Seoul shares open lower on recession fears; Korean won sharply down

South Korean stocks got off to a weak start Wednesday, as downbeat data from Europe, coupled with an energy crisis amid Russia's war in Ukraine, amplified fears over a global economic downturn. The Korea Composite Stock Price Index (KOSPI) retreated 27.89 points, or 1.19 percent, to 2,313.89 in the first 15 minutes of trading. The steep decline in euro, Germany's trade deficit in more than three decades, and a drop in oil prices fueled concerns over a global recession, sending the main

July 6, 2022

Seoul shares snap 4-day losing streak on dip buying ahead of earnings season

South Korean stocks bounced back Tuesday, snapping a four-day losing streak, as investors scooped up oversold stocks ahead of the quarterly earnings season. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 41.44 points, or 1.8 percent, to 2,341.78. The KOSPI slid to a 20-month low Monday. Trading volume was light at 315.7 million shares worth 6.74 trillion won (US$5.18 billion), with advancing stocks far outpacing declining ones 802 to 92. &q

July 5, 2022

Seoul shares open higher on dip buying

South Korean stocks got off to a strong start Tuesday after the key index hit a 20-month low the previous session amid global recession woes. The Korea Composite Stock Price Index (KOSPI) rose 18.62 points, or 0.81 percent, to 2,318.96 in the first 15 minutes of trading. Large-cap stocks gathered ground across the board, with market behemoth Samsung Electronics rising 0.7 percent and chip giant SK hynix jumping nearly 3 percent. Internet portal provider Naver also soared 3.8 percent, and major c

July 5, 2022

Seoul shares down for 4th day to hit fresh 20-month low amid recession woes

South Korean stocks dipped for a fourth consecutive day to hit a fresh 20-month low Monday as investors worry the US Federal Reserve's move to curb inflation may trigger a deeper-than-expected economic recession. The local currency inched up against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) fell 5.08 points, or 0.22 percent, to close at 2,300.34, the lowest since 2,300.16 on Nov. 2, 2020. The index dipped to an intraday low of 2,276.63 points. Tradin

July 4, 2022

Kospi tumbles to new low for the year

South Korea’s key stock index plummeted to a fresh low for the year in morning trade on Monday as recession fears grew ahead of the Bank of Korea’s rate-setting meeting scheduled next week. The benchmark Kospi opened 0.23 percent higher from the previous closing at 2,310.73, but soon fell below the 2,300-mark to hit a new low of 2,288.92 in morning trade. Kospi has plummeted some 22 percent since end-2021 -- when the index stood at 2,977.65 – as of end-June, weighed down by

July 4, 2022

Seoul shares open higher amid inflation woes

South Korean stocks opened marginally higher Monday, tracking a US rebound last week as investors closely watch the US Federal Reserve's next move to curb inflation. The Korea Composite Stock Price Index (KOSPI) rose 9.92 points, or 0.43 percent, to 2,315.34 in the first 15 minutes of choppy trading. Major US indexes on Friday (US time) reversed their earlier losses to end higher, as investors speculated whether weaker-than-expected economic indicators would prod the Fed to slow down on its

July 4, 2022

Retail inflows at 2-year low as recession worries mount

The average daily trading volume of retail investors on the main board Kospi in June dropped to its lowest level since February 2020, data from the Korea Exchange showed Sunday. The fall comes as investors are bracing for a growth slowdown from the US Federal Reserve’s rate hikes. The value of shares investors bought and sold in a day on average on the benchmark index reached 4.3 trillion won ($3.3 billion) last month. That is a little more than 3.7 trillion won recorded in February 2020

July 3, 2022

[Newsmaker] Internet-only banks lure customers with Tamagotchi-like savings accounts, digital piggy banks

Saving money is never fun. But when combined with a digital pet that grows alongside the size of your savings, it can be more motivating. South Korea’s three internet-only banks -- KakaoBank, K bank and Toss Bank -- have launched unique products such as Tamagotchi-like savings accounts, mobile joint accounts and digital piggy banks to lure customers attracted to the trends. Toss Bank, launched in October last year, has registered 3.6 million users in just eight months through a slew of

July 1, 2022

Seoul shares dip almost 2 pct amid recession woes, dim outlook for chip sector

South Korean stocks plunged by almost 2 percent on Thursday to slump for a second straight session amid recession woes and dim outlook for the chipmaking sector. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 45.35 points, or 1.91 percent, to close at 2,332.64 points. Trading volume was moderate at about 506 million shares worth some 8.7 trillion won (US$6.7 billion), with losers outnumbering gainers 699 to 183. Institutional investor

June 30, 2022

Top court clears Shinhan chief of unethical hiring claims

South Korea’s top court on Thursday cleared Shinhan Financial Group Chairman Cho Yong-byoung of unethical hiring charges, putting an end to a four-year legal battle and allowing a possible third term for Cho. The Supreme Court upheld the Seoul High Court’s decision in November last year to side with Cho on allegations that he had exercised his influence by accepting hiring requests from lawmakers and company executives to recruit their children from 2013 to 2016 while he was CEO of

June 30, 2022

Seoul shares open lower amid foreign sell-offs

South Korean stocks opened lower Thursday as foreign sell-offs continued to weigh on the key stock index after the stock plunge the previous day. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.86 points, or 0.79 percent, to trade at 2,359.13 in the first 15 minutes of trading. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation growth at home and weak economic sentiment data in the United States Investors' eyes are on China

June 30, 2022

KB Kookmin provides $300m for JFK Airport redevelopment

KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York. KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank. KB said the airport renovation financing project

June 29, 2022

Seoul shares snap 3-day winning streak amid recession woes; Korean won tumbles

South Korean stocks snapped their three-day winning streak Wednesday, as investors were spooked by overnight plunges on Wall Street caused by growing concerns about an economic recession. The Korean won tumbled against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 44.1 points, or 1.82 percent, to close at 2,377.99 points. Trading volume was moderate at about 411 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 511 to 336. I

June 29, 2022

[Market Eye] Kospi’s rebound to 3,000 unlikely to happen anytime soon

When South Korea’s key stock index surpassed the 3,000-mark for the first time in its 40-year history in January 2021, it seemed the bull market would last forever. But risks stemming from high inflation, fears of recession and the global supply bottleneck this year has beaten down the index down to some 2,400 points as of this week, with analysts warning investors that they are unlikely to feel the relief of recovering to 3,000 anytime soon. “Our base Kospi target of 3,000 implies

June 29, 2022

BOK likely to weigh more on 'big-step' rate hike should June inflation hit 6 pct: official

Demand for an unprecedented "big-step" rate hike among policymakers of the Bank of Korea (BOK) will likely intensify ahead of an upcoming rate-setting meeting should the country's consumer prices in June rise 6 percent or higher, a high-ranking central bank official has said. The outlook comes amid growing speculation the BOK could lean more toward the possibility of an unprecedented 0.5 percentage-point hike in borrowing costs when monetary policy board members gather on July 13 in th

June 29, 2022

Inflation expectations in S. Korea hit 10-yr high in June

Inflation expectations in South Korea hit the highest level in about 10 years in June amid worries that prices are fast increasing due to high energy and commodity costs, a central bank report showed Wednesday. Ordinary people expected consumer prices to rise 3.9 percent over the next year, the fastest pace since April 2012, according to the report from the Bank of Korea (BOK). The June figure was also higher than a 3.3 percent rise predicted the previous month. Data on expected inflation is clo

June 29, 2022

Seoul shares open steeply lower on US stock plunge

South Korean stocks opened sharply lower Wednesday, tracking an overnight Wall Street plunge amid growing fears of economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) fell 32.67 points, or 1.35 percent, to trade at 2,389.42 in the first 15 minutes of trading. Overnight, Wall Street tumbled amid bleaker-than-expected economic indicators that added to investor jitters over a possible recession. The Dow Jones Industrial Average dipped 1.56 percent, while tech-heavy Nasdaq co

June 29, 2022

Seoul shares rise for 3rd day on bargain hunting, US data eyed

Seoul shares ended higher Tuesday to extend their winning streak to a third day as auto and technology stocks advanced on bargain hunting, with investors keeping an eye on upcoming U.S. economic data and Federal Reserve policy. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.84 percent, to close at 2,422.09. Trading volume was moderate at 555.34 million shares worth 7.03 trillion won ($5.4 billion), with gainers outpacing decli

June 28, 2022

Seoul shares open higher despite US losses

Seoul shares opened higher Tuesday, bucking overnight losses on Wall Street, with investors remaining concerned about higher interest rates and a slowdown in the global economy. The Korea Composite Stock Price Index (KOSPI) rose 6.04 points, or 0.25 percent, to 2,407.96 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 31,438.26 points and the tech-heavy Nasdaq shed 0.7 percent to 11,524.55 points. Auto, airline and refiner stocks were lead gaine

June 28, 2022

Seoul shares up for 2nd day amid recession woes

Seoul shares ended higher for the second straight session Monday, as investors speculate the pace of the Federal Reserve's rate hikes could be slower than expected amid global recession woes. The local currency sharply rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 35.32 points, or 1.49 percent, to close at 2,401.92. On Friday, the KOSPI rebounded 2.3 percent to 2,366.60 after marking a 19-month low a session earlier. Trading volume was moderate at 501.09 mil

June 27, 2022