Seoul shares end higher on tech gains

Seoul shares ended higher Friday spurred by gains in tech shares, though investors remain concerned about the Fed's looming tapering move. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 34.36 points, or 1.18 percent, to close at 2,954.89 points. The KOSPI rebounded from a 2.3 percent drop in the previous two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates s

Jan. 7, 2022

Seoul stocks open higher on tech gains

Seoul shares opened higher Friday as tech stocks advanced despite losses on Wall Street, but investors remain concerned about the US' looming tapering move. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.23 points, or 0.90 percent, to 2,946.76 points in the first 15 minutes of trading. The main index rebounded from a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates sooner

Jan. 7, 2022

Seoul stocks sink for 2nd session on US rate hike woes

South Korean stocks retreated for the second straight session Thursday, largely as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 33.44 points, or 1.13 percent, to close at 2,920.53 points. Trading volume was moderate at about 774 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 665 to

Jan. 6, 2022

Exim Bank floats $3b in dollar bonds

The state-run Export-Import Bank of Korea (Exim Bank) said Thursday that it has issued $3 billion worth of dollar bonds to foreign investors. The state lender has sold three-year bonds worth $1 billion, another $1 billion in five-year bonds and $1 billion worth of debt that will mature in 10 years. It marks the largest-ever issuance of foreign-currency bonds among local institutions except the government, the bank said. Exim Bank added it has successfully floated its planned amount of bonds a

Jan. 6, 2022

Seoul stocks open lower on US rate hike woes

South Korean stocks opened lower Thursday as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.69 points, or 0.46 percent, to 2,940.28 points in the first 15 minutes of trading. Stocks got off to a lackluster start, tracking the overnight Wall Street tech plunge. The tech-heavy Nasdaq Composite tumbled 3.34 percent overnight and the Dow Jones Industrial Average lost 1.07 per

Jan. 6, 2022

Seoul stocks sink over 1% on US bond yield woes

South Korean stocks retreated Wednesday on worries the rising long-term bond yields in the United States may hasten the Federal Reserve's tapering move. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 35.27 points, or 1.18 percent, to close at 2,953.97 points. Trading volume was moderate at about 774 million shares worth some 14.6 trillion won ($12.2 billion), with losers outnumbering gainers 554 to 319. Institutions dumped a net 1.3

Jan. 5, 2022

State-run banks eye overseas expansion for net-zero, corporate financing in 2022

South Korea’s state-run banks are gearing up for major overseas business expansions this year, in line with the global economy adopting measures to return to normalcy from the pandemic. Korea Development Bank, the nation’s development financial lender that provides local firms risk capital, is likely to upgrade its current office in Frankfurt, Germany, to a branch by the end of the year. KDB Chairman Lee Dong-gull visited Germany in August last year to prepare for the office’

Jan. 5, 2022

S. Korea's foreign reserves shrink for 2nd month in December

South Korea's foreign reserves declined for the second straight month in December as the country redeemed some of the maturing foreign currency stabilization bonds, central bank data showed Wednesday. The country's foreign reserves came to $463.12 billion as of end-December, down $790 million from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the second straight month that the foreign reserves have contracted. In November, the amount dropped $5.3 bi

Jan. 5, 2022

Banks start lending again, but borrowers face stricter rules

Banks have started lending again as of Tuesday after months of temporarily suspending their household and mortgage loans, but strict standards from last year are likely to remain or get even tighter this year. NongHyup Bank, one of the five major commercial banks here, normalized lending of its entire household loan products, including mortgages on Monday. It has also decided to raise its lines of credit from the previous 20 million won ($16,700) to 100 million won. NongHyup had suspended le

Jan. 4, 2022

Rise or fall? All eyes on 2022 Seoul home prices

SEJONG -- The average trading price of homes in Seoul posted 39.99 million won ($33,500) per 3.3 square meters, which is equivalent to 1 “pyeong,” at the end of 2021, data from KB Kookmin Bank and Naver showed. This indicates that the price for an 84-square-meter unit, a popular size in Korea, in the capital has surpassed 1 billion won on average. In the capital’s priciest district of Gangnam-gu, the average price peaked at an all-time high of 70 million won per 3.3 square m

Jan. 3, 2022

Banking chiefs say digital transformation key to survival

Heads of South Korea’s top five traditional banking groups on Monday pointed to swift digital transformation and bolstering competitiveness of diverse business units as the main requirements for their survival in the new year. KB Financial Group, the nation’s No. 1 banking group in terms of total assets, must become the nation’s top financial platform and provide customers with the best digital services, its Chairman Yoon Jong-kyoo said in his New Year’s speech. Yoon h

Jan. 3, 2022

Seoul shares kick off 2022 with investor optimism

The key benchmark Kospi and junior Kosdaq opened higher on Monday after their last trading session on Thursday, amid strong retail demand and foreign buying betting on a pandemic recovery. The Kospi, which ended at 2,977.65 for its final trading session in 2021, closed at 2,988.77, while the Kosdaq ended at 1,037.83, slightly up from 1,033.98 from the previous session. The rebound was backed by retail investors and foreigners, who snatched up a net 519 billion won ($435 million) and 266 billi

Jan. 3, 2022

Seoul shares expected to rebound next week on optimism for 2022

  South Korean stocks are expected to gather ground next week as an optimistic mood from solid US consumer spending during the end-of-the-year holiday season and other factors will likely whet investor appetite for risky assets.  The Korea Composite Stock Price Index closed at 2,977.65 on Thursday, the last trading day for this year, down 0.68 percent from last Friday.  The stocks moved in a tight range amid a lack of fresh leads as investors took to the sidelines on the final

Jan. 1, 2022

Seoul stocks end lower in final trading session of 2021

The South Korean stock market finished the final session of the year with lackluster trading Thursday as investors took to the sidelines amid a lack of market-moving events. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.64 points, or 0.52 percent, to finish at 2,977.65. Trading volume was a bit slim at about 454.04 million shares worth 8.59 trillion won ($7.23 billion), with decliners outnumbering gainers 485 to 377. T

Dec. 30, 2021

Kospi wraps up best year on strong earnings, retail demand

Upbeat corporate earnings and robust retail demand set the key benchmark Kospi and junior Kosdaq on track for their best year since trading began on the exchange decades ago. The stock market, which will open Monday after a three-day break, saw the Kospi hitting a record high of 3,305 on July 6, while the Kosdaq soared to trading around 1,000, a first in 20 years. The Kospi closed at 2977.65 on its final trading session in 2021, while the Kosdaq ended at 1033.98.　 Kospi-listed companies r

Dec. 30, 2021

Seoul shares open higher on bargain hunting

South Korean shares opened a tad higher Thursday as investors snapped up tech blue-chip bargains following a drop in the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.31 points, or 0.14 percent, to 2,997.60 in the first 15 minutes of trading. Tech and bio shares led the overall gains. Market bellwether Samsung Electronics rose 0.63 percent, and No. 2 chipmaker SK hynix spiked 3.15 percent. But auto, steel and chemicals were in negative terrain to keep the r

Dec. 30, 2021

Seoul shares end lower on ex-dividend date, profit-taking

Seoul shares closed lower Wednesday on ex-dividend date and profit-taking amid lingering concerns over the economic implications of the omicron strain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.95 points, or 0.89 percent, to 2,993.29 points. Trading volume was moderate at about 536.6 million shares worth some 10.8 trillion won (about $9 billion), with decliners outnumbering gainers 439 to 438. Institutions and foreigners sol

Dec. 29, 2021

Seoul shares open lower on ex-dividend date

South Korean shares opened lower Wednesday as institutional and foreign investors dumped shares on the ex-dividend date. The benchmark Korea Composite Stock Price Index (Kospi) fell 17.81 points, or 0.59 percent, to 3,002.43 in the first 15 minutes of trading. Overnight, Wall Street showed mixed results amid persistent concerns over the COVID-19 pandemic. The Dow Jones Industrial Average rose 0.26 percent to 36,398.21, but the tech-focused Nasdaq composite index fell 0.56 percent to 15,781.72

Dec. 29, 2021

[Best Brand] Samsung C&T wins undersea power network order in UAE

Samsung C&T said it has signed a deal to build an undersea high-voltage direct current network that connects the United Arab Emirates’ offshore oil production facilities and Abu Dhabi’s land power network. Samsung C&T said it would form a consortium with Belgian construction company Jan De Nul for the engineering, procurement and construction project worth 3.5 trillion won ($3 billion). Samsung C&T’s portion of the project amounts to 2.7 trillion won. This brin

Dec. 28, 2021

Experts on market 2022: Stocks to rebound, home price rise to slow

South Korean shares could recede early next year but will gradually pick up speed in robust rebound on upbeat corporate earnings and consumer sentiment, while the home price rise will slow but with room for a moderate hike, market experts here said. 　 The benchmark Kospi -- which hit a record high on July 6 this year at 3,305 amid ample liquidity and pandemic recovery hopes -- could reach as high as 3,480 next year, though it could also dive down as low as 2,710, according to analysts citi

Dec. 28, 2021