South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street, amid lingering concerns over the impact of aggressive monetary tightening in major economies on growth momentum. The benchmark Korea Composite Stock Price Index (KOSPI) shed 11.98 points, or 0.54 percent, to 2,211.88 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 0.43 perc...

Sales of South Korea's top 500 firms have soared nearly 40 percent over the past 10 years with the information technology and electronics sector taking up the biggest share, a corporate tracker said Wednesday. The combined top line of the leading businesses stood at 3,286 trillion won ($2.3 trillion) in 2021, up 39 percent from a decade earlier, according to CEO Score. The IT, electronics and e...

South Korea’s benchmark Kospi tumbled to a fresh intraday low Tuesday in 26 months, led by a sell-off by foreign investors pricing in a sharp US downturn prompted by tighter policy to corral inflation. The index pared the losses later the day, adding 2.92 points or 0.13 percent to 2,223.86. In the afternoon, the main board slid to an intraday low of 2,197.90, the lowest level since July 24, 2020...

The Korean Federation of Community Credit Cooperatives is expanding international cooperation to help alleviate poverty in developing countries by sharing Koreans’ experience of doing so through savings. Under the guidance of the Ministry of the Interior and Safety, community credit cooperatives, known as Saemaul Geumgo, were set up in Myanmar in 2017, Uganda in 2018 and Laos in 2020. Currently,...

Standard Chartered Bank Korea said it will offer special interest rates of up to 2.4 percent for as long as 60 days to first-time SC customers who deposit 100 million won or more, up to 2 billion won, in money market deposit accounts. Money market deposit accounts pay interest based on the daily account balance. The bigger the deposit, the higher the interest. The promotional rate is offered to...

Seoul stocks snapped their four-day losing streak Tuesday amid still persistent woes over aggressive monetary tightening moves in major economies that could lead to a recession. The Korean won sharply rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index rose 2.92 points, or 0.13 percent, to close at 2,223.86. Trading volume was moderate at about 478 ...

Brokerages in South Korea raked in a combined 23.61 billion won ($16.5 million) in fees from handling stock short selling in the first half of this year, data showed Tuesday. The amount compared with 29.28 billion won they earned from short selling-related fees throughout last year, according to the data from the Financial Supervisory Service. The Seoul branch of Morgan Stanley earned the large...

Seoul stocks came off to a choppy start Tuesday after an over two-year trough the previous day amid rising woes over a global recession in the wake of aggressive monetary tightening moves in major economies. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.59 points, or 0.25 percent, to 2,226.53 in the first 15 minutes of trading. The KOSPI dipped 3.02 percent and the secondary KO...

South Korea's inflation expectations declined for a second straight month in September amid falling oil prices, a central bank survey showed Monday. Ordinary people expected consumer prices will grow 4.2 percent over the next year, down 0.1 percentage point from 4.3 percent of the previous month, according to the poll conducted by the Bank of Korea (BOK). The inflation expectations index has sh...

Korea not facing the same credit issue as it did during 1997, 2008 financial crises, experts say

SEJONG -- The Organization for Economic Cooperation and Development forecast Monday that South Korea will rank 12th among members of the Group of 20 for 2022 gross domestic product growth, hinting that the nation will see weakened momentum for economic growth. In its Interim Economic Outlook, the France-based OECD predicted that Korea will post a 2.8 percent growth this year. This is lower than...

Seoul stocks dropped to the lowest level in over two years and the Korean won also continued to tumble Monday amid growing fears of a global economic recession caused by combative monetary tightening in major economies. The benchmark Korea Composite Stock Price Index (KOSPI) fell by 69.06 points, or 3.02 percent, to end at 2,220.94, the lowest since July 27, 2020. The market slid for a fourth co...

South Korea’s Mirae Asset Global Investments is pulling out of a 4.1 trillion won ($2.86 billion) deal to acquire IFC Seoul, a landmark complex in Yeouido, western Seoul, from Canada’s Brookfield Asset Management, industry sources said Monday. In May, Mirae Asset was picked as the preferred bidder to acquire the IFC Complex, which consists of three office towers, after fierce competition with a ...

South Korea's consumer inflation is likely to stay in the 5-6 percent range for a considerable period of time amid high energy and food prices and the local currency's sharp weakness against the US dollar, the chief of the country's central bank said Monday. Asia's fourth-largest economy is expected to see slowing growth momentum into next year due to China's slowdown and heightened external con...

Seoul stocks opened markedly lower Monday on growing concerns about a global economic recession caused by combative monetary tightening policies in major economies. The benchmark Kopsi dropped 40.27 points, or 1.76 percent, to 2,249.73 in the first 15 minutes of trading. On Friday, US stocks ended lower, with investors fleeing for safety and cashing out of the stock market on fears that aggress...