Seoul shares driven higher by tech surge

South Korean stocks opened sharply higher Tuesday on tech gains. The benchmark Korea Composite Stock Price Index added 17.3 points, or 0.69 percent, to 2,526.1 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the tech-heavy Nasdaq Composite rallying 1.56 percent and the S&P 500 rising 0.69 percent. The Dow Jones Industrial Average declined 0.11 percent. US chipmaker Nvidia, which has spurred the artificial intelligence boom this year, sharply rose 8.3 percent ahe

Aug. 22, 2023

Seoul stocks snap 6-day losing streak, won hits 9-month low

South Korean shares broke six consecutive days of losses Monday, as China's interest rate cut helped ease market jitters over the country's financial sector and its overall economy. The local currency fell to the lowest level against the US dollar in almost nine months. The benchmark Korea Composite Stock Price Index gained 4.3 points, or 0.17 percent, to finish at 2,508.8. Trading volume was slim at 393.37 million shares worth 8.39 trillion won ($6.24 billion), with gainers slightly o

Aug. 21, 2023

Seoul shares open higher amid rate hike, China concerns

South Korean stocks opened higher Monday amid fears of a US rate hike and China's economic concerns. The benchmark Korea Composite Stock Price Index added 9.6 points, or 0.38 percent, to 2,514.1 in the first 15 minutes of trading. Investor sentiment has been weighed down after China's heavily indebted property developer Evergrande Group filed for bankruptcy protection in the United States last week. Concerns are also lingering over a possible rate hike push by the US Federal Reserve, w

Aug. 21, 2023

Seoul shares fall for 6th day amid US rate hikes, China woes

South Korean stocks fell for the sixth consecutive session Friday to a three-month low on concerns about the Federal Reserve's continued push for aggressive monetary tightening and risks in the Chinese property sector and the broader economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.35 points, or 0.61 percent, to close at 2,504.50. It was the lowest level since May 18, when the Kospi ended at 2,515.4. Trading volume was moderate

Aug. 18, 2023

Listed firms’ earnings plunge in H1

In the first six months of 2023, the added operating profit of Kopsi-listed firms fell by more than half, as the economy struggles to deal with the impact of global geopolitical tensions and high interest rates, the Korea Exchange said Thursday. According to data provided by the Korea Exchange, the operating profit of 615 firms listed on Kospi stood at 53.1 trillion won ($39.6 billion) from January to June, 52.45 percent less than that of the same period from a year before. Data was not included

Aug. 18, 2023

Seoul shares open lower on China woes, high yields

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as a Chinese property giant filed for bankruptcy and yields neared record highs. The benchmark Korea Composite Stock Price Index shed 15.53 points, or 0.62 percent, to 2,504.32 in the first 15 minutes of trading. Investors were worried about the Chinese economy, as China's Evergrande Group filed for bankruptcy in the United States on Thursday after struggling with over $300 billion in liabilities, according t

Aug. 18, 2023

[Graphic News] S. Korea’s exports of ice cream hit record high in H1

South Korea’s exports of ice cream reached a record high in the first half of 2023, data showed, on the back of the growing popularity of Korean entertainment content across the globe. Outbound shipments of ice cream and similar products reached $59 million in the January-June period, up 19.8 percent from a year earlier, according to the data compiled by the Korea Customs Service. The figure almost doubled South Korea’s ice cream imports, which came to $30 million, up 7.5 percent ove

Aug. 18, 2023

Seoul shares open lower on Fed minutes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street, as the Federal Reserve's minutes reaffirmed the central bank's push for continued monetary tightening to curb inflation. The benchmark Korea Composite Stock Price Index shed 29.08 points, or 1.15 percent, to 2,496.55 in the first 15 minutes of trading. Overnight, US stocks fell after the minutes from the Fed's July meeting showed that officials still saw a possible resurgence of inflation and the

Aug. 17, 2023

Mirae Asset acquires Australia's No. 1 robo-adviser

Mirae Asset Global Investments announced Wednesday that it has acquired Australia’s No. 1 robo-adviser Stockspot. The Korean assets management firm said it will secure a 53 percent stake in the company in a deal worth 28 million Australian dollars ($18 million), with plans to increase the stake in the future in phases. Founded in Sydney in 2013, Stockspot is the leading online investment adviser, ranking atop the robo-adviser sector in Australia with a base of 13,000 clients and some 650

Aug. 16, 2023

Seoul shares open lower on woes over Fed's rate hike, Chinese economy

South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street, on concerns about the Federal Reserve's monetary tightening and China's economy. The benchmark Korea Composite Stock Price Index shed 23.96 points, or 0.92 percent, to 2,547.24 in the first 15 minutes of trading. US stocks fell on Tuesday after retail sales grew at a faster-than-expected rate of 0.7 percent in July, which could prod the Fed to continue its aggressive monetary tightening pol

Aug. 16, 2023

Seoul shares down for 3rd day on inflation, Fed woes

South Korean stocks ended lower for the third consecutive day Monday on big-cap tech losses, as investor sentiment remains weak on lingering concerns over inflation and the Federal Reserve's policy path. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.39 points, or 0.79 percent, to close at 2,570.87. Trading volume was moderate at 613.21 million shares worth 9.83 trillion won ($7.38 billion), with losers outpacing gainers 601 to 288. Th

Aug. 14, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday, led by big-cap tech losses, amid uncertainties over the Federal Reserve's policy path and a global economic recovery. The benchmark Korea Composite Stock Price Index shed 7.97 points, or 0.31 percent, to 2,585.29 in the first 15 minutes of trading. On Friday, US stocks closed mixed. The Dow Jones Industrial Average rose 0.3 percent, while the tech-heavy Nasdaq Composite dropped 0.68 percent. Investors expect the Fed to pause its interest rate hikes i

Aug. 14, 2023

[Photo News] Nurturing fintech talent

From left: Future For Youth Foundation Chairman Lee Hoon-kyu, Financial Supervisory Service Gov. Lee Bok-hyun, a student representative, Hana Financial Group Chairman Ham Young-joo and SK Telecom Vice President Um Jong-hwan pose for a picture to kick off fintech talent nurturing program Hana Digital Power On in Seoul, Thursday. Marking its second year, the program, launched by Hana Financial Group, awards teams for developing tech solutions for the financial sector. Other participating companies

Aug. 13, 2023

EcoPro lands MSCI Korea Index

EcoPro, South Korea's leading producer of secondary battery materials, will be added to the Morgan Stanley Capital International Korea Index, alongside three other domestic companies. A total of four Korean companies' stocks -- EcoPro, Hanwha Ocean, JYP Entertainment, and Hanmi Semiconductor -- made the listing for MSCI Korean Index, according to the results of the MSCI August Index Review released Thursday. Meanwhile, two companies -- CJ Group and E-mart -- have been removed from th

Aug. 11, 2023

Seoul shares start higher on moderate US inflation

South Korean stocks opened marginally higher Friday as investor sentiment was buoyed by moderate US consumer price data. The benchmark Korea Composite Stock Price Index rose 12.23 points, or 0.47 percent, to 2,613.79 in the first 15 minutes of trading. The US July consumer price index rose 3.2 percent, slower than the market expectation of a 3.3 percent rise. On Wall Street, stocks finished slightly higher, with the Dow Jones Industrial Average increasing 0.15 percent and the Nasdaq Composite ad

Aug. 11, 2023

Seoul shares finish lower ahead of US consumer price data

South Korean stocks closed a tad lower Thursday as investors remained cautious ahead of the release of US consumer price index data that would influence the Fed's rate-setting decision. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 3.56 points, or 0.14 percent, to 2,601.56. Trading volume was moderate at 560.4 million shares worth 11.2 trillion won ($8.5 billion), with winners outpacing losers 486 to 393. Offshore invest

Aug. 10, 2023

Seoul shares open lower on Wall Street losses

South Korean stocks got off to a weak start Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 11.42 points, or 0.44 percent, to 2,593.7 in the first 15 minutes of trading. The Dow Jones Industrial Average declined 0.54 percent and the Nasdaq Composite dropped 1.2 percent as investors were cautious ahead of the release of the US consumer price index, slated for Thursday. In Seoul, most big-cap shares declined across the board. Market bellweth

Aug. 10, 2023

Seoul shares end 5-day losing streak on dovish hopes for interest rates

South Korean stocks finished more than 1 percent higher Wednesday, snapping the five-day losing streak on hopes that the Federal Reserve's further rate hikes could be over. The Korean won stayed unchanged against the US greenback. The benchmark Korea Composite Stock Price Index added 31.14 points, or 1.21 percent, to 2,605.12, marking the first daily gain since Aug. 2. Trading volume was slim at 460.8 million shares worth 10.2 trillion won ($7.75 billion), with winners beating losers 563 to

Aug. 9, 2023

S. Korea to expand market for pet products to 15tr won by 2027

South Korea's agricultural ministry said Wednesday it plans to expand the size of the pet industry to 15 trillion won ($11.47 billion) by 2027 amid the growing number of households with dogs or cats. The target marks a sharp rise from just 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs. The number of households with dogs or cats came to 6.02 million last year, rising sharply from just 3.64 million in 2012. "To address the evolving marke

Aug. 9, 2023

Seoul shares open higher on large-cap gains

South Korean stocks opened a tad higher Wednesday, led by gains in large-cap shares of techs and chemicals despite losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 16.83 points, or 0.65 percent, to 2,590.81 in the first 15 minutes of trading. On Wall Street, all three major US stock indexes finished lower Tuesday as credit rating agency Moody's downgraded 10 small- and mid-sized US lenders. The Dow Jones Industrial Average lost 0.45 percent, and the tech-savvy

Aug. 9, 2023