Seoul shares close lower on tech losses

Seoul stocks ended lower Monday as investors moved to cash in part of recent gains on cautions that it would be too early to expect the Federal Reserve to slow down its aggressive rate hikes push. After choppy trading, the benchmark Korea Composite Stock Price Index lost 8.51 points, or 0.34 percent, to close at 2,474.65. Trading volume was moderate at about 499 million shares worth some 7.21 trillion won ($5.43 billion), with gainers outnumbering losers 563 to 301. Foreigners and retail investo

Nov. 14, 2022

Seoul shares open higher amid eased inflation woes

South Korean stocks opened higher Monday as eased inflation woes raised hopes for less aggressive rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index added 8.11 points, or 0.33 percent, to 2,491.27 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average grew 0.1 percent, and the tech-heavy Nasdaq Composite jumped 1.88 percent on hopes that the Fed could slow the pace of its aggressive monetary tightening over eased inflation woes. The US

Nov. 14, 2022

New stock tax plan puts retail investors on edge

The main opposition Democratic Party of Korea’s push to introduce a new tax on stocks from next year is causing concern among retail investors who fear it could further dampen investor sentiment in the local equity market. The envisioned scheme is to levy a capital gains tax of 22 to 27.5 percent on income a retail investor makes from financial investments such as share or bond sales, if it is above the set threshold. The plan won bipartisan support in the parliament in 2020 under the pr

Nov. 12, 2022

More businesses face downgrade in credit ratings

SEJONG -- Market insiders are raising the possibility that dozens of local businesses will suffer a downgrade in their credit standings next year in the wake of economic slowdown as well as worsening liquidity in their financial statements among many in the corporate sector. Their prediction is based on the situation that three major credit rating agencies have recently increased the number of watch list for potential downgrades. According to the lists held by Korea Investors Service, Korea Rati

Nov. 11, 2022

Seoul shares open sharply higher on US rallies

South Korean stocks opened steeply higher Friday on overnight Wall Street rallies, largely as weaker-than-expected inflation data in the United States raised speculation of the Federal Reserve going easy on a tightening mode. The benchmark Korea Composite Stock Price Index had jumped 69.71 points, or 2.9 percent, to 2,471.94 as of 9:15 a.m. Overnight, the tech-heavy NASDAQ Composite surged a jaw-dropping 7.35 percent. The Dow Jones Industrial Average and the S&P 500 soared 3.7 percent and 5.

Nov. 11, 2022

FTX’s acquisition of Bithumb seen killed by liquidity crisis

FTX’s plan to buy South Korean crypto exchange Bithumb appears to have gone up in smoke, with billionaire Sam Bankman-Fried’s empire being rocked by a liquidity crisis, industry watchers said Thursday. Crypto exchange giant Binance’s announcement on Wednesday to back out of its plans to acquire FTX is likely to halt the ongoing deal between the Bahamian crypto exchange platform and Bithumb, according to experts. “Investors have been wary of the crypto market because of

Nov. 10, 2022

Seoul shares open lower on Wall Street losses

South Korean stocks opened lower Thursday on an overnight dip on Wall Street amid the upcoming US midterm election results and a crash in cryptocurrencies. The benchmark Korea Composite Stock Price Index had declined 11.13 points, or 0.46 percent, to 2,413.28 points as of 9:15 a.m. The Dow Jones Industrial Average dropped 1.95 percent Wednesday, with the tech-heavy NASDAQ Composite and S&P 500 retreating 2.48 percent and 2.08 percent, respectively. Investors are paying keen attention to the

Nov. 10, 2022

Regulator to ease bank capital rules amid liquidity concerns

South Korea’s top financial regulator on Wednesday eased capital rules for banks seeking to contribute to the government-led fund aimed at stabilizing the local bond and stock markets, in a bid to contain the spillover of liquidity stress. A local insurer’s decision two days ago to reverse its postponement of redeeming its dollar bonds worth $500 billion after being pressured to meet the original deadline had added to growing volatility gripping the bond and short-term money markets.

Nov. 9, 2022

Seoul shares up for fourth day ahead of US midterm election results

South Korean stocks extended their winning streak to a fourth day Wednesday with investors paying keen attention to the US midterm election results. The Korean won surged against the US dollar. The benchmark Korea Composite Stock Price Index gained 25.37 points, or 1.06 percent, to close at 2,424.41 points. Trading volume was moderate at about 675 million shares worth some 9.2 trillion won ($6.7 billion), with gainers outnumbering losers 575 to 272. Institutions bought a net 348 billion won and

Nov. 9, 2022

Uncertain year ahead for Korean banks amid looming debt crisis, CEO term-ends

Chiefs of South Korea’s top banks are fast approaching the end of their current terms amid concerns of a looming debt crisis in the financial sector, sources said Wednesday. Starting with NH Financial Group Chairman Son Byung-hwan’s term ending next month, Shinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Son Tae-seung are inching towards the end of their current terms in March next year. CEOs of some banking giants’ flagship commercial lende

Nov. 9, 2022

Seoul shares open tad higher ahead of US midterm election results

South Korean stocks opened slightly higher Wednesday with investors paying keen attention to the US midterm election results. The benchmark Korea Composite Stock Price Index had increased 6.52 points, or 0.27 percent, to 2,405.56 points as of 9:15 a.m. Overnight, the Dow Jones Index added 1.02 percent and the tech-heavy NASDAQ Composite advanced 0.49 percent. In Seoul, market bellwether Samsung Electronics edged up 0.16 percent, while No. 2 chipmaker SK hynix retreated 0.34 percent. Top automake

Nov. 9, 2022

Seoul shares up over 1% on hopes of eased tightening, Samsung gains

South Korean stocks closed up over 1 percent Tuesday as Samsung Electronics and tech blue chips rose amid hopes for eased monetary tightening in the United States, analysts said. The local currency jumped against the US dollar. The benchmark Korea Composite Stock Price Index advanced 27.25 points, or 1.15 percent, to 2,399.04. It marked the third straight session of a rise. Trading volume was moderate at 492.8 million shares worth 8.5 trillion won ($6.13 billion) with gainers outstripping declin

Nov. 8, 2022

Seoul shares open higher ahead of US inflation data

South Korean stocks got off to a strong start Tuesday, as investors await the release of US inflation data due out later this week that could offer clues about the Federal Reserve's path forward in its interest rate hikes. The benchmark Korea Composite Stock Price Index rose 10.79 points, or 0.45 percent, to 2,382.58 in the first 15 minutes of trading. US stocks ended higher Monday, on the eve of the midterm elections, with the prospect of the Republicans likely to control at least one cham

Nov. 8, 2022

FSS plays down spillover risk amid shrinking liquidity

South Korea’s financial watchdog said Monday preparations are underway to deal with shrinking liquidity but the recent signs of credit strains are not a prelude to a full-blown crisis, such as the 1997 Asian financial crisis or the 2008 global financial crisis. A default reported by a state-backed local developer in early October had led to signs of a decline in liquidity in the bond and short-term money markets, prompting the government to inject at least 50 trillion won ($35.8 billion) i

Nov. 7, 2022

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday on strong advances by tech and auto heavyweights. The benchmark Korea Composite Stock Price Index had increased 14.59 points, or 0.62 percent, to 2,363.02 points as of 9:15 a.m. Tech and auto giants led the KOSPI's hike after a media report that the chair of Boeing Co. met with top officials of Samsung Electronics, Hyundai Motor Group and Hanwha Solutions to discuss new business cooperation. Market bellwether Samsung Electronics rose 1.18 percent. To

Nov. 7, 2022

[Contribution] Tax agency to help find unclaimed income tax refunds

Kim Young-chul, a food delivery rider in Seong-dong, Seoul, recently received a text message from the National Tax Service sent to inform him about unclaimed income tax refunds for the last five years. The message was suspicious, Kim said, but soon he recalled a colleague telling him about how convenient the tax refund system was set on the “Hometax” website, and how he received a swift income tax refund this May. Kim then immediately logged on to the Hometax website and soon learned

Nov. 6, 2022

Chiefs of Hana Financial Group and MSCI discuss climate change response

Hana Financial Group Chairman Ham Young-joo met Friday with Henry Fernandez, chairman of the US financial firm Morgan Stanley Capital International, at Hana Financial Group's headquarters in central Seoul to discuss climate change response as well as environment, social and governance management. At the meeting, Ham introduced Hana Financial Group's ESG management efforts and its future plans to deal with the growing climate change risks. “Hana Financial Group is recognizing clim

Nov. 6, 2022

Seoul stocks open lower on Wall Street losses

Seoul stocks opened lower Wednesday, taking a cue from overnight falls on Wall Street, as the US Federal Reserve is set to hold its interest-setting meeting. The benchmark Korea Composite Stock Price Index fell 8.8 points, or 0.38 percent, to 2,326.42 in the first 15 minutes of trading. US stocks closed lower as a surprising rebound in US job opening data dashed investors' hopes the central bank may slow down the pace of rate hikes. The S&P500 fell by 0.41 percent, the Dow Jones Index b

Nov. 2, 2022

Seoul shares soar nearly 2% on tech, chemical gains ahead of Fed meeting

Seoul shares spiked by nearly 2 percent Tuesday on the back of a sharp rise in tech and chemical stocks ahead of the US Federal Reserve's policy meeting this week. The local currency rose against the US dollar. The Korea Composite Stock Price Index surged 41.61 points, or 1.81 percent, to 2,335.22. Trading volume was high at 586.7 billion shares worth 9.3 trillion won ($6.6 billion), with gainers outnumbering decliners 709 to 152. Institutional and foreign investors purchased a combined 686

Nov. 1, 2022

Seoul shares open higher ahead of Fed's policy meeting

Seoul stocks opened higher Tuesday ahead of the US Federal Reserve's policy meeting this week. The benchmark Korea Composite Price Index rose 14.34 points, or 0.63 percent, to 2,307.95 in the first 15 minutes of trading. Overnight on Wall Street, stocks closed slightly lower as investors await the upcoming Federal Open Market Committee meeting scheduled this week. Investors expect the Fed to make another rate hike this week, but some cautiously believe that the central bank may go easy on a

Nov. 1, 2022