Seoul shares open higher on eased US inflation woes

South Korean stocks opened higher Monday, following the gains on Wall Street last week amid eased inflation in the United States that raised hopes for the Federal Reserve to slow its interest rate hikes. The benchmark Korea Composite Stock Price Index advanced 7.36 points, or 0.31 percent, to 2,393.45 in the first 15 minutes of trading. All major US stock indexes closed higher Friday, with the S&P 500 and tech-rich Nasdaq hitting the highest level in a month, buoyed by expectations the Fed c

Jan. 16, 2023

Seoul shares open higher ahead of BOK rate decision

Seoul shares opened higher Friday as investors await a rate hike decision by the Bank of Korea later in the morning. The benchmark Korea Composite Stock Price Index had added 15.47 points, or 0.65 percent, to 2,380.57 as of 9:15 a.m. The central bank is widely expected to raise its policy rate by 25 basis points to 3.5 percent as part of efforts to tame inflation. In Seoul, most large cap shares got off to a solid start. Market bellwether Samsung Electronics inched up 0.33 percent, while SK hyni

Jan. 13, 2023

Seoul stocks up for seventh day on hopes for US inflation slowdown

South Korean stocks extended their winning streak to a seventh session on Thursday, largely on anticipation of slower inflation in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 5.57 points, or 0.24 percent, at 2,365.1 points. Trading volume was moderate at about 570 million shares worth some 7.7 trillion won ($6.2 billion), with gainers outnumbering losers 494 to 365. Foreigners bought a net 484 billion won, while institut

Jan. 12, 2023

Saudi Arabia bets big on Hallyu with W1.2tr Kakao investment

Saudi Arabia’s state fund decided to join in 1.2 trillion won ($964 million) investment in Kakao Entertainment, doubling down on its aggressive bet on the burgeoning Korean content industry. The company, the entertainment arm of Kakao Corp., said it has raised 600 billion won in financing by issuing new shares through third-party allotment each to two global state funds -- Saudi Arabia’s Public Investment Fund and the Government of Singapore Investment Corporation. The capital inject

Jan. 12, 2023

Seoul stocks open higher on hopes for slowdown in US inflation

South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States. The benchmark Korea Composite Stock Price Index had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index, a key gauge for inflation, could pr

Jan. 12, 2023

Seoul stocks up for sixth day ahead of US inflation data

Seoul shares ended higher Wednesday, extending their winning streak to a sixth day, with investors awaiting the release of the new US consumer price index for clues on the future of the Federal Reserve's monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 8.22 points, or 0.35 percent, to close at 2,359.53 points. Trading volume was moderate at 359.99 million shares worth some 6.2 trillion won ($4.97 billion), with gainers outnumb

Jan. 11, 2023

[Newsmaker] After 'giant' interest rate hikes, are savers better off?

When a small provincial branch of NongHyup Bank offered an online-exclusive installment savings plan with an annual interest of 8.2 percent in November last year, the news spread like wildfire among savvy savers. It sold like lottery tickets. Within hours, the bank sold 900 billion won ($707.8 million) of saving products, which was more than five times the size of the branch's total assets of 167 billion won. The problem was that the rural bank just wanted to attract just 10 billion won of fu

Jan. 11, 2023

Seoul stocks open higher ahead of US inflation data

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, as investors expect the upcoming US consumer price index may provide signs of a slowdown in inflation. The benchmark Korea Composite Stock Price Index rose 15.24 points, or 0.65 percent, to 2,366.55 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.6 percent to 33,704.1 points and the tech-heavy Nasdaq Composite climbed 1 percent to 10,742.63. If Thursday's US inflation da

Jan. 11, 2023

Seoul stocks up for fifth day amid Fed rate hike worries

Seoul shares ended higher Tuesday, extending their winning streak to a fifth day despite concerns over the Federal Reserve's aggressive rate hikes following hawkish Fed officials' comments. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.12 points, or 0.05 percent, to close at 2,351.31 points. Trading volume was moderate at 351.76 million shares worth some 6.6 trillion won ($5.3 billion), with gainers outnumbering losers 441 to 398. Fe

Jan. 10, 2023

Banking groups under pressure to boost dividend payouts

Bank stocks in South Korea have long been regarded as an unappealing option for investors. Against this backdrop, a local activist fund was launched Monday targeting seven large Korean lenders to whet investor appetite by shoring up dividends. Korean banks have strong fundamentals and enough capital to cushion against unexpected losses, but their dividend payout ratios remain much lower than those of their global peers, according to Lee Chang-hwan, CEO of Seoul-based private equity firm Align Pa

Jan. 10, 2023

Seoul stocks open higher amid renewed rate hike woes

Seoul shares opened higher Tuesday as investors remain concerned about the Federal Reserve's aggressive rate hike plans following its officials' recent comments. The benchmark Korea Composite Stock Price Index rose 3.18 points, or 0.14 percent, to 2,353.37 in the first 15 minutes of trading. Fed officials signaled the US central bank could raise rates to somewhere over 5 percent to tame inflation. Foreigners and institutions bought a combined 28 billion won ($22.5 million) worth of sto

Jan. 10, 2023

Seoul stocks up for fourth day on possible Fed slowdown; won sharply up

Seoul shares ended higher Monday amid expectations of slower US rate hikes. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 60.22 points, or 2.63 percent, to close at 2,350.19 points. Trading volume was moderate at about 334.74 million shares worth some 6.9 trillion won ($5.2 billion), with gainers outnumbering losers 799 to 93. The Dow Jones Industrial Average rose 2.1 percent to 33,630.61 points on Friday, and the tech-heavy Nasdaq Compos

Jan. 9, 2023

Seoul stocks open higher on eased woes over Fed's rate hikes

Seoul stocks opened higher Monday, tracking gains on Wall Street, as investors expect a slowdown in US wage growth and contraction in the services sector may prod the Federal Reserve to go easy on its aggressive rate hike plans. The benchmark Korea Composite Stock Price Index rose 41.01 points, or 1.8 percent, to 2,330.98 in the first 40 minutes of trading. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co. rose 1.9 percent, No. 2 chipmaker SK hynix Inc. c

Jan. 9, 2023

Unicorn startup Kurly fizzles with IPO withdrawal

Once regarded among South Korea's most successful startups, Kurly, operator of fresh food delivery platform Market Kurly, is losing steam with signs of weakening investor appetite for the loss-making firm. Kurly on Thursday officially called off its long-awaited market debut on the country's benchmark Kospi "for the time being." "Considering the worsened investor sentiment amid the global recession, we have decided to postpone the listing on the Korea Exchange," the

Jan. 6, 2023

Seoul stocks close up over 1% on chip, battery gains

Seoul stocks closed over 1 percent higher Friday, continuing a three-day winning streak, as foreign and institutional investors picked up Samsung Electronics and other large caps. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 25.32 points, or 1.12 percent, to close at 2,289.97 points. Trading volume was moderate at about 388.2 million shares worth some 6.6 trillion won ($5.2 billion). Winners outnumbered losers 602 to 262. The Kospi got off to

Jan. 6, 2023

Seoul stocks open slightly higher despite Wall Street falls

Seoul stocks opened a tad higher Friday despite overnight falls on Wall Street and fresh US job data. The benchmark Korea Composite Stock Price Index traded up 0.72 points, or 0.03 percent, to 2,265.37 points in the first 15 minutes of trading. Major indices on Wall Street fell over 1 percent overnight amid concerns that the country's strong labor market data released Thursday could push the Federal Reserve to continue to raise interest rates. The S&P 500 dropped 1.16 percent, the Dow J

Jan. 6, 2023

Seoul stocks close higher for second straight day on chip, financier advances

Seoul stocks closed higher for the second straight session on Thursday, driven by advances in chips and financial stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.67 points, or 0.38 percent, to close at 2,264.65 points. Trading volume was moderate at about 416.6 million shares worth some 7.4 trillion won ($5.8 billion). Winners outnumbered losers 501 to 374. "The Kospi rose in the morning trading, boosted by advances in chips and fina

Jan. 5, 2023

Seoul stocks spike over 1.5% on chip rally

Seoul stocks surged over 1.5 percent to snap a four-day losing streak Wednesday as foreigners snatched up shares of Samsung Electronics and other chipmakers. The benchmark Korea Composite Stock Price Index jumped 37.3 points, or 1.68 percent, to close at 2,255.98 points. The Korean won fell against the US dollar. Trading volume was moderate at about 405.6 million shares worth some 6.4 trillion won ($5 billion). Gainers outnumbered losers 651 to 224. The Kospi got off to a weak start but soon tur

Jan. 4, 2023

Local crypto market faces turning point in 2023

The year 2022 was a gloomy one for the local digital assets market, with the values of major cryptocurrencies falling sharply amid a string of catastrophes ranging from the collapse of terra and its sister currency luna to the delisting of wemix. With related authorities forging multiple regulations to systematize the volatile market and ensure consumer rights, the digital assets market in Korea is expected to face changes in 2023. One of the significant changes that will reshape the industry

Jan. 4, 2023

Seoul stocks open lower on Wall Street tech decline, recession woes

Seoul stocks opened lower Wednesday following an overnight fall on Wall Street as investors remain wary of a global recession. The benchmark Korea Composite Stock Price Index declined 10.98 points, or 0.49 percent, to 2,207.7 points as of 9:15 a.m. Overnight, major indexes on Wall Street closed lower, dragged down by declines in heavyweights, such as Apple and Tesla. The Dow Jones Industrial Average slid 0.03 percent, the S&P 500 inched down 0.4 percent, and the tech-heavy Nasdaq Composite r

Jan. 4, 2023