Seoul shares close lower on tech, auto losses

Seoul shares closed lower Wednesday as most tech stocks and autos finished in negative terrain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 15.58 points, or 0.56 percent, to close at 2,758.71. Trade volume was moderate at 458.6 million shares worth 10.9 trillion won ($7.87 billion) with losers outnumbering gainer 489 to 368. Foreigners offloaded a net 271.7 billion won worth of local shares, while institutions and retail investors n

July 24, 2024

Seoul shares open lower on Wall Street losses

South Korean shares opened lower Wednesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) shed 12.28 points, or 0.44 percent, to 2,762.01 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average lost 57.35 points, or 0.14 percent, to close at 40,358.09, with the Nasdaq slipping 10.22 points, or 0.06 percent, to 17,997.35. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics lost 1.67 percent, with No.

July 24, 2024

[Graphic News] S. Korea’s food exports up 5.2% in H1

South Korea’s exports of food and related goods rose 5.2 percent on-year in the first half of 2024, data showed, led by the popularity of instant noodles and processed rice products. Outbound shipments of the food segment known as “K-Food Plus” reached $6.21 billion, compared with $5.9 billion posted a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. K-Food Plus encompasses a diverse range of food products and related items, from fresh and proce

July 24, 2024

Seoul shares snap 4-day losing streak, tracking US gains

Seoul shares closed higher Tuesday to snap a four-day losing streak, tracking an overnight rebound in US tech stocks. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 10.78 points, or 0.39 percent, to close at 2,774.29. Trade volume was moderate at 416 million shares worth 11.3 trillion won ($8.15 billion), with losers outnumbering winners 494 to 365. Foreign investors purchased 241.2 billion won worth of local shares, while retail investors an

July 23, 2024

Hanwha Asset Management unveils new ETF brand Plus

Hanwha Asset Management, the sixth largest player in terms of net assets in the local exchange-traded fund market, introduced its new ETF lineup brand Plus, on Tuesday. The asset manager has changed its ETF brand name from Arirang to Plus. It was the first time for the asset manager to change its brand name since it launched its ETF product here in 2009. “Through Plus, Hanwha Asset Management will focus on supporting new technologies that enrich the future of humanity for a sustainable tom

July 23, 2024

Seoul shares open higher on Wall Street rebound

Seoul shares started higher Tuesday, led by gains in chipmakers and autos, tracking overnight gains on Wall Street. Following a fourth straight session of decline, the benchmark Korea Composite Stock Price Index added 32.30 points, or 1.17 percent, to 2,795.81 in the first 15 minutes of trading. Overnight, major US indexes gained ground as big-cap tech shares, including Nvidia, ASML, Microsoft and Alphabet, rebounded after their slump last week. In Seoul, market bellwether Samsung Electronics ro

July 23, 2024

Seoul shares fall over 1 pct as chip stocks slip

Seoul shares fell more than 1 percent Monday, hit by declines in semiconductor stocks. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 31.95 points, or 1.14 percent, to close at 2,763.51. Trade volume was slightly moderate at 456.1 million shares worth 10.3 trillion won ($7.42 billion), with losers outnumbering winners 673 to 211. Institutions and foreign investors dumped local shares worth a combined 105.3 billion won, while retail

July 22, 2024

Seoul shares open lower on battery, energy stock losses

Seoul shares started lower Monday as most blue chips across the board retreated, led by battery and energy-related stock losses. The benchmark Korea Composite Stock Price Index dipped 5.57 points, or 0.2 percent, to 2,789.89 in the first 15 minutes of trading. Leading battery firm LG Energy Solution dropped 2.75 percent following news that it has recently suspended construction of its joint US plant with General Motors amid stagnation in growth of the electric vehicle market. Smaller rival Samsu

July 22, 2024

Mirae Asset to introduce Asia’s first equal-weight ETF tracking S&P-500

Mirae Asset Global Investments, a leading asset manager here, is to launch an equal-weight exchange-traded fund, suggesting a well-balanced investment strategy to its investors. Mirae Asset’s Tiger US S&P-500 Equal Weight ETF is to be listed on the Korea Exchange, the country’s sole bourse operator, Tuesday. As its name suggests, the ETF product equally tracks the stocks of 500 leading companies listed on the S&P-500 index. While most ETF products have their constituent stock

July 19, 2024

Seoul shares dip for 3rd straight session on Wall Street losses

Seoul shares fell for the third straight session Friday in line with overnight losses on Wall Street. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 28.89 points, or 1.02 percent, to close at 2,795.46. Trade volume was slightly moderate at 417.9 million shares worth 9.4 trillion won (US$6.78 billion), with losers outnumbering winners 574 to 302. Institutions and foreign investors dumped local shares worth a combined 781.2 billion

July 19, 2024

Crypto investor protection law takes effect in Korea

South Korea’s first law specifically designed to protect cryptocurrency investors took effect on Friday, bringing the virtual asset industry within legal boundaries. The Virtual Asset User Protection Act aims to prevent unfair trading practices in the volatile crypto market, in response to how it was shaken by such incidents as the Terra-Luna crash and bankruptcy of crypto exchange FTX. The new law defines virtual assets as electronic tokens with economic value that can be traded or transf

July 19, 2024

Seoul shares open lower on Wall Street losses

Seoul shares got off to a weak start Friday on overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 23.81 points, or 0.84 percent, to 2,800.54 in the first 15 minutes of trading. Overnight, Wall Street shares tumbled as a weeklong decline in tech and chip stocks expanded to other blue chips. The S&P 500 and Nasdaq composite dropped 0.78 percent and 0.7 percent, respectively, and the Dow Jones Industrial Average slumped 1.29 percent. In Seoul, most blue chips

July 19, 2024

Seoul shares fall over concerns of potential US-China chip row

Seoul shares retreated Thursday led by tech stocks over concerns that the United States may tighten chip sales to China. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 18.67 points, or 0.67 percent, to close at 2,824.35. Trade volume was slightly heavy at 632.9 million shares worth 15.1 trillion won ($10.9 billion), with losers outnumbering winners 602 to 275. Foreign investors dumped local shares worth 381 billion won, while retail in

July 18, 2024

Asset managers rush to rebrand ETF products to spur growth

Buoyed by the sharp growth of the local exchange-traded fund market, South Korean asset managers are rushing to rebrand their product lineups, trying to target investors with a fresh edge. According to data provided by Korea Exchange, the country's sole bourse operator, the net asset of the local ETF market stood at 158 trillion won ($114 billion) as of Tuesday, marking a sharp growth from 100 trillion won in June 2023. The market grew over three-fold in size from the 52 trillion won net as

July 18, 2024

Seoul shares open lower on Wall Street losses

Seoul shares opened lower Thursday as most blue chips retreated following weak overnight trading on Wall Street. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street underwent stagnant trading over concerns of potentially worsening trade tensions between the United States and China, with chip shares taking heavy beatings. The S&P 500 and Nasdaq composite dropped 1.3 percent and 2.6 percent, r

July 18, 2024

Goobne Chicken opens 1st outlet in Philippines

GN Food, the operator of Goobne Chicken, South Korea's leading roast chicken franchise, said Wednesday it has opened its first outlet in the Philippines as part of its expansion strategy. The first Goobne outlet in the Southeast Asian country is located in Bonifacio Global City, a central business district in Taguig, Metro Manila, the company said in a statement. GN Food has increased its overseas outlets to 40 in 11 countries, including Japan, China and the United States, since 2014, when

July 17, 2024

Seoul shares end lower on profit taking

Seoul shares finished lower Wednesday as foreign investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 22.80 points, or 0.8 percent, to close at 2,843.29. Trade volume was slightly heavy at 534.4 million shares worth 13.6 trillion won ($9.85 billion), with losers outnumbering winners 460 to 409. Foreign investors dumped local shares worth 261.4 bil

July 17, 2024

Seoul shares open lower on tech, auto losses

Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 pe

July 17, 2024

Seoul shares up for 2nd day amid Trump effect

Seoul shares closed slightly higher Tuesday as traders were trying to digest the effect of Donald Trump's possible victory in the US presidential election on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.17 points, or 0.18 percent, to close at 2,866.09. Trade volume was slightly heavy at 667.5 million shares worth 12.4 trillion won ($8.95 billion), with losers outnumbering winners 498 to 356. Foreign investors and instituti

July 16, 2024

Crypto exchanges step up compliance as investor protection law takes effect

Local cryptocurrency exchange operators are ramping up their regulatory measures as the introduction of the virtual asset user protection law nears in South Korea. On Tuesday, the Digital Asset Exchange Alliance, a body of five top local crypto exchange operators, introduced a guideline that advises exchanges to monitor abnormal transactions. It further released a revision of the guideline on the internal control standards of the exchange operators. The movement comes as the Act on the Protectio

July 16, 2024