Seoul shares open higher amid eased US debt ceiling woes

South Korean stocks opened higher Wednesday, as investors see the likelihood of a debt ceiling deal passing US Congress. The benchmark Korea Composite Stock Price Index added 9.35 points, or 0.36 percent, to 2,594.87 in the first 15 minutes of trading. Overnight, Wall Street closed mixed as the debt ceiling deal reached between US President Joe Biden and House Speaker Kevin McCarthy went to Congress. The deal now needs to receive enough bipartisan support before the June 5 deadline to avert a po

May 31, 2023

Seoul shares close up as US debt jitters ease

South Korean stocks ended sharply higher Tuesday on a breakthrough in US debt ceiling negotiations. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 26.71 points, or 1.04 percent, to close at 2,585.52. Trading volume was moderate at 631.71 million shares worth 10.75 trillion won ($8.11 billion), with winners outpacing losers 454 to 410. Offshore investors picked up a net 673.03 billion won worth of shares, while retail and institutional investo

May 30, 2023

Seoul shares open higher as US debt jitters ease

South Korean stocks opened higher Tuesday on a breakthrough in US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 17.36 points, or 0.68 percent, to 2,576.17 in the first 15 minutes of trading. Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy agreed to raise the nation's debt ceiling. Now, the deal would need to get enough bipartisan support in Congress before the June 5 deadline to avert a potentially devastating federal default. Sou

May 30, 2023

Foreign purchases of tech, auto stocks amount to over W16t this year

Foreign purchases of South Korean tech and auto stocks have reached over 16 trillion won ($12 billion) so far this year, according to the Korea Exchange on Monday. Foreigners bought 16.45 trillion won worth of Samsung Electronics Co., Hyundai Motor Co. and other related stocks this year through May 26, according to the main bourse. In the first five months, foreigners bought 9.78 trillion won worth of Samsung Electronics stocks, followed by 1.26 trillion won worth of Hyundai Motor shares, 1.1 tr

May 29, 2023

Retail investors' battery frenzy continues

While foreign investors are scooping up major tech shares, retail investors in Korea are continuing to bet on a battery boom, anticipating further growth for the industry. Earlier this year, share prices of battery-related firms soared, as Korean battery firms are expected to benefit from the US Inflation Reduction Act with tax incentives when battery materials are processed there. Reflecting the outlook, the top shares bought by retail investors on the Korean stock market from Jan. 2 to May 2

May 28, 2023

Foreign investors return to Korean stock market

Foreign investors have returned to the Korean stock market, net buying more than 11 trillion won ($8.29 billion) this year, buoyed by the outlook of a chip recovery. According to data compiled by the Korea Exchange, non-Korean investors net bought Korean shares worth 11.77 trillion won from Jan. 2 to Thursday, marking a turnaround from massive sell-offs the previous two years. The buying spree of foreign investors was led by big-name tech giants, including Samsung Electronics and SK hynix, backe

May 28, 2023

Seoul shares up on big-cap chip rally

South Korean stocks ended slightly higher Friday, as chip giants rose sharply on hopes for a market turnaround despite concerns about a deal on the United States' debt ceiling. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 4.12 points, or 0.16 percent, to close at 2,558.81, ending a two-day decline. Trading volume was a bit slim at 618.73 million shares worth 9.26 trillion won ($6.99 billion), with losers far outpacing gainers 672 to

May 26, 2023

Seoul shares open tad higher on chip rally

South Korean stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the United States' debt ceiling to avoid a default. The benchmark Korea Composite Stock Price Index added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent, after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance. But the

May 26, 2023

SC Bank holds prize event for new special interest account holders

Standard Chartered Bank Korea is holding an event for first-time customers who sign up for its Jaeil EZ Account – an occasional deposit and withdrawal account that provides an annual pretax interest rate of up to 3.6 percent even if customers deposit money for just one day. The event, which continues until May 31, offers prizes to a few chosen customers among those who open an account and submit an entry by May 31. One event entry will be additionally counted for every 1 million won ($754)

May 25, 2023

Seoul shares down for 2nd day on US debt ceiling woes

South Korean stocks ended lower for the second day in a row Thursday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 12.76 points, or 0.5 percent, to close at 2,554.69. Trading volume was moderate at 903.89 million shares worth 9.27 trillion won ($6.99 billion), with losers outpacing gainers 681 to 182. The index opened slightly higher, despi

May 25, 2023

Seoul shares open slightly higher on chip shares

South Korean stocks opened slightly higher Thursday, led by big-cap tech gains, despite uncertainties over the United States' debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 3.01 points, or 0.12 percent, to 2,570.46 in the first 15 minutes of trading. Overnight, US shares ended lower as negotiations on the US' debt ceiling drag on, with just eight days left till the June 1 deadline. The Dow Jones Industrial Average lost 0.77 percent, and the tech-heavy

May 25, 2023

Seoul shares close flat amid US debt ceiling uncertainties

South Korean stocks ended nearly flat after a seven-day rise Wednesday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 0.10 points, or 0.0 percent, to close at 2,567.45. Trading volume was moderate at 1.06 billion shares worth 7.79 trillion won ($5.91 billion), with losers outpacing gainers 460 to 397. Institutions sold a net 185.5 billion wo

May 24, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Tuesday on the back of gains in big-cap tech and chemical shares. The benchmark Korea Composite Stock Price Index added 9.37 points, or 0.37 percent, to 2,556.45 in the first 15 minutes of trading. Overnight, US shares ended mixed as investors were awaiting the development regarding talks on a debt ceiling deal to avert a federal default. The Dow Jones Industrial Average lost 0.42 percent, while the tech-heavy Nasdaq Composite rose 0.5 percent. US House Speaker

May 23, 2023

Seoul shares up for 6th day on hopes for US debt ceiling deal

South Korean stocks ended markedly higher Monday to extend their winning streak to a sixth session as investors were optimistic about a deal on the United States' debt ceiling to avoid a federal default. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 19.29 points, or 0.76 percent, to close at 2,557.08. Trading volume was a bit slim at 583.13 million shares worth 8.04 trillion won ($6.09 billion), with gainers outpacing decliners 634 to 2

May 22, 2023

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday, led by big-cap tech and auto shares, as talks for the United States' debt ceiling deal were to resume soon. The benchmark Korea Composite Stock Price Index added 9.18 points, or 0.36 percent, to 2,546.97 in the first 15 minutes of trading. US President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Monday to seek a breakthrough regarding their debt ceiling negotiations, according to foreign media reports. On Friday, the negotiation

May 22, 2023

Osstem Implant plans for Kosdaq delisting

South Korea's largest dental implant maker announced Thursday it will discuss the firm's delisting from the secondary bourse Kosdaq at its extraordinary general meeting slated for June 28. Osstem Implant plans to initiate the delisting application process once the resolution is passed at the general meeting that will be attended by private equity funds Unison Capital Korea and MBK Partners, the firm's largest shareholders. The MBK Partners-Unison Capital Korea consortium has acq

May 19, 2023

Seoul shares open higher amid eased debt-ceiling woes

Seoul shares opened higher Friday, tracking Wall Street gains overnight, amid hopes that the US government will be able to avert a debt default. The benchmark Korea Composite Stock Price Index rose 10.5 points, or 0.42 percent, to 2,525.9 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.3 percent to 33,535.91, and the tech-heavy Nasdaq Composite climbed 1.5 percent to 12,688.84. The US government needs to lift the debt ceiling to cover its future spending pl

May 19, 2023

Seoul shares at over 2-week high on eased US default woes

South Korean stocks rose to an over two-week high Thursday as investor sentiment was buoyed by rising hopes that Washington would reach a deal on the debt ceiling. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index rose 20.74 points, or 0.83 percent, to finish at 2,515.4. It is the highest closing point since 2,524.39 on May 2. Trading volume was moderate at 558.3 million shares worth 7.64 trillion won ($5.72 billion), with winners far outnumberin

May 18, 2023

Seoul shares open higher as debt-ceiling concerns ease

Seoul shares opened higher Thursday after US stocks rallied on optimism that a deal to raise the US debt ceiling is within reach. The benchmark Korea Composite Stock Price Index rose 15.4 points, or 0.62 percent, to 2,510.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 1.2 percent to 33,420.77, and the tech-heavy Nasdaq Composite climbed 1.3 percent to 12,500.57. The US government needs to lift the debt ceiling to cover its future spending plans and pr

May 18, 2023

Seoul shares finish up 0.58% on uncertainties

South Korean stocks finished a tad higher Wednesday as investors remained lukewarm amid lingering US debt woes and weaker-than-expected retail sales data. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index added 14.42 points, or 0.58 percent, to close at 2,494.66. Trading volume was moderate at 555.6 million shares worth 7.07 trillion won ($5.28 billion), with gainers beating decliners 552 to 318. Foreign investors and institutions scooped up a co

May 17, 2023