KB pledges to become purpose-driven company

South Korean financial giant KB Financial Group hopes to become a company that can have a good influence on the community, its chairman said Friday. “We will all make efforts to become a purpose-driven firm that has a positive influence on the community,” Chairman Yoon Jong-kyoo said at the group’s strategy meeting held at a Seoul hotel under the title "Toward the Future.” The meeting was held to discuss management strategies for the latter half of 2023 to seek cha

July 16, 2023

Woori to step up its game in corporate financing

South Korean financial giant Woori Financial Group plans to expand its corporate financing, according to its chairman Friday. "During the first half of 2023, we prioritized risk management such as controlling financial soundness and capital adequacy as the uncertainty in financial markets both in and out of Korea escalated,” Woori Financial Group Chairman Yim Jong-yong said at a workshop held at the group’s headquarters in central Seoul. "It was a meaningful time when bold

July 16, 2023

Seoul shares up for 4th day on easing inflation concerns

Seoul shares ended spiked nearly 1.5 percent Friday, extending their winning streak to a fourth day, as easing US inflation helped assuage rate hike fears. The South Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 37.07 points, or 1.43 percent, to finish at 2,628.30. Trading volume was moderate at 561.21 million shares worth 14.01 trillion won ($11.06 billion), with winners outpacing losers 442 to 428. Institutions and foreigners bought a ne

July 14, 2023

Seoul shares open higher on easing inflation concerns

Seoul shares opened higher Friday, after another softer-than-expected US inflation reading. The benchmark Korea Composite Stock Price Index rose 15.67 points, or 0.6 percent, to 2,606.9 in the first 15 minutes of trading. Overnight, the US producer price index, another key inflation reading, came in softer than expected in June. The report came a day after June's consumer price index showed US inflation slowed to a two-year low. The Dow Jones Industrial Average inched up 0.14 percent, and t

July 14, 2023

Seoul shares up for 3rd day amid eased inflation woes; won sharply up

Seoul shares ended higher Thursday to extend their winning streak to a third day as eased US inflation muted concerns over the US Federal Reserve's aggressive rate hikes. The South Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 16.51 points, or 0.64 percent, to finish at 2,591.23. Trading volume was moderate at 573.79 million shares worth 13.1 trillion won ($10.2 billion), with gainers outpacing decliners 469 to 399. Institutions and f

July 13, 2023

Seoul shares open higher on eased woes over US inflation

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, as US inflation slowed to a two-year low, easing concerns that the US Federal Reserve will continue its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 17.92 points, or 0.70 percent, to 2,592.64 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.3 percent, and the tech-heavy Nasdaq Composite climbed 1.2 percent. The US consumer price index, a key inflation

July 13, 2023

Seoul shares end higher ahead of US inflation report

Seoul shares ended higher Wednesday, led by gains in tech companies and airlines, as investors await a US inflation report for clues on future rate hikes. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 12.23 points, or 0.48 percent, to finish at 2,574.72. Trading volume was moderate at 686.15 million shares worth 12.55 trillion won ($9.7 billion), with gainers outpacing decliners 496 to 362. Overnight, the Dow Jones Industrial Average adv

July 12, 2023

S. Korea aims to allow overseas firms' participation in FX market in Q4

South Korea plans to allow overseas financial firms to participate in the local foreign exchange market in the fourth quarter, the finance ministry said Wednesday, in the latest move to meet "global standards." Under the measure, the country will allow foreign institutions that obtain registration from the South Korean government to participate in the South Korean foreign exchange market, according to the Ministry of Economy and Finance. Currently, foreign institutions can only partici

July 12, 2023

Seoul shares open lower ahead of key US inflation data

Seoul shares opened lower Wednesday, bucking overnight gains on Wall Street, as investors await key US inflation data and major firms' second-quarter earnings results. The benchmark Korea Composite Stock Price Index fell 3.32 points, or 0.13 percent, to 2,559.17 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.9 percent, and the tech-heavy Nasdaq Composite climbed 0.6 percent. Federal Reserve officials have said the US central bank will likely need to r

July 12, 2023

Seoul shares spike nearly 2% ahead of key US inflation data; won sharply up

Seoul shares finished nearly 2 percent higher Tuesday, led by gains in techs and telecoms, as investors eye this week's US inflation data for clues on future rate hikes. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 41.79 points, or 1.7 percent, to finish at 2,562.49, snapping its five-session losing streak. Trading volume was moderate at 584.15 million shares worth 10.46 trillion won ($8.08 billion) with gainers outpacing decliners

July 11, 2023

Seoul shares end lower amid US rate hike woes

South Korean stocks finished lower Monday amid US rate hike woes. The local currency went down against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 6.01 points, or 0.24 percent, to finish at 2,520.7, extending its losing streak to the fifth consecutive session. Trading volume was moderate at 553.1 million shares worth 9.53 trillion won ($7.29 billion) with decliners outpacing gainers 450 to 428. Foreigners sold a net 152.9 billion won worth of local e

July 10, 2023

EcoPro shares fly high on battery frenzy

Shares of South Korean battery materials firm EcoPro rose to over 1 million won ($766.58) during trading hours Monday, surpassing a significant bar for a stock listed on Kosdaq. The stock price of EcoPro closed at 965,000 won, lower than its previous closing price of 988,000 won. It hit a record high of 1.01 million won earlier during the day. As of closing, the market cap of EcoPro stood at 25.69 trillion won, shoulder to shoulder with tech giants Kakao and Naver, which are worth 22.14 trillion

July 10, 2023

Seoul shares open tad higher amid rate hike woes

South Korean stocks opened marginally higher Monday amid continued concerns over the US Federal Reserve's additional rate hikes. The benchmark Korea Composite Stock Price Index rose 4.59 points, or 0.18 percent, to 2,531.3 in the first 15 minutes of trading. All US stock indexes finished lower Friday amid woes over the Fed's additional rate hikes. In Seoul, big-cap shares opened mixed. Market bellwether Samsung Electronics shed 0.43 percent, and No. 2 chipmaker SK hynix traded flat. Le

July 10, 2023

Seoul shares down for 4th day on US rate hike woes

South Korean stocks dropped by more than 1 percent on Friday to extend their losing streak to the fourth day amid US rate hike woes. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 29.58 points, or 1.16 percent, to finish at 2,526.71. Trading volume was high at 602.7 million shares worth 10.2 trillion won ($7.8 billion) with decliners far outpacing gainers 656 to 236. Foreigners sold a net 41.3 billion won worth of local equities, wit

July 7, 2023

Seoul shares open sharply lower on Fed rate hike woes, Samsung earnings

South Korean stocks got off to a weak start Friday amid concerns over the US Federal Reserve's additional rate hikes and Samsung Electronics' poor earnings guidance. The benchmark Korea Composite Stock Price Index dropped 23.55 points, or 0.92 percent, to 2,532.74 in the first 15 minutes of trading. All US stock indexes finished lower Thursday with investors' concerns over the Fed's potential additional rate hikes following stronger-than-expected US employment data. In Seoul,

July 7, 2023

Seoul shares down for 3rd day on China's export curbs, Fed minutes

South Korean stocks closed down for a third straight day Thursday as investors gauged potential impacts after China said it plans to restrict exports of some key metals used in semiconductors and the US central bank reaffirmed more interest rate hikes ahead. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.71 points, or 0.88 percent, to finish at 2,556.29. Trading volume was high at 524.7 million shares worth 10.2 trillion won ($7

July 6, 2023

Seoul shares open lower on China's export curbs, Fed minutes

South Korean stocks got off to a weak start Thursday, dragged down by the fall in tech blue chips as China's export restrictions of metals used in semiconductors and others sapped investor sentiment. The benchmark Korea Composite Stock Price Index dropped 17.26 points, or 0.67 percent, to 2,561.74 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics, the world's largest manufacturer of smartphones and memory chips, fell 0.4 percent. Chip giant SK hynix slid 1.6 perc

July 6, 2023

Seoul shares end lower ahead of FOMC minutes release

South Korean stocks closed lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's June meeting this week. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index sank 14.31 points, or 0.55 percent, to close at 2,579.00. Trading volume was moderate at 589.2 million shares worth 10.05 trillion won ($7.7 billion), with decliners outnumbering gainers 632 to 243. Fore

July 5, 2023

'China decoupling could boost Korean trade'

Korea and other Asian nations can be key players in the global supply chain, as countries wean off their dependence on China, a report issued by the Korea Chamber of Commerce and Industry suggested Wednesday. According to the report, Korea and other “Altasia” countries can be a substitute for China in the global trade scene. The term Altasia is a compound of alternative and Asia, encompassing 14 countries in Asia that could replace China in the global supply chain. The weekly newspap

July 5, 2023

Seoul shares nearly flat ahead of China's economic data

South Korean stocks turned a tad lower after starting marginally higher on Wednesday ahead of the release of China's purchasing managers' index. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,591.14 in the first 15 minutes of trading. Wall Street was closed Tuesday for the Independence Day holiday. Later in the day, China is set to release the Caixin purchasing managers' index. In Seoul, most large-cap shares opened in negative terrain. Mar

July 5, 2023