S. Korean stocks open lower ahead of Fed policy meeting this week

South Korean stocks opened lower Monday as investors continued to remain cautious ahead of the US Federal Reserve's policy meeting later this week. The Korea Composite Stock Price Index (KOSPI) fell 8.43 points, or 0.35 percent, to 2,374.35 in the first 15 minutes of trading. The country's stock market has been roiled by expectations that the Fed could raise the base rate at least by another 75 basis points in its upcoming policy meeting slated for Sept. 20-21. In Seoul, market heavywe

Sept. 19, 2022

Financial workers’ strike has little short-term impact

Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti

Sept. 18, 2022

Seoul shares fall for 3rd day on Fed rate-hike jitters

South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest US economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to 2,382.78. Trading volume was moderate at 432.5 million shares worth 8.4 trillion won ($6.04 billion) with decliners outnumbering gainers 687 to 193. "The after

Sept. 16, 2022

Seoul shares open lower on Fed rate hike jitters

South Korean stocks opened lower Friday, as the latest US economic data made it more certain that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.31 points, or 0.72 percent, to 2,384.52 in the first 15 minutes of trading. US retail sales posted a higher-than-expected gain in August in the latest government release Thursday (local time), supporting the view that the Fed will push

Sept. 16, 2022

FSS to step up market scrutiny amid volatility

South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p

Sept. 15, 2022

Terraform founder could face ‘severe punishment,’ say legal experts

Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c

Sept. 15, 2022

Seoul shares down for 2nd day amid US inflation rout

South Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the US Federal Reserve after the strong US inflation data. The local currency fell slightly against the US dollar. After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 4

Sept. 15, 2022

Woori Card partners with Korean singer IU to attract Gen Z

Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I＆U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ

Sept. 15, 2022

Seoul shares open marginally higher after US inflation rout

South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p

Sept. 15, 2022

Korean won sinks to worst level since 2008 financial crisis

South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins

Sept. 14, 2022

Seoul shares dip over 1.5% as US inflation data signals more aggressive rate hikes

South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected US inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won ($5.41 billion) with decliners outnumbering gainers 721 to 167. "The stronger-t

Sept. 14, 2022

Seoul shares open sharply lower on dashed hopes for US inflation

South Korean stocks tumbled at the opening bell Wednesday, driven by big IT and bio shares, after the hotter-than-expected US inflation data sparked fears the Federal Reserve would push ahead with aggressive monetary tightening. The Kospi sank 62.19 points, or 2.54 percent, to 2,387.35 in the first 15 minutes of trading. The US August consumer price index slowed to an 8.3 percent on-year gain, which was above the consensus of an 8.1 percent increase. The core CPI, which excludes food and energy

Sept. 14, 2022

Seoul shares spike 2.7% on expectations of slowdown in US inflation

South Korean stocks rallied by nearly 3 percent Tuesday as investors were optimistic ahead of the release of the US inflation data, with eyes on the Federal Reserve's rate-setting policy meeting set for next week. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) advanced 65.26 points, or 2.74 percent, to 2,449.54. Trading volume was moderate at 361.7 million shares worth 9.05 trillion won ($6.58 billion) with gainers far outpacing decliners 771 to

Sept. 13, 2022

Prosecutors mull defining luna as security

South Korean prosecutors are considering whether to view the troubled cryptocurrency luna as a security, a move which could put the coin developers and those complicit under scrutiny for not only fraud, but also for violations of the Capital Markets Act. The Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team has met with crypto experts and financial authorities to review if luna can be categorized as a security, the prosecution said Tuesda

Sept. 13, 2022

KB opens Korea's largest premium private banking branch

South Korea’s KB Financial Group said Tuesday it has recently opened the nation’s largest premium private banking branch in Seoul in a bid to provide a fuller range of services to its wealthy clients. The seven-story building, named after the bank’s recently launched premium banking service “KB Gold ＆ Wise the First,” is located in Seoul's posh district of Apgujeong. The floor space, themed on books and art, consists of 15 consulting rooms and 1,400 vaults. At the

Sept. 13, 2022

JYP overtakes entertainment giant CJ ENM in market cap

The market capitalization of JYP Entertainment, one of South Korea’s four major K-pop powerhouses led by producer Park Jin-young, has remained higher than that of Korea's largest entertainment firm CJ ENM for three consecutive weeks, data showed Tuesday. According to Korea Exchange on Tuesday, JYP shares closed Thursday at 63,000 won ($45.81) per share, while its market cap closed at 2.23 trillion won, just before the Chuseok holiday. On the same day, CJ ENM shares settled at 91,000 w

Sept. 13, 2022

Seoul shares open higher ahead of US inflation data

South Korean stocks got off to a strong start Tuesday as investors await the new US inflation data ahead of the Federal Reserve's rate-setting policy meeting next week. The Korea Composite Stock Price Index (KOSPI) soared 43.34 points, or 1.82 percent, to 2,427.62 in the first 15 minutes of trading. US stocks rallied Monday (local time) amid hopes that the likely slowdown in the August inflation would prod the Fed to go easy on its future rate hikes if it were to stick to its third consecut

Sept. 13, 2022

Foreigners dump W12tr Korean stocks this year

A net selling by foreign investors in stocks traded on South Korea’s main board Kospi since January has reached 11.96 trillion won ($8.6 billion) Thursday, according to data from the Korea Exchange Monday. The data showed shares of Samsung Electronics accounted for a little over 9 trillion won, with Naver, LG Energy Solution and Kakao roughly making up the remaining purchases at over 1 trillion won, respectively. That contrasts sharply with a net buying by individual investors, who in the

Sept. 12, 2022

Won slips to fresh 13-year low despite hint at intervention

The South Korean won tumbled to 1,384.2 won per US dollar on Wednesday in the onshore platform, the lowest closing figure since March 2009 during the global financial crisis, despite a warning from authorities that intervention could take place to steady the currency market. The US dollar’s rally – led by investors pricing in higher US interest rates to come by year-end – has been weakening not only the local currency, but six other major currencies, including the Japanese yen.

Sept. 7, 2022

[Newsmaker] Apple Pay in final-stage talks to enter Korean market

Apple Pay is in the final stage of talks with local credit card issuer Hyundai Card to start its Korean services by the end of this year, according to news reports on Wednesday. Apple’s digital payments service, launched in 2014, has since expanded its Asian reach, including China, Japan, Singapore and Hong Kong. But it has struggled to enter Korea mainly due to a lack of technological infrastructure here. Most local retailers use the magnetic secure transmission technology, in which devic

Sept. 7, 2022