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Seoul shares rise for 5th day on SK hynix, foreign buying
Seoul shares ended higher Thursday, extending their winning streak to a fifth session, aided by SK hynix and foreign buying, with investors eyeing Friday's US jobs report. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 0.85 point, or 0.03 percent, to close at 2,521.90. Trade volume was moderate at 399.52 million shares worth 11.38 trillion won ($7.8 billion), with decliners outnumbering winners 519 to 362. Foreigners bought a net 746 billion won
Jan. 9, 2025 -
Treasury stock purchases hit record high in 2024 on value-up scheme
Listed firms in South Korea purchased a record amount of their own stocks last year on the back of the government's corporate value-up scheme that launched in June, data showed on Thursday. According to the bourse operator Korea Exchange, treasury stock purchase reached a record high of 18.8 trillion won ($12.9 billion) last year, sharply up from the previous year's 8.2 trillion won. The data also showed that a record amount of treasury stocks worth 13.9 trillion won were canceled last year, sha
Jan. 9, 2025 -
Regulator to provide record amount of financial support for low-income earners
South Korea's financial regulator said Thursday that it plans to provide a record amount of financial support for low-income earners and those who are behind on their loan repayments. The Financial Services Commission said it plans to set aside 10.8 trillion won ($7.41 billion) worth of financial support for such people this year, up from 10.4 trillion won set aside last year. The regulator said it has decided to raise the amount given an economic slowdown and high interest rates. The FSC also s
Jan. 9, 2025 -
S. Korea maintains fiscal deficit through Nov. amid sluggish corporate tax revenue
South Korea continued to maintain a fiscal deficit over the first 11 months of 2024 amid sluggish corporate tax collections due to weak earnings, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 81.3 trillion won ($55.6 billion) in the January-November period, larger than the shortfall of 64.9 trillion won recorded a year earlier, according to the Ministry of Economy and Finance. Total revenue increased
Jan. 9, 2025 -
LG Energy Solution turns to operating loss in Q4
LG Energy Solution Ltd., South Korea's leading battery maker, on Thursday estimated it swung to an operating loss in the fourth quarter from a year earlier amid slowing sales of electric vehicles. In the three months ended in December, the company shifted to an operating loss of 225.5 billion won ($155 million) from an operating profit of 338.2 billion won in the year-ago period, the company said in a regulatory filing. Sales are projected to fall 19 percent to 6.45 trillion won in the fourth qu
Jan. 9, 2025 -
Seoul shares open higher ahead of US jobs report
Seoul shares opened higher Thursday after a mixed close on Wall Street, with investors eyeing Friday's US jobs report. The benchmark Korea Composite Stock Price Index added 3.13 points, or 0.12 percent, to 2,524.18 in the first 15 minutes of trading. Foreigners and individuals bought a combined 186 billion won ($127 million) worth of stocks, offsetting institutions' stock selling valued at 183.98 billion won. Overnight, the Dow Jones Industrial Average rose 0.25 percent to 42,635.20, and the tec
Jan. 9, 2025 -
Govt. vows closer communication with key industries amid US trade uncertainties
South Korea's industry ministry on Thursday pledged to strengthen communication with businesses in key industries, including semiconductors and batteries, amid growing uncertainties in the global trade environment ahead of the launch of a new US administration. Lee Seung-ryeol, deputy minister for industry policy, made the remark during a meeting with representatives from 11 major industries to discuss strategies for maintaining export growth, according to the Ministry of Trade, Industry and Ene
Jan. 9, 2025 -
S. Korea, Pakistan agree to launch economic partnership negotiations
South Korea and Pakistan on Thursday agreed to begin negotiations for an Economic Partnership Agreement aimed at expanding their bilateral trade portfolio, the trade ministry said. Trade Minister Cheong In-kyo announced the start of the talks during a meeting with his Pakistani counterpart, Jam Kamal Khan, in Seoul, according to the Ministry of Trade, Industry and Energy. An EPA aims to establish a mutually beneficial trade network with partner nations beyond simple market opening, though it cov
Jan. 9, 2025 -
Ruling party, government vow W10tr fund to respond to Trump trade policy
South Korea’s ruling party and the government agreed Wednesday to take preemptive actions to respond to shifts in US trade policy as it concerns the Korean economy, ahead of the inauguration of US President Donald Trump later this month. Concerns are growing that the new Trump administration's America First policy, with its universal tariffs, could stimulate inflation. The uncertainty in the global supply chain caused by the trade tension between the US and China lingers on, Rep. Kwon Young-se,
Jan. 8, 2025 -
Trade minister vows efforts to keep momentum in attracting foreign investment
Trade Minister Cheong In-kyo said Wednesday the government will continue its efforts to attract foreign investment by establishing a business-friendly environment for global companies. Cheong made the remark during an event organized by the Korea Foreign Company Association, emphasizing all government agencies are working closely to address concerns of foreign investors, according to the Ministry of Trade, Industry and Energy. "South Korea is also rolling out economic and industrial policies wit
Jan. 8, 2025 -
S. Korea to invest W86.2b in developing new technologies to address climate change
South Korea will invest 86.2 billion won ($59.3 million) this year for the development of technologies that will help tackle climate change, the science ministry said Wednesday. With the investment, the country will work to develop technologies that will help respond to global warming, along with those related to carbon free energy and climate prediction using artificial intelligence, according to the Ministry of Science and ICT. In detail, the government will funnel 5.7 billion won into develop
Jan. 8, 2025 -
Hyundai Steel mulls building automotive steel mill in US to respond to Trump's policy
Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration's protectionist policies, industry sources said Wednesday. The steel-making unit of South Korea's auto giant Hyundai Motor Group has discussed the estimated 10 trillion won ($6.9 billion) investment plan with a number of US officials, including those from the state government of Georgia, according to the sources. Hyundai Motor Group has car manufacturin
Jan. 8, 2025 -
Combined market cap of major conglomerates dips 251 tr won in 2024
South Korea's 79 conglomerates lost more than 251 trillion won ($173 billion) in combined market capitalization last year, with Samsung Group shedding the most value, a corporate data tracker said Wednesday. CEO Score looked into changes in the market capitalization of the 79 companies out of 88 that were designated as conglomerates as of end-2024. The surveyed business groups' overall market value fell 13.2 percent to 1,651.68 trillion won as of end-2024 from 1,902.3 trillion won a year earlier
Jan. 8, 2025 -
Seoul shares rise for 3rd session on foreign buying
South Korean stocks rose for a third consecutive session Tuesday on solid buying by foreign investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.46 points, or 0.14 percent, to close at 2,492.10, extending the winning streak to a third session. Trade volume was moderate at 400.83 million shares worth 9.23 trillion won ($6.35 billion), with winners outnumbering losers 444 to 425. The index opened higher and had climbed over 1.2 percent d
Jan. 7, 2025 -
Korean shares rebound to leave behind worst year ever
Foreign investors keep net-purchasing streak despite disappointment over chip stocks Korean shares gained on Tuesday with the benchmark Kospi briefly recovering to the 2500-point level to reverse sharp losses induced by political turmoil late last year as foreign investors maintained their net buying spree. According to the Korea Exchange, foreigners net purchased 419.9 billion won ($390 million) on Kospi in four trading days this year, continuing their net buying streak for three consecutive da
Jan. 7, 2025