Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Seoul stocks open steeply lower amid escalating Ukraine tensions
South Korean stocks opened steeply lower Thursday, tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 28.85 points, or 1.06 percent, to 2,690.08 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.57 percent and the Dow Jones Industrial Average declined 1.38 percent as Ukraine declared a state of emergency and Washington said a Russian invasion of Ukraine remains imminen
Feb. 24, 2022
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Corporate direct financing nearly triples in Jan.
Corporate direct financing in South Korea nearly tripled in January from the previous month due mainly to a massive initial public offering (IPO), data showed Thursday. Local companies raised a combined 27.53 trillion won ($23.1 billion) by selling stocks and bonds last month, up 172.5 percent from December, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financi
Feb. 24, 2022
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Kospi slightly gains on institutional, retail buying
The benchmark Kospi rose Wednesday on stock purchases led by institutions and retail investors, who guarded against a sell-off by foreign investors, as investor appetite appeared affected little by developments in the Russia-Ukraine standoff. The Kospi ended 0.47 percent, or 12.74 points, higher than Tuesday’s closing at 2,719.53, reversing the last two days of drops. The index reached an intraday high of 2,729.56 and low of 2,705.31. Institutions and individuals snatched up shares
Feb. 23, 2022
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Seoul stocks advance amid Western sanctions on Russia
South Korean stocks climbed Wednesday, in the wake of the United States and its European allies' announcement of financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points. Trading volume was moderate at about 527 million shares worth some 9 trillion won ($7.5 billion), with gainers outnumbering losers
Feb. 23, 2022
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Korean youths flock to state-backed savings account
South Koreans aged between 19 and 34 rushed to open a state-backed savings account with a high yield of some 10 percent this week, with the product attracting nearly two million applicants as of Wednesday. The state-backed savings account launched Monday -- dubbed the Youth Hope Savings Product -- is designed specifically for those aged between 19 and 34 with an annual income of or below 36 million won ($30,100). It requires applicants to submit a monthly payment of 500,000 won for a 2-year ter
Feb. 23, 2022
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Seoul stocks open higher amid looming Western sanctions on Russia
South Korean stocks opened higher Wednesday, as the United States, Europe and the United Kingdom mull sanctions against Russia over its move to dispatch troops to Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) advanced 15.52 points, or 0.57 percent, to 2,722.31 points as of 9:15 a.m. The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine. Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eas
Feb. 23, 2022
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Amid digitalization drive, banks expand offline services for wealthy
South Korean banking groups are opening more offline asset management centers exclusively for the nation’s superrich, while closing regular branches and replacing them with mobile and artificial intelligence-based services. On Tuesday, Shinhan Financial Group said it upgraded and rebranded two of its wealth management centers in Seoul to focus on providing exclusive banking services for its clients with personal assets of over 10 billion won ($8.3 million). The wealth management centers
Feb. 22, 2022
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Market volatility escalates on Ukraine worries
Market volatility escalated Tuesday on news that Russia ordered troops into separatist-held eastern Ukraine, dragging down the nation’s stock indexes as well as virtual assets and sparking concerns that the geopolitical unrest is likely to expand short-term uncertainty in the financial market. The benchmark Kospi ended lower Tuesday as investors raced to dump risky assets, falling to 2,706.79, down 1.35 percent or 37.01 points from Monday’s closing. The Kospi, which has seen i
Feb. 22, 2022
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BOK to beef up monitoring of economic fallout from Ukraine crisis
South Korea's central bank said Tuesday that it will closely monitor the development of escalating tensions in Ukraine on concerns that the geopolitical risk could increase market volatility and negatively affect the domestic economy. Russian President Vladimir Putin on Monday ordered the deployment of troops to two breakaway regions of eastern Ukraine after recognizing their independence, which raised the possibility of Russia invading Ukraine, dampening hopes for a diplomatic solution. Policym
Feb. 22, 2022
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Seoul stocks open sharply lower over escalating Ukraine tensions
South Korean stocks opened sharply lower Tuesday as Russia sent in forces to parts of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 42.05 points, or 1.53 percent, to 2,701.75 points as of 9:15 a.m. Investors dumped local stocks following reports that Russian dispatched what it called "peacekeeping forces" to eastern Ukraine. Most large caps slumped in Seoul, led by foreign sell-offs. Market bellwether Samsung Electronics decreased 1.89 percent, and No. 2 chipmak
Feb. 22, 2022
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Market volatility intensifies over Ukraine crisis
Mounting concerns over Russia’s possible invasion of Ukraine are increasingly weighing on an already jumpy local stock market, as investors price in a full-blown geopolitical crisis that could send foreigners holding Korean shares fleeing back home. The benchmark Kospi tumbled to 2,743.80, down 0.03 percent or 0.72 points from Friday’s closing. Foreigners, whose holdings account for a little over 30 percent of all Korean stocks, and institutions were net sellers, offloading 64 billi
Feb. 21, 2022
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Seoul stocks end nearly flat amid hopes of US-Russia summit over Ukraine
South Korean stocks closed almost unchanged Monday after paring most of its earlier heavy losses due to hopes of a summit between the United States and Russia over the Ukraine crisis. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 0.72 points, or 0.03 percent, to close at 2,743.8 points. Trading volume was moderate at about 484 million shares worth some 7.8 trillion won ($6.5 billion), with losers outnumbering gainers 430 to 399. Instit
Feb. 21, 2022
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Foreign currency deposits dip for 2nd month in Jan.
Foreign currency deposits at banks in South Korea dropped for the second straight month in January due mainly to decreased corporate deposits, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $93.17 billion as of end-January, down $4.1 billion from the previous month, according to the data from the Bank of Korea (BOK). It represents the second consecutive month of on-month decline. In December, the country's foreign currency deposits decreased
Feb. 21, 2022
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Seoul stocks open sharply lower on Ukraine risk
South Korean stocks opened sharply lower Monday, as investors took to the sidelines over the Ukraine risk, which stemmed from concerns about Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) lost 43.15 points, or 1.57 percent, to 2,701.37 points as of 9:18 a.m. Most large caps traded lower in Seoul due to foreign and institutional sell-offs, with tech and chemical sectors leading the KOSPI's retreat. Market bellwether Samsung Electronics decreased 2.
Feb. 21, 2022
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[Weekender] Investing in the metaverse: Look before you leap
Touted as the next big thing, the metaverse has been undeniably the talk of the global town since last year. The metaverse frenzy accelerated further when Facebook changed its name to Meta in October. Hoping to take the lead in the new online virtual world, all sectors regardless of their specializations have jumped on the metaverse bandwagon. This has led to lofty projections luring individual investors. The global metaverse market is forecast to reach $829 billion (993 trillion won) in 202
Feb. 19, 2022
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SillaJen granted second grace period amid calls against delisting
SillaJen, a local biotech company that was given a one-year grace period and avoided delisting in November 2020 over embezzlement accusations involving its key executives, will be put on another six-month grace period, the Korea Exchange said Friday. A 22-month trading halt that began in May 2020 will remain in place. The KRX, which decided to take the firm off from the junior Kosdaq board a month ago after the initial grace period had ended, said SillaJen will be required to prove to have live
Feb. 18, 2022
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Seoul stocks edge up on expectations of US-Russia talks
South Korean stocks edged up on Friday after choppy trading amid expectations of a US-Russia meeting next week about the standoff over Ukraine. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.43 point, or 0.02 percent, to close at 2,744.52 points. Trading volume was moderate at about 506 million shares worth some 8.4 trillion won ($7 billion), with gainers outnumbering losers 622 to 225. Institutions bought a net 103 billion won and reta
Feb. 18, 2022
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Seoul stocks open steeply lower on rising Ukraine tensions
South Korean stocks opened steeply lower Friday, tracking a plunge on Wall Street that stemmed from the elevating US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.86 points, or 0.91 percent, to 2,719.23 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.88 percent and the Dow Jones Industrial Average retreated 1.78 percent, due to the US top officials' comments about the heightening possibilit
Feb. 18, 2022
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KRX to review delisting Osstem Implant
The Korea Exchange said Thursday that it has put Osstem Implant under review to determine whether to delist the company amid a probe into a massive embezzlement scandal. A review committee will convene a meeting in March to make a decision on whether to allow the implant maker to continue trading or grant it a one-year grace period. Listed companies are suspended from trading and face delisting if they report embezzlement exceeding 5 percent of their equity. Osstem Implant was
Feb. 17, 2022
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Seoul stocks up for 2nd day on eased Fed uncertainties
South Korean stocks advanced for a second straight session Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 14.41 points, or 0.53 percent, to close at 2,744.09 points. Trading volume was moderate at about 602 million shares worth some 11.7 trillion won ($9.8 billion), with gainers outnumbering losers 464 to 372. Foreigners bought a
Feb. 17, 2022