Seoul shares gain as China lockdown woes ease; Fed rate views at focus

South Korean stocks snapped a two-session losing streak to close higher Tuesday, as worries about China's strict COVID-19 lockdown policy eased with growing expectations for an eventual reopening. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index climbed 25.12 points, or 1.04 percent, to close at 2,433.39. Trading volume was moderate at 522.6 million shares worth 6.35 trillion won ($4.79 billion) with advancing issues outstripping decline

Nov. 29, 2022

Seoul shares open almost flat on China woes, Fed's rate remarks

South Korean stocks turned a tad higher after a weak start Tuesday, amid concerns over China's strict COVID-19 lockdowns and hawkish remarks by US Federal Reserve policymakers on rate policy outlooks. After starting lower, the benchmark Korea Composite Stock Price Index rose 0.95 points, or 0.04 percent, to 2,409.22 in the first 15 minutes of trading. Protests across China against the government's aggressive COVID-19 lockdowns have sparked worries over the world's second-largest e

Nov. 29, 2022

S. Korea signals delays to crypto income tax

Financial authorities on Monday maintained their position on imposing an income tax on cryptocurrency trading from 2025, delaying the initial plan of levying a 20 percent tax starting next year. According to the Ministry of Economy and Finance, it submitted a bill to lawmakers to push back the new taxation law from 2023 to 2025. Before the end of the year, the bill has to be passed by the National Assembly for the current taxation plan to be postponed. Under the current taxation law, anyone who

Nov. 28, 2022

Seoul shares sink amid China uncertainties

South Korean stocks closed more than 1 percent lower Monday, as investor sentiment remained wary amid the extended COVID-19 restrictions in China that have stoked concerns over global supply disruptions. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index retreated 29.59 points, or 1.21 percent, to 2,408.27. Trading volume was moderate at 343.2 million shares worth 6.36 trillion won ($4.74 billion) with decliners far outnumbering gainers 703 to

Nov. 28, 2022

S. Korea seeks to change dividend-linked rules to attract more foreign investment to stock market

South Korea will push to change regulations in a way that would allow investors to know how much they would receive in dividends before buying stocks in a bid to attract more foreign investment in the local equity market, a senior official of the country's top financial regulator said Monday. Under the current rules, listed companies determine who will receive dividends in late December first before setting the amount in March and then pay out dividends to investors in April the following y

Nov. 28, 2022

Seoul shares open lower on China uncertainties

South Korean stocks started off lower Monday, as the continued COVID-19 lockdowns and unrest at an iPhone factory in China weighed on big tech stocks. The benchmark Korea Composite Stock Price Index fell 30.16 points, or 1.24 percent, to 2,407.70 in the first 15 minutes of trading. The US tech-rich Nasdaq ended lower Friday, with Apple Inc. dipping 2 percent, after media reports it would see a cut in iPhone shipments due to a workers' protest at a main factory in China run by Foxconn. Beiji

Nov. 28, 2022

Possible Wemix delisting prompts jitters in crypto market

South Korea’s top five crypto exchanges' decision to delist the token issued by Wemade’s blockchain platform has sent another shock wave through the digital currency market here that is still reeling from the earlier terraUSD-luna crash. The Digital Asset Exchange Alliance (DAXA) comprising Bithumb, Upbit, Coinone, Korbit and Gopax announced Thursday they would halt trading of Wemix tokens on their platforms from Dec. 8. DAXA cited that the gaming giant’s blockchain platform

Nov. 27, 2022

Seoul stocks end lower on lingering recession woes

Seoul stocks closed slightly down Friday as traders took a wait-and-see stance amid persistent uncertainties over monetary tightening and the global economic outlook. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 3.47 points, or 0.14 percent, to close at 2,437.86. Trading volume was light at 430.8 million shares worth 5.98 trillion won ($4.51 billion), with gainers slightly outnumbering losers 445 to 398. Foreign and institutional investors bough

Nov. 25, 2022

Seoul shares open lower amid lingering recession concerns

Seoul shares opened lower Friday, as traders took a wait-and-see stance amid persistent uncertainties over monetary tightening and global economic outlook. The benchmark Korea Composite Stock Price Index shed 6.5 points, or 0.27 percent, to 2,434.83 as of 9:15 a.m. While traders are increasingly looking to less aggressive rate hikes by the US Federal Reserve as inflation data shows signs of slowing, upward momentum in global stock markets is lacking. China's worsening COVID-19 situation is

Nov. 25, 2022

Seoul shares open higher ahead of BOK rate decision

Seoul shares opened higher Thursday as investors await a rate hike decision by the Bank of Korea later in the day. The benchmark Korea Composite Stock Price Index had added 18.14 points, or 0.75 percent, to 2,436.15 as of 9:15 a.m. The central bank is widely expected to raise its policy rate by 25 basis points to 3.25 percent, slowing its tightening pace as the economy shows signs of losing momentum. Overnight, US stocks finished higher, buoyed by a dovish stance by US Federal Reserve officials

Nov. 24, 2022

Market manipulation probe could dent MSCI hopes

The latest probe by the Korea Exchange into alleged market manipulation by two foreign investment banks in South Korea is creating friction between the bourse operator and global investment banks, amid Seoul’s push for recognition in the Morgan Stanley Capital International developed market index. According to sources Wednesday, the KRX is looking to fine the Seoul offices of Morgan Stanley and CLSA, a Hong Kong-based investment bank, for having failed to warn investors in advance when a r

Nov. 23, 2022

Seoul stocks end higher amid eased concerns over rate hikes

Seoul stocks closed higher Wednesday amid expectations that the US Federal Reserve might ease aggressive monetary tightening in the coming months. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 12.74 points, or 0.53 percent, to close at 2,418.01. Trading volume was moderate at 466.1 million shares worth 7.37 trillion won ($ 5.4 billion), with gainers outnumbering losers 663 to 215. Foreign investors bought a net 83.3 billion won worth of shares,

Nov. 23, 2022

Seoul shares open higher on Wall Street gains

Seoul shares opened higher Wednesday, tracking overnight Wall Street gains on eased inflation concerns. The benchmark Korea Composite Stock Price Index added 18.58 points, or 0.77 percent, to 2,423.85 as of 9:15 a.m. Overnight, US stocks finished higher, as investors bet that the US Fed may not take aggressive monetary tightening down the road, with inflation data showing signs of peaking, while shrugging off China's recent upticks in COVID-19 cases and possibility of tightening virus restr

Nov. 23, 2022

Seoul shares open tad higher amid China's COVID-19 woes

Seoul shares opened slightly higher Tuesday amid escalating woes over China's COVID-19 situations. The benchmark Korea Composite Stock Price Index added 2.86 points, or 0.12 percent, to 2,422.36 as of 9:15 a.m. Investors are paying attention to recent COVID-19 developments in China as Beijing could impose stricter antivirus restrictions, which would wreak havoc on its economy. China is South Korea's top trading partner. Overnight, US stocks fell, weighed down by interest-sensitive tech

Nov. 22, 2022

Seoul shares open lower on Fed's rate hike woes

Seoul shares opened lower Monday over woes that the US Federal Reserve may continue its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index rose 12.73 points, or 0.5 percent, to 2,431.75 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average rose 0.59 percent to 33,745.69, and the tech-heavy Nasdaq Composite inched up 0.01 percent to 11,146.06. This week, investors await minutes of the most recent Federal Reserve policy meeting to take a cue o

Nov. 21, 2022

S. Korean shares end nearly flat amid Fed's rate hike woes

South Korean stocks ended almost flat Friday, weighed down by lingering concerns over the United States' aggressive monetary tightening and a global economic slowdown. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.58 points, or 0.06 percent, to close at 2,444.48. Trading volume was moderate at about 579.34 million shares worth some 7.25 trillion won ($5.54 billion), with losers outnumbering gainers 543 to 316. Foreign investors bought 197.

Nov. 18, 2022

Seoul shares open higher on tech gains

South Korean stocks opened higher Friday, despite overnight losses on Wall Street, on investors' bargain hunting for big-cap tech shares. The benchmark Korea Composite Stock Price Index gained 13.76 points, or 0.56 percent, to 2,456.66 in the first 15 minutes of trading. Overnight, US shares went down, as St. Louis Federal Reserve President James Bullard said rate hikes so far had "only limited effects on observed inflation" and the Fed's target rate should be up to at least

Nov. 18, 2022

S. Korea may delay imposing capital gains tax on stocks

South Korea’s financial authorities on Thursday were mulling a delay on the adoption of the law to levy a capital gains tax on stock investment slated to start next year. In a morning meeting, the regulator Financial Services Commission met with market analysts from 10 local brokerages to address the effects of the new tax system on the market, according to industry sources. The move was widely received by onlookers as a sign that the authorities are actively considering the delay of the

Nov. 17, 2022

Seoul shares open lower on profit-taking, geopolitical woes

South Korean stocks opened lower Wednesday, despite overnight gains on Wall Street, as investors moved to lock in profits amid renewing geopolitical concerns in Europe. The benchmark Korea Composite Stock Price Index shed 10.98 points, or 0.44 percent, to 2,469.35 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average inched up 0.17 percent, and the tech-heavy Nasdaq Composite advanced 1.45 percent, after the United States' producer price index, a measure of wholesa

Nov. 16, 2022

Seoul shares open higher despite US losses

South Korean stocks opened higher Tuesday, despite overnight losses on Wall Street, on the back of gains in big-cap tech shares. The benchmark Korea Composite Stock Price Index added 9.38 points, or 0.38 percent, to 2,484.03 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.63 percent, and the tech-heavy Nasdaq Composite lost 1.12 percent as investors moved to take profits from last week's rally. In Seoul, tech and bio shares led the overall market advan

Nov. 15, 2022