S. Korean stocks tumble, currency weakens as oil prices surge

South Korea’s benchmark Kospi and the Korean won tumbled on Tuesday, with surging oil prices triggered by the US-led ban on Russian crude threatening to fuel the intensifying inflationary pressure here. The main bourse Kospi settled 1.09 percent down from the previous session at 2,622.4, falling for the third consecutive day. Foreigners offloaded a net 472.8 billion won ($382.2 million) worth of shares, while institutions sold a net 293 billion won. Retail investors bought a net 732 bi

March 8, 2022

Seoul stocks open steeply lower on Wall Street plunge

South Korean stocks opened steeply lower Tuesday on overnight losses on Wall Street amid concerns that the surging energy prices in the wake of Russia's invasion of Ukraine may hamper the post-pandemic economic recovery. The benchmark Korea Composite Stock Price Index (Kospi) had retreated 23.13 points, or 0.87 percent, to 2,628.18 points as of 9:17 a.m. Stocks dropped as investors are worried that rising energy costs may incur a global energy shortage and hurt the economic recovery. The tech-he

March 8, 2022

Kospi drops 2%, Samsung shares rattled

South Korea’s benchmark Kospi fell some 2 percent on Monday, with market behemoth Samsung Electronics dropping below the 70,000 won-mark ($57.03) at one point, rattled by the escalating war in Ukraine and surging oil prices. The value of the Korean won weakened against the US greenback, with the local currency surpassing the 1,220 won-mark against the dollar for the first time since June 2, 2020. It closed 12.9 won higher against the dollar from the previous session at 1,227.1 won. The

March 7, 2022

Seoul stocks sharply drop on soaring oil prices

South Korean stocks plunged over 2 percent Monday amid worries tough sanctions imposed on Russia in retaliation against its invasion of Ukraine could raise energy prices and hurt companies' bottom lines. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 62.12 points, or 2.29 percent, to close at 2,651.31 points. Trading volume was moderate at about 557 million shares worth some 11.9 trillion won ($9.7 billion), with losers outnumbe

March 7, 2022

Seoul stocks open steeply lower on soaring oil prices

South Korean stocks opened steeply lower Monday as the United States and its allies mull ways to suspend imports of Russian crude, raising concerns the soaring oil prices may weigh on corporate performances. The benchmark Korea Composite Stock Price Index (KOSPI) had retreated 46.26 points, or 1.7 percent, to 2,667.17 points as of 9:17 a.m. Investor sentiment for risky assets decreased as Brent crude hit an intraday high of US$139 a barrel, the highest since 2008, following reports the US and it

March 7, 2022

Hana chief highest-paid banking CEO in 2021

Hana Financial Group Chairman Kim Jung-tai was the highest-paid banking CEO last year, taking home an annual salary of 2.4 billion won ($1.98 million), according to annual reports filed by financial firms Sunday. Kim ranked No. 1 in annual salary paid to executives among his peers, with KB Financial Group Chairman Yoon Jong-kyoo ranking No. 2 with 1.7 billion won and Shinhan Financial Group Chairman Cho Yong-byoung No. 3 with 800 million won. Woori Financial Group has yet to file a similar r

March 6, 2022

Seoul stocks likely to be volatile next week amid Ukraine uncertainties

South Korean stock markets are expected to continue to face volatile sessions next week, largely on persistent uncertainties in Ukraine and the US Federal Reserve's stance on its monetary policy, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,744.52 points Friday, up 0.14 percent from a week ago. The key stock index snapped its four-day winning streak Friday, as investors were spooked by a fire at a Ukraine nuclear plant and the U.S. Federal Reserve chairma

March 5, 2022

Seoul stocks open lower amid Ukraine uncertainties

South Korean stocks opened lower Friday tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.79 points, or 0.72 percent, to 2,727.29 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite lost 1.56 percent and the Dow Jones Industrial Average declined 0.29 percent, largely on concerns that the war in Ukraine may push up the commodity prices and peg the global eco

March 4, 2022

Foreign reserves up in Feb. on increased dollar-converted value, investment profits

South Korea's foreign reserves expanded for the first time in four months in February thanks to a rise in dollar-converted value of holdings and other investment profits, central bank data showed Friday. The country's foreign reserves stood at $461.8 billion as of end-February, up $240 million from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first on-month growth following three previous months of declines in foreign reserves. The February rise

March 4, 2022

Seoul shares up for 4th day on Fed chair's comment

South Korean stocks extended their winning streak to a fourth straight session Thursday, as US Federal Reserve chairman signaled a rate hike within market expectations amid soaring global commodity prices. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 43.56 points, or 1.61 percent, to close at 2,747.08 points. Trading volume was moderate at about 607 million shares worth some 10.5 trillion won ($8.7 billion), with gainers outnumbering lo

March 3, 2022

Seoul shares open higher on Fed chair's comment

South Korean stocks opened steeply higher Thursday, as US Federal Reserve chairman signaled a rate hike within market expectations amid soaring global commodity prices. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.41 points, or 0.94 percent, to trade at 2,728.93 in the first 15 minutes of trading. Stocks rose after the overnight Wall Street stock rallies, after Fed Chair Jerome Powell on Wednesday said rates would likely be hiked by only 25 basis points this month, although he

March 3, 2022

Seoul stocks up for 3rd session on optimism about Ukraine uncertainties

South Korean stocks advanced for a third consecutive session Wednesday amid continued military tensions in Ukraine and hopes a full-scale war may be avoided. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 4.34 points, or 0.16 percent, to close at 2,703.52 points. Trading volume was moderate at about 519 million shares worth some 10.8 trillion won ($8.9 billion), with gainers outnumbering losers 645 to 228. Foreigners offloaded a net

March 2, 2022

Korean asset managers start suspending Russian funds

South Korean asset managers have started suspending the issue and redemption of shares on their Russia-exposed funds as the US and its allies continued to ramp up economic sanctions against Moscow. According to market tracker FnGuide on Wednesday, nine Russia-exposed equity funds, including an exchange-traded fund, with a combined asset of 158.7 billion won ($131.6 million), are being sold by Korean financial institutions. The nine funds have already disappointed investors since the beginning o

March 2, 2022

Internet banking use jumps 18% in 2021 amid pandemic

South Koreans' use of internet banking services soared 18 percent on-year in 2021 as customers preferred non-contact services amid the coronavirus pandemic, central bank data showed Monday. The daily use of online banking services, including mobile banking, reached 17.32 million cases last year, up from 14.68 million a year earlier, according to the data from the Bank of Korea (BOK). Mobile banking use came to 14.36 million instances per day, up 22.9 percent from a year earlier and accounting fo

March 2, 2022

Institutions' foreign securities holdings hit new high in 2021

South Korean institutions' investment in foreign securities touched a new all-time high in 2021 amid bullish overseas stock markets, central bank data showed Wednesday. The outstanding value of foreign securities held by local institutional investors stood at $402.72 billion as of end-December last year, up $29.97 billion, or 8 percent, from a year earlier, according to the data from the Bank of Korea (BOK). The on-year increase, however, slowed from the $42.09 billion gain reported for the prev

March 2, 2022

Public institutions eye record high investment this year

South Korean public institutions plan to increase their investment this year to a record high of 67 trillion won ($55.6 billion) in an effort to support the economic recovery, a senior government official said Wednesday. The amount will be higher than the 64.7 trillion-won investment made last year, according to Second Vice Finance Minister Ahn Do-geol. He said they plan to invest more than 35.5 trillion won, or 53 percent of the total amount, in the first half. The government said public firms'

March 2, 2022

Seoul stocks open lower amid Ukraine risk

South Korean stocks opened lower Wednesday amid continued Ukraine tensions. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.98 points, or 0.18 percent, to 2,694.2 points in the first 15 minutes of trading. The key stock index traded bearish as investors remained cautious amid the Ukraine tensions. Overnight, the tech-heavy Nasdaq composite lost 1.59 percent and the Dow Jones Industrial Average declined 1.76 percent, largely on concerns that the war in Ukraine may push up the

March 2, 2022

Two-thirds of listed firms hike 2021 dividends

Two-thirds of South Korea's listed firms have sharply increased their 2021 dividends in an apparent bid to appease shareholders amid a bearish stock market, a corporate tracker said Wednesday. About 67 percent of 853 companies, which have announced their 2021 dividends as of Monday, have decided to raise their payouts from a year earlier, according to CEO Score. The ratio is up 20.4 percent points from 46.2 percent recorded in the 2020 fiscal year. The increase comes as the local bourse has been

March 2, 2022

S. Korea’s crypto assets exceed W55tr

South Korea’s crypto assets market has grown to 55.2 trillion won ($45.9 billion) as of end-2021, with the number of users amounting to nearly 5.58 million, according to a recent study by the nation’s top financial regulator on Tuesday. The Financial Service Commission conducted the study, a first of its kind, based on data compiled from a total of 24 licensed crypto currency exchange operators here. Daily transactions through the 24 exchanges reached 11.3 trillion won on average,

March 1, 2022

Hana appoints first female CEO for fund accounting arm

South Korea’s Hana Financial Group has appointed its first female CEO for an affiliate, under an executive reshuffle carried out in line with the nomination of its new Chairman Ham Young-joo. On Monday, Hana said it had tapped Roe Yu-joung, executive director at its flagship commercial lender Hana Bank, to lead its fund accounting arm Hana Investors Services. Roe entered Hana Bank in 1992 and climbed her way up the corporate ladder, becoming the lender’s executive director in Janu

March 1, 2022