Seoul shares open lower despite US gains

South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) opened slightly higher but lost 0.48 percent, or 12.09 points, to 2,523.84 in the first 15 minutes of trading. Overnight, major US indices closed higher after the previous week's big losses. The Dow Jones Industrial Average rose 1.2 percent, and the tech-heavy Nasdaq Composite gained 1.16 percent. In Seoul, market heavyweights led the weak opening. Top-ca

Sept. 10, 2024

Seoul shares dip for 5th day on dim prospects over Fed's big cut

Seoul shares ended lower Monday to extend their losing streak to a fifth day amid concerns that the US Federal Reserve may not cut its rate by a large margin. The Korean won traded sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.35 points, or 0.33 percent, to close at 2,535.93. Trading volume was moderate at 262.46 million shares worth 7.3 trillion won ($5.4 billion), with gainers outnumbering losers 502 to 371. Foreigners sold a net 540 billion won wo

Sept. 9, 2024

Korea’s hostility to short selling may scare global investors away

While South Korean regulators maintain a wary eye against short selling, the prolonged ban and imposing stricter guidelines on the practice could drive foreign investors away from the local equity market, experts said. Following heavy market fluctuations, local regulators enforced a complete ban on short selling in November. Short selling is a trading strategy that involves borrowing and selling stocks expected to decline in price. The halt, initially set to last until June, has been prolonged

Sept. 9, 2024

Seoul shares open lower after US jobs data

Seoul shares opened lower Monday after weaker US employment data, amid concerns that the Federal Reserve has waited too long to cut rates as recession risks grow. The benchmark Korea Composite Stock Price Index fell 1.3 percent, or 33.89 points, to 2,510.39 in the first 15 minutes of trading. Weaker-than-expected employment data in August weighed on investor sentiment ahead of the Fed's rate decision later this month, analysts said. They noted that investors will focus on next week's i

Sept. 9, 2024

Seoul shares dip for 4th day amid US recession woes

South Korean shares closed sharply lower Friday, extending their losing streak to a fourth consecutive session amid concerns over a potential US recession. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 31.22 points, or 1.21 percent, to close at 2,544.28. Trading volume was moderate at 368.9 million shares worth 8.5 trillion won ($6.4 billion), with losers outnumbering gainers 760 to 139. Foreign investors extended their selling streak to a fo

Sept. 6, 2024

Seoul shares open lower ahead of US jobs data

South Korean shares opened slightly lower Friday ahead of the US jobs report that may serve as another indicator of a possibly looming recession. The benchmark Korea Composite Stock Price Index shed 7.63 points, or 0.30 percent, to 2,567.87 in the first 15 minutes of trading. The index has been on a steady decline since Tuesday, when the United States reported a worse-than-expected manufacturing purchasing managers index. The US is set to release its latest jobs data Friday. In Seoul, large caps

Sept. 6, 2024

Seoul shares down for 3rd day on US woes

South Korean shares dropped for a third consecutive session Thursday amid concerns of an economic recession in the United States. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 5.30 points, or 0.21 percent, to close at 2,575.50. Trading volume was moderate at 371 million shares worth 10 trillion won ($7.48 billion), with losers outnumbering winners 519 to 358. Retail investors purchased a net 457.6 billion won worth of local shares, extending

Sept. 5, 2024

Seoul shares open sharply up on bargain hunting

Seoul shares opened higher Thursday as investors sought to pick up blue chip bargains, one day after the local market plunged by more than 3 percent on US woes. The benchmark Korea Composite Stock Price Index added 21.63 points, or 0.84 percent, to 2,602.43 in the first 15 minutes of trading. The index had dipped 3.15 percent the previous day on growing concerns of a US economic slowdown following a worse-than-expected manufacturing purchasing managers index for August. US stocks closed mixed ov

Sept. 5, 2024

Seoul shares fall over 3% on concerns of economic slowdown

South Korean shares dipped to a month low Wednesday as concerns of an economic slowdown weighed down investor sentiment. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 83.83 points, or 3.15 percent, to close at 2,580,80. Trade volume was heavy at 448.8 million shares worth 11.2 trillion won ($8.35 billion), with losers outnumbering gainers 859 to 51. Foreign investors offloaded 986 billion won worth of local shares, becoming net seller

Sept. 4, 2024

Banks, blue-chips tipped for Value-up Index

With South Korea's sole bourse operator set to introduce this month a stock index comprised of Korean companies well complying with the government-led corporate value-up program, the market expects bank shares and large-cap stocks to make the list. As part of the value-up program announced earlier this year, Korea Exchange is to launch the Korea Value-up Index in September, enlisting “best practice” companies to boost the appeal of the local stock market. Though the bourse opera

Sept. 4, 2024

S. Korean shares open sharply lower on Wall Street losses

South Korean shares opened sharply lower Wednesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) fell 60.72 points, or 2.28 percent, to 2,603.91 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average tumbled 1.51 percent to close at 40,936.93, while the tech-heavy Nasdaq plunged 3.26 percent. Tech giants, including Nvidia and Intel, led the decline as the lower-than-expected US manufacturing purchasing managers index (

Sept. 4, 2024

Seoul shares close lower ahead of US jobs data

South Korean shares fell as investors took to the sidelines ahead of key US data. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 16.37 points, or 0.61 percent, to close at 2,664.63. Trade volume was moderate at 291 million shares worth 8.8 trillion won ($6.56 billion), with gainers outnumbering losers 458 to 416. Foreign investors turned net sellers, offloading a net 287.5 billion won worth of shares, one day after they ended a six-day

Sept. 3, 2024

Seoul shares open higher on large cap gains

South Korean shares opened higher Tuesday, helped by large cap gains amid growing hopes for a US rate cut. The benchmark Korea Composite Stock Price Index added 12.33 points, or 0.46 percent, to 2,693.33 in the first 15 minutes of trading. The index has closed higher for two consecutive sessions, with a growing number of investors expecting the United States to start cutting interest rates as early as this month. The US Federal Reserve is set to hold its rate-setting meeting on Tuesday and Wedne

Sept. 3, 2024

Seoul shares rise ahead of US Fed meeting

South Korean shares rose Monday, as investors bet on a US rate cut. The local currency slightly lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 6.69 points, or 0.25 percent, to close at 2,681.00. Trade volume was moderate at 262.5 million shares worth 8.5 trillion won ($6.35 billion), with losers outnumbering gainers 534 to 325. Foreign investors ended their six-day selling streak, purchasing a net 239 billion won worth of local shares, while institutions

Sept. 2, 2024

Seoul shares open lower on large cap losses

South Korean stocks opened lower Monday with most large caps in negative terrain. The benchmark Korea Composite Stock Price Index shed 7.73 points, or 0.29 percent, to 2,666.58 in the first 15 minutes of trading. The index had dipped more than 1 percent Thursday on reports of worse-than-anticipated performance by artificial intelligence giant Nvidia, before slightly rebounding on bargain hunting the following day. US stocks closed higher Friday on growing hopes of a US rate cut, with the US Fede

Sept. 2, 2024

Seoul shares close higher on bargain hunting

South Korean shares finished higher Friday as investors picked up tech, energy and other blue chip bargains following losses the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 12.03 points, or 0.45 percent, to close at 2,674.31. Trade volume was moderate at 266.9 million shares worth 9.71 trillion won ($7.27 billion), with winners outnumbering losers 580 to 292. Institutions bought a net 47.8 billion won worth of shares, wh

Aug. 30, 2024

Seoul shares open higher on bargain hunting

South Korean shares opened higher Friday as investors picked up tech, auto and other blue chip bargains following losses the previous session. The benchmark Korea Composite Stock Price Index (Kospi) gained 13.53 points, or 0.51 percent, to 2,675.81 in the first 15 minutes of trading. Overnight, US stocks ended mixed after experiencing rollercoaster-like volatility amid differing views on Nvidia's earnings, with some expressing disappointment while others saw the results as alleviating uncer

Aug. 30, 2024

Seoul shares decline over 1%, led by chipmakers after Nvidia's earnings

South Korean shares retreated more than 1 percent Thursday, led by chipmakers after an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 27.55 points, or 1.02 percent, to close at 2,662.28. Trade volume was moderate at 284.7 million shares worth 11.3 trillion won ($8.47 billion), with losers outnumbering winners 590 to 280. Institutions and foreign investors sol

Aug. 29, 2024

Korea Exchange raises guard against biopharma shares

The Korea Exchange, the country's sole bourse operator, has recently voiced alarm about excessive and speculative trading of biopharmaceutical stocks tied to the resurgence of COVID-19 and the spread of mpox. Retail investors' interests in pharmaceutical and biotech stocks have soared in recent weeks amid the country’s heightened caution against infectious diseases. Buoyed by short-term speculations, stock prices of some biopharmaceutical companies have experienced a sharp gain r

Aug. 29, 2024

Seoul shares fall over 1% on Nvidia's underwhelming earnings result

South Korean shares dropped more than 1 percent after opening Thursday, taking a cue from Wall Street losses prompted by an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The benchmark Korea Composite Stock Price Index (Kospi) fell 31.62 points, or 1.18 percent, to 2,658.21 in the first 15 minutes of trading. Overnight in the United States, the Dow Jones Industrial Average fell 0.39 percent, with the S&P 500 losing 0.6 percent. The tech-heavy Nasdaq compos

Aug. 29, 2024