Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Seoul shares open lower amid rate hike worries
Seoul shares opened lower Wednesday as investors assess higher-than-expected US inflation data and the Federal Reserve's comments hinting at rate increases, which may portend a longer-than-expected period of monetary tightening to combat inflation. The benchmark Korea Composite Stock Price Index fell 9.95 points, or 0.40 percent, to 2,455.69 in the first 15 minutes of trading. Overnight, US stocks ended mixed, with the Dow Jones Industrial Average falling 0.5 percent to 34,089.27 and the te
Feb. 15, 2023
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Mirae Asset bolsters US market presence with ETF arm Global X
Mirae Asset Global Investments has made a big stride forward in the US exchange-traded funds market in the last five years following its acquisition of New York-based fund management firm Global X. ETF provider Global X had about 8 trillion won ($6.29 billion) in managed assets when it was taken over by the Korean asset manager in 2018, the current AUM increased by six times to 45 trillion won as of end of 2022, according to Mirae Asset Global Investments on Tuesday. Global X’s five-year c
Feb. 14, 2023
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Seoul stocks snap 3-day losing streak ahead of US inflation data
South Korean stocks closed up Tuesday ahead of the release of the United States' key inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 12.94 points, or 0.53 percent, to close at 2,465.64, as investors staged a comeback from their losing streak in the last three sessions. Trading volume was a bit slim at 343.4 million shares worth 6.66 trillion won ($5.24 billion), with gainers outpacing losers 490 to 374. Institutions and
Feb. 14, 2023
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Seoul shares open higher on Wall Street gains
South Korean stocks opened higher Tuesday on overnight Wall Street gains ahead of the release of the United States' key inflation data. The benchmark Korea Composite Stock Price Index rose 24.25 points, or 0.99 percent, to 2,476.95 in the first 15 minutes of trading. US stocks rallied after a New York Federal Reserve consumer survey showing Americans lowered their expectations for future income gains suggested that consumer price data due out Tuesday might come in better shape than previous
Feb. 14, 2023
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Seoul shares down for 3rd day ahead of US inflation data
South Korean stocks fell for a third session Monday on tech losses as investors remain cautious ahead of the release of the United States' key inflation data this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.03 points, or 0.69 percent, to 2,452.70. Trading volume was a bit slim at 480.0 million shares worth 7.27 trillion won ($5.69 billion), with decliners outpacing gainers 530 to 340. Institutions sold a net 407.92 billion won
Feb. 13, 2023
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Seoul shares open lower ahead of US inflation data
South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week. The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading. Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path. Fed Chair Jerome Powell said last week that disinflation has starte
Feb. 13, 2023
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[KH Explains] Proxy fight heats up to acquire SM
A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add
Feb. 12, 2023
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Seoul shares end lower amid Fed rate hike worries
Seoul shares ended lower Friday amid the prospect of further rate hikes by the Federal Reserve to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.79 points, or 0.48 percent, to 2,469.73. Trading volume was moderate at 653.41 million shares worth 8.3 trillion won ($6.6 billion), with decliners outpacing gainers 607 to 283. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 perc
Feb. 10, 2023
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Seoul shares open lower amid Fed rate hike worries
Seoul shares opened lower Friday, tracking losses on Wall Street, as investors remain concerned over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.4 percent, to 2,471.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 percent. Fed officials said interest rates need to remain high for a while to battle inflation, weighing o
Feb. 10, 2023
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Kakao 2022 net down 38% due to base effect
Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to
Feb. 10, 2023
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JB Financial Group posts record-high net profit in 2022
JB Financial Group said Thursday its net profit hit a record high last year on higher net interest income and operational efficiency. The financial group logged 601 billion won ($477.5 million) in net profit in 2022, up 18.6 percent from a year ago, according to its earnings report. The amount marks the largest since the financial holding company was launched in 2013. “The group will seek to continue its stable growth this year by focusing on profitability-oriented and substantial manage
Feb. 9, 2023
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Court orders Namyang to hand over controlling stake to Hahn & Co
An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in
Feb. 9, 2023
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Seoul shares edge down amid Fed rate hike uncertainty
South Korean stocks marginally fell Thursday, snapping their two-day winning streak, as investors took profits amid lingering uncertainty over the United States' monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.09 percent, to 2,481.52. Trading volume was moderate at 595.66 million shares worth 8.76 trillion won ($6.95 billion), with decliners outpacing gainers 508 to 363. Institutions sold a net 384.86
Feb. 9, 2023
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Seoul shares open lower on US losses
South Korean stocks opened lower Thursday, driven by big-cap tech losses, as US shares ended lower on concerns over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.03 points, or 0.61 percent, to 2,468.61 in the first 15 minutes of trading. Overnight, US shares ended lower after Fed Gov. Christopher Waller said he's "prepared for a longer fight to get inflation down" and interest rates need to remain high for
Feb. 9, 2023
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S. Korea vows to meet 'global standard' for inclusion in WGBI
South Korea will continue to revamp its market policies to attract more foreign investors to join the World Government Bond Index this year, the finance ministry said Thursday. The remark came after Second Vice Finance Minister Choi Sang-dae held a meeting with David Sol, the global head of London-based FTSE Russell, which operates the index Wednesday. The WGBI is a broad index designed to measure the performance of government bond markets, including local currencies and sovereign bonds of major
Feb. 9, 2023
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Seoul shares end higher on foreign buying after Powell comments
Seoul shares ended higher Wednesday on foreign buying after Federal Reserve Chair Jerome Powell said that inflation has begun to come down. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.93 points, or 1.3 percent, to 2,483.64. Trading volume was moderate at 406.98 million shares worth 7.9 trillion won ($6.3 billion), with gainers outpacing decliners 591 to 282. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the te
Feb. 8, 2023
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Kyobo Life Insurance pushes to set up holding unit
Kyobo Life Insurance, one of Korea's leading life insurers, said Wednesday that it will convert itself into a financial holding company before the end of next year in a bid to expand its business portfolio into other financial sectors. The company seeks to seize new business opportunities as the country’s low birth rates and aging population hamper the growth of the life insurance business. “The idea of establishing a holding company began with the recognition that a new corpo
Feb. 8, 2023
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Shinhan Bank taps incumbent vice chief as next CEO
Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban
Feb. 8, 2023
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Seoul shares open higher after Powell's comments
Seoul shares opened higher Wednesday, tracking gains on Wall Street, as Federal Reserve Chair Jerome Powell expected that this year may see a significant drop in inflation. The benchmark Korea Composite Stock Price Index rose 21.12 points, or 0.86 percent, to 2,472.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the tech-heavy Nasdaq Composite climbed 1.9 percent to 12,113.79. Powell said disinflation has begun, though further
Feb. 8, 2023
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Seoul shares rebound on blue-chip tech gains
South Korean stocks rose Tuesday as investors picked up big-cap tech bargains following a sharp fall the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.52 points, or 0.55 percent, to 2,451.71. Trading volume was moderate at 443.14 million shares worth 7.48 trillion won ($5.96 billion), with decliners outpacing gainers 496 to 374. Despite overnight losses on Wall Street, the Kospi opened slightly higher and moved within a
Feb. 7, 2023