Seoul shares open lower on tech losses

South Korean stocks turned lower after starting a tad higher Thursday on tech losses after the downgrading of the US credit rating. The benchmark Korea Composite Stock Price Index fell 10.85 points, or 0.41 percent, to 2,605.62 in the first 15 minutes of trading. All three US major stock indexes finished lower Wednesday as investors took profits on monthslong gains after Fitch Ratings downgraded the US credit grade to AA+ from AAA for the first time since 2011, citing "repeated debt limit s

Aug. 3, 2023

Seoul shares snap 4-day winning streak on concerns over US economy

Seoul shares ended sharply lower Wednesday, breaking their four-day winning streak, as the downgrade of the US credit rating stoked investors' concerns. The South Korean won declined against the US dollar. The benchmark Korea Composite Stock Price Index retreated 1.9 percent, or 50.6 points, to 2,616.47. Trading volume was heavy at 694.5 million shares worth 15.7 trillion won ($12.1 billion), with decliners outnumbering gainers 652 to 230. The tech-heavy Kosdaq dropped more than 3 percent.

Aug. 2, 2023

Seoul shares open lower on US losses

South Korean stocks got off to a weak start Wednesday, tracking overnight Wall Street losses, as most big-cap shares fell across the board. The benchmark Korea Composite Stock Price Index fell 12.05 points, or 0.45 percent, to 2,655.02 in the first 15 minutes of trading. Wall Street finished mixed Tuesday as investors took a breather from a monthslong rally ahead of earnings reports from major companies, including Apple Inc. and Amazon.com Inc., and US jobs data. The Dow Jones Industrial Average

Aug. 2, 2023

Seoul shares up for 4th day on tech, auto gains

South Korean stocks extended their winning streak to a fourth day Tuesday, thanks to advances in techs and autos. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 1.3 percent, or 34.49 points, to 2,667.07. Trading volume was at 483.9 million shares worth 15.7 trillion won ($12.2 billion), with gainers outnumbering decliners 626 to 257. Foreign investors purchased a total of 193.9 billion won worth of shares, and institutions bought a combine

Aug. 1, 2023

Seoul shares open higher on tech, bio gains

South Korean stocks got off to a strong start Tuesday, drive by gains in tech and bio shares amid hopes of a soft landing for the US economy. The benchmark Korea Composite Stock Price Index rose 15.09 points, or 0.57 percent, to 2,647.67 in the first 15 minutes of trading. All three major US stock indexes finished higher Monday on upbeat corporate earnings. The S&P 500 closed at a 16-month high of around 4,590. In Seoul, IT and bio shares drove up the Kospi, while tech blue chips traded mixe

Aug. 1, 2023

Seoul shares up for third day as US data signals cooling inflation

South Korean stocks closed 0.93 percent higher Monday, after US data signaling cooling inflation fueled investor appetite for risky bets. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 24.26 points to 2,632.58. Trading volume was at 447.5 million shares worth 15.5 trillion won ($12.2 billion), with gainers outnumbering decliners 712 to 178. "The slower-than-expected in US personal consumption expenditures price index raised hopes for

July 31, 2023

[KH Explains] Commercial real estate crash punishes investors

Korean investment firms are at the risk of painful losses in their commercial real estate investments with high interest rates and a shift to teleworking. With major economies tightening monetary policies, and the post-pandemic trend of working from home pushing up office vacancy rates, commercial office buildings -- once perceived as a reliable investment -- have become a liability. Igis Asset Management’s 370 billion won ($290 million) investment in the Trianon office building in Frankfu

July 31, 2023

Seoul shares open higher on softening US inflation data

South Korean stocks got off to a strong start Monday, as US data pointing to a loosening of inflation boosted investor confidence. The benchmark Korea Composite Stock Price Index rose 16.91 points, or 0.65 percent, to 2,625.23 in the first 15 minutes of trading. All three US major stock indexes finished higher Friday, after the personal consumption expenditures price index, an inflation gauge favored by the Federal Reserve, showed it rose 3 percent in June from a year earlier, the smallest rise

July 31, 2023

Battery stocks’ volatility leaves investors reeling

The fluctuating stock prices of firms in the secondary battery sector sent the local stock market on a rollercoaster ride over the last week. Battery materials stocks achieved gains on Friday afternoon after suffering losses in the morning, raising alarms for retail investors who belatedly joined in on a buying spree for EcoPro and Posco shares. Shares of EcoPro closed at 1.10 million won ($863.85) on Friday. It spiked to a record high of 1.53 million won during trading hours on Wednesday, bu

July 30, 2023

Seoul shares end tumultuous week with modest gains

South Korean stocks ended slightly higher Friday, led by steel shares, as investors took a breather amid concerns over aggressive monetary tightening by major economies and following sessions of great fluctuations in battery shares. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 4.51 points, or 0.17 percent, to close at 2,608.32, the second consecutive gains. Trading volume was a bit heavy at 495.38 million shares worth 16.5 trillion won ($12

July 28, 2023

Seoul shares open lower on US losses, profit taking

South Korean stocks opened lower Friday, led by declines in big-cap tech shares on profit taking after an overnight fall on Wall Street. The benchmark Korea Composite Stock Price Index lost 9.8 points, or 0.38 percent, to 2,594.01 in the first 15 minutes of trading. US stocks closed lower despite the stronger-than-expected economic growth in the second quarter. The Dow Jones Industrial Average lost 0.67 percent, snapping a 13-day winning streak, and the tech-heavy Nasdaq Composite fell 0.55 perc

July 28, 2023

Seoul shares end higher on chip rally

South Korean stocks ended higher Thursday, as chipmakers surged on hopes for a business turnaround and investors digested the Federal Reserve's latest interest rate hike. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 11.45 points, or 0.44 percent, to close at 2,603.81. Trading volume was heavy at 585.77 million shares worth 23.79 trillion won ($18.62 billion), with gainers outpacing losers 729 to 174. The index moved within a tight rang

July 27, 2023

Number of trading firms tumbles in 2022 amid economic uncertainties

The number of trading firms in South Korea moved down 0.7 percent in 2022 from a year earlier, data showed Thursday, as economic uncertainties hampered business activities. Asia's fourth-largest economy had 251,246 trading companies last year, down 1,812 from 2021, according to the data from the Korea Customs Service. The value of their trade, however, jumped to a record high of $132 billion, advancing 10.8 percent over the period. The number of exporters moved up 0.4 percent on-year to 95,

July 27, 2023

Seoul shares open higher after Fed rate hikes

South Korean stocks opened slightly higher Thursday, as investors digested the Federal Reserve's latest interest rate hike and corporate earnings reports. The benchmark Korea Composite Stock Price Index added 6.39 points, or 0.25 percent, to 2,598.75 in the first 15 minutes of trading. On Wednesday, the Fed raised interest rates by a much-anticipated quarter of a percentage point to the 5.25 percent to 5.50 percent range, the highest level in more than 22 years. Chair Jerome Powell suggeste

July 27, 2023

Mastern America, BuildBlock join hands to expand presence in US commercial development market

Mastern America, the US arm of Mastern Investment Management, said Wednesday it has joined hands with real estate platform operator BuildBlock to expand its presence in the US commercial development market. The two firms recently signed a memorandum of understanding to bolster their ties and cooperate on diverse investment projects. BuildBlock is a real estate platform operating in major cities and regions in the US, including Silicon Valley, Los Angeles, Hawaii, New York and Texas. The plat

July 26, 2023

End of IPO drought?

Expectation for end of interest hikes and IPO market reform to boost slowed listing activities The initial public offering pipeline for the second half of the year appears to be strong, with high-profile companies, including a fabless chip startup and a battery material maker, pushing for their listings on the Korean stock market to raise equity capital amid relaxed IPO rules. The IPO market here remained sluggish in the first half of the year due to deteriorating investor sentiment on the

July 26, 2023

Seoul shares end 3-day rise ahead of Fed decision

South Korean stocks ended markedly lower Wednesday, led by tech losses, as investors took a breather after three days of gains, awaiting the Federal Reserve's interest rate decision. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index fell 44.10 points, or 1.67 percent, to close at 2,592.36. Trading volume was heavy at 825.02 million shares worth 36.01 trillion won ($28.23 billion), with losers far outpacing gainers 871 to 50. The index moved w

July 26, 2023

Seoul shares open tad lower ahead of Fed decision

South Korean stocks opened slightly lower Wednesday, following three days of gains, as investors are digesting corporate earnings reports and awaiting the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index lost 4.24 points, or 0.16 percent, to 2,632.22 in the first 15 minutes of trading. Overnight, US stocks closed higher. The Dow Jones Industrial Average grew 0.08 percent, and the tech-heavy Nasdaq Composite added 0.61 percent. The Federal Reserve began a

July 26, 2023

Seoul shares up for 3rd day on China stimulus, fed hope

South Korean stocks ended higher Tuesday, led by steel and chemical companies, as investor sentiment was boosted by China's economic stimulus plan and hopes for an end to the United States' aggressive monetary tightening. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index added 7.93 points, or 0.3 percent, to close at 2,636.46, the third consecutive rise. Trading volume was a bit heavy at 713.46 million shares worth 18.85 trillion won ($1

July 25, 2023

Seoul shares open higher ahead of Fed meeting, earnings reports

South Korean stocks opened slightly higher Tuesday, tracking overnight Wall Street gains, as investors are awaiting quarterly earnings reports by major companies and the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index added 2.79 points, or 0.11 percent, to 2,631.32 in the first 15 minutes of trading. Overnight, US stocks closed higher in the run-up to the Federal Reserve's policy meeting this week. The Dow Jones Industrial Average grew 0.52 percent

July 25, 2023