South Korean stocks rebounded slightly Thursday, ending their seven-day losing streak, as uncertainty over the future course by the US Federal Reserve eased somewhat after its sharpest rate hike in almost three decades. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 4.03 points, or 0.16 percent, to close at 2,451.41, after erasing most of its e...

Finance Ministry cuts 2022 GDP growth target to 2.6%

Debt burden on investors gets heavier with US Fed’s biggest rate hike in 28 years

South Korea's national debt surpassed the 1,000 trillion won ($781.07 billion) mark for the first time ever amid the government's expansionary fiscal spending to support the economic recovery, data showed Thursday. The total government debt hit an all-time high of 1,001 trillion won as of end-April, up by 19.1 trillion won from a month earlier, according to the data compiled by the finance minis...

Seoul shares got off to a strong start Thursday, tracking overnight rallies on Wall Street, after the US Federal Reserve delivered a rate hike that met market expectations. The Korea Composite Stock Price Index (KOSPI) rose 45.43 points, or 1.86 percent, to 2,492.81 points in the first 15 minutes of trading. Overnight, US shares closed higher after the Fed hiked the key rates by 0.75 percentage...

South Korea will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the US' aggressive monetary tightening, the country's top financial policymaker said Thursday. On Wednesday (US time), the Fed decided to hike its interest rate by 0.75 percentage point in the latest move to tighten monetary...

South Korea’s benchmark Kospi fell 45.59 points, or 1.83 percent, from a day earlier to 2447.38 Wednesday, marking a seventh straight negative session as investors dramatically raise their bets on a US Fed hike of 75 basis points on Wednesday there, steeper than the 50 basis points it had indicated. The main board slid to an intraday low of 2436.04, a new 52-week low, as foreign investors carrie...

South Korean stocks sank to a fresh 19-month low Wednesday to extend their losing streak to a seventh day ahead of the US Federal Reserve's interest rate decision amid high inflation and concerns over a global recession. The local currency also fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 45.59 points, or 1.83 percent, to close at 2,447.38. It is the lowest figu...

Men aged 60 and over account for 32% of total increase

South Korea's money supply grew in April as rising interest rates led to an increase in deposits, central bank data showed Wednesday. The country's M2, a key gauge of the money supply, stood at 3,667.1 trillion won ($2.84 trillion) on average in April, up 8.5 trillion won, or 0.2 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The rise followed a 0....

Shares of Hybe, the agency behind K-pop sensation BTS, fell almost 25 percent on Wednesday, rattled by the boy band’s announcement that it will take time off from group activities to pursue solo projects. Hybe shares closed 24.87 percent lower from the previous session at 145,000 won ($112.5). It had opened at 168,000 won after closing at 193,000 won in the previous session. Within the first ho...

Global investment bank JP Morgan on Wednesday forecast that South Korea's central bank could take a "big step" of raising its interest rate by 50 basis points as part of efforts to keep a lid on growing inflation pressure. JP Morgan also expected the Bank of Korea (BOK) to continue the sequence of its rate hikes in the months to come and raise the rate to as high as 3 percent by the end of the y...

South Korea's car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday. Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports grew 18.9 percent on-year to ...

Seoul shares opened lower Wednesday as investors remained jittery over the path that the Federal Reserve will take on monetary policy this week amid surging inflation. The Korea Composite Stock Price Index (KOSPI) fell 15.36 points, or 0.62 percent, to 2,477.61 points in the first 15 minutes of trading. Overnight, US shares closed mixed ahead of the conclusion of the Fed's two-day interest rate...

South Korea's global competitiveness ranking fell by four notches this year from the previous year amid the economic slowdown and a continued rise in the national debt, a report showed Wednesday. South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 report by the International Institute for Management Development (IMD). The IMD, a Switzerl...