Local crypto market faces turning point in 2023

The year 2022 was a gloomy one for the local digital assets market, with the values of major cryptocurrencies falling sharply amid a string of catastrophes ranging from the collapse of terra and its sister currency luna to the delisting of wemix. With related authorities forging multiple regulations to systematize the volatile market and ensure consumer rights, the digital assets market in Korea is expected to face changes in 2023. One of the significant changes that will reshape the industry

Jan. 4, 2023

Seoul stocks open lower on Wall Street tech decline, recession woes

Seoul stocks opened lower Wednesday following an overnight fall on Wall Street as investors remain wary of a global recession. The benchmark Korea Composite Stock Price Index declined 10.98 points, or 0.49 percent, to 2,207.7 points as of 9:15 a.m. Overnight, major indexes on Wall Street closed lower, dragged down by declines in heavyweights, such as Apple and Tesla. The Dow Jones Industrial Average slid 0.03 percent, the S&P 500 inched down 0.4 percent, and the tech-heavy Nasdaq Composite r

Jan. 4, 2023

South Korea's foreign reserves expand in December on dollar's descent

South Korea's foreign reserves continued to expand for the second straight month in December as the weakening dollar resulted in a rise in the converted value of holdings denominated in other currencies, central bank data showed Wednesday. The country's foreign reserves came to $423.16 billion as of end-December, up $7.06 billion from the previous month, according to the data provided by the Bank of Korea. The increase came as the dollar-converted value of other currency-based assets i

Jan. 4, 2023

Seoul stocks down for fourth day on tech losses

Seoul stocks extended their losses to a fourth day on Tuesday on a slump in tech stocks as investors still remained wary of rate hikes in major economies and an economic slump. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index inched down 6.99 points, or 0.31 percent, to close at 2,218.68 points. Trading volume was moderate at 403.6 million shares worth 6.03 trillion won ($4.7 billion). Losers outnumbered gainers 523 to 343. Institut

Jan. 3, 2023

Seoul stocks open sharply lower on recession woes

Seoul stocks opened sharply lower on Tuesday as investors took to the sidelines amid growing recession woes. The benchmark Korea Composite Stock Price Index dropped 20.58 points, or 0.92 percent, to 2,205.09 points in the first 15 minutes of trading. Wall Street was closed for the New Year's holiday, while major European stock markets closed more than 1 percent higher overnight on relatively sound manufacturing data. In Seoul, most heavyweights got off to a weak start. Market top cap Samsun

Jan. 3, 2023

Seoul stocks close lower on first trading day of 2023

Seoul stocks closed slightly lower in the first trading session of 2023 on institutional selling. The Korean won declined against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index slid down 10.73 points, or 0.48 percent, to close at 2,225.67 points. Trading volume was light at about 335.7 million shares worth some 5.1 trillion won ($4.01 billion). Losers outnumbered gainers 712 to 178. After a strong start, the Kospi surrendered earlier gains as institutional i

Jan. 2, 2023

Seoul stocks open higher on first day of 2023

Seoul stocks opened higher Monday during the first session of 2023 on retail and institutional buying. The benchmark Korea Composite Stock Price Index rose 15.87 points, or 0.71 percent, to 2,252.27 in the first 15 minutes of trading. Major stock indices closed lower on Wall Street on Friday. The Dow Jones Industrial Average slid 0.22 percent, the S&P 500 shed 0.35 percent, and the tech-heavy Nasdaq dipped 0.11 percent. Analysts expect the local stock market to trend lower this month amid th

Jan. 2, 2023

Invisible finance is ultimate goal for Shinhan Bank: new CEO

The new CEO of Shinhan Bank, one of South Korea's top four lenders by net profit, vowed to put customer-centric service and digital innovation first during his tenure. “Shinhan will manage its soundness through precise data analysis and protect customer value through timely support measures,” said Han Yong-gu, former deputy president in charge of sales management at the lender, who was inaugurated as CEO on Friday. Offering supportive measures for vulnerable debtors such as ow

Dec. 30, 2022

Kospi tumbles 25 pct in 2022 amid policy tightening, recession worries

South Korean stocks ended the year 2022 sharply down, marking the first annual loss in four years on global monetary tightening and economic recession woes. On Thursday, the last trading session of this year, the benchmark Korea Composite Stock Price Index closed at 2,236.40 points, down 1.93 percent from a day earlier. This represented a 24.9 percent for all of this year. The Kospi got off to a strong start in this year's first session on Jan. 3, higher at 2,988.77 points, but it had bee

Dec. 29, 2022

Seoul stocks close at two-month low on China woes, Wall Street tech decline

Seoul stocks closed at a two-month low Thursday, the last trading day of the year, amid concerns that China's reopening could lead to a global economic slowdown. The Korean won advanced for a fourth consecutive session against the US dollar. The benchmark Korea Composite Stock Price Index shed 44.05 points, or 1.93 percent, to close at 2,236.4 points. Trading volume was moderate at about 353.2 million shares worth some 5.9 trillion won ($4.7 billion). Losers outnumbered gainers 791 to 112.

Dec. 29, 2022

Seoul stocks open lower on Wall Street declines

Seoul shares were off to a weak start Thursday, as investors took cues from overnight declines on Wall Street. The benchmark Korea Composite Stock Price Index dropped 10.62 points, or 0.47 percent, to 2,269.83 points in the first 15 minutes of trading, as the market heads for the last trading day of 2022. Overnight, major indices on Wall Street sharply fell, weighed down by losses in tech and concerns that the end of China's zero-COVID policy could lead to a global rise in cases and potenti

Dec. 29, 2022

Seoul shares open sharply lower on Wall Street losses

Seoul shares opened nearly 2 percent lower Wednesday on a decline in US stocks overnight. The benchmark Korea Composite Stock Price Index dropped 40.75 points, or 1.75 percent, to 2,292.04 points in the first 15 minutes of trading, marking the first time in two months that the Kospi stayed below the 2,300 mark. Overnight, major US stock indexes closed lower on the beginning of the holiday-shortened trading week, as investors wait for the upcoming release of the Federal Reserve's meeting min

Dec. 28, 2022

Corporate direct financing grows in November on expanded rights offering

Corporate direct financing in South Korea expanded in November thanks to an increase in rights offering on the stock markets, data showed Wednesday. Local companies raised a combined 10.22 trillion won ($8.05 billion) by selling stocks and bonds last month, up 16.3 percent from a month earlier, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or other financial institutions

Dec. 28, 2022

Yuanta shares on rollercoaster ride over rumors of buyout talks

Rumors about the possible sale of the Korean unit of Yuanta Securities, a Taiwanese investment bank, to Korean banking conglomerate Woori Financial Group have reemerged, causing the former’s stock price to spike by over 20 percent on Tuesday. Earlier in the day, a local media outlet reported that Yuanta Financial Holdings is in talks to sell its Korean unit to Woori Financial Group with the transaction expected to be closed early next year. The sale price was lowered from 1.5 trillion wo

Dec. 27, 2022

Seoul stocks open higher amid recession woes

The benchmark Korea Composite Stock Price Index rose 17.51 points, or 0.76 percent, to 2,334.65 points in the first 15 minutes of trading. Investors have remained watchful over the US Fed's next policy direction as its Chair Jerome Powell recently reiterated the Fed will keep an aggressive monetary tightening mode for the time being despite eased inflation pressure. Wall Street was closed Monday for the Christmas holiday. In Seoul, large caps traded higher across the board. Market bellwet

Dec. 27, 2022

Seoul stocks close slightly higher on institutional buying

South Korean stocks closed slightly higher Monday after a choppy session, backed by institutional buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.45 points, or 0.15 percent, to close at 2,317.14 points. Trading volume was relatively low at about 408 million shares worth some 5.1 trillion won ($4 billion), with the last trading session of 2022 slated for Thursday. Losers outnumbered gainers 483 to 375. Institutions bought a net 661 billio

Dec. 26, 2022

Seoul stocks open tad lower on recession woes

South Korean stocks opened slightly lower Monday as investors took to the sidelines amid the recession woes. The benchmark Korea Composite Stock Price Index had slipped 1.68 points, or 0.07 percent, to 2,312.01 points as of 9:15 a.m. Stocks got off to another muted start, with the KOSPI retreating every session since Dec. 15, except for last Thursday, amid a pessimistic economic outlook for 2023 and monetary tightening moves in major economies. In Seoul, top cap Samsung Electronics traded flat,

Dec. 26, 2022

Where do the superrich keep their money?

In Seoul’s Apgujeong in Gangnam-gu, home to many of Korea’s rich families, an elegant seven-story building draws the gaze of passersby. The eye-catching building is established by KB Financial Group to offer hyperpersonalized financial services to the wealthiest people in the country. This place goes well beyond what people usually expect of commercial banks. Instead of having to grab a queue ticket, customers are served with a cup of coffee a barista stationed in the building just b

Dec. 25, 2022

Analyst reports going virtual

More brokerage firms are turning to new technologies such as virtual humans, artificial intelligence and short form video content to improve the accessibility of their analyst reports and appeal to a growing number of young investors. Earlier this month, Korea Investment & Securities rolled out a new virtual human called Han Ji-ah to promote its research reports. The character, developed to resemble new employees who entered the company this year, summarizes and explains research reports in

Dec. 25, 2022

Seoul shares slump nearly 2% on rate hike woes

Seoul stocks retreated nearly 2 percent Friday amid expectations of further rate hikes in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 43.04 points, or 1.83 percent, to close at 2,313.69 points. Trading volume was moderate at about 360 million shares worth some 5.9 trillion won ($4.6 billion), with losers outnumbering gainers 796 to 98. Institutions bought a net 251 billion won, while foreigners sold 73 billion won and re

Dec. 23, 2022