IBK chief vows to double overseas profits by 2025

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

April 11, 2023

Seoul shares up for 3rd session amid expectation for less aggressive US rate hike

South Korean stocks rose by almost 1.5 percent to close up for a third consecutive session Tuesday, driven by bullish chemicals and auto shares, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 35.78 points, or 1.42 percent, to close at 2,547.86. Trading volume was high at 756.6 million shares worth 13.9 trillion won ($10.5 billion), with gainers outs

April 11, 2023

Seoul shares open higher amid hope for less aggressive US rate hike

South Korean stocks got off to a strong start Tuesday, led by chemical and steel gains, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.5 percent, to trade at 2,524.62 in the first 15 minutes of trading. Market watchers are increasingly betting the Fed will raise the interest rate by 0.25 basis point at the end of its policy meeting in May, following US jobs data pointing to robust

April 11, 2023

Hackers steal W20b worth of coins from crypto exchange

Hackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday. The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have bee

April 10, 2023

Seoul shares hit nearly 8-month high on tech boost, eased inflation woes

South Korean stocks hit a nearly eight-month high Monday, buoyed by strong gains in tech blue-chips and US jobs data signaling a cooling economy that raises the odds for the Federal Reserve to ease up on its monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 21.67 points, or 0.87 percent, to close at 2,512.08, the highest since Aug. 17 last year. Trading volume was high at 708.8 million shares worth 13.4 trillion won ($10.

April 10, 2023

Seoul shares open higher ahead of US inflation data release

South Korean stocks opened higher Monday, as investors await the US consumer prices data due later this week that will give them a clue on the Federal Reserve's next monetary policy move. The benchmark Korea Composite Stock Price Index rose 13.08 points, or 0.53 percent, to 2,503.49 in the first 15 minutes of trading. The March consumer price index is set be released Wednesday. Investors expect the data will offer them an idea as to whether the Fed will maintain its tough interest rate hike

April 10, 2023

'Superrich' ditch real estate for cash in 2022: report

The wealthiest in Korea tended to increase their shares of safe haven assets, such as cash holdings and deposits, rather than taking a risk with real estate in 2022, according to a report published Sunday by a think tank under Hana Bank. According to the 2023 Korean Wealth Report compiled by the Hana Institute of Finance, the wealthiest members of society owned an average of 18.7 billion won ($14.2 million) in cash holdings and deposits, accounting for an average of 58 percent of total assets, m

April 9, 2023

Seoul stocks close over 1% higher on chip rally

Seoul stocks closed over 1 percent higher Friday on a tech and semiconductor rally following Samsung's first-quarter guidance results. The Korean won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 31.18 points, or 1.27 percent, to close at 2,490.41. Trading volume was heavy at 578.3 million shares worth 11.1 trillion won ($8.4 billion), with gainers outnumbering decliners 433 to 419. Retail investors snapped up a net 999.4 billion won worth of shares, outpacin

April 7, 2023

Seoul stocks open higher on Samsung, chip stocks

Seoul shares opened higher Friday as Samsung Electronics soared after it announced a cut in its chip production in the face of a slump in its earnings. The benchmark Korea Composite Stock Price Index added 18.79 points, or 0.76 percent, to 2,478.2 in the first 15 minutes of trading. Overnight, US stocks ended higher as investors remained cautious ahead of job data set to be released Friday. The Dow Jones Industrial Average added 0.18 percent, and the tech-heavy NASDAQ advanced 0.76 percent. In S

April 7, 2023

Seoul shares dip nearly 1.5 % on tech losses

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23. Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191. Institutions and foreign investors offloaded a net combined 986 billion won worth of sto

April 6, 2023

Seoul stocks open lower on recession fears

Seoul shares opened lower Thursday amid renewed concerns about an economic recession. The benchmark Korea Composite Stock Price Index went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading. Overnight, US stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing US private job growth slowed in March, says about the health of the broader economy. The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 per

April 6, 2023

Seoul shares up on tech, battery gains amid recession woes

Seoul shares ended higher Wednesday on the back of gains in tech and battery makers, though investors remain concerned about a potential slowdown after the release of weak US economic data. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 14.70 points, or 0.59 percent, to close at 2,495.21. Trading volume was moderate at 624.56 million shares worth 9.6 trillion won ($7.3 billion), with decliners outpacing gainers 458 to 415. Investors are closely ke

April 5, 2023

Seoul stocks open higher on tech, auto gains

Seoul shares opened higher Wednesday helped by gains in techs and autos amid renewed concerns over the US banking crisis. The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.4 percent, to 2,490.52 in the first 15 minutes of trading. The main index bucked losses on Wall Street. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq Composite shed 0.5 percent amid a sell-off in banks. Citigroup Inc., Wells Fargo & Co. and other US lenders pl

April 5, 2023

Seoul shares end up on tech gains amid inflation woes

Seoul shares ended higher Tuesday helped by tech gains, with OPEC+ members' plan to cut oil output raising concerns over inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.33 percent, to close at 2,480.51. Trading volume was moderate at 808.77 million shares worth 12.72 trillion won ($9.7 billion), with gainers outpacing decliners 634 to 242. The oil producers' surprise decision to cut output came just days after

April 4, 2023

Seoul stocks open higher despite inflation woes

Seoul stocks opened a tad higher Tuesday despite the inflation concerns fueled by OPEC+'s surprise plan to cut oil output. The benchmark Korea Composite Stock Price Index rose 13.03 points, or 0.53 percent, to 2,485.37 in the first 15 minutes of trading. Overnight, US shares closed mixed amid concerns of an energy price hike after OPEC+ announced a cut in oil production. The Dow Jones Industrial Average rose 0.98 percent, while the tech-heavy Nasdaq Composite dipped 0.27 percent. South Kore

April 4, 2023

MBK chairman highlights potential of Northeast Asia

Asia’s largest private equity firm MBK Partners founder and Chairman Michael Byung-ju Kim highlighted China’s recovering domestic consumption and Korea and Japan’s changing demographics triggered by fast aging as key investment points in the region this year, in a letter to investors on Sunday. With its portfolio spanning across Asia, the Seoul-based company manages over $26 billion in the capital. Kim shed fresh light on the quality of growth of the Northeast Asian economies.

April 3, 2023

Seoul shares snap 4-day winning streak amid soaring oil prices; Korean won sharply down

South Korean shares ended lower to snap their four-day winning streak Monday as Saudi Arabia and other OPEC+ members' announcement of surprise output cuts are raising renewed concerns over inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.52 points, or 0.18 percent, to close at 2,472.34. Trading volume was moderate at 801.73 million shares worth 11.16 trillion won ($8.5 billion), with gainers outpacing decliners 510 to 370.

April 3, 2023

Seoul shares open lower despite slowing inflation data

Seoul shares opened lower Monday, bucking gains on Wall Street last week, despite expectations that the Federal Reserve may slow down its monetary tightening mode after key inflation data showed signs of easing. The benchmark Korea Composite Stock Price Index fell 3.93 points, or 0.16 percent, to 2,472.93 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite jumped 1.7 percent The personal consumption expenditure pri

April 3, 2023

Seoul shares up nearly 1 % on hope for chip turnaround

South Korean stocks ended markedly higher Friday to extend their winning streak to a fourth session as investors pinned hopes on a turnaround in the global semiconductor sector amid eased fears over the global banking turmoil. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 23.7 points, or 0.97 percent, to close at 2,476.86. Trading volume was a bit heavy at 705.36 million shares worth 12.51 trillion won ($9.62 billion), with gainers outpacing

March 31, 2023

Seoul shares open higher on eased banking woes

South Korean stocks opened higher Friday, tracking Wall Street gains overnight, as concerns about turmoil in the global banking sector have eased. The benchmark Korea Composite Stock Price Index added 7.12 points, or 0.29 percent, to 2,460.28 in the first 15 minutes of trading. Overnight, US shares rose as investors await the US inflation data to be released later in the day. The Dow Jones Industrial Average rose 0.43 percent, and the tech-heavy Nasdaq Composite grew 0.73 percent. In Seoul, top-

March 31, 2023