Seoul shares open lower amid US debt ceiling woes

South Korean stocks opened slightly lower Monday, as growing worries over the debt ceiling standoff between the US government and Congress weighed on investor sentiment. The benchmark Korea Composite Stock Price Index slipped 4.10 points, or 0.17 percent, to 2,471.32 in the first 15 minutes of trading. The Joe Biden administration and a divided Congress have yet to reach an agreement over raising the US government's $31.4 trillion borrowing limit, with the Congressional Budget Office warnin

May 15, 2023

Hanwha Aerospace, KT added to MSCI Korea Index

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos

May 12, 2023

Seoul shares down for 4th day amid rate hike woes

Seoul shares ended lower to extend their losing streak to a fourth day Friday as investors remain concerned about the Federal Reserve taking further tightening steps. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.58 points, or 0.63 percent, to 2,475.42. The Kospi has shed 1 percent this week. Trading volume was moderate at 782.19 million shares worth 8.21 trillion won ($6.2 billion), with decliners outnumbering gainers 650 to 233. Institutions

May 12, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Friday as investors remain concerned about the US Federal Reserve taking further tightening steps. The benchmark Korea Composite Stock Price Index fell 11.57 points, or 0.46 percent, to 2,479.43 in the first 15 minutes of trading. Institutions and foreigners sold a combined 115 billion won ($86 million) worth of stocks, offsetting individuals' stock purchases valued at 114 billion won. In Seoul, large-cap stocks declined across the board. Market bellwether Samsung

May 12, 2023

Seoul shares down for 3rd day despite eased US inflation

Seoul shares ended lower to extend their losing streak to a third day Thursday as investors remain watchful on whether the US Federal Reserve will put its policy rate on hold next month following improved US inflation data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 5.51 points, or 0.22 percent, to 2,491.00. Trading volume was moderate at 635.97 million shares worth 8.82 trillion won ($6.6 billion), with gainers outnumbering decliners 502 to 3

May 11, 2023

NHN records on-year profits in Q1

South Korean information technology company NHN Corp. on Thursday said its first-quarter operating profit rose 23.1 percent on-year to 19.1 billion won ($14.5 million) mainly owing to steady growth in the revenue of its gaming and payment services. Net income came to 25.6 billion won ($19.3 million), turning from a loss of 4.5 billion won during the first quarter of 2022, according to the company’s regulatory filing. Meanwhile, total sales increased 5.4 percent on-year to 548.3 billion won

May 11, 2023

Seoul shares open higher after eased US inflation data

Seoul shares opened higher Thursday as investors expect the Federal Reserve to put its rate hike march on hold following eased US consumer inflation data. The benchmark Korea Composite Stock Price Index rose 10.36 points, or 0.4 percent, to 2,506.87 in the first 15 minutes of trading. Individuals bought a net 22.2 billion won ($17 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 22 billion won. In Seoul, tech, auto and airline stocks led gains. Marke

May 11, 2023

Mirae Asset Securities becomes trading member of Singapore Exchange

Mirae Asset Securities announced Wednesday that its Singapore branch has officially become the 28th securities trading member of the Singapore Exchange. It is the first Korean financial investment company to do so. As a member, Mirae Asset can now trade various financial products within the Singapore Exchange on behalf of its customers. Other notable members include Credit Suisse Securities, Goldman Sachs Futures and HSBC Securities. “Our trading membership will help us earn trust within t

May 10, 2023

Apple Pay available at Starbucks stores

Starbucks Korea, Korea’s top specialty coffee chain, now accepts Apple Pay, Apple’s mobile payment service, as of Tuesday. Starbucks Korea is the second retailer under Korean retail giant Shinsegae Group to implement the near-field communication system for Apple Pay following E-mart24, Shinsegae’s local convenience store. Apple Pay landed in Korea on March 21 with local partner Hyundai Card. “Ninety-six percent of Starbucks cafes, except for the 40 located inside departme

May 10, 2023

Seoul shares end lower amid US inflation data, default woes

South Korean stocks finished a tad lower Wednesday due to rising uncertainties over the upcoming US. inflation data and worries about the US debt ceiling. The benchmark Korea Composite Stock Price Index went down 13.55 points, or 0.54 percent, to 2,496.51. Trading volume was moderate at 623.6 million shares worth 8.76 trillion won ($6.61 billion), with decliners outnumbering gainers 475 to 388. Foreign investors bought 120.7 billion won worth of local stocks, while institutions dumped 123.2 bill

May 10, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened slightly lower Wednesday as investors took a cautious approach ahead of US inflation data. The benchmark Korea Composite Stock Price Index declined 3.34 points, or 0.13 percent, to 2,506.72 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed down 0.2 percent, and the Nasdaq Composite lost 0.6 percent. In Seoul, big-cap shares made a mixed start as tech giant Samsung Electronics lost 0.61 percent and leading chipmaker SK hynix stayed f

May 10, 2023

Seoul shares end lower ahead of key inflation data

Seoul shares ended a tad lower on Tuesday as investors await key US inflation data and earnings results by major US firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.15 points, or 0.13 percent, to close at 2,510.06. Trading volume was moderate at 739.67 million shares worth 9.17 trillion won ($6.9 billion), with decliners outnumbering gainers 503 to 358. Individuals sold a net 175 billion won worth of stocks, offsetting institutions and fore

May 9, 2023

More Apple financial services unlikely to be available in Korea soon: BOK

Despite the recent launch of Apple Pay in Korea, it is unlikely that other financial services offered by the US tech giant will be available in Korea soon due to legal issues, the Bank of Korea projected. Apple kicked off its mobile payment service, Apple Pay, in Korea with partner Hyundai Card in March. Yet, its other financial services such as Apple Card, Apple Cash and Apple Pay Later are currently available only in the US. The firm’s plan to launch financial services other than Apple P

May 9, 2023

FSS chief promotes K-finance in Southeast Asia

Lee Bok-hyun, chief of the Financial Supervisory Service, is heading to Southeast Asia this week to promote the globalization of South Korea’s financial markets and attract global investors, the financial watchdog said Tuesday. The FSS chief, accompanied by representatives from Korean financial companies, was scheduled to visit Thailand, Singapore and Indonesia and hold investor relations events there. Lee’s visit began with a trip to Thailand on Monday, where he met with Sethaput

May 9, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened a tad lower Tuesday as Wall Street ended mixed ahead of key US inflation data. The benchmark Korea Composite Stock Price Index slipped 5.59 points, or 0.22 percent, to 2,507.62 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed down 0.17 percent and the Nasdaq Composite added 0.18 percent as investors awaited consumer price data slated for Wednesday, which is expected to affect the Federal Reserve's next steps. In Seoul, ma

May 9, 2023

Seoul shares end higher amid rate hike woes

Seoul shares ended higher Monday, following US stocks' rally last week, with investors staying cautious about the Federal Reserve's further rate hikes to tame inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index went up 12.27 points, or 0.49 percent, to 2,513.21. Trading volume was moderate at 645.61 million shares worth 9.06 trillion won ($6.8 billion), with gainers outnumbering decliners 571 to 301. Institutions and foreigners bought a

May 8, 2023

10 special industrial zones to be designated to spur innovation

South Korea announced a plan Monday to create a total of 10 special industrial zones by 2027, as regional vanguards to spur job creation and investment. The zones will run under the government’s deregulation scheme. The government hopes businesses operating there will focus on launching new products and making inroads in to overseas markets. Measures that match global standards, from regulation, certification to insurance, will be applied, the government said. Korea will first upgrade two

May 8, 2023

Jeonbuk Bank expands money transfer services in Cambodia

JB Financial Group’s Jeonbuk Bank said Monday it will add 17 more banks to the list of financial institutions in Cambodia that accept real-time money transfers made through the Korean bank. This newest addition brings the total number of such institutions to 49, providing expanded opportunities for customers to make transfers to various banks. “We hope that our unique overseas real-time transfer service will be helpful to our customers who want to make transfers to Cambodia,” J

May 8, 2023

Seoul shares open higher on US gains amid rate hike worries

Seoul shares opened higher Monday, tracking gains on Wall Street last week, with investors staying concerned over the US Federal Reserve's further rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 20.83 points, or 0.83 percent, to 2,521.77 in the first 15 minutes of trading. The main index stayed nearly unchanged last week, closing 0.02 lower at 2,500.94 on Thursday. The stock market was closed Friday to celebrate Children's Day. On Wednesday, Fed Chair

May 8, 2023

Seoul shares almost flat amid Fed uncertainties; Korean won sharply up

South Korean stocks closed almost flat Thursday, after the US Federal Reserve spurned the possibility of an imminent end to the rate hike cycle and ruled out that a rate cut is unlikely to happen anytime soon. The local currency gained sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.46 points, or 0.02 percent, to 2,500.94. Trading volume was moderate at 797.8 million shares worth 9.85 trillion won ($7.43 billion), with decliners slightly outnumbering gainers

May 4, 2023