Seoul shares open sharply higher on revived rate-cut hopes

Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e

April 4, 2024

Seoul shares snap 3-day rise as early rate-cut optimism fades

Seoul shares ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the US Federal Reserve will keep interest rates higher for longer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.19 points, or 1.68 percent, to close at 2,706.97. Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246. Insti

April 3, 2024

Seoul shares open lower on faded hopes for early rate cut by Fed

Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto

April 3, 2024

Seoul shares up for 3rd day on tech gains; won at 5-month low

Seoul shares closed higher Tuesday to extend their winning streak to a third day on strong gains in techs amid speculation that strong US data may prod the Federal Reserve to push back its rate-cut timetable. The Korean won tumbled to the lowest in over five months to the US dollar. The benchmark Korea Composite Stock Price Index rose 5.30 points, or 0.19 percent, to close at 2,753.16. Trade volume was heavy at 618.07 million shares worth 12.9 trillion won ($9.5 billion), with decliners outpacin

April 2, 2024

Seoul shares open lower on strong US data

Seoul shares opened lower Tuesday on speculation that stronger than expected data may prod the Federal Reserve to push back its rate-cut timetable. The benchmark Korea Composite Stock Price Index fell 10.12 points, or 0.4 percent, to 2,737.74 in the first 15 minutes of trading. The Institute for Supply Management's manufacturing purchasing managers' index released overnight stayed at 50.3 last month, the highest since September 2022 despite a prolonged tightening mode by the Fed. The F

April 2, 2024

Seoul shares up for 2nd day amid revived hopes for US rate cuts

Seoul shares closed higher Monday as US inflation data was in line with market expectations raising hopes that the Federal Reserve may start cutting rates in June at the earliest. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.23 points, or 0.04 percent, to close at 2,747.86. Trade volume was slim at 391.77 million shares worth 9.9 trillion won ($7.3 billion), with gainers outpacing losers 573 to 295. Institutions and foreigners bought a combine

April 1, 2024

Seoul shares open higher after US inflation data

Seoul shares opened higher Monday as the US Federal Reserve is expected to await more evidence that inflation is under control before cutting rates this year. The benchmark Korea Composite Stock Price Index rose 8.11 points, or 0.3 percent, to 2,754.74 in the first 15 minutes of trading. Fresh inflation data released Friday was in line with the US central bank's expectations. Fed Chair Jerome Powell said it would not be appropriate to cut rates until officials are sure inflation is on track

April 1, 2024

Foreign investors net purchase record amount of S. Korean stocks in Q1

Foreigners net purchased over 15 trillion won worth of local shares in the first three months of the year, breaching the 15 trillion-won mark for the first time in history, data showed Saturday. Foreign investors scooped up a net 15.77 trillion won ($11.7 billion) worth of shares in the first quarter, the highest quarterly figure since the country's main stock exchange KRX began compiling such data in 1998. The previous record was 14.79 trillion won tallied in the third quarter of 2009, acc

March 30, 2024

Seoul shares end almost flat ahead of key US inflation report

South Korean stocks finished nearly unchanged Friday as investors took a wait-and-see stance ahead of a key US inflation report that would set the tone for the Federal Reserve's rate-setting decision. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 0.81 point, or 0.03 percent, to close at 2,746.63. Trade volume was moderate at 485.5 million shares worth 11 trillion won ($8.17 billion), with losers beating winners 603 to 270. Foreign inves

March 29, 2024

Seoul shares start nearly flat ahead of US inflation data

South Korean stocks opened almost unchanged Friday ahead of a key inflation report from the United States. The benchmark Korea Composite Stock Price Index added 0.13 point to 2,745.95 in the first 15 minutes of trading. US stocks finished mixed Thursday, as the Dow Jones Industrial Average edged up 0.12 percent and the Nasdaq composite lost 0.12 percent. US core personal consumption expenditures price index data, the Fed's preferred gauge of inflation, is slated for Friday. In Seoul, market

March 29, 2024

Seoul shares down for 2nd day ahead of US inflation data

South Korean stocks ended slightly lower Thursday ahead of the release of a key US inflation report due later this week and on remarks by a Fed official that more data are necessary to cut rates. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index lost 9.29 points, or 0.34 percent, to close at 2,745.82. Trade volume was moderate at 412.5 million shares worth 11.7 trillion won ($8.69 billion), with losers beating winners 561 to 290. Institutions remain

March 28, 2024

Seoul shares start lower despite US gains

South Korean stocks opened a tad lower Thursday despite gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 1.98 points, or 0.07 percent, to 2,753.13 in the first 15 minutes of trading. US stocks finished higher to end their three-day losing streak on Wednesday. The Dow Jones Industrial Average jumped 1.2 percent, and the Nasdaq composite gained 0.5 percent. In Seoul, large-cap shares led the bearish start. Leading battery maker LG Energy Solution dropped 1.1 percent, and

March 28, 2024

[Hello India] Korean institutional investors up appetite for Indian market

Korean institutional investors are pumping money into the Indian market to avail opportunities from the fastest-growing major economy’s robust domestic demand and infrastructure projects. With estimates suggesting the economy could expand by 7 to 8 percent this year and the Indian government's policies designed to revive the manufacturing industry, including the "Make In India" program, the country has emerged as an investment destination for foreign investors. As large inve

March 27, 2024

Seoul shares end nearly flat; won dips to nearly 4-month low

South Korean stocks finished nearly flat Wednesday ahead of the releases of key US inflation data as investors cashed in recent gains. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.98 points, or 0.07 percent, to close at 2,755.11. Trade volume was moderate at 482.5 million shares worth 11.3 trillion won ($8.38 billion), with losers outnumbering winners 499 to 367. Individuals and institutions led the slight decline, dumping a net

March 27, 2024

Seoul shares start lower on US losses

South Korean stocks opened a tad lower Wednesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 6.94 points, or 0.25 percent, to 2,750.15 in the first 15 minutes of trading. US stocks finished lower ahead of key inflation data. The Dow Jones Industrial Average fell 0.08 percent, and the tech-rich Nasdaq Composite slid 0.42 percent. In Seoul, market heavyweights traded in mixed territory. Samsung Electronics, the world's largest memory chipmak

March 27, 2024

Seoul shares close higher on robust chip stocks

South Korean stocks rose Tuesday to end a two-session losing streak buoyed by strong semiconductor shares. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 19.52 points, or 0.71 percent, to close at 2,757.09. Trade volume was moderate at 439.5 million shares worth 11.9 trillion won ($8.88 billion), with gainers closely beating decliners 452 to 404. Foreign and institutional net purchases worth a combined 1.15 trillion won led the daily increa

March 26, 2024

Seoul shares start higher despite US losses

South Korean stocks got off to a strong start Tuesday despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index added 32.49 points, or 1.19 percent, to 2,770.06 in the first 15 minutes of trading. The US stocks lost ground Monday as investors took a breather ahead of key inflation data. The Dow Jones Industrial Average fell 0.4 percent, and the tech-rich Nasdaq Composite Index dropped 0.3 percent. In Seoul, market heavyweights led the bullish beginning. Top-cap Sam

March 26, 2024

Seoul shares fall for 2nd day on profit-taking

South Korean stocks declined for the second straight session Monday as investors sought to cash in recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 10.99 points, or 0.4 percent, to close at 2,737.57. Trade volume was moderate at 479.9 million shares worth 9.78 trillion won ($7.23 billion), with losers outnumbering winners 527 to 336. Foreigners and institutions led the drop, dumping a combined 331.6 billion won worth of local share

March 25, 2024

Seoul shares open higher on tech, battery gains

South Korean stocks started a tad higher Monday on gains from tech and battery shares. The benchmark Korea Composite Stock Price Index added 8.46 points, or 0.31 percent, to 2,757.02 in the first 15 minutes of trading. Tech and battery heavyweights led the upbeat start. Samsung Electronics, the world's No. 1 memory chipmaker, rose 0.51 percent and its rival SK hynix increased 1.53 percent. Leading battery maker LG Energy Solution edged up 0.12 percent, and Samsung SDI went up 2.75 percent.

March 25, 2024

Bosch, Lennox, Samsung vie for Johnson Controls HVAC assets, sources say

Robert Bosch GmbH, Lennox International and Samsung Electronics are among the industrial firms competing to acquire heating and ventilation assets worth over $6 billion from Johnson Controls International, people familiar with the matter said on Friday. Milwaukee-based Johnson Controls has been working with its advisers to sell its residential and light commercial businesses, including includes a US business and a 60 percent stake in an air-conditioning venture with Japan's Hitachi called

March 23, 2024