Seoul stocks jump 1.5% after Fed chief's inflation comments

South Korean stocks closed sharply higher Wednesday, as the US Fed chief's comments about inflation were largely within market expectations. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 4.51 points, or 1.54 percent, to close at 2,972.48 points. Trading volume was moderate at about 506 million shares worth some 10.8 trillion won ($9.1 billion), with gainers outnumbering losers 730 to 140. Institutions bought a net 607 billion won and

Jan. 12, 2022

Market cap of top 100 firms gains 10.8% over past year

South Korea's top 100 companies have seen their total market capitalization swell nearly 11 percent over the past one-year period, a corporate tracker said Wednesday. The combined market value of those leading firms came to 2,128 trillion won ($1.78 trillion) as of Jan. 3 this year, up 10.8 percent from a year earlier, according to Korea CXO Institute. The number of listed firms with a market cap of 1 trillion won or more stood at 288, up 54 from a year earlier. Global tech behemoth Samsung E

Jan. 12, 2022

Money supply up 1.1% in Nov. amid increased savings

South Korea's money supply expanded in November as savings increased due in part to rising interest rates, central bank data showed Wednesday. The country's M2, a key gauge of the money supply, stood at 3,589.1 trillion won ($3.01 trillion) on average in November, up 1.1 percent, or 39.4 trillion won, from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The growth rate was the same as what was reported in October. Compared with a year earlier, the money supply

Jan. 12, 2022

Seoul stocks open higher after Fed chief's inflation comments

South Korean stocks opened steeply higher Wednesday as the US Fed chief's comments about inflation were largely within market expectations. The benchmark Korea Composite Stock Price Index (Kospi) rose 27.86 points, or 0.95 percent, to 2,955.24 in the first 15 minutes of trading. Stocks got off to a strong start, taking a cue from overnight rallies on Wall Street. Overnight, the tech-heavy Nasdaq Composite added 1.41 percent, and the Dow Jones Industrial Average advanced 0.51 percent. Federal

Jan. 12, 2022

Big firms' disposal of treasury shares jumps over 3 years

Major listed companies in South Korea have sharply increased their disposal of treasury shares over the past three years due mainly to efforts to boost their stock prices, a corporate tracker said Wednesday. A total of 129 listed firms retired or distributed to executives treasury shares worth 4.51 trillion won ($3.78 billion) last year, slightly up from 4.08 trillion won from 2020, according to CEO Score. The value was more than three times the 1.36 trillion won recorded two years earlier. T

Jan. 12, 2022

Naver, Kakao stocks dip by double digits

Naver and Kakao, Korea’s two largest online service providers, saw their market caps shrink 7 trillion won each ($5.8 billion) for the last two weeks amid persistent market fluctuations over a potential rate hike by the US Federal Reserve and growing uncertainty over their growth and management ethics. The US Fed has hinted that it will reduce its overall asset holdings sooner than expected because of unabated inflation. But the hike speculation, which is dragging down shares of

Jan. 11, 2022

Seoul stocks close nearly flat ahead of Fed chief's hearing

South Korean stocks finished nearly unchanged Tuesday as investors await comments by the US Federal Reserve chief at the Senate hearing. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.66 points, or 0.02 percent, to close at 2,927.38 points. Trading volume was moderate at about 559 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 717 to 170. Institutions sold a net 268 billion won, and

Jan. 11, 2022

Lawmaker proposes bill for obligating FSC’s approval for banks‘ partial closure

A ruling party lawmaker recently filed a bill calling for banks to receive the financial authorities’ permission for partially shutting down their business here, the National Assembly’s online bill information system showed Tuesday. Rep. Min Byoung-dug of the Democratic Party of Korea’s move follows Citibank Korea’s decision in October last year to pull out its retail banking business in phases, after failing to reach a deal with potential buyers. Citigroup in April 2021

Jan. 11, 2022

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Tuesday as investors sought to buy oversold stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.44 points, or 0.43 percent, to 2,939.16 in the first 15 minutes of trading. Stocks started solid after the KOSPI's recent slump, which stemmed from worries that the US Federal Reserve may push harsher-than-expected tapering and rate hikes. Most large caps rebounded in Seoul, led by foreign buying. Top cap Samsung Electronics added 0.64 perce

Jan. 11, 2022

LG battery arm vows to edge past Chinese rival

LG Energy Solution said Monday that it would soon outcompete its bigger Chinese rival in the global race to develop electric vehicle batteries, amid market anticipation that the South Korean battery maker’s market debut will set a record later this month. “We’ve received more orders. We'll be overtaking our rival. And the market capitalization gap between us -- LG Energy Solution and CATL -- will also shrink. I certainly see opportunities,” LG Energy

Jan. 10, 2022

Seoul stocks retreat amid US rate hike concerns

South Korean stocks retreated Monday, weighed by concerns over the possibility of the US Federal Reserve's faster-than-expected tapering and rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 28.17 points, or 0.95 percent, to close at 2,926.72 points. Trading volume was moderate at about 470 million shares worth some 10.2 trillion won ($8.5 billion), with losers outnumbering gainers 615 to 259. Institutions sold a net 500 billio

Jan. 10, 2022

Lee Jae-myung’s pledge to beef up FSS’ power on insurance disputes raises eyebrows

A campaign pledge by ruling party presidential candidate Lee Jae-myung has sent jitters through the finance sector as he vowed to hand the nation’s financial watchdog stronger legal authority to side with consumers when settling disputes with insurers. The ruling party’s presidential election campaign committee on Friday announced that Lee seeks to ban insurers from not conceding to orders from the Financial Supervisory Service to financially compensate their customers without a &ld

Jan. 10, 2022

Seoul stocks open lower on US rate hike worries

South Korean stocks opened lower Monday as investors took to the sidelines in the wake of the US Federal Reserve minutes last week that signaled possibilities of aggressive tapering policy. The benchmark Korea Composite Stock Price Index (Kospi) fell 24.17 points, or 0.82 percent, to 2,930.72 points in the first 15 minutes of trading. The tech-heavy Nasdaq Composite lost 0.96 percent and the Dow Jones Industrial Average slipped 0.01 percent amid concerns that the Fed may push harsher-than-expe

Jan. 10, 2022

Foreigners continue to be net buyers of S. Korean securities in December

Foreigners continued to be net buyers of South Korean stocks and bonds in December, data showed Monday. According to the data from the Financial Supervisory Service (FSS), foreigners picked up a net 4.36 trillion won worth of stocks listed on the Kospi and secondary Kosdaq markets last month. Foreigners continued to buy more shares than they sold for the second straight month since November. As of end-December, foreigners owned 785.23 trillion won worth of local stocks, which accounted for 28

Jan. 10, 2022

Seoul stocks may come under selling pressure next week: analysts

South Korean stocks are likely to come under downward pressure next week amid concerns that the US Federal Reserve's tapering policy may be harsher than expected, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,954.89 points Friday, down 0.76 percent from last Thursday, the final session of last year. Stocks traded bearish this week, as investors are worried that the Fed's latest minutes supported aggressive rate hikes and a contraction of its balan

Jan. 8, 2022

Seoul shares end higher on tech gains

Seoul shares ended higher Friday spurred by gains in tech shares, though investors remain concerned about the Fed's looming tapering move. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 34.36 points, or 1.18 percent, to close at 2,954.89 points. The KOSPI rebounded from a 2.3 percent drop in the previous two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates s

Jan. 7, 2022

Seoul stocks open higher on tech gains

Seoul shares opened higher Friday as tech stocks advanced despite losses on Wall Street, but investors remain concerned about the US' looming tapering move. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.23 points, or 0.90 percent, to 2,946.76 points in the first 15 minutes of trading. The main index rebounded from a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates sooner

Jan. 7, 2022

Seoul stocks sink for 2nd session on US rate hike woes

South Korean stocks retreated for the second straight session Thursday, largely as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 33.44 points, or 1.13 percent, to close at 2,920.53 points. Trading volume was moderate at about 774 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 665 to

Jan. 6, 2022

Exim Bank floats $3b in dollar bonds

The state-run Export-Import Bank of Korea (Exim Bank) said Thursday that it has issued $3 billion worth of dollar bonds to foreign investors. The state lender has sold three-year bonds worth $1 billion, another $1 billion in five-year bonds and $1 billion worth of debt that will mature in 10 years. It marks the largest-ever issuance of foreign-currency bonds among local institutions except the government, the bank said. Exim Bank added it has successfully floated its planned amount of bonds a

Jan. 6, 2022

Seoul stocks open lower on US rate hike woes

South Korean stocks opened lower Thursday as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.69 points, or 0.46 percent, to 2,940.28 points in the first 15 minutes of trading. Stocks got off to a lackluster start, tracking the overnight Wall Street tech plunge. The tech-heavy Nasdaq Composite tumbled 3.34 percent overnight and the Dow Jones Industrial Average lost 1.07 per

Jan. 6, 2022