W630b Korean trades canceled amid huge global sell-off

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellations affected around 90,000 accounts at 19 local securities firms that offer daytime trading of US stocks to Korean investors. On Monday afternoon Korean time, US overnight trading platform Blue Ocean ATS

Aug. 8, 2024

Seoul shares open lower on lingering US recession woes

South Korean stocks started lower Thursday amid lingering fears about a US recession. The benchmark Korea Composite Stock Price Index lost 28.7 points, or 1.12 percent, to 2,539.71 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.6 percent and the Nasdaq Composite dropped 1.05 percent as investors were still worried about a possible US recession and the sluggish performance of big tech companies. The Kospi has risen for two straight sessions after plunging n

Aug. 8, 2024

Seoul shares rebound for 2nd day on tech gains after global rout

Seoul shares ended higher for a second straight session Wednesday, helped by tech gains, as investors' sentiment for risky assets improved following a global stock rout. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.26 points, or 1.8 percent, to close at 2,568.41. Trade volume was moderate at 469.69 million shares worth 12.9 trillion won ($9.4 billion), with winners exceeding losers 727 to 176. The rebound comes in line with gains

Aug. 7, 2024

Seoul shares open higher on US gains, but jitters linger

Seoul shares opened higher Wednesday, tracking gains on Wall Street, two days after their worst rout over fears of a US recession. However, some analysts said worries about market turmoil linger. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.17 points, or 0.48 percent, to 2,534.32 in the first 15 minutes of trading. The Kospi ended 3.3 percent higher Tuesday after plunging nearly 9 percent Monday due to massive selloffs amid concerns over a recession in the United States. Overn

Aug. 7, 2024

Seoul shares sharply rebound from worst rout

South Korean stocks rose more than 3 percent Tuesday, rebounding from the previous day's worst market sell-off, sparked by fears over a US recession and the sluggish performance of big tech firms. The local currency slightly fell against the US greenback. The benchmark Korea Composite Stock Price Index gained 80.6 points, or 3.3 percent, to close at 2,522.15. It marked a turnaround from a whopping 8.77 percent crash Monday as investor sentiment was undermined by fears that the US economy is

Aug. 6, 2024

Seoul shares remain volatile after market meltdown

The South Korean stock market partially rebounded Tuesday following the previous day's massive rout, as bargain-hunting investors sought to profit. The benchmark Kospi closed at 2,522.15, up 80.6 points, or 3.3 percent, Tuesday. After opening at 2,533.34, the market showed a limited recovery. It fluctuated throughout the trading hours, but eventually lost over 10 points. Shortly after trading began Tuesday, the Korea Exchange, the nation's sole bourse operator, activated a sidecar trad

Aug. 6, 2024

Seoul shares open sharply higher after worst crash

South Korean stocks began sharply higher Tuesday following the previous session's worst crash over mounting US recession fears and the sluggish performance of big tech shares. The benchmark Korea Composite Stock Price Index gained 106.11 points, or 4.35 percent, to 2,547.66 in the first 15 minutes of trading. During the session, the bourse operator issued a sidecar order at 9:06 a.m., halting program purchasing for five minutes, after the Kospi 200 index rose over 5 percent for more than 1

Aug. 6, 2024

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