Seoul shares open lower on woes over Fed's rate hike, Chinese economy

South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street, on concerns about the Federal Reserve's monetary tightening and China's economy. The benchmark Korea Composite Stock Price Index shed 23.96 points, or 0.92 percent, to 2,547.24 in the first 15 minutes of trading. US stocks fell on Tuesday after retail sales grew at a faster-than-expected rate of 0.7 percent in July, which could prod the Fed to continue its aggressive monetary tightening pol

Aug. 16, 2023

Seoul shares down for 3rd day on inflation, Fed woes

South Korean stocks ended lower for the third consecutive day Monday on big-cap tech losses, as investor sentiment remains weak on lingering concerns over inflation and the Federal Reserve's policy path. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.39 points, or 0.79 percent, to close at 2,570.87. Trading volume was moderate at 613.21 million shares worth 9.83 trillion won ($7.38 billion), with losers outpacing gainers 601 to 288. Th

Aug. 14, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday, led by big-cap tech losses, amid uncertainties over the Federal Reserve's policy path and a global economic recovery. The benchmark Korea Composite Stock Price Index shed 7.97 points, or 0.31 percent, to 2,585.29 in the first 15 minutes of trading. On Friday, US stocks closed mixed. The Dow Jones Industrial Average rose 0.3 percent, while the tech-heavy Nasdaq Composite dropped 0.68 percent. Investors expect the Fed to pause its interest rate hikes i

Aug. 14, 2023

[Photo News] Nurturing fintech talent

From left: Future For Youth Foundation Chairman Lee Hoon-kyu, Financial Supervisory Service Gov. Lee Bok-hyun, a student representative, Hana Financial Group Chairman Ham Young-joo and SK Telecom Vice President Um Jong-hwan pose for a picture to kick off fintech talent nurturing program Hana Digital Power On in Seoul, Thursday. Marking its second year, the program, launched by Hana Financial Group, awards teams for developing tech solutions for the financial sector. Other participating companies

Aug. 13, 2023

EcoPro lands MSCI Korea Index

EcoPro, South Korea's leading producer of secondary battery materials, will be added to the Morgan Stanley Capital International Korea Index, alongside three other domestic companies. A total of four Korean companies' stocks -- EcoPro, Hanwha Ocean, JYP Entertainment, and Hanmi Semiconductor -- made the listing for MSCI Korean Index, according to the results of the MSCI August Index Review released Thursday. Meanwhile, two companies -- CJ Group and E-mart -- have been removed from th

Aug. 11, 2023

Seoul shares start higher on moderate US inflation

South Korean stocks opened marginally higher Friday as investor sentiment was buoyed by moderate US consumer price data. The benchmark Korea Composite Stock Price Index rose 12.23 points, or 0.47 percent, to 2,613.79 in the first 15 minutes of trading. The US July consumer price index rose 3.2 percent, slower than the market expectation of a 3.3 percent rise. On Wall Street, stocks finished slightly higher, with the Dow Jones Industrial Average increasing 0.15 percent and the Nasdaq Composite ad

Aug. 11, 2023

Seoul shares finish lower ahead of US consumer price data

South Korean stocks closed a tad lower Thursday as investors remained cautious ahead of the release of US consumer price index data that would influence the Fed's rate-setting decision. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 3.56 points, or 0.14 percent, to 2,601.56. Trading volume was moderate at 560.4 million shares worth 11.2 trillion won ($8.5 billion), with winners outpacing losers 486 to 393. Offshore invest

Aug. 10, 2023

Seoul shares open lower on Wall Street losses

South Korean stocks got off to a weak start Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 11.42 points, or 0.44 percent, to 2,593.7 in the first 15 minutes of trading. The Dow Jones Industrial Average declined 0.54 percent and the Nasdaq Composite dropped 1.2 percent as investors were cautious ahead of the release of the US consumer price index, slated for Thursday. In Seoul, most big-cap shares declined across the board. Market bellweth

Aug. 10, 2023

Seoul shares end 5-day losing streak on dovish hopes for interest rates

South Korean stocks finished more than 1 percent higher Wednesday, snapping the five-day losing streak on hopes that the Federal Reserve's further rate hikes could be over. The Korean won stayed unchanged against the US greenback. The benchmark Korea Composite Stock Price Index added 31.14 points, or 1.21 percent, to 2,605.12, marking the first daily gain since Aug. 2. Trading volume was slim at 460.8 million shares worth 10.2 trillion won ($7.75 billion), with winners beating losers 563 to

Aug. 9, 2023

S. Korea to expand market for pet products to 15tr won by 2027

South Korea's agricultural ministry said Wednesday it plans to expand the size of the pet industry to 15 trillion won ($11.47 billion) by 2027 amid the growing number of households with dogs or cats. The target marks a sharp rise from just 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs. The number of households with dogs or cats came to 6.02 million last year, rising sharply from just 3.64 million in 2012. "To address the evolving marke

Aug. 9, 2023

Seoul shares open higher on large-cap gains

South Korean stocks opened a tad higher Wednesday, led by gains in large-cap shares of techs and chemicals despite losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 16.83 points, or 0.65 percent, to 2,590.81 in the first 15 minutes of trading. On Wall Street, all three major US stock indexes finished lower Tuesday as credit rating agency Moody's downgraded 10 small- and mid-sized US lenders. The Dow Jones Industrial Average lost 0.45 percent, and the tech-savvy

Aug. 9, 2023

Seoul shares down for 5th day; Korean won sharply falls

South Korean stocks ended lower Tuesday as investors took a wait-and-see approach amid concerns over additional rate hikes by the US Federal Reserve and China's worse-than-expected trade data. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 6.73 points, or 0.26 percent, to 2,573.98, extending its losing streak to a fifth day. Trading volume was moderate at 631.5 million shares worth 12.3 trillion won ($9.3 billion), with losers

Aug. 8, 2023

Seoul shares open higher on US gains amid rate hike woes

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, as investors remain concerned over the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index climbed 9.6 points, or 0.37 percent, to 2,590.31 in the first 15 minutes of trading. All three major US stock indexes finished higher Monday, snapping their worst weekly decline since March, on upbeat corporate earnings. Investors are keeping an eye on the Fed'

Aug. 8, 2023

Seoul shares down for 4th day ahead of US consumer prices data

South Korean stocks ended lower Monday as investors took a wait-and-see approach ahead of upcoming major economic releases, including US consumer price data. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index dropped 22.09 points, or 0.85 percent, to 2,580.71, extending its losing streak to a fourth day. Trading volume was slim at 497.1 million shares worth 11.8 trillion won ($9 billion), with losers outnumbering winners 519 to 360. Institutio

Aug. 7, 2023

Superconductor-themed stocks rally on hope for breakthrough finding

Stock prices of superconductor-themed shares rebounded Monday, backed by a retail investor frenzy with high hopes on the potential game-changing room temperature superconductor technology. Shares of superconductor industry related firms continued to enjoy a rally from last week after a research team including the Quantum Energy Research Centre said it discovered a room-temperature superconductor called LK-99 on July 22. Related stocks experienced a slight dip on Friday, when skeptical responses

Aug. 7, 2023

[Photo News] Savings back in favor

A bank employee sorts 50,000 won ($38) notes at Hana Bank in Jung-gu, Seoul, Monday. The 50,000 won notes are back in circulation as key interest rates and bank rates for savings accounts have been continuously on the rise since 2021. (Yonhap)

Aug. 7, 2023

Seoul shares start lower on decline in autos, chemicals

South Korean stocks started a tad lower Monday, led by losses in market heavyweights, such as automakers and chemical companies. The benchmark Korea Composite Stock Price Index fell 4.23 points, or 0.16 percent, to 2,598.57 in the first 15 minutes of trading. Large caps led the decrease, with No. 1 carmaker Hyundai Motor declining 1.56 percent and its smaller affiliate Kia falling 2.98 percent. Top oil refinery SK Innovation retreated 1.48 percent, and major chemicals maker LG Chem dropped 0.94

Aug. 7, 2023

Seoul shares open tad higher ahead of US jobs data

South Korean stocks started a tad higher Friday as investors await the US' July job data, which is expected to give clues for the outlook of the Federal Reserve's monetary tightening policy. The benchmark Korea Composite Stock Price Index rose 6.46 points, or 0.25 percent, to 2,611.85 in the first 15 minutes of trading. All three major US indexes finished a tad lower Thursday was investors digested higher Treasury yields and latest corporate earnings ahead of US job data for July set t

Aug. 4, 2023

Seoul shares end lower on foreign, institutional sell-off

Seoul shares ended lower Thursday on heavy sell-off by foreign investors and institutions after the downgrading of the US credit rating. The South Korean won declined against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index retreated 0.42 percent, or 11.08 points, to 2,605.39. Trading volume was at 773.9 million shares worth 14.6 trillion won ($11.2 billion), with decliners outnumbering gainers 523 to 345. All three US major stock indexes finished lower Wednes

Aug. 3, 2023

[KH Explains] Inheritance tax reform postponed amid criticism over 'silver spoon'

Major changes in the inheritance tax, one of President Yoon Suk Yeol's key campaign promises, have been postponed until next year's general election, as the reform could intensify criticism over tax cuts for the wealthy. On July 27, the government unveiled the tax code revision plan to be submitted to the National Assembly. Providing a tax reduction on the inheritance of family business for large conglomerates was not included in the proposal, as the government has been cautious on

Aug. 3, 2023