Money supply up for 3rd month in June on increased deposits

South Korea's money supply grew for the third straight month in June on increased deposits amid rising interest rates, central bank data showed Thursday. The country's M2, a key gauge of the money supply, stood at 3,709.3 trillion won ($2.85 trillion) on average in June, up 12 trillion won, or 0.3 percent, from the previous month, according to the preliminary data from the Bank of Korea (BOK). The money supply rose for the third straight month in June after posting the first contractio

Aug. 11, 2022

Seoul shares open sharply higher on improved US inflation data

South Korean stocks got off to a strong start Thursday, tracking an overnight rally on Wall Street after the release of better-than-expected inflation data that raised expectations that the US Federal Reserve could slow the pace of monetary tightening. The Korea Composite Stock Price Index (KOSPI) jumped 31.87 points, or 1.28 percent, to 2,512.75 in the first 15 minutes of trading. The US consumer price index (CPI) rose 8.5 percent in July, a slowdown from the 9.1 percent gain for June that mark

Aug. 11, 2022

Seoul shares fall nearly 1% on tech plunge, concerns over US inflation data

South Korean stocks fell Wednesday, with tech heavyweight Samsung Electronics dipping 1.5 percent, dented by dismal earnings projections by big US tech firms, like Micron Technology Inc., that pointed to a further slowdown in global chip demand. Analysts say investor sentiment remains cautious with eyes on US consumer prices, due to be announced Wednesday (US time), as it will provide a clue as to how fast the US Federal Reserve will push for monetary tightening going forward. The Korea Composit

Aug. 10, 2022

Seoul shares rise to 2-month high amid inflation, rate hike uncertainties

South Korean stocks closed moderately higher Tuesday to extend their winning streak to a fifth day, as investors keep a wary eye on upcoming US inflation data that might offer a clue as to the Federal Reserve's next move in its monetary policy. The local currency inched up against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 10.36 points, or 0.42 percent to 2,503.46, the highest since June 13 when the index ended at 2,504.51. Trading volume was mod

Aug. 9, 2022

MetLife‘s 360Health app to cater to South Korea’s aging society

South Korea has become an aging society since 2000 and is now on track to become a super-aged society within five years when older people makes up 20 percent of its 50 million population. With the insurers‘ customers across Asia now expecting longer life spans, helping them build a healthier lifestyle has become a key goal for the businesses, says MetLife Asia’s chief marketing officer. “MetLife‘s response to the issue of an aging society was the 360Health solution, wh

Aug. 9, 2022

Seoul shares open higher amid rate hike uncertainties

South Korean stocks opened slightly higher Tuesday, as the market maintains a cautious mood ahead of the release of latest US inflation data this week that might offer a clue as to the Federal Reserve's next move in the monetary policy. The Korea Composite Stock Price Index (KOSPI) gained 1.43 points, or 0.06 percent, to 2,494.53 in the first 15 minutes of trading. US stocks closed almost flat on Monday (local time) after the country reported robust jobs data, a possible indication that the

Aug. 9, 2022

Seoul shares little changed amid rate hike woes

South Korean stocks ended almost flat after a weak start Monday, as upbeat US jobs data helped ease recession fears despite worries over the US Federal Reserve's drastic rate hike. The local currency lost ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 2.3 points, or 0.09 percent, to 2,493.10, in choppy trading that started off some 0.4 percent lower at the opening bell. Trading volume was moderate at 409.1 million shares with 7.41 trillion won ($5.67 billi

Aug. 8, 2022

Crypto payment is going mainstream: ethereum co-founder

With the fast-growing blockchain industry, cryptocurrency payment will become mainstream after ethereum becomes cheaper and more accessible for a broader user base, according to ethereum co-founder Vitalik Buterin. “The upgrade of ethereum (which is scheduled in September) will dramatically cut the current cost of transaction fees that are around $1 to $20, by making improvements to efficiency and accessibility of the crypto,” said Buterin during a session at Korea Blockchain Week

Aug. 8, 2022

KB Financial Group wins Red Dot Award

KB Financial Group said Monday that its wine collection using its character design won the Red Dot Award for Brands and Communication Design. The character design, which the firm created to boost its image as a friendly bank open to ordinary Koreans, is aimed at raising domestic wine sales amid the pandemic when small business owners face greater economic challenges, the firm added. “We are grateful for the award because we feel acknowledged for our efforts to help those most in need,&r

Aug. 8, 2022

Seoul shares open lower on renewed rate hike worries

South Korean stocks got off to a weak start Monday, tracking the decline in US major indexes late last week, on renewed worries over the increasing likelihood of another sharp rate hike by the US Federal Reserve. The Korea Composite Stock Price Index (KOSPI) fell 9.38 points, or 0.38 percent, to 2,481.42 in the first 15 minutes of trading. The S&P 500 and Nasdaq ended lower on Friday (US time), after the latest US nonfarm payroll data showed employment expansion in July that was far larger than

Aug. 8, 2022

Foreigners return, retail investors leave Kospi

Retail investors turned net sellers of South Korean stocks in recent weeks despite foreigners’ buying spree, data showed Sunday, putting the nation’s key stock index in a bear market rally. Overseas investors scooped up a net 4 trillion won ($3.08 billion) on the Kospi market from July 14 to Friday, data from the nation’s sole bourse operator Korea Exchange showed, driving the benchmark index’s slight rebound. The Kospi inched up 1.60 percent to 2,490.80 on Friday compa

Aug. 7, 2022

Seoul shares up for 3rd day on foreign buying

Seoul shares closed higher for the third consecutive day Friday on continued foreign buying. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 17.69 points, or 0.72 percent, to close at 2,490.80. The figure is up 1.6 percent from a week ago. Trading volume was moderate at 400.63 million shares worth 7.4 trillion won ($5.7 billion), with gainers outnumbering losers 595 to 241. Foreigners and institutions bought a combined net 418.5

Aug. 5, 2022

Seoul shares end higher on foreign buying

Seoul shares ended on foreign buying on Wednesday. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.66 points, or 0.47 percent, to close at 2,473.11 points. Trading volume was moderate at 393.27 million shares worth 7.4 trillion won ($5.6 billion), with gainers outnumbering losers 466 to 382. The Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite climbed 2.6 percent on robust economic data showing the

Aug. 4, 2022

Seoul shares open higher on US gains

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, as jitters over US-China tension, caused by US House Speaker Nancy Pelosi's Taiwan visit, eased somewhat. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.91 points, or 0.36 percent, to trade at 2,470.36 points in the first 15 minutes of trading. The Dow Jones Industrial Average rose 1.29 percent, and the Nasdaq Composite climbed 2.59 percent on firm economic data showing the world's largest eco

Aug. 4, 2022

Top Korean banks face flak for profiting from surging rates

Top commercial banks have come under fire for increasingly denying customer requests to lower their interest rate repayments, while profiting heavily from of their lending programs, data showed Wednesday. The growing criticism comes as borrowers have been facing heavier debt repayment burdens in recent months, with lenders keeping their borrowing rates in pace with the central bank’s aggressive rate hikes. Last year, the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and

Aug. 3, 2022

Seoul shares end higher amid woes over fallout from Pelosi's Taiwan visit

Seoul shares ended higher on gains in automakers and battery makers on Wednesday, with investors eyeing the fallout from US House Speaker Nancy Pelosi's trip to Taiwan amid global recession worries. The South Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.83 points, or 0.89 percent, to close at 2,461.45 points. Trading volume was moderate at 463.71 million shares worth 6.6 trillion won ($5.03 billion), with gainers outnumbering losers

Aug. 3, 2022

Seoul shares open higher despite US losses

Seoul shares opened higher Wednesday, bucking overnight losses on Wall Street, with investors staying wary of any ripple effect of US House speaker's trip to Taiwan on the financial markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.48 point, or 0.02 percent, to trade at 2,440.10 points in the first 15 minutes of trading. Escalating tension between China and the United States over US House Speaker Nancy Pelosi's visit to Taiwan on Tuesday could further weigh on inv

Aug. 3, 2022

Foreign reserves grow for 1st time in 5 months in July

South Korea's foreign reserves increased for the first time in five months in July, thanks to increased operation profits and expanded deposits in foreign currency, central bank data showed Wednesday. The country's foreign reserves came to $438.61 billion as of end-July, up $330 million from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund re

Aug. 3, 2022

Seoul shares snap 6-day winning streak amid recession woes

Seoul shares ended lower Tuesday, snapping a six-day winning streak, as investors remain watchful on escalating US-China tension over Taiwan amid global recession worries. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 12.63 points, or 0.52 percent, to close at 2,451.5 points. Trading volume was moderate at 539.85 million shares worth 7.2 trillion won ($5.5 billion), with losers outnumbering gainers 615 to 240. To get a cue, investors are keeping

Aug. 2, 2022

Move over stockbrokers: ‘Ant’ investors new stars of TV shows

The global entertainment industry’s obsession with revealing the finance industry’s deepest and darkest secrets on screen is nothing new. But in South Korea, the protagonists are no longer power-hungry brokers in suits – it’s everyday retail investors. JTBC’s “Cleaning Up,” a 16-episode remake of the British drama of the same name which aired from June 4 to July 24, is at the forefront of the change. It tells the story of how cleaners at a local broker

Aug. 2, 2022