corporate tax, and year-end tax adjustment. The winning videos can be watched on the

April 29, 2022

S. Korea ready to take measures to stem won's sharp fall

South Korea plans to take steps to curb the Korean currency's "excessive" fall against the US dollar, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also dismissed the possibility of a sharp outflow of foreign capital, citing the country's strong economic fundamentals. "Volatility in the won-dollar exchange rate has amplified amid fears about the Federal Reserve's aggressive rate hikes and economic growth concerns due to China's COVID-19 lockdow

April 29, 2022

Seoul shares open higher on Wall Street gains

South Korean stocks got off to a strong start Friday, tracking an overnight rally on Wall Street fueled by upbeat earnings from major technology companies. The Korea Composite Stock Price Index (KOSPI) rose 16.43 points, or 0.62 percent, to trade at 2,683.92 in the first 15 minutes of trading. Estimate-topping results by Apple Inc. and Qualcomm Inc. sent their stocks higher, helping the key US indexes erase recent losses. The Dow Jones Industrial Average rose 1.85 percent and the tech-heavy Nasd

April 29, 2022

Home transactions sink 47.6% in March on lending curbs

Home transactions in South Korea plunged 47.6 percent on-year in March on the government's tough lending curbs and rising interest rates, data showed Friday. The number of homes changing hands nationwide stood at 43,179 units last month, compared with 102,109 deals made a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. The March figure also marked a 38.2 percent decrease compared with the average transactions logged over the past five years. The number of

April 29, 2022

Seoul shares open slightly higher amid Fed rate hike woes

South Korean stocks opened slightly higher Thursday as worries about an economic slowdown from the US Federal Reserve's widely expected interest rate hikes sapped investor appetite despite reports of sound corporate earnings this week. The Korea Composite Stock Price Index (KOSPI) added 9.57 points, or 0.36 percent to trade at 2,648.63 in the first 15 minutes of trading. Shares traded mixed across the board. Market heavyweight Samsung Electronics was up 0.15 percent to 65,100 won, after reportin

April 28, 2022

S. Korea to stabilize FX market amid won's sharp weakness: minister

South Korea's top economic policymaker said Thursday the government plans to take measures to stabilize the foreign exchange market, if needed, as the Korean currency has fallen against the US dollar at a fast pace. Finance Minister Hong Nam-ki made the verbal intervention as the Korean currency hit an over two-year low against the greenback Wednesday amid heightened external economic uncertainty. "The government is closely monitoring the FX market in a bid to curb (the won's) excessive o

April 28, 2022

KRX lifts trading halt on Osstem Implant after monthslong break

The Korea Exchange said Wednesday that Osstem Implant would begin trading Thursday, lifting a trading suspension put on Jan. 3, when the dental implant maker reported insider theft amounting to 221 billion won ($175 million). “The decision is based on the fact that the company has improved its corporate governance and internal oversight and had it checked up by outside experts,” the KRX said in a statement. The bourse operator said such improvement was necessary for the implant ma

April 27, 2022

NH Investment & Securities launches London corporation

NH Investment & Securities said Wednesday that it has incorporated its office in London to oversee the brokerage’s entire operations in Europe, seven years after it first opened a branch there to expand alternative investments like private equity and real estate. “This new office in London will be the bridge connecting markets in South Korea, the UK and Europe,” said Jeong Young-chae, the company’s president and chief executive officer. NH Investment and Securities

April 27, 2022

Seoul stocks fall sharply on economic slowdown woes; Korean won hits over 2-yr low

South Korean stocks closed lower Wednesday, as investor sentiment was dampened by deepening concerns over a global economic slowdown amid high inflation and the continued antivirus lockdown in China. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (Kospi) lost 1.10 percent, or 29.25 points, to close at 2,639.06. Trading volume was moderate at 1.06 billion shares worth 12.40 trillion won ($9.81 billion) with decliners outstripping gainers 695 to 193. F

April 27, 2022

Nexon targets global market with new games

South Korean game maker Nexon looks to expand its position in the global market with a series of new titles set for release this year, the company said Wednesday. The game maker is focusing on developing the console versions of the new titles -- DNF Duel, KartRider: Drift and Project Magnum -- as a core pillar to target more players across the world. DNF Duel, which is scheduled to be available from June 28, is a fighting game with characters from Nexon’s signature franchise Dungeon Fi

April 27, 2022

Seoul shares open steeply lower on global recession woes; Korean won dips

South Korean stocks opened sharply lower Wednesday, tracking overnight losses on Wall Street, as investors worried about a global economic slowdown over the continued lockdown in China and inflation woes. The Korea Composite Stock Price Index (Kospi) lost 49.43 points, or 1.85 percent, to 2,618.88 in the first 15 minutes of trading. Overnight, US stocks tumbled amid fears of an economic slowdown as China continued to enforce an antivirus lockdown in major cities and the war in Ukraine has shown

April 27, 2022

Seoul stocks end higher on earnings hope amid lingering rate hike woes

South Korean stocks closed higher Tuesday, snapping a two-day losing streak, on optimism over corporate earnings amid lingering concerns about the potential economic impact from the widely expected US monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) climbed 0.42 percent, or 11.18 points, to close at 2,668.31. Trading volume was heavy at 873 million shares worth 10.64 trillion won ($8.49 billion) with gainers outstripping decliners

April 26, 2022

Daily FX turnover hits record high in Q1 amid increased volatility, trade

The daily foreign exchange (FX) trading by banks in South Korea hit a record high in the first quarter as currency market volatility increased and trade expanded, central bank data showed Tuesday. The daily FX turnover including trading of derivatives came to an average of $65.55 billion in the January-March period, up 14.9 percent from three months earlier, according to the data from the Bank of Korea (BOK). The amount marked the largest since 2008, when relevant statistics started to be compil

April 26, 2022

Seoul shares open higher on US gains, sound earnings

South Korean stocks opened higher Tuesday, led by a rise in auto and chemical companies, amid sound earnings reports and overnight gains on Wall Street. The Korea Composite Stock Price Index (KOSPI) climbed 10.69 points, or 0.4 percent, to 2,667.82 in the first 15 minutes of trading. US stocks finished higher Monday on the back of an advance in tech stocks. The Dow Jones Industrial Average rose 0.70 percent, and the Nasdaq Composite Index jumped 1.29 percent. In Seoul, techs, autos and chemicals

April 26, 2022

Seoul stocks down for 2nd day on Fed rate hike woes; won sharply dips

South Korean stocks fell for a second straight session to retreat more than 1.5 percent Monday, as worries over the US Federal Reserve signaling an aggressive rate hike next week dampened investor sentiment. The local currency fell against the US dollar. The Korea Composite Stock Price Index (Kospi) closed down 1.76 percent, or 47.58 points, to 2,657.13. Trading volume was heavy at 988.3 million shares with decliners far outpacing gainers 761 to 142. Foreigners unloaded a net 733.7 billion won (

April 25, 2022

[Photo News] Under one roof

The entrance to a joint brick-and-mortar branch launched by Hana Bank and Woori Bank is seen in Shinbong-dong of Yongin, Gyeonggi Province, on Monday. It is the first such joint branch in the local banking industry that has seen a growing number of closures in recent years with lenders focusing on mobile and online businesses. The idea of opening a co-branch is to offset customer inconvenience, particularly among elderly who are unfamiliar with digital banking, officials say.

April 25, 2022