Seoul shares up for 2nd day on big-cap tech, steel gains

South Korean stocks extended their winning streak to a second session Wednesday as institutional investors picked up large-cap steel and tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.05 points, or 0.92 percent, to close at 2,735.05 points. Trading volume was moderate at 870.73 million shares worth some 11.7 trillion won ($9.64 billion), with gainers outnumbering losers 529 to 300. Institutional investors bought a net 233.0

March 23, 2022

Seoul stocks open higher on US gains

South Korean shares got off to a strong start Wednesday, tracking overnight gains on Wall Street, led by institutional investors' purchase of big-cap shares. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.48 points, or 0.98 percent, to reach 2,736.48 as of 9:15 a.m. Overnight, the US stock market finished higher, as investors digested recent hawkish comments by Federal Reserve Chair Jerome Powell on rate hikes. The Dow Jones Industrial Average advanced 0.74 percent, and the Nasd

March 23, 2022

Seoul shares end higher on institutional buying

South Korean stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.95 points, or 0.9 percent, to close at 2,710 points. Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257. Institutional investors bought a net 284

March 22, 2022

Dunamu donates W1b to Ukraine

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli

March 22, 2022

Seoul shares up late Tues. morning on tech gains

Seoul shares extended gains late Tuesday morning, buoyed by institutional buying despite Wall Street losses on rising oil prices and the Fed's hawkish comments on inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.27 points, or 0.64 percent, to trade at 2,703.32 points as of 11:20 a.m. Federal Reserve Chairman Jerome Powell said Monday (local time) the US central bank would raise its benchmark short-term interest rate faster than expected if that is needed to contain ramp

March 22, 2022

Regulator OKs convenience store operator Korea Seven's takeover of Ministop

South Korea's antitrust regulator said Tuesday it has decided to approve a deal by Korea Seven Co., the operator of 7-Eleven convenience stores, to buy its smaller rival Ministop Korea Co. In January, the country's retail giant Lotte inked a deal to acquire a 100 percent stake in Ministop Korea for 313.3 billion won ($257 million). Korea Seven, an affiliate of Lotte, eventually bought Ministop Korea. The Fair Trade Commission (FTC) said it has given the green light to the deal, saying that the t

March 22, 2022

Seoul shares open higher on auto, tech gains

Seoul shares opened higher Tuesday on institutional and individual buying amid uncertainties involving the Ukraine-Russia peace talks and US interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.71 points, or 0.21 percent, to trade at 2,691.76 points as of 9:15 a.m. Institutions and individuals' stock purchases worth 89.7 billion won ($74 million) helped offset 90 billion won worth of foreign selling. Auto and tech stocks led gains. Leading carmaker Hyundai Motor Co. rose 2

March 22, 2022

Seoul stocks down on uncertainty over Ukraine, Fed rate hike

South Korean stocks ended lower Monday, snapping their three-day winning streak, weighed down by uncertainty over the Ukraine-Russia conflict and worries over the US monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 20.97 points, or 0.77 percent, to close at 2,686.05 points. Trading volume was moderate at about 495 million shares worth some 8.6 trillion won ($7.1 billion), with gainers outnumbering losers 454 to 394. Ins

March 21, 2022

Korean banks expand financial services for foreigners

South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net

March 21, 2022

Foreign currency deposits grow in Feb. on increased corporate savings

Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud

March 21, 2022

Seoul stocks open nearly flat amid Ukraine uncertainties

South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0

March 21, 2022

[Newsmaker] Hana Financial Group joins $2.6b bid to buy Chelsea FC

South Korea’s Hana Financial Group has recently submitted a bid of $2.6 billion to buy Premier football club Chelsea, in a consortium led by UK property magnate Nick Candy. Local reports on Saturday said that the consortium of Candy, Hana Financial Group and Korean sports management firm C&P Sports -- dubbed “The Blue Football Consortium” -- have become one of several bidders who expressed their interest in buying Chelsea from its current Russian owner Roman Abramovich by

March 20, 2022

Average pay at Korea's top 4 banks exceeds W100m for first time

The average annual salary at South Korea’s top four banks exceeded 100 million won ($82,500) for the first time last year, backed by a surge in interest and fee revenue, data showed Sunday. Bankers under the four commercial banks here -- KB Kookmin, Shinhan, Hana and Woori -- received an average 105.5 million won last year, 7.6 percent up from the previous year, according to their annual reports. The figure includes the employees’ base salary, performance pay and bonuses. The aver

March 20, 2022

Seoul stocks likely to advance next week on eased Fed, Ukraine woes

South Korean stock markets are expected to gain ground next week, as investors are likely to snap up oversold stocks amid eased uncertainty about the U.S. monetary policy and optimism for the Russia-Ukraine peace talks, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 points Friday, down 1.72 percent from a week ago. The key stock index started weak this week as investors turned cautious ahead of the U.S. Federal Reserve's policy meeting. But

March 19, 2022

Seoul stocks up for 3rd day amid hope for Ukraine peace talks

South Korean stocks extended their winning streak to a third session Friday after choppy trading, as investors eye the ongoing Ukraine-Russia peace talks after eased Fed uncertainties. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.51 points, or 0.46 percent, to close at 2,707.02 points. Trading volume was moderate at about 634 million shares worth some 11.3 trillion won ($9.3 billion), with gainers outnumbering losers 547 to 303. Reta

March 18, 2022

SC Bank Korea's 2021 net dips 50% on one-off costs

Standard Chartered Bank Korea said Friday its net profit tumbled more than 50 percent in 2021 from a year earlier on large one-off costs. Combined net income stood at 127.9 billion won ($106 million) last year, down 50.3 percent from a year earlier, said the local unit of British banking giant Standard Chartered Bank. The lender said the bottom-line plunge is blamed on one-off costs worth 252.7 billion won resulting from a special early retirement program in the fourth quarter of last year. Its

March 18, 2022

Seoul stocks open higher as investors eye Ukraine peace talks

South Korean stocks opened slightly higher Friday, as investors placed hopes on the ongoing fourth round of Ukraine-Russia peace talks after eased Fed uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.9 points, or 0.14 percent, to trade at 2698.41 points as of 9:15 a.m. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics lost 0.7 percent, and No. 2 chipmaker SK hynix retreated 0.81 percent. Internet portal operator Naver advanced 0.44 percent, and

March 18, 2022

Seoul stocks rise more than 1%, Korean won surges on Fed's hike, eased Ukraine woes

South Korean stocks rallied by more than 1 percent as the US Federal Reserve's monetary meeting results largely fell within investors' expectations and optimism for Russia-Ukraine peace talks. The Korean won soared by the largest margin in two years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 35.28 points, or 1.33 percent, to close at 2,694.51 points. Trading volume was moderate at about 535 million shares worth some 11.6 trillion won ($9.6 billion), w

March 17, 2022

Seoul stocks open steeply higher on eased woes over Fed's rate hike

South Korean stocks opened sharply higher Thursday, as the US Federal Reserve's monetary meeting results largely fell within expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.5 points, or 1.67 percent, to trade at 2,703.73 points as of 9:15 a.m. Stocks lifted, taking a cue from the overnight stock rallies. The tech-heavy Nasdaq composite surged 3.77 percent, and the Dow Jones Industrial Average advanced 2.55 percent. The Fed raised its key interest rates by a quarter

March 17, 2022

[Photo News] Ring the bell

(From left) Lee Jane, president of the Korea Women Startup Forum, Kim Sang-kyung, chairperson of the Korea Network of Women in Finance, EU Ambassador to Korea Maria Castillo-Fernandez, Sohn Byung-doo, chairman and CEO of the Korea Exchange, Kwon Choon-taek, secretary-general of the UN Global Compact Network Korea, Lee Bok-sil, president of the Women Corporate Directors Korea, and British Ambassador to Korea Colin Crooks, participate in “Ring the Bell” event designed to raise business

March 16, 2022