Financial authorities ready to take action against stock market rout

South Korea's financial authorities said Tuesday that they are ready to take action against extremely volatile market jitters urging investors to remain calm and cool-headed given the country's sound economic fundamentals. The country's benchmark Korea Composite Stock Price Index suffered the worst crash on Monday as investors staged a massive selling binge out of fears over a recession in the United States. The index plummeted a record 234.64 points, or 8.77 percent, to close at

Aug. 6, 2024

US recession fears send Kospi plunging by record high of nearly 9%

South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a US economic slowdown, with big tech coming under heavy selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session. It is the lowest closing price since Nov. 14, whe

Aug. 5, 2024

Seoul shares open sharply lower on continuing US slowdown fears

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a US economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading. On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after US unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy. Moreover, the US unemployment rate, r

Aug. 5, 2024

Seoul stocks open sharply lower on US losses amid slowdown woes

Seoul shares opened sharply lower Friday, tracking overnight losses on Wall Street, as disappointing US economic data raised concerns over an economic slowdown despite the Fed's rate-cut signals. The benchmark Korea Composite Stock Price Index fell 68.48 points, or 2.47 percent, to 2,709.20 in the first 15 minutes of trading. US data showed unemployment claims hit the highest in almost a year and manufacturing shrank. The monthly employment data is set to be released Friday. The Fed signale

Aug. 2, 2024

Seoul shares up for 2nd day on Fed's rate-cut signal

South Korean stocks increased for two straight sessions Thursday driven by the US Federal Reserve's strong signal for a rate cut next time. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index increased 6.99 points, or 0.25 percent, to close at 2,777.68, following a 1.19 percent rise the previous day. Trade volume was moderate at 463.9 million shares worth 10.6 trillion won ($7.75 billion), with gainers outnumbering losers 632 to 247. Foreig

Aug. 1, 2024

Seoul stocks open higher on dovish Fed

South Korean stocks started higher Thursday, driven by the US Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index (Kospi) gained 18.65 points, or 0.67 percent, to 2,789.34 in the first 15 minutes of trading. At its rate-setting meeting, the US central bank froze its key rate in the 5.25-5.50 percent range. Chair Jerome Powell said a reduction in policy rate "could be on the table" at its upcoming meeting next month. The comments pushed up US stocks,

Aug. 1, 2024

Seoul shares spike over 1% on tech gains amid rate cut hopes

Seoul shares ended sharply higher Wednesday on tech gains amid expectations that the US Federal Reserve may begin a rate cutting cycle within months. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shot up 32.50 points, or 1.19 percent, to close at 2,770.69. Trade volume was moderate at 543.14 million shares worth 11.84 trillion won ($8.6 billion), with gainers outnumbering losers 586 to 302. Institutions and foreigners bought a combined 202 billion won

July 31, 2024

Seoul shares open higher on rate cut hopes

Seoul shares opened higher Wednesday, following a mixed close on Wall Street, as investors expect the Federal Reserve may begin a rate cutting cycle later this year. The benchmark Korea Composite Stock Price Index added 5.20 points, or 0.19 percent, to 2,743.39 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 40,743.33 points, but the tech-heavy Nasdaq fell 1.3 percent to 17,147.42. This week, all eyes are on the Fed's policy decision on We

July 31, 2024

Seoul shares end nearly 1% lower ahead of Fed meeting, major earnings releases

Seoul shares closed almost 1 percent lower Tuesday as investors became more cautious ahead of the US Federal Reserve's rate decision and earnings releases from global big techs this week. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 27.34 points, or 0.99 percent, to close at 2,738.19. Trade volume was slim at 376.4 million shares worth 9.9 trillion won ($7.1 billion), with losers far outnumbering winners 664 to 225. Insti

July 30, 2024

Seoul shares open lower ahead of Fed rate decision, earnings

Seoul shares opened lower Tuesday, following a mixed close on Wall Street, as investors await the Federal Reserve's rate decision and earnings from major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) fell 19.99 points, or 0.72 percent, to 2,745.54 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.1 percent to 40,539.93 points, but the tech-heavy Nasdaq rose 0.07 percent to 17,370.20. This week, all eyes are on the Fed's policy

July 30, 2024

[Graphic News] S. Korean cosmetics exports hit record high in H1

Korean cosmetics exports surpassed $4.8 billion in the first half of 2024, setting a new record for beauty product exports within the first six months of a year. The figure is an 18.1 percent increase from the same period last year, according to the Korea Customs Service. This milestone surpasses the previous semiannual record of $4.63 billion set in the first half of 2021. During the first half of this year, cosmetics imports amounted to $850 million (1.2 trillion won), resulting in a trade s

July 30, 2024

Seoul shares end up for 2nd day ahead of Fed's rate decision

Seoul shares ended higher for a second straight session Monday amid hopes that the US Federal Reserve will hint at a potential rate cut in September. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 33.63 points, or 1.23 percent, to close at 2,765.53. Trading volume was moderate at 449.64 million shares worth 10.78 trillion won ($7.8 billion), with gainers outnumbering losers 634 to 244. Institutions and foreigners bought a combined 522 billion won

July 29, 2024

Seoul shares open higher on hope for US rate cut

Seoul shares opened higher Monday on hope for the US Federal Reserve's rate cut and earnings releases of major tech firms this week. The benchmark Korea Composite Stock Price Index rose 27.62 points, or 1.01 percent, to 2,759.52 in the first 15 minutes of trading. All eyes are on the US central bank's policy decision and earnings results by Apple Inc., Amazon.com Inc. and Samsung Electronics Co. The Fed is expected to cut rates as early as in September. In Seoul, tech and auto stocks l

July 29, 2024

Retail investors pay huge chunk of stock transaction tax in 2023

Retail investors paid 4.57 trillion won ($3.29 billion) in stock transaction tax last year, accounting for 75 percent of the total, industry data showed Saturday. The government collected around 6.06 trillion won in stock transaction tax last year, and foreign investors paid nearly 1 trillion won in the tax last year, according to the Korea Securities Depository on Saturday. The data came as the government is seeking to scrap a capital gains tax on financial investments while cutting the tax o

July 27, 2024

Seoul shares snap 2-day fall on large cap gains

South Korean shares closed sharply higher Friday, ending a two-day losing streak on large cap gains led by financial firms and shipbuilding companies. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 21.25 points, or 0.78 percent, to close at 2,731.90. Trading volume was moderate at 504.7 million shares worth 12.8 trillion won ($9.24 billion), with gainers outnumbering losers 594 to 288. Institutions purchased a net 394 billion won wor

July 26, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.01 points, or 0.63 percent, to 2,727.66 in the first 15 minutes of trading. The KOSPI had dropped for two consecutive sessions following reports of poorer-than-expected second-quarter performances by major US tech firms. The Dow Jones Industrial Average advanced 0.2 percent Thursday, ending a two-day losing streak on reports that the US economy grew at a fas

July 26, 2024

Korean stocks dip nearly 2% on tech, auto losses

South Korean shares dipped by nearly 2 percent Thursday as tech and auto stocks crashed following an overnight drop on Wall Street. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index lost 48.06 points, or 1.74 percent, to close at 2,710.65. Trading volume was heavy at 433 million shares worth 13.4 trillion won ($9.67 billion) with losers outnumbering gainers 728 to 160. Foreigners remained net sellers for a second straight session, dumping a n

July 25, 2024

Seoul shares open sharply lower on Wall Street losses

Seoul shares opened sharply lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 35.99 points, or 1.30 percent, to 2,722.72 in the first 15 minutes of trading. The Dow Jones Industrial Average dipped 1.25 percent, while the tech-heavy Nasdaq plunged 3.64 percent Wednesday on worse-than-expected Q2 performances by major tech companies, including Tesla. In Seoul, most large caps were in negative terrain. Market kingpin and tech giant Samsun

July 25, 2024

Shareholder activism in Korea ‘partial success’: SquareWell

While shareholder activism is yet to take full hold in South Korea with only a handful of initiatives making it past the vote, activist investors seem to have gained traction here in recent years. According to London-based shareholder advisory SquareWell Partners' recent report, Korean firms are increasingly being targeted by activist investors, with the number soaring from nine in 2020 to 71 in 2023. Still, many of the recent activist campaigns have failed to win a majority of shareholder

July 24, 2024

Seoul shares close lower on tech, auto losses

Seoul shares closed lower Wednesday as most tech stocks and autos finished in negative terrain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 15.58 points, or 0.56 percent, to close at 2,758.71. Trade volume was moderate at 458.6 million shares worth 10.9 trillion won ($7.87 billion) with losers outnumbering gainer 489 to 368. Foreigners offloaded a net 271.7 billion won worth of local shares, while institutions and retail investors n

July 24, 2024