Seoul shares turn lower on Powell remarks; techs up on Amazon investment

South Korean stocks turned lower after starting marginally higher Friday, as US Federal Reserve Chairman Jerome Powell's remarks reaffirming the need for more interest rate hikes sapped investor appetite. After starting a tad higher, the benchmark Korea Composite Stock Price Index fell 1.68 points, or 0.06 percent, to 2,592.02 in the first 15 minutes of trading. Powell reiterated on the second day of his two-day testimony before Congress that there is still a long way before the Fed stops i

June 23, 2023

Seoul shares snap 3-day fall as rate hike uncertainties clear

South Korean stocks finished higher Thursday, breaking a three-day losing streak, as investors digested the US Federal Reserve chairman's hawkish congressional testimony. The local currency dropped against the US dollar. The benchmark Korea Composite Stock Price Index gained 11.07 points, or 0.43 percent, to close at 2,593.7. Trade volume was moderate at 601.54 million shares worth 8.76 trillion won ($6.7 billion), with decliners outnumbering gainers 492 to 358. Foreign and retail investors

June 22, 2023

Marking 10 years, Konex hits W4.2tr in market cap

South Korea’s tertiary bourse, the Konex, has seen stunning growth since its debut in 2013, with its total market capitalization surging tenfold over the past decade. Konex, or the Korea New Exchange, is the nation’s third stock market that opened in July 2013 in addition to the benchmark Kospi and tech-heavy Kosdaq. The bourse aims to trade shares in smaller firms and give them growth-inducing capital. According to the Korea Exchange, the nation’s sole bourse operator, the mar

June 22, 2023

Seoul shares open almost flat as Powell signals more rate hikes

South Korean stocks opened almost flat Thursday after the US Federal Reserve chief hinted at more rate hikes this year. The benchmark Korea Composite Stock Price Index inched up 3.15 points, or 0.12 percent, to 2,585.78 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, after Fed Chair Jerome Powell said during his congressional testimony that the central bank remained focused on wrestling down inflation back to its 2 percent target and

June 22, 2023

Elliott warns Korea to pursue no further legal action

An international court’s decision sentencing South Korea to pay a US hedge fund about $108.5 million in losses caused by the government’s meddling in the 2015 merger of two Samsung units may affect other pending rulings on investor-state dispute cases involving the country. Elliott Investment Management on Wednesday urged the Korean government to pay the amount to the investor as ordered by the Permanent Court of Arbitration on Tuesday, asserting further legal proceedings would c

June 21, 2023

Seoul shares down for third day ahead of Powell's testimony

South Korean stocks slid for the third consecutive session Wednesday, as investors awaited the US Federal Reserve chairman's congressional testimony. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index slipped 22.28 points, or 0.86 percent, to close at 2,582.63. Trade volume was moderate at 644.16 million shares worth 10.21 trillion won ($7.9 billion), with decliners outnumbering gainers 678 to 207. Retail investors scooped up a net 624.8 bill

June 21, 2023

Seoul shares open lower as Powell's testimony looms

South Korean stocks opened lower Wednesday, tracking Wall Street losses overnight as investors awaited the US Federal Reserve chairman's congressional testimony. The benchmark Korea Composite Stock Price Index slid 6.04 points, or 0.23 percent, to 2,598.87 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, as a recent market rally paused ahead of Fed Chair Jerome Powell's congressional testimony slated for Wednesday and Thursda

June 21, 2023

KDB chief reaffirms Busan relocation plan

The chief of the state-run Korea Development Bank said the plan to relocate its headquarters from Seoul to Busan is underway, despite the continued resistance from its employees. “The relocation to Busan is not to reduce or substitute the functions of the bank, but to add a new role of encouraging the revival of the southeastern region of Korea. We will come up with an organization and operating system fit for the role,” KDB Chairman Kang Seog-hoon said at a press conference held in

June 20, 2023

Seoul shares edge down after China's moderate rate cut

South Korean stocks slid for the second day in a row Tuesday, as the smaller-than-expected rate cut by China's central bank dampened market sentiment. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index slipped 4.59 points, or 0.18 percent, to close at 2,604.91. Trade volume was moderate at 712.8 million shares worth 10.7 trillion won ($8.35 billion), with decliners outstripping gainers 545 to 325. "The markets had their eyes on whether B

June 20, 2023

Seoul shares open lower ahead of China's rate decision

South Korean stocks started lower Tuesday, as investors awaited the Chinese central bank's rate decision and its next monetary policy steps. The benchmark Korea Composite Stock Price Index slid 10.18 points, or 0.39 percent, to 2,599.32 in the first 15 minutes of trading. The People's Bank of China is expected to cut its benchmark loan prime rate later in the day amid sluggish growth. Investors are hoping to see Beijing roll out fresh stimulus to boost demand. Market observers will als

June 20, 2023

S. Korea to open foreign currency account for EDCF projects

South Korea plans to open a foreign currency account for the country's low-interest loan projects for developing nations, the finance ministry said Tuesday, eliminating the need for unnecessary foreign exchange conversion procedures. The revision, passed by the Cabinet, will allow the government to deposit the Economic Development Cooperation Fund in foreign currencies directly into private banks, according to the Ministry of Economy and Finance. The move came as the current fund for the pr

June 20, 2023

Seoul shares close down on Fed's hawkish rate outlook; Korean won dips

South Korean stocks retreated Monday, weighed down by hard-line comments from some US Federal Reserve policymakers advocating more interest rate hikes. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index slid 16.29 points, or 0.62 percent, to close at 2,609.5. Trading volume was moderate at 711.1 million shares worth 10.95 trillion won ($8.54 billion), with gainers outpacing decliners 466 to 401. "The Fed officials with those comments are o

June 19, 2023

Seoul shares open lower on Fed's hawkish rate outlook

South Korean stocks opened lower Monday, as some US Federal Reserve officials' comments backing additional rate hikes sapped hopes for an end to its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.48 percent, to 2,613.19 in the first 15 minutes of trading. Fed Gov. Christopher Waller on Friday said the core inflation was not coming down like he expected. Richmond Fed President Thomas Barkin advocated more rate hikes, citing persistent i

June 19, 2023

Seoul shares open higher amid eased worries over US future rate hikes

South Korean stocks opened higher Friday, after US economic data pointing to solid consumer demand and softening inflation boosted hopes for an early end to the Federal Reserve's aggressive interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.4 points, or 0.21 percent, to 2,613.94 in the first 15 minutes of trading. Wall Street rallied Thursday as optimism grew that the Fed would loosen its grip on interest rate hikes after the latest economic data showed a stronger-t

June 16, 2023

Seoul shares fall for 2nd day after US rate pause

South Korean stocks fell for the second straight day Thursday, as investors digested the US Federal Reserve's first pause in its aggressive rate hikes in more than a year and its signal that the borrowing rates will likely rise more. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index slid 10.54 points, or 0.4 percent, to 2,608.54. Trading volume was moderate at 571.7 million shares worth 11.3 trillion won ($8.82 billion), with decliners out

June 15, 2023

Seoul shares open higher after Fed rate pause

South Korean stocks opened higher Thursday, as investors digested the US Federal Reserve's pause in raising the interest rates and its signal that there still will be more rate hikes in the coming months. The benchmark Korea Composite Stock Price Index gained 12.08 points, or 0.46 percent, to 2,631.16 in the first 15 minutes of trading. The Fed held the interest rates steady in the range of 5.00 percent to 5.25 percent in its policy meeting Wednesday, the first such pause in the series of r

June 15, 2023

Seoul shares end lower ahead of Fed's rate decision

South Korean stocks finished lower Wednesday as investors awaited the outcome of the Federal Reserve's rate-setting meeting. The Korean won fell against the US greenback. The benchmark Korea Composite Stock Price Index lost 18.87 points, or 0.72 percent, to close at 2,619.08. Trading volume was high at 644 million shares worth 12.9 trillion won ($10.1 billion), with the number of decliners sharply outnumbering gainers 659 to 237. Institutions dumped a net 127.8 billion won worth of local sh

June 14, 2023

Seoul shares open tad lower ahead of Fed's rate decision

South Korean stocks opened slightly lower Wednesday as investors remained cautious over the Federal Reserve's rate decision later this week. The benchmark Korea Composite Stock Price Index fell 6.17 points, or 0.23 percent, to 2,631.78 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.43 percent and the Nasdaq gained 0.83 percent as a modest rise in April inflation fueled hopes for the Fed's rate pause. In Seoul, most shares traded mixed. Market bel

June 14, 2023

Seoul shares open higher on hopes for Fed's rate pause

South Korean stocks started higher Tuesday, as investors awaited US inflation data and the Federal Reserve's rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index rose 11.4 points, or 0.43 percent, to 2,640.75 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.56 percent and the Nasdaq Composite jumped 1.53 percent. The US central bank is set to have its two-day meeting starting Tuesday. In Seoul, large-cap shares led the b

June 13, 2023

Seoul shares end lower ahead of Fed's rate decision

Seoul shares ended lower Monday as investors await the US Federal Reserve's interest rate decision this week. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index fell 11.81 points, or 0.45 percent, to close at 2,629.35. Trading volume was moderate at 547.41 million shares worth 9.25 trillion won ($7.2 billion), with decliners outpacing gainers 576 to 303. The Dow Jones Industrial Average rose 0.1 percent to 33,876.78 on Friday (US

June 12, 2023