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Seoul shares end lower on foreign selling
Seoul shares ended slightly lower Friday on foreign selling, with China's better-than-expected economic growth falling short of boosting investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.94 points, or 0.16 percent, to close at 2,523.55. The main index has risen 0.3 percent this week. The Kospi had opened in negative terrain, tracking overnight losses on Wall Street. The Dow Jones Industrial Average fell 0.16 percent and the tech
Jan. 17, 2025 -
Govt. notes 'increasing downward pressure' in latest economic report
The South Korean economy faces "increasing downward pressure" due to heightened uncertainties both at home and abroad, leading to weakened economic sentiment and a slowdown in employment, the finance ministry said Friday. In its monthly economic report, the Green Book, the Ministry of Economy and Finance cited downward pressure for the second consecutive month, following President Yoon Suk Yeol's brief declaration of martial law on Dec. 3. "Recently, our economy has faced increasing downward pre
Jan. 17, 2025 -
Seoul, Tokyo agree to coordinate against EU carbon policy
South Korea's industry ministry said Friday it has agreed with Japan to work closely to ensure the European Union's Carbon Border Adjustment Mechanism does not act as a trade barrier. The two countries discussed the agenda during a meeting in Seoul amid efforts to expand cooperation in industrial environmental policies, according to the Ministry of Trade, Industry and Energy. CBAM calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equiv
Jan. 17, 2025 -
Seoul shares open lower on US losses, China data eyed
Seoul shares opened lower Friday, tracking losses on Wall Street, as investors awaited a swath of Chinese data set to be released later in the day. The benchmark Korea Composite Stock Price Index fell 5.56 points, or 0.22 percent, to 2,521.93 in the first 15 minutes of trading. US stocks declined overnight following the previous day's rally on signs of slowing inflation. The Dow Jones Industrial Average fell 0.16 percent to 43,153.13 points Thursday, and the tech-heavy Nasdaq composite dropped 0
Jan. 17, 2025 -
Choi calls for continued market monitoring ahead of Trump inauguration
Acting President Choi Sang-mok on Friday stressed the need for continued monitoring of South Korea's financial and foreign exchange markets, citing heightened uncertainty just days before the inauguration of Donald Trump. The US president-elect is set to take office for his second presidential term Monday , raising concerns about the anticipated escalation of global protectionism and its effects on the country's export-dependent economy. "All relevant institutions must closely monitor US policy
Jan. 17, 2025 -
Foreigners sell Korean stocks for 5th month in Dec.
Foreign investors net sold South Korean stocks for the fifth consecutive month in December, data showed Friday. Offshore investors sold a net 3.6 trillion won ($2.47 billion) worth of local stocks last month, according to the data from the Financial Supervisory Service. After the sell-off, foreigners owned 673.7 trillion won worth of local stocks, which marked the lowest amount since November 2023. Their stock holdings accounted for 27 percent of total market capitalization, the data showed. By
Jan. 17, 2025 -
BOK warns below 0.2% growth rate in martial law fallout
Central bank holds key rate at 3 percent to defend local currency South Korea’s growth rate in the fourth quarter of last year could have plunged below 0.2 percent, following the political turmoil caused by currently detained President Yoon Suk Yeol’s declaration of martial law, according to the central bank chief. “The fourth quarter of last year took a blow from the martial law situation,” Bank of Korea Gov. Rhee Chang-yong said following a meeting Thursday where the country's key rate was hel
Jan. 16, 2025 -
S. Korea's seafood exports rise 1.2% in 2024 on growing popularity of seaweed
South Korea's seafood exports moved up 1.2 percent from a year earlier in 2024, driven by the popularity of dried seaweed products, the oceans ministry said Thursday. Outbound shipments of seafood products came to $3.03 billion last year, up from $2.99 billion recorded in 2023, according to data compiled by the Ministry of Oceans and Fisheries. The growth was primarily led by exports of dried seaweed, known as "gim" in Korean, which surged 25.8 percent on-year to a record high of $997 million. E
Jan. 16, 2025 -
S. Korea maintaining stable electricity supply amid warm winter: Industry Ministry
South Korea is maintaining a stable supply of electricity this winter season amid relatively warm temperatures, the Industry Ministry said Thursday. "This winter, the electricity supply is being stably managed due to relatively warm temperatures, with local nuclear plants operating at full capacity as well," the Ministry of Trade, Industry and Energy said. The average temperature in December reached 1.8 C, higher than the typical 1.1 C recorded in previous years. The ministry noted that despite
Jan. 16, 2025 -
BOK stands pat on key rate amid falling won
South Korea's central bank held its base rate steady at 3 percent Thursday, keeping its guard up against the further weakening of the local currency. Following two consecutive 0.25 percentage point rate cuts in November and October, the Bank of Korea's monetary policy board maintained the policy rate at 3 percent. It was the first monetary policy meeting held amid the political turmoil sparked by President Yoon Suk Yeol's declaration of martial law on Dec. 3 last year. The monetary policy board
Jan. 16, 2025 -
Hyundai, Kia set to announce 2024 earnings amid speculation of record performance
Hyundai Motor Co. and Kia Corp., South Korea's top automakers, are expected to release their annual earnings results next week, drawing attention as to whether they can extend their streak of record-breaking performances, industry watchers said Thursday. According to an analysis of securities industry forecasts by Yonhap Infomax over the past three months, Hyundai Motor is estimated to report sales of 173.1 trillion won ($118.9 billion) and an operating profit of 14.8 trillion won for 2024. Whil
Jan. 16, 2025 -
Seoul shares little changed ahead of US inflation data, BOK rate decision
Seoul shares closed little changed Wednesday as investors await key US inflation data amid trimmed bets on Federal Reserve rate cuts and the Bank of Korea's key rate decision. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.59 points, or 0.02 percent, to close at 2,496.81. Trade volume was moderate at 525.6 million shares worth 9 trillion won ($6.2 billion), with decliners outnumbering gainers 592 to 270. Foreigners and individuals bought a combi
Jan. 15, 2025 -
Korean shares down despite Yoon's detention
Financial authorities keep eye on currency depreciation as it could trigger inflation Korean stocks ended down on Wednesday, with the benchmark Kospi and secondary Kosdaq giving back early gains following the detention of impeached President Yoon Suk Yeol in the morning. The Kospi closed at 2,496.81 points, down 0.02 percent from the previous close, while the Kosdaq declined by 0.90 percent to finish at 711.61 points. The main bourse failed to maintain the 2,500 level it touched in the morning t
Jan. 15, 2025 -
Job growth in S. Korea falters; Dec. employment marks 1st on-year drop since 2021
South Korea's employment growth in 2024 slowed substantially compared to previous years, with December marking a net job loss compared to one year before, according to Statistics Korea on Wednesday. The country's employment marked 28.58 million last year, increasing by 0.9 percent (159,000) compared to 2023. This was the lowest growth since 2020 when Korea had 218,000 fewer jobs than the previous year. Korea's job market grew significantly after 2020, adding 369,000 jobs in 2021 and peaking at 8
Jan. 15, 2025 -
Acting president says job market outlook remains 'challenging'
Acting President Choi Sang-mok offered a somewhat pessimistic forecast for the job market on Wednesday, partly attributing the latest employment figures to negative sentiment among employers. In December, the country recorded a net loss of 52,000 jobs compared with the previous year, posting its first on-year decline in nearly four years. The December figure also marked a sharp turnaround from the 120,000 job additions the previous month. "A combination of temporary factors, such as the terminat
Jan. 15, 2025