Seoul stocks opened lower Friday on mounting fears that a global recession may further deepen amid aggressive monetary tightening drives around the globe. The benchmark Korea Composite Stock Price Index dropped 10.39 points, or 0.45 percent, to 2,321.92 in the first 15 minutes of trading. Overnight, US stocks fell again amid fears that recent rate hikes from central banks around the world could tip the economy into a recession. Central banks in major economies, such as Britain, raised rates as t

South Korean stocks closed down on Thursday, as investors were spooked by growing worries over a global economic recession following the US Federal Reserve's sharp rate hike decision. The Korean won fell to a 13-year low against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.9 points, or 0.63 percent, and closed at 2,332.31. Trading volume was light at 436.1 million shares worth 7.3 trillion won, with decliners outnumbering gainers 579 to 299. After starting

Central bank likely to accelerate rate hike upon steeper-than-expected US rate hike

SEJONG -- The Korean currency dropped to the 1,400 won range per dollar on Thursday in the wake of another “giant step” rate hike of 75 basis points from the US Federal Reserve. In addition, foreign and institutional investors turned to net sellers on the nation’s main bourse, pulling down the Kospi. The local currency, which started at 1,398 won per US dollar during the Thursday trading session, closed at 1,409.7 won. The Korean currency became cheaper by more than

Dunamu CEO says Upbit ‘unrattled’ over global crypto exchanges' Korea entry

A Seoul court on Thursday ordered Namyang Dairy Products shareholders to sell off its controlling shares to local buyout firm Hahn ＆ Co., brushing off the troubled dairy company’s claims that its stock transfer deal with the private equity fund had been “rigged.” The Seoul Central District Court sided with Hahn ＆ Co. after the buyout firm last year filed a lawsuit against Namyang shareholders, including its Chairman Hong Won-sik for failing to abide by a binding contract to se

The Upbit Developer Conference, the nation’s largest annual blockchain developer conference, will kick off Thursday, addressing the latest issues and trends in the blockchain industry, the company said Wednesday. The two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, will be held at the Busan Port International Exhibition ＆ Convention Center in person after two years of pandemic disruptions. The theme of this year’s gathering is “Imaging Your B

South Korean stocks opened more than 1 percent lower on Thursday as worries over a global recession mounted after the US Federal Reserve delivered another sharp rate hike to tame runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.75 points, or 1.14 percent, to 2,320.46 as of 9:15 a.m. Overnight, the Fed raised its benchmark federal funds rate by 0.75 percentage point for a third consecutive time, and its chair Jerome Powell voiced strong resolution to continue

The South Korean currency on Thursday sank below the 1,400 mark against the US dollar for the first time in more than 13 years during its intraday trading following the Federal Reserve's rate hike. The Korean currency was trading at 1,403.80 won against the dollar as of 9:07 a.m., down 9.60 won from the previous session. The won fell to as low as 1,404.70 at one point. The won had fallen through the 1,400 mark for the first time since March 31, 2009, when the local currency hit 1,422 won per the

Finance Minister Choo Kyung-ho said Wednesday that a currency swap agreement with the United Sates would "definitely" help stabilize the foreign exchange market but declined to comment on the possibility of such a deal.   He made the remarks after a local media outlet reported that a US$60 billion currency swap agreement with the US is expected to be announced as early as this week. The Bank of Korea denied the report as "different from the facts."   "A currenc

SEJONG -- South Korea is likely to record a trade deficit for the sixth consecutive month, as the nation suffered a trade deficit of $4.1 billion for the first 20 days of September, down 8.7 percent on-year, state data showed Wednesday. According to the Ministry of Trade, Industry and Energy, the nation posted $32.9 billion in exports while imports increased 6.1 percent on-year to $37 billion over the corresponding period. It would be the first time in 25 years for Asia's fourth-largest econom

The Asian Development Bank lowered South Korea’s growth outlook for next year by 0.3 percentage point to 2.3 percent in its updated outlook published Wednesday, while keeping its forecast for this year at 2.6 percent. It also maintained Korea’s inflation outlook at 4.5 percent for this year, and 3 percent for 2023. “(Korea’s) private consumption is expected to slow in the second half of the 2022 as stimulus from the economy’s reopening fades and interest rate increa