Seoul shares sink 2.5% on dimmed hope for Fed's rate cuts, China risk; won sharply down

South Korean stocks plunged nearly 2.5 percent Wednesday on dampened hopes that the Federal Reserve will start cutting its rates soon and uncertainties over the Chinese economy. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 61.69 points, or 2.47 percent, to 2,435.90. Trading volume was heavy at 950.6 million shares worth 11.01 trillion won ($8.2 billion), with losers far outpacing winners 850 to 70. Foreigners and institutions dump

Jan. 17, 2024

[KH Explains] Why spot bitcoin ETFs remain off limits for Korean investors

Local authorities' decision to keep the doors shut for exchange-traded funds linked to the price of bitcoin has led to concerns that Korea may be left behind by changing global financial trends. While the US Securities and Exchange Commission’s authorization of spot bitcoin ETFs represented a milestone long in the works for the virtual assets market, the financial product remains off limits for Korean investors, as local authorities announced the trading of related products for lo

Jan. 17, 2024

[Photo News] Tackling low birth rate

KEB Hana Bank CEO Lee Seung-lyul (right) and Financial Supervisory Service Governor Lee Bok-hyun pose for a photo after the lender was named an Excellent Institution for Promotion of Coexistence and Cooperation in 2023 by the financial regulator on Wednesday. The award was given in recognition of the bank's efforts to help resolve the country's low fertility rate by launching a savings product that provides preferential interest rates for parents and pregnant women. (KEB Hana Bank)

Jan. 17, 2024

Seoul shares open lower on dimmed prospects for Fed's early rate cuts

South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street amid dampened hopes for the Federal Reserve's early rate cuts. After starting marginally higher, the benchmark Korea Composite Stock Price Index dropped 14.13 points, or 0.57 percent, to 2,483.46 in the first 15 minutes of trading. Overnight, all three major US indexes lost ground as Fed Gov. Christopher Waller's comments cooled bets on the Fed's early rate cuts. A slide in Apple and Bo

Jan. 17, 2024

Seoul shares sink over 1% on heightened geopolitical risks; won sharply down

South Korean stocks slid more than 1 percent Tuesday as escalating geopolitical tensions surrounding the Korean Peninsula weakened investors' appetite for risky assets. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 28.4 points, or 1.12 percent, to 2,497.59. Trading volume was slightly heavy at 641.9 million shares worth 8.5 trillion won ($6.4 billion), with losers outpacing winners 647 to 230. Institutions and foreigners led the

Jan. 16, 2024

Seoul shares open lower on slump in Europe

South Korean stocks opened lower Tuesday, tracking overnight losses on the European stock market. The benchmark Korea Composite Stock Price Index lost 4.37 points, or 0.17 percent, to 2,521.62 in the first 15 minutes of trading. While Wall Street was closed, European stocks declined on contraction in the German economy and hawkish comments by the European Central Bank officials. In Seoul, big-cap shares started mixed. Market bellwether Samsung Electronics fell 0.41 percent, and No. 2 chipmaker S

Jan. 16, 2024

Seoul shares nearly flat after 8-day fall amid renewed hope for Fed rate cut

Seoul shares closed nearly flat Monday after an eight-session losing streak, as cooler-than-expected US inflation data buoyed hopes for rate cuts by the Federal Reserve this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 0.94 points, or 0.04 percent, to close at 2,525.99. Trade volume was moderate at 788.29 million shares worth 8.05 trillion won ($6.09 billion), with losers outnumbering gainers 575 to 304. Institutions bought a net 89.73

Jan. 15, 2024

NPS ups stake in Samsung Electro-Mechanics, sells Kakao in Q4

The National Pension Service, the world’s third-largest pension fund managing assets of around 1,000 trillion won ($757 billion), expanded its holdings in electronic parts manufacturer Samsung Electro-Mechanics, but dumped shares of IT giant Kakao in the September-December period of 2023. The fund owns a 5 percent or greater stake in each of 283 listed companies here as of Wednesday, according to market tracker FnGuide. The shares are valued at 133.83 trillion won, up 4.16 trillion won,

Jan. 15, 2024

Seoul shares open higher on chip, bio gains

South Korean stocks opened higher Monday as chip and bio shares gained ground. The benchmark Korea Composite Stock Price Index added 5.86 points, or 0.23 percent, to 2,530.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics climbed 1.09 percent, and No. 2 chipmaker SK hynix rose 0.75 percent. Samsung Biologics also added 0.67 percent, and Celltrion climbed 0.66 percent. Auto shares also started in positive terrain, with Hyundai Motor up 0.22 percent and its smaller affil

Jan. 15, 2024

Financial authorities rule out possibility of bitcoin ETFs after US authorization

Financial authorities in South Korea will not review the necessity of exchange-traded funds linked to the spot price of bitcoin after the United States' authorization of such ETFs, a senior official said Sunday. The US Securities and Exchange Commission approved trading of ETFs tied to the spot price of bitcoin last week, in a landmark decision for the cryptocurrency investment. The official at financial authorities said, "The direction has been arranged to see the trend without review

Jan. 14, 2024

Seoul shares down for 8th day on faster than expected US inflation, weak earnings

South Korean shares extended their losing streak to eight consecutive sessions Friday, marking the longest losing streak in more than 18 months following stronger than expected inflation in the United States. The Korean won fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.22 points, or 0.60 percent, to close at 2,525.05. It marked the first time since May 2022 that the Kospi had dropped for eight consecutive sessions. Trade volume was moderate at 772.4

Jan. 12, 2024

DGB chairman offers to step down

The chief of DGB Financial Group, the holding firm of leading regional lender Daegu Bank, decided to step down from his post Friday after being acquitted of bribery and embezzlement charges tied to the group’s overseas expansion plan this week. After about five years at the helm of the company, DGB Financial Group Chairman Kim Tae-oh, expressed his intent to not to seek a third term. His current two-year term ends in March. “The group needs new leadership capable of achieving sustain

Jan. 12, 2024

Seoul shares open lower amid extended losing streak

South Korean stocks opened slightly lower Friday amid a prolonged losing streak ahead of the earnings season. The benchmark Korea Composite Stock Price Index shed 3.22 points, or 0.13 percent, to 2,537.05 in the first 15 minutes of trading. The Kospi has been on a seven-day losing streak. Large caps traded mixed. Market kingpin Samsung Electronics added 0.55 percent, with No. 2 chipmaker SK hynix gaining 0.29 percent and leading cosmetics firm Amore Pacific adding 0.79 percent. Top drugmaker Cel

Jan. 12, 2024

Seoul shares close nearly flat ahead of US inflation data

South Korean shares closed a tad lower Thursday, extending their losing streak to a seventh consecutive session as investors awaited important US inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.71 points, or 0.07 percent, to close at 2,540.27. Trade volume was moderate at 740 million shares worth 10.7 trillion won ($8.15 billion), with losers outnumbering gainers 439 to 438. The Kospi had opened in positive terrain, slightly e

Jan. 11, 2024

New trade minister vows to address supply chain risks for chips, batteries

South Korea's new trade minister said Thursday he will make efforts to address supply chain risks of the country's key export goods, including chips and batteries. "Major countries are competitively announcing trade policies with a focus on fostering and protecting their industries amid looming protectionism around the globe," Trade Minister Cheong In-kyo said. "Along with the lingering competition between the US and China, there are many factors that disrupt the supply

Jan. 11, 2024

Seoul shares open nearly flat ahead of BOK rate decision

South Korean shares opened nearly flat Thursday as the country's central bank was set to hold a rate setting meeting later in the day. The benchmark Korea Composite Stock Price Index added 1.16 points, or 0.05 percent, to 2,543.14 in the first 15 minutes of trading. The Bank of Korea was scheduled to hold its monetary policy meeting later in the day, where it was widely expected to keep its key rate frozen for the eighth consecutive time. Investors are also awaiting the release of the US in

Jan. 11, 2024

Seoul stocks extend losing streak to 6th day ahead of US inflation data

South Korean shares closed lower for the sixth consecutive session Wednesday as investors awaited US inflation data. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index dipped 19.26 points, or 0.75 percent, to close at 2,541.98. Trade volume was moderate at 555.7 million shares worth 8.46 trillion won ($6.4 billion), with losers outnumbering gainers 536 to 338. The Kospi stayed in negative terrain throughout the day, tracking overnight losses on

Jan. 10, 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 shed 4.34 points, or 0.17 percent, to 2,556.90 in the first 15 minutes of trading. Overnight, the Dow Jones industrial average lost 0.42 percent while the tech-heavy Nasdaq added 0.09 percent. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics slipped 0.13 percent while No. 2 chipmaker SK hynix lost 0.87 percent. Leading drug maker Celltrion

Jan. 10, 2024

Seoul shares fall for 5th straight day amid extended selling spree by institutions

South Korean shares closed lower Tuesday for a fifth consecutive session as institutions continued their selling spree. The local currency slightly rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 6.58 points, or 0.26 percent, to close at 2,561.24. Trade volume was moderate at 782.4 million shares worth 8.76 trillion won ($6.66 billion), with gainers outpacing loser 573 to 288. The Kospi stayed in positive terrain throughout the session following overnight gains o

Jan. 9, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 18.64 points, or 0.73 percent, to 2,586.46 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed up 0.58 percent, while the tech-heavy Nasdaq jumped 2.2 percent. In Seoul, most large caps were trading higher across the board. Market bellwether Samsung Electronics gained 0.26 percent, with No. 2 chipmaker SK hynix surging 1.76 p

Jan. 9, 2024