Shares of Hybe, the agency behind K-pop sensation BTS, fell almost 25 percent on Wednesday, rattled by the boy band’s announcement that it will take time off from group activities to pursue solo projects. Hybe shares closed 24.87 percent lower from the previous session at 145,000 won ($112.5). It had opened at 168,000 won after closing at 193,000 won in the previous session. Within the first ho...

Global investment bank JP Morgan on Wednesday forecast that South Korea's central bank could take a "big step" of raising its interest rate by 50 basis points as part of efforts to keep a lid on growing inflation pressure. JP Morgan also expected the Bank of Korea (BOK) to continue the sequence of its rate hikes in the months to come and raise the rate to as high as 3 percent by the end of the y...

South Korea's car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday. Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports grew 18.9 percent on-year to ...

Seoul shares opened lower Wednesday as investors remained jittery over the path that the Federal Reserve will take on monetary policy this week amid surging inflation. The Korea Composite Stock Price Index (KOSPI) fell 15.36 points, or 0.62 percent, to 2,477.61 points in the first 15 minutes of trading. Overnight, US shares closed mixed ahead of the conclusion of the Fed's two-day interest rate...

South Korea's global competitiveness ranking fell by four notches this year from the previous year amid the economic slowdown and a continued rise in the national debt, a report showed Wednesday. South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 report by the International Institute for Management Development (IMD). The IMD, a Switzerl...

Financial authorities say Korea faces uncertainties, market volatility expanding

South Korean stocks fell to a fresh 19-month low Tuesday to extend their losing streak to a sixth day as investors were wary of a larger-than-expected interest rate hike in the US and a global economic recession. The local currency continued to slide against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 11.54 points, or 0.46 percent, to close at 2,492.97 after falling to as l...

President Yoon Suk-yeol pledged Tuesday to make all-out efforts to curb soaring inflation by resolving issues on the “supply side.” “The administration plans to take all possible steps to resolve issues on the supply side as the inflationary pressure is stemming from the supply side,” Yoon told reporters as he arrived at the presidential office. Tuesday’s vow follows Yoon’s orders to officials ...

South Korea's exports of information and communication technology (ICT) products rose 13.9 percent in May from a year earlier on brisk overseas demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products came to $20.2 billion last month, up from $17.73 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. It marked the highest-ever...

South Korea's central bank said Tuesday it plans to "actively" take steps to stabilize the financial market hit hard by fears about the Federal Reserve's more aggressive rate hikes than previously thought. Global financial markets have been roiled this week amid the growing prospect that the Fed may hike interest rates by a larger-than-expected margin of 0.75 percentage point this week to tame h...

Seoul shares got off to a weak start Tuesday, tracking a sharp plunge on Wall Street, on concerns over more aggressive monetary tightening by the United States to tame inflation and its impact on global economic growth. The Korea Composite Stock Price Index (KOSPI) fell 22.72 points, or 0.91 percent, to 2,481.79 points in the first 15 minutes of trading. On Monday, the index dipped to a 19-mont...

South Korea’s benchmark Kospi closed at 2,504.51 points Monday, its lowest level since Nov. 13, 2020 when it fell to 2,493.87 points, as investors priced in a big-step US rate hike amid a record annual increase in US consumer prices in May. A month earlier, US consumer prices surged 8.6 percent on-year, the largest gain since 1981 on record-high gasoline prices and soaring food costs, fueling be...

South Korean stocks crashed to a 19-month low Monday as high inflation sparked fears of a potential aggressive monetary tightening in the US and a slowdown in global economic growth. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 91.36 points, or 3.52 percent, to close at 2,504.51, extending losses for the fifth consecutive session. It i...

Korea’s exports fall 12%, imports up 17% during June 1-10

S. Korean designer of KPOP ETF ready for July debut in US hopes to manage at least W1tr