Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Thursday, following gains on Wall Street, with investors remaining concerned about the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 3.11 points, or 0.12 percent, to 2,514.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 35,273.03, and the tech-heavy NASDAQ also added 0.5 percent to 14,265.86. There have been expectations that the Fed has nearly

Nov. 23, 2023

Seoul shares almost flat after Fed minutes, Nvidia results

Seoul shares closed little changed Wednesday, as the Federal Reserve still warned against high inflation and US AI chip leader Nvidia released lower-than-expected earnings results. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index was up 1.28 points, or 0.05 percent, to close at 2,511.70. Trade volume was moderate at 433.37 million shares worth 7.66 trillion won ($5.9 billion), with gainers outnumbering losers 428 to 421. Institutions and individuals sold

Nov. 22, 2023

Seoul shares open lower on Fed minutes, Nvidia results

Seoul shares opened lower Wednesday as the Federal Reserve still warned against high inflation and US AI chip leader Nvidia released lower-than-expected earnings results. The benchmark Korea Composite Stock Price Index fell 13.92 points, or 0.6 percent, to 2,496.50 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 35,088.29, and the tech-heavy NASDAQ shed 0.6 percent to 14,199.98. There have been expectations that the Fed is at the end of its hik

Nov. 22, 2023

Seoul shares end up on tech gains ahead of Nvidia results

Seoul shares closed higher Tuesday on tech gains, with investors awaiting earnings results from AI chip leader Nvidia and other US tech firms this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 19.22 points, or 0.8 percent, to close at 2,510.42. Trade volume was moderate at 340.42 million shares worth 7.6 trillion won ($5.9 billion), with gainers outnumbering losers 598 to 271. Overnight, the Dow Jones Industrial Average increased 0.6 perc

Nov. 21, 2023

Seoul shares open higher ahead of Nvidia results

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors await earnings results from AI chip leader Nvidia and other US tech firms. The benchmark Korea Composite Stock Price Index rose 19.92 points, or 0.8 percent, to 2,511.12 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53. Nvidia is set to release quarterly results on Tuesday on the back of str

Nov. 21, 2023

[Herald Interview] ‘Battery expansion to prompt strong cobalt, lithium trading’

Korea is likely to see more activity in the metal derivative market amid the growth of battery metals trading, said a CME Group executive in charge of handling the firm’s global metals business. Jin Hennig, managing director and global head of metal products at CME Group, a leading financial derivatives exchange, said Korea can play a critical role in both metal trading and transactions as the overall market is growing at a fast pace. CME Group, as a derivative marketplace, offers futures

Nov. 21, 2023

Seoul shares end higher amid US rate hike woes

Seoul shares closed higher Monday despite investor concerns over possible US rate hikes to tame high inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.86 percent, or 21.35 points, to close at 2,491.20. Trade volume was moderate at 319.84 million shares worth 6.5 trillion won ($5.03 billion), with gainers outnumbering losers 648 to 229. The Kospi opened nearly flat amid concerns of an additional US rate hike. The US Federal Reserve has be

Nov. 20, 2023

Seoul shares open nearly flat amid rate hike woes

Seoul shares opened almost flat Monday amid investor concerns over a continued US rate hike due to high inflation. The benchmark Korea Composite Stock Price Index rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy NASDAQ gained 0.08 percent to 14,125.48. The US Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary

Nov. 20, 2023

Fadu’s controversial IPO raises tech listing concern

The controversy surrounding fabless startup Fadu’s initial public offering has led the Korea Exchange, the country’s sole bourse operator, to implement tighter regulations on its listing track for tech firms. Fadu, established in 2015, went public on the tech-heavy Kosdaq in early August through the KRX’ special technology-growth track, which provides relaxed IPO rules for tech firms. The company’s corporate value at the time of the listing was believed to be around 1.5 t

Nov. 19, 2023

S. Korean shares snap 3-day winning streak amid eased US rate hike woes

South Korean shares closed lower Friday to end their three-day winning streak amid speculation that the Federal Reserve may end its aggressive rate hike campaign on eased inflation woes. The local currency closed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.33 points, or 0.74 percent, to close at 2,469.85. Trade volume was slim at 382.7 million shares worth 7.9 trillion won ($6.13 billion), with losers outnumbering gainers 614 to 269. Foreigners sold a

Nov. 17, 2023

Seoul shares open lower on US economic data

South Korean stocks opened lower Friday as investors sat on the sidelines as data cautiously raised speculation that the US economy is cooling. The benchmark Korea Composite Stock Price Index fell 17.12 points, or 0.69 percent, to 2,471.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.13 percent, while the Nasdaq Composite edged up 0.07 percent. Data showed that the unemployment benefit claims in the world's largest economy have reached the highest l

Nov. 17, 2023

Seoul shares end nearly flat amid signs of cooling US inflation

South Korean shares closed nearly flat Thursday amid signs of cooling US inflation. The local currency gained ground against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index added 1.51 points, or 0.06 percent, to close at 2,488.18. Trade volume was slim at 401.6 million shares worth 6.61 trillion won ($5.09 billion), with gainers outnumbering loser 546 to 311. Foreigners purchased a net 458 billion won worth of local shares while institutions offloaded a net 6

Nov. 16, 2023

Global asset firms flock to Jeonju to woo pension giant

An increasing number of household names in the global capital market scene are setting their sights on Jeonju, a touristic provincial city in the southern part of Korea, opening new offices there in the hopes of strengthening ties with pension giant, the National Pension Service. In 2017, the NPS moved down to Jeonju, a three-hour drive from Seoul in North Jeolla Province, as part of a campaign to ease overconcentration in the country's capital. While the pension giant itself has experience

Nov. 16, 2023

Seoul shares open nearly flat despite US gains

South Korean stocks opened almost flat Thursday following overnight gains on Wall Street buoyed by cooler-than-expected inflation data. The benchmark Korea Composite Stock Price Index gained 0.8 point, or 0.01 percent, to 2,487.47 in the first 15 minutes of trading. The local market opened an hour later, along with the government and all major institutions, including private businesses, to make room for the once-a-year national college entrance exam. US stocks closed higher overnight following r

Nov. 16, 2023

Seoul shares close higher as US inflation softens

South Korean shares closed higher Wednesday after US reports showed softer inflation data that raised hopes of an end to US rate hikes. The local currency sharply gained ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 53.42 points, or 2.2 percent, to close at 2,486.67. Trading volume was moderate at 413.1 million shares worth 9.22 trillion won ($7.08 billion), with gainers outnumbering losers 752 to 140. Foreigners scooped up a net 542.3 billion won worth of

Nov. 15, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street helped by lower-than-expected US inflation data. The benchmark Korea Composite Stock Price Index added 35.21 points, or 1.45 percent, to 2,468.46 in the first 15 minutes of trading. US stocks closed higher overnight following reports that the US consumer price index, a key inflation measure, rose at the slowest pace in October since 2021. The Dow Jones Industrial Average added 1.43 percent, while the Nasdaq Compo

Nov. 15, 2023

S. Korean shares close higher ahead of US inflation data

South Korean stocks finished higher Tuesday on gains in technology and chemical shares, while investors awaited the US inflation data slated to be announced this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 29.49 points, or 1.3 percent, to close at 2,433.25. Trading volume was slim at 300 million shares worth 6.27 trillion won ($4.71 billion), with gainers outnumbering losers 709 to 108. Foreigners offloaded a net 93.5 billion won

Nov. 14, 2023

Seoul shares open higher despite potential US govt. shutdown woes

South Korean stocks opened higher Tuesday on advances in tech shares amid growing concerns that the United States may face a government shutdown. The benchmark Korea Composite Stock Price Index added 25.87 points, or 1.08 percent, to 2,429.63 in the first 15 minutes of trading. Investors have been closely monitoring the possibility that the US may face a government shutdown should Congress fail to pass a spending plan by Friday. Overnight, US shares closed mixed, with the Dow Jones Industrial Av

Nov. 14, 2023

[Graphic News] Smartphone sales continue to sag globally: report

Sales of smartphones continued to shrink globally in the recently-ended quarter as consumers watched their spending, market tracker Counterpoint reported. Smartphone sales fell 8 percent, marking the ninth consecutive quarter of decline in year-over-year comparisons, according to research by Counterpoint's Market Pulse service. The decline was “largely due to slower-than-expected recovery in consumer demand,” the group said in its findings. Samsung continued to lead the smartpho

Nov. 14, 2023

Seoul shares down amid possible US government shutdown woes

South Korean stocks finished lower Monday amid concerns of a potential US government shutdown following a cut in Moody's rating outlook for the United States. The local currency fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index slipped 5.90 points, or 0.24 percent, to close at 2,403.76. Trading volume was slim at 299.3 million shares worth 5.8 trillion won ($4.37 billion). Losers outnumbered gainers 592 to 283. Institutions net purchased 35.5

Nov. 13, 2023