Mastern America, BuildBlock join hands to expand presence in US commercial development market

Mastern America, the US arm of Mastern Investment Management, said Wednesday it has joined hands with real estate platform operator BuildBlock to expand its presence in the US commercial development market. The two firms recently signed a memorandum of understanding to bolster their ties and cooperate on diverse investment projects. BuildBlock is a real estate platform operating in major cities and regions in the US, including Silicon Valley, Los Angeles, Hawaii, New York and Texas. The plat

July 26, 2023

End of IPO drought?

Expectation for end of interest hikes and IPO market reform to boost slowed listing activities The initial public offering pipeline for the second half of the year appears to be strong, with high-profile companies, including a fabless chip startup and a battery material maker, pushing for their listings on the Korean stock market to raise equity capital amid relaxed IPO rules. The IPO market here remained sluggish in the first half of the year due to deteriorating investor sentiment on the

July 26, 2023

Seoul shares end 3-day rise ahead of Fed decision

South Korean stocks ended markedly lower Wednesday, led by tech losses, as investors took a breather after three days of gains, awaiting the Federal Reserve's interest rate decision. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index fell 44.10 points, or 1.67 percent, to close at 2,592.36. Trading volume was heavy at 825.02 million shares worth 36.01 trillion won ($28.23 billion), with losers far outpacing gainers 871 to 50. The index moved w

July 26, 2023

Seoul shares open tad lower ahead of Fed decision

South Korean stocks opened slightly lower Wednesday, following three days of gains, as investors are digesting corporate earnings reports and awaiting the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index lost 4.24 points, or 0.16 percent, to 2,632.22 in the first 15 minutes of trading. Overnight, US stocks closed higher. The Dow Jones Industrial Average grew 0.08 percent, and the tech-heavy Nasdaq Composite added 0.61 percent. The Federal Reserve began a

July 26, 2023

Seoul shares up for 3rd day on China stimulus, fed hope

South Korean stocks ended higher Tuesday, led by steel and chemical companies, as investor sentiment was boosted by China's economic stimulus plan and hopes for an end to the United States' aggressive monetary tightening. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index added 7.93 points, or 0.3 percent, to close at 2,636.46, the third consecutive rise. Trading volume was a bit heavy at 713.46 million shares worth 18.85 trillion won ($1

July 25, 2023

Seoul shares open higher ahead of Fed meeting, earnings reports

South Korean stocks opened slightly higher Tuesday, tracking overnight Wall Street gains, as investors are awaiting quarterly earnings reports by major companies and the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index added 2.79 points, or 0.11 percent, to 2,631.32 in the first 15 minutes of trading. Overnight, US stocks closed higher in the run-up to the Federal Reserve's policy meeting this week. The Dow Jones Industrial Average grew 0.52 percent

July 25, 2023

Seoul shares rise on strong battery, steel performance

South Korean stocks ended higher Monday as major battery and steel shares rose sharply amid expectations for further industry growth, with a focus on corporate earnings and the United States' upcoming rate-setting meeting. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index added 18.77 points, or 0.72 percent, to close at 2,628.53, the second consecutive rise. Trading volume was a bit heavy at 522.67 million shares worth 18.81 trillion won ($14

July 24, 2023

Seoul shares open lower ahead of corporate earnings reports

South Korean stocks opened lower Monday, as big-cap tech shares lost ground ahead of the release of major corporate earnings reports. The benchmark Korea Composite Stock Price Index shed 11.49 points, or 0.44 percent, to 2,598.27 in the first 15 minutes of trading. Investors are awaiting the quarterly results of major companies this week, including chip giants Samsung Electronics and SK hynix. Eyes are also on the Federal Reserve's two-day rate-setting meeting set to begin Tuesday, where th

July 24, 2023

Seoul shares end slightly higher on individual buying

South Korean stocks finished slightly higher Friday on strong individual buying amid a slump in the semiconductor sector. The local currency sharply lost ground against the US dollar. Despite a weak start, the benchmark Korea Composite Stock Price Index added 9.53 points, or 0.37 percent, to finish at 2,609.76. Trading volume was moderate at 491.8 million shares worth 12 trillion won ($9.3 billion), with decliners outpacing gainers 507 to 353. Retail investors scooped up a net 316.6 billion won

July 21, 2023

SK Chemicals shares soar on AstraZeneca deal

Shares of SK Chemicals soared sharply Friday, a day after the chemicals and drug developer announced that it signed a contract manufacturing deal for British-Swedish multinational pharmaceutical and biotechnology company AstraZeneca’s diabetes medicines. Its shares started at 79,800 won ($62.27) as of 9 a.m., a 23 percent jump from the previous trading day. In the afternoon, the stocks were traded slightly lower at 72,200 won, still up around 11 percent from a day ago. In its regulatory fi

July 21, 2023

EcoPro highly likely to make MSCI index in August: analysts

South Korean battery materials company EcoPro, the red-hot stock in the nation’s secondary tech-laden Kosdaq, is highly likely to be included in the MSCI Korea Index in August, Samsung Securities wrote in a recent report published Friday. EcoPro is a holdings firm with units EcoPro BM and EcoPro HN under its wings. Running high on the recent electric vehicle boom, the cathode materials maker saw its shares soar to a record high of 1.14 million ($890.28) Wednesday, almost a 10-fold jump fro

July 21, 2023

Seoul shares open lower on US rate hike woes

South Korean stocks started lower Friday as investors took a cautious stance amid strong US jobs data. The benchmark Korea Composite Stock Price Index fell 24.37 points, or 0.94 percent, to 2,575.86 in the first 15 minutes of trading. Overnight on Wall Street, the Dow Jones Industrial Average gained 0.47 percent, while the tech-heavy Nasdaq Composite tumbled 2.05 percent. The latest US Labor Department data showed that weekly jobless claims fell again last week, suggesting the Federal Reserve wi

July 21, 2023

Seoul shares end lower amid rate hike worries

Seoul shares ended lower Thursday, bucking gains on Wall Street, as investors remain cautious on whether the US Federal Reserve will raise rates further to tame inflation. The South Korean won fell against the dollar. The benchmark Korea Composite Stock Price Index fell 8.01 points, or 0.31 percent, to close at 2,600.23. Trading volume was moderate at 362.59 million shares worth 9.3 trillion won ($7.3 billion), with gainers outpacing decliners 446 to 417. Institutions sold a net 319 billion won

July 20, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Thursday, bucking gains on Wall Street, as investors remain concerned over the US Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index fell 15.79 points, or 0.61 percent, to 2,592.45 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average inched up 0.31 percent to 35,061.21 points, and the tech-heavy Nasdaq Composite gained 0.03 percent to 14,358.02. Investors see no major risk of recessi

July 20, 2023

Seoul shares end almost flat amid rate woes

Seoul shares ended almost flat Wednesday as investors remain watchful on whether the Federal Reserve will continue its aggressive rate hikes this year to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.62 points, or 0.02 percent, to close at 2,608.24. Trading volume was moderate at 433.9 million shares worth 11 trillion won ($9.5 billion), with decliners outpacing gainers 599 to 272. Institutions and foreigners offloaded a combine

July 19, 2023

Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Wednesday, tracking gains on Wall Street, as investors remain concerned over the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 0.46 point, or 0.02 percent, to 2,608.08 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 1.1 percent to 34,951.93 points, and the tech-heavy Nasdaq Composite gained 0.8 percent to 14,353.64. Investors are keeping an eye on the US central

July 19, 2023

Seoul shares fall as rate hike concerns linger

Seoul shares finished lower Tuesday as lingering rate hike fears spurred sell-offs among institutions and foreign investors. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 11.38 points, or 0.43 percent, to close at 2,607.62. Trading volume was moderate at 485.85 million shares worth 11.75 trillion won ($9.32 billion), with decliners far outpacing gainers 723 to 171. Institutions and foreigners offloaded a net 300.02 billion won and 187.17 billion

July 18, 2023

Seoul shares open lower amid lingering rate hike concerns

The South Korean stock market got off to a weak start Tuesday, despite overnight Wall Street gains led by big tech companies. The benchmark Korea Composite Stock Price Index shed 2.62 points, or 0.1 percent, to 2,616.38 in the first 15 minutes of trading. Overnight, Wall Street closed higher, with the Dow Jones Industrial Average hitting its highest closing level in 2023, as the market anticipated more upbeat second-quarter earnings results following strong performances from some major banks. US

July 18, 2023

Seoul shares snap 4-day winning streak on profit taking

Seoul shares ended lower Monday, breaking their four-day winning streak amid profit-taking moves and lingering rate hike concerns. The South Korean won declined against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 9.3 points, or 0.35 percent, to finish at 2,619. Trading volume was moderate at 540.02 million shares worth 11.48 trillion won ($9.06 billion), with decliners outpacing gainers 511 to 370. Institutions and foreigners offloaded a net 232.29 b

July 17, 2023

Seoul shares open lower as inflation concerns linger

Seoul shares opened lower Monday amid lingering rate hike concerns despite a series of data showing inflation is cooling. The benchmark Korea Composite Stock Price Index shed 10.4 points, or 0.4 percent, to 2,617.9 in the first 15 minutes of trading. Wall Street finished mixed Friday as US Federal officials said it was too early to declare victory over inflation. The Dow Jones Industry Average gained 0.33 percent following big banks' earnings results, while the tech-heavy Nasdaq Composite t

July 17, 2023