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Korean stocks lead Asia's declines this year
Stock market has shed W260tr amid mounting political, economic woes South Korea's stock market shed nearly 260 trillion won ($176.15 billion) in market capitalization this year, with Samsung Electronics accounting for 60 percent of the decline, according to Korea Exchange data. The benchmark Kospi’s market cap stood at 1,966.96 trillion won as of Friday’s close, while the secondary Kosdaq was valued at 333.87 trillion won. Compared to the end of 2023, the Kospi lost 159.41 trillion won, while Ko
Dec. 29, 2024 -
Korean won, stocks skittish amid impeachment of acting president
Won depreciates against dollar to 1,480 won range, Kospi struggles While the National Assembly passed the motion to impeach acting President Han Duck-soo on Friday, marking the first suspension of an acting South Korean president, volatility in the local capital market escalated with the sharp devaluation of the won and a stock market plunge. With higher tensions in local politics, the value of the Korean currency against the dollar fluctuated by nearly 20 won during trading Friday. Won-dollar t
Dec. 27, 2024 -
Seoul shares down for 3rd day amid political upheaval, sliding won
Seoul shares extended losses to a third session Friday as parliament was set to vote on impeaching an acting president for the first time in the country's constitutional history and the Korean won is facing extreme volatile trading. The Korean won weakened to the 1,480 won level for the first time since March 16, 2009, when the reading was quoted at 1,488 won in the aftermath of the global financial crisis. The benchmark Korea Composite Stock Price Index shed 24.09 points, or 1.02 percent, to cl
Dec. 27, 2024 -
Market volatility rises in face of impeachment vote against Han
The volatility in the South Korean capital market escalated Friday with the sharp devaluation of the local currency and stock market plunge, as the National Assembly prepares to vote on an impeachment motion against acting President Han Duck-soo. The opposition-controlled National Assembly is set to vote on an impeachment motion against Han after the prime minister refused to appoint any justice nominees for President Yoon Suk Yeol’s impeachment trial without bipartisan agreement. If the Nationa
Dec. 27, 2024 -
Seoul shares open lower amid political upheaval
Seoul shares started weaker Friday as the parliament is set to vote on an impeachment motion against acting President Han Duck-soo later in the day. The South Korean won also continued to trade at its lowest level in more than 15 years. The benchmark Korea Composite Stock Price Index lost 15.85 points, or 0.65 percent, to 2,413.82 in the first 15 minutes of trading. It marks the first time in South Korea's constitutional history that an impeachment motion against an acting president has been put
Dec. 27, 2024 -
Mixed outlook for mega IPOs next year
LG CNS’ W6tr listing in February to offer gauge for investor sentiment Though concerns of undervaluation linger with the slow stock market, big-name deals have lined up for the initial public offering market next year, including those of conglomerate affiliates such as LG CNS and Lotte Global Logis, as well as aspiring game-changers such as K bank and Bithumb. The local IPO market remained sluggish in 2024 due to deteriorating investor sentiment. A total of 3.89 trillion won ($2.73 billion) was
Dec. 26, 2024 -
Korea's crypto frenzy grows to threaten stock market
Korean investors jump on bandwagon of Trump's crypto enthusiasm South Korea’s cryptocurrency market exhibited rapid growth in November, with its trading volume catching up to that of the stock market and the total number of accounts exceeding 15 million on a heightened bull run, fueled by the US President-elect’s pro-crypto stance. The number of crypto accounts in Korea spiked last month to 15.59 million, nearly one-third of the country’s population, by adding 610,000 from the figure tallied in
Dec. 25, 2024 -
Korean won sinks to historic low
With political uncertainty in the country likely to continue, the value of the Korean won fell sharply against the US dollar Tuesday, reaching 1,460 won to the dollar during after-hours trading. The Korean won weakened to 1,460.2 won at around 7:40 p.m., down from 1,456.4 won at the close of daytime trading. It was the first time the won has fallen to the 1,460 won level since it hit 1,488 won on March 18, 2009 during the global financial crisis. The daytime closing level of 1,456.4 won marked a
Dec. 25, 2024 -
Seoul shares close nearly flat amid weak US consumption data
Seoul shares closed nearly flat Tuesday as investors stayed on the sidelines ahead of Christmas, with the US consumer confidence index for this month showing signs of contraction. The Korean won weakened against the greenback, breaching the 1,450 won level for the fourth straight session. The benchmark Korea Composite Stock Price Index shed 1.49 points, or 0.06 percent, to close at 2,440.52. Trade volume was low at 380 million shares worth 6.64 trillion won ($4.55 billion), with losers outnumber
Dec. 24, 2024 -
Seoul shares open slightly higher on Wall Street gains
Seoul shares started slightly higher Tuesday following overnight gains on Wall Street led by blue chip shares. The benchmark Korea Composite Stock Price Index added 3.73 points, or 0.15 percent, to 2,445.74 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite jumped 0.98 percent, and the S&P gained 0.73 percent. The Dow Jones Industrial Average edged up 0.16 percent. Major winners included Nvidia and Tesla, with shares of Apple also closing at a new record. In Seoul, to
Dec. 24, 2024 -
Retail investors favor banking shares despite Kospi's struggle
US asset manager Capital Group ups stakes in KB, Hana Local retailers are continuing to show a strong preference for banking shares, pricing in the projection that financial service providers will enhance their shareholder returns as indicated in their “value-up” regulatory filings. Though the local stock market has been fluctuating due to the recent political turmoil in the country and the hawkish tone of the US Federal Reserve, banking shares remain relatively unscathed as local retail investo
Dec. 23, 2024 -
Seoul shares open sharply lower on Fed aftermath
Seoul shares started sharply lower Friday on the US Federal Reserve's hawkish turn, which signaled fewer rate cuts next year. The benchmark Korea Composite Stock Price Index dropped 24.88 points, or 1.02 percent, to 2,411.05 in the first 15 minutes of trading. The Korean won continued to hover above 1,450 won per US dollar, the lowest level in 15 years. It was trading at 1,450.9 won against the greenback at 9:15 a.m., up 1 won from the previous session. Overnight, Wall Street closed almost
Dec. 20, 2024 -
Mirae Asset’s overseas stock holdings hit W40tr
With more South Korean retail investors flocking to US shares and other overseas stock markets, the balance of foreign equities held by Mirae Asset Securities customers has reached 40 trillion won ($27.6 billion), according to the country’s leading brokerage house Thursday. Investors at Mirae Asset Securities held over 40 trillion won in foreign equities, marking an over 10 trillion won gain from the 30 trillion won recorded in June, the firm said. The brokerage firm also saw its customers
Dec. 19, 2024 -
Seoul shares soar over 1% on bargain hunting
Seoul shares ended more than 1 percent higher Wednesday as foreign investors picked up blue chip tech shares in a bargain following the Korean stock market's two-day fall. The Korean won was trading higher against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 27.62 points, or 1.12 percent, to close at 2,484.43. Trade volume was moderate at 421.9 million shares worth 6.9 trillion won ($4.8 billion), with winners outnumbering losers 582 to 302. Analysts said the
Dec. 18, 2024 -
Samsung to present AI-driven appliances at CES 2025
Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat
Dec. 18, 2024