Seoul shares open sharply lower on rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a Wall Street plunge overnight, on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The benchmark Korea Composite Stock Price Index had shed 34.26 points, or 1.39 percent, to 2,424.70 as of 9:15 a.m. Wall Street dropped overnight as market sentiment was weighed down by fears about higher rates for a longer period of time. Investors are concerned that the Fed will continue to raise r

Feb. 22, 2023

Seoul shares end tad up amid rate hike concerns

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won. Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323. The index had fluctuated b

Feb. 21, 2023

[Herald Interview] Align Partners CEO faces off against SM founder, Hybe

A two-year-old activist fund that triggered a controversial corporate ownership battle between two K-pop powerhouses said it will persistently demand governance improvement of SM Entertainment until it makes substantial profit. With only a 1.1 percent stake, Seoul-based Align Partners has been shaking up the governance structure of SM Entertainment, which is behind stars like NCT, EXO and aespa, by gathering minority shareholders. Align’s shareholder campaign against the K-pop juggernaut

Feb. 21, 2023

Seoul shares open tad lower on rate hike concerns

South Korean stocks opened slightly lower Tuesday as traders remained uncertain about the US Federal Reserve's future monetary policy to curb inflation. The benchmark Korea Composite Stock Price Index had shed 7.36 points, or 0.3 percent, to 2,447.76 in the first 15 minutes of trading. US financial markets closed Monday for the Presidents' Day holiday. On Friday, Wall Street ended mixed as stronger-than-expected US inflation readings and a low unemployment rate reinforced investors

Feb. 21, 2023

Seoul shares inch up amid inflation woes

South Korean stocks ended slightly higher Monday as investors remain cautious about the United States' monetary policy path amid high inflation. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.91 points, or 0.16 percent, to 2,455.12. Trading volume was a bit slim at 382.21 million shares worth 7.43 trillion won ($5.74 billion), with gainers outpacing decliners 560 to 320. The index opened markedly lower but rose to positive terrain afte

Feb. 20, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday as big-cap tech shares lost ground amid persistent concerns over the aggressive monetary tightening by the US Federal Reserve to curb inflation. The benchmark Korea Composite Stock Price Index shed 12.70 points, or 0.52 percent, to 2,438.51 in the first 15 minutes of trading. On Friday, US shares ended mixed amid uncertainty over future rate hikes. The Dow Jones Industrial Average rose 0.39 percent, while the tech-heavy Nasdaq Composite fell 0.58 percent.

Feb. 20, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Friday as traders assessed the impact of more hotter-than-expected US inflation data on the Federal Reserve's monetary tightening policy down the road. The benchmark Korea Composite Stock Price Index fell 18.92 points, or 0.76 percent, to 2,456.56 in the first 15 minutes of trading. Overnight, Wall Street closed down, with the Dow Jones Industrial Average falling 1.26 percent and the tech-heavy Nasdaq Composite shedding 1.78 percent. The S&P 500 retreated 1.38

Feb. 17, 2023

Seoul shares end higher on institutional buying amid rate woes

Seoul shares ended higher Thursday tracking Wall Street gains, as institutional investors scooped up large-cap stocks amid concerns over the Federal Reserve's further rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 47.58 points, or 1.96 percent, to close at 2,475.48. Trading volume was moderate at 378.9 million shares worth 8.97 trillion won ($6.98 billion), with gainers outpacing decliners 671 to 213. Overnight, the Dow Jones Indu

Feb. 16, 2023

Banks under fire for ‘insufficient’ contribution to Korean society

Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov

Feb. 16, 2023

Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, amid concerns over the US Federal Reserve's continued rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 22 points, or 0.91 percent, to 2,449.90 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.1 percent to 34,128.05 and the tech-heavy Nasdaq Composite climbed 0.9 percent to 12,070.59. Investors now await US employment data to be released Thursd

Feb. 16, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Wednesday as investors assess higher-than-expected US inflation data and the Federal Reserve's comments hinting at rate increases, which may portend a longer-than-expected period of monetary tightening to combat inflation. The benchmark Korea Composite Stock Price Index fell 9.95 points, or 0.40 percent, to 2,455.69 in the first 15 minutes of trading. Overnight, US stocks ended mixed, with the Dow Jones Industrial Average falling 0.5 percent to 34,089.27 and the te

Feb. 15, 2023

Mirae Asset bolsters US market presence with ETF arm Global X

Mirae Asset Global Investments has made a big stride forward in the US exchange-traded funds market in the last five years following its acquisition of New York-based fund management firm Global X. ETF provider Global X had about 8 trillion won ($6.29 billion) in managed assets when it was taken over by the Korean asset manager in 2018, the current AUM increased by six times to 45 trillion won as of end of 2022, according to Mirae Asset Global Investments on Tuesday. Global X’s five-year c

Feb. 14, 2023

Seoul stocks snap 3-day losing streak ahead of US inflation data

South Korean stocks closed up Tuesday ahead of the release of the United States' key inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 12.94 points, or 0.53 percent, to close at 2,465.64, as investors staged a comeback from their losing streak in the last three sessions. Trading volume was a bit slim at 343.4 million shares worth 6.66 trillion won ($5.24 billion), with gainers outpacing losers 490 to 374. Institutions and

Feb. 14, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday on overnight Wall Street gains ahead of the release of the United States' key inflation data. The benchmark Korea Composite Stock Price Index rose 24.25 points, or 0.99 percent, to 2,476.95 in the first 15 minutes of trading. US stocks rallied after a New York Federal Reserve consumer survey showing Americans lowered their expectations for future income gains suggested that consumer price data due out Tuesday might come in better shape than previous

Feb. 14, 2023

Seoul shares down for 3rd day ahead of US inflation data

South Korean stocks fell for a third session Monday on tech losses as investors remain cautious ahead of the release of the United States' key inflation data this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.03 points, or 0.69 percent, to 2,452.70. Trading volume was a bit slim at 480.0 million shares worth 7.27 trillion won ($5.69 billion), with decliners outpacing gainers 530 to 340. Institutions sold a net 407.92 billion won

Feb. 13, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week. The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading. Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path. Fed Chair Jerome Powell said last week that disinflation has starte

Feb. 13, 2023

[KH Explains] Proxy fight heats up to acquire SM

A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add

Feb. 12, 2023

Seoul shares end lower amid Fed rate hike worries

Seoul shares ended lower Friday amid the prospect of further rate hikes by the Federal Reserve to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.79 points, or 0.48 percent, to 2,469.73. Trading volume was moderate at 653.41 million shares worth 8.3 trillion won ($6.6 billion), with decliners outpacing gainers 607 to 283. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 perc

Feb. 10, 2023

Seoul shares open lower amid Fed rate hike worries

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors remain concerned over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.4 percent, to 2,471.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 percent. Fed officials said interest rates need to remain high for a while to battle inflation, weighing o

Feb. 10, 2023

Kakao 2022 net down 38% due to base effect

Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to

Feb. 10, 2023