Seoul shares tumble, local currency at over 13-yr low amid recession woes

Seoul shares tumbled on Wednesday as foreigners and institutions dumped holdings amid worries over the US Federal Reserve's continued aggressive rate hikes and their impact on the global economy. The Korean won also slid to the lowest point in more than 13 years. The Korea Composite Stock Price Index (KOSPI) fell 1.39 percent, or 33.56 points, to 2,376.46. Trading volume was moderate at 370.02 million shares worth 7.29 trillion won (US$5.3 billion), with decliners outpacing gainers 768 to 1

Sept. 7, 2022

SK Broadband invests $4m in collaboration platform developer Swit

SK Broadband has decided to invest $4 million (5.5 billion won) in US collaboration platform developer Swit as the company seeks to boost its competitiveness in the business-to-business sector, the South Korean internet service provider said Wednesday. On top of the investment, SK Broadband said the company will become the sole distributor of Swit in the domestic market while pushing for collaboration businesses including new products that will integrate its message and fax services with Swit&r

Sept. 7, 2022

MBK chairman to donate $10m to New York’s Met Museum

Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim will donate $10 million to help the renovation work of the Metropolitan Museum of Art in New York, both the firm and the museum said Wednesday. “The Metropolitan Museum of Art announced today that Michael ByungJu Kim has pledged $10 million to support the renovation of the Museum’s Oscar L. and H.M. Agnes Hsu-Tang Wing for modern and contemporary art," the Met said in an official press relea

Sept. 7, 2022

Won dips below 1,380 level per dollar for 1st time in more than 13 years

The South Korean currency on Wednesday declined below the 1,380-won level against the U.S. dollar for the first time in more than 13 years during intraday trading amid a sharp decline in the country's current account surplus. The local currency had been trading at 1,387.30 won per dollar as of 11:25 a.m., down 15.60 won from the previous session's close. In the morning session, the won slid to as low as 1,388.40 against the greenback at one point. It marked the first time that the Kore

Sept. 7, 2022

Seoul shares open lower on US losses; local currency plunges

Seoul stocks opened lower Wednesday, tracking losses on Wall Street as investors remained concerned over the US Federal Reserve's aggressive rate hikes to combat runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 0.71 percent, or 17.06 points, to 2,392.96 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq dropped 0.7 percent amid worries over the Fed's continued rate increases and a looming energy c

Sept. 7, 2022

Seoul stocks end 3-day losing streak; Korean won at over 13-year low

Seoul shares closed higher on Tuesday, snapping a three-day losing streak, as individuals scooped up large-cap stocks amid concerns over the Federal Reserve's aggressive rate hikes and a global recession. The Korean won tumbled to an over 13-year low against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 0.26 percent, or 6.34 points, to 2,410.02. Trading volume was moderate at 283.43 million shares worth 5.34 trillion won ($3.9 billion), with gainers

Sept. 6, 2022

Seoul stocks down for 3rd day amid recession woes; Korean won at over 13-year low

Seoul stocks ended lower for a third consecutive session Monday on concerns over the Fed's aggressive rate hikes and a global economic recession. The Korean won tumbled to an over 13-year low against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) fell 0.24 percent, or 5.73 points, to 2,403.68. Trading volume was moderate at 346.4 million shares worth 6.13 trillion won ($4.5 billion), with decliners outpacing gainers 606 to 252. The KOSPI opened higher on

Sept. 5, 2022

Seoul shares open higher on bargain hunting

Seoul stocks opened higher Monday on bargain hunting following a decline for two consecutive sessions amid concerns over the Fed's aggressive rate hikes and a global economic downturn. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 percent, or 11.98 points, to 2,421.39 as of 9:15 a.m. The KOSPI opened higher after falling 2.5 percent in the past two sessions as large-cap stocks advanced on institutional buying. Tech and auto stocks were the lead gainers, with market bellwe

Sept. 5, 2022

Foreign reserves fall in August on strong US dollar

South Korea's foreign reserves fell in August as the strong US dollar reduced the conversion value of euro and other currency-denominated assets, central bank data showed Monday. The country's foreign reserves came to $436.4 billion as of end-August, down $2.2 billion from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, sp

Sept. 5, 2022

Seoul shares open higher on dip-buying

South Korean opened higher Friday, following a big drop in the previous session, amid lingering concerns over the US rate hikes and a global economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.02 points, or 0.33 percent, to trade at 2,423.63 points as of 9:15 a.m. The index tumbled more than 2 percent Thursday, as investors were worried about the US Federal Reserve's aggressive monetary tightening to tame inflation. Overnight, US shares ended mixed. The Dow Jo

Sept. 2, 2022

Seoul stocks dip over 2% on US rate hike woes; Korean won at 13-year low

South Korean stocks fell more than 2 percent Thursday on deepening concerns over aggressive rate hikes by the US Federal Reserve. The Korean won slid to a 13-year low against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 56.44 points, or 2.28 percent, to close at 2,415.61. Trading volume was moderate at 563.43 million shares worth 8.15 trillion won ($6.12 billion), with decliners outpacing gainers 827 to 78. Institutions and foreigners shed shares worth 833.69 billion won and

Sept. 1, 2022

Seoul shares open lower on US rate hike woes

South Korean stocks got off to a weak start Thursday, tracking overnight losses on Wall Street, on lingering concerns over the US Federal Reserve's aggressive policy tightening and a global economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) lost 39.89 points, or 1.61 percent, to trade at 2,432.16 points as of 9:15 a.m. The stock market has lost steam in recent sessions, after Fed Chair Jerome Powell stressed his determination to tame inflation during the annual Jacks

Sept. 1, 2022

Won seesaws amid mixed signals

The South Korean won fluctuated sharply Wednesday, reaching a 13-year intraday low at 1,352.3 won per US dollar in the onshore market before closing at 1,337.6, 0.68 percent stronger than the Tuesday’s close, as the dollar continued its rally and the euro pared losses later the day. The search for safe-haven assets like the dollar is still strong, as investors reassess the prospect for higher US rates in light of a more hawkish tone on inflation set by the US Federal Reserve over the week

Aug. 31, 2022

[Market Eye] Lone Star verdict sheds light on Korea’s systematic flaws, experts say

An international dispute settlement body’s order Wednesday that South Korea must pay a “smaller-than-expected” $216.5 million to Lone Star may seem like a reasonable resolution to a decadelong battle between the government and the US-based private equity firm. But the verdict and the 10-year-long battle itself have revealed flaws in Korea’s financial and legal system that must be fixed before it can make the progress it aspires to, experts said. “The dispute has

Aug. 31, 2022

Seoul shares open lower on US rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a continued drop on Wall Street that stemmed from concerns about the US Federal Reserve's aggressive policy tightening. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 23.83 points, or 0.97 percent, to trade at 2,427.1 points as of 9:15 a.m. Stocks have been in a slump in the wake of the Fed chairman's reaffirmation in Jackson Hole that the US central bank would continue its fight against four-decade high infl

Aug. 31, 2022

Troubled Optimus Asset Management declared bankrupt

A South Korean court on Tuesday officially declared the bankruptcy of Optimus Asset Management, which had been mired in massive financial fraud leading to losses worth some 560 billion won ($415.8 million) for investors. The Seoul Bankruptcy Court declared the troubled asset manager bankrupt, citing its incapability to make payments due to its “heavy debt.” Optimus filed for bankruptcy with the Seoul court in June. Optimus was found to have raised 1.35 trillion won from more than 3

Aug. 30, 2022

Seoul stocks end higher amid persistent rate hike concerns

South Korean stocks finished higher Tuesday, as investors moved to buy beaten-down shares while digesting the possibility of the U.S. Federal Reserve keeping its aggressive monetary tightening stance. The Korea Composite Stock Price Index (KOSPI) rose 24.04 points, or 0.99 percent, to close at 2,450.93. Trading volume was rather slim at 327.21 million shares worth 6.69 trillion won ($4.97 billion), with winners far outnumbering losers 647 to 208. Institutions and foreign investors unloaded a net

Aug. 30, 2022

Seoul shares open higher amid persistent rate hike woes

South Korea's stock market opened higher Tuesday, as investors digested the possibility of the US Federal Reserve continuing its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.05 points, or 0.66 percent, to trade at 2,442.94 as of 9:15 a.m. The market has faced renewed fears about aggressive rate hikes since last Friday when Fed Chair Jerome Powell said at the annual Jackson Hole meeting that the US central bank will keep rates at an elevated

Aug. 30, 2022

Seoul stocks slump, snapping 3-day winning streak; Korean won falls to lowest level against US dollar in 13 years

South Korean stocks tumbled Monday as investors grappled with renewed concerns over the US central bank's aggressive monetary tightening. The Korean won dropped to its lowest level against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 54.14 points, or 2.18 percent, to close at 2,426.89, ending its three-day rise. Trading volume was moderate at 441.63 million shares worth 7.79 trillion won ($5.77 billion), with losers far outnumbering winners 822 to 86. Ins

Aug. 29, 2022

Korea hit by market volatility after Powell’s hawkish speech

South Korea’s financial authorities and brokerages on Monday warned of volatilities stemming from US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole last week, with the private sector expressing more skepticism towards the associated risks. Powell on Friday delivered a hawkish remark saying that the rising interest rates will cause “some pain” to the US economy and that the US Fed will use their “tools forcefully” to combat the nation’s

Aug. 29, 2022