Seoul shares end almost flat ahead of key US inflation data

Seoul shares ended almost flat Friday after a three-day rise ahead of key US inflation data due this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.08 point, or 0.04 percent, to close at 2,636.52. The main index has fallen 1.9 percent this week. Trade volume was heavy at 594.78 million shares worth 15.45 trillion won ($11.1 billion), with gainers far outpacing losers 533 to 332. Institutions and individuals bought a combined 1.35 trillion

May 31, 2024

Seoul shares open higher on hopes for Fed's rate cut

Seoul shares opened higher Friday as the US economic growth grew at a slower-than-expected pace and poor corporate earnings revived hopes for the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index rose 19.27 points, or 0.73 percent, to 2,654.71 in the first 15 minutes of trading. Investors are also awaiting US consumption data due later in the day, which may offer clues on the Fed's future policy path. In Seoul, most large-cap stocks advanced. Market bellwethe

May 31, 2024

Seoul shares dip over 1.5% ahead of US inflation data; won sharply down at 1-month low

Seoul shares dropped for the third consecutive session Thursday ahead of key US inflation data. The Korean won also dipped to the lowest in one month against the US dollar. The benchmark Korea Composite Stock Price Index fell 41.86 points, or 1.56 percent, to close at 2,635.44. Trade volume was moderate at 366.42 million shares worth 10.92 trillion won ($7.9 billion), with losers far outpacing gainers 680 to 197. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 point

May 30, 2024

Nvidia dethrones Tesla as Korea's top stock pick

US chip giant Nvidia has become South Korea's most-owned foreign stock, replacing Tesla in the top spot after four years. As of Thursday, South Koreans held a combined $11.07 billion worth of Nvidia stocks, according to the Korea Securities Depository's securities information portal. This figure surpassed $10.67 billion in Tesla shares. Nvidia has dethroned Tesla as the top stock pick among Korean investors for the first time since July 2020, when the world's biggest electric vehi

May 30, 2024

Seoul shares open lower amid waning hopes for Fed rate cut

Seoul shares opened lower Thursday, tracking overnight losses on Wall Street, as the Federal Reserve appears to be in no rush to cut interest rates in the face of the strong economy and high inflation. The benchmark Korea Composite Stock Price Index fell 15.47 points, or 0.58 percent, to 2,661.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 points, and the tech-heavy Nasdaq composite retreated 0.58 percent to 16,920.58. The Fed

May 30, 2024

Seoul shares dip over 1.5% ahead of US inflation data

Seoul shares closed sharply lower Wednesday as investors waited for major events, including this week's US inflation data. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index plunged 45.55 points, or 1.67 percent, to close at 2,722.85. Trade volume was moderate at 431 million shares worth 12.7 trillion won ($9.36 billion), with losers far outpacing gainers 673 to 220. Foreigners dumped a net 1 trillion won, while individuals scooped up a net 1.26 t

May 29, 2024

Seoul shares open lower on auto, chemical losses

South Korean stocks opened lower Wednesday, bucking overnight gains on Wall Street as auto and chemical shares slumped. The benchmark Korea Composite Stock Price Index fell 4.19 points, or 0.15 percent, to 2,718.66 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed at an all-time high by advancing 0.59 percent, while the Dow Jones Industrial Average moved down 0.55 percent. The United States is set to release April's Personal Consumption Expenditures index

May 29, 2024

Seoul shares close nearly flat as investors search for clues over rate direction

South Korean stocks closed nearly flat after choppy trading Tuesday as investors waited for clues over the direction of the US rate decision. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index edged down 0.14 points, or 0.01 percent, to close at 2,722.85. Trade volume was moderate at 432 million shares worth 11.3 trillion won ($8.31 billion), with losers outpacing gainers 467 to 401. Foreigners bought a net 45.4 billion won worth of local shares, while

May 28, 2024

Seoul shares open lower on tech slump

South Korean stocks opened lower Tuesday due to losses in tech shares, with investors also waiting for more hints on the future course of US key rates. The benchmark Korea Composite Stock Price Index fell 4.82 points, or 0.18 percent, to 2,718.17 in the first 15 minutes of trading. Top tech giant Samsung Electronics lost 0.26 percent, while No. 2 chipmaker SK hynix gained 0.99 percent. Leading battery maker LG Energy Solution dropped 0.96 percent, and Samsung SDI fell 1.57 percent. Naver, which

May 28, 2024

Seoul shares snap 4-day losing streak on bargain hunting

South Korean stocks jumped over 1 percent Monday to snap their four-day losing streak on bargain hunting amid dashed hopes for an early rate cut by the Federal Reserve. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index moved up 35.59 points, or 1.32 percent, to close at 2,722.99. Trade volume was moderate at 546 million shares worth 15.6 trillion won ($11.4 billion), with losers slightly outpacing gainers 442 to 422. Foreigners sold a net 140 billion

May 27, 2024

KB Financial to announce ‘value-up’ plans in Q4

KB Financial Group is to release a plan to uplift its corporate value in the fourth quarter as part of the government's "corporate value-up” directive, the financial giant said Monday in a regulatory filing. Its board members and executives held a meeting Friday, discussing how to boost its corporate value through mid- to long-term asset management, asset growth strategies and shareholder return policies, according to the announcement. The boost plan will include monitoring of th

May 27, 2024

Seoul shares open higher on bargain hunting

South Korean stocks opened higher Monday as investors hunted for bargains after four consecutive sessions of losses through Friday amid dashed hopes for an early rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index added 11.09 points, or 0.41 percent, to 2,698.69 in the first 15 minutes of trading. Chemical shares opened higher, with cosmetics giant AmorePacific rising 0.49 percent and SK Innovation adding 0.88 percent. Financial firms gained ground as well, with KB F

May 27, 2024

KRX CEO pledges to turn Korea discount into premium

The chief of Korea Exchange, the country's sole bourse operator, vowed Friday to boost the market valuation of companies listed on the local stock market with a seamless backup of the country’s “corporate value-up” directive. During a press conference commemorating his first 100 days in office, Korea Exchange CEO Jeong Eun-bo said the country's stock market is in dire need of tackling its perennial discount to turn it into a premium. “The Korea discount exists.

May 26, 2024

Seoul shares dip over 1% on rate woes

South Korean stocks closed lower for the fourth consecutive day Friday on deepening concerns over a possible delay in US rate cuts. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 34.21 points, or 1.26 percent, to close at 2,687.60. Trade volume was moderate at 491.3 million shares worth 12.01 trillion won (US$8.8 billion), with losers sharply outnumbering winners 618 to 263. Foreigners and institutions dumped local shares worth 377.4 billion w

May 24, 2024

Seoul shares open lower tracking Wall Street slump

South Korean stocks opened sharply lower Friday, tracking overnight losses on Wall Street amid lowering hopes for the US Federal Reserve's early rate cuts. The benchmark Korea Composite Stock Price Index shed 34.27 points, or 1.26 percent, to 2,687.54 in the first 15 minutes of trading. The S&P 500 fell 0.7 percent, the Dow Jones Industrial Average slid 1.5 percent, and the tech-heavy Nasdaq Composite went down 0.4 percent as hotter-than-expected economic reports raised speculations the

May 24, 2024

Seoul shares close almost flat on Fed minutes despite chip gains

South Korean stocks closed almost flat Thursday as an increase in big-cap semiconductor shares was offset by hawkish tones in the latest minutes of the US Federal Reserve. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index edged down 1.65 points, or 0.06 percent, to close at 2,721.81. Trade volume was moderate at 421.6 million shares worth 11.3 trillion won ($8.3 billion), with losers beating winners 530 to 349. Individual investors and institutions un

May 23, 2024

Seoul shares open lower on Fed minutes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street spooked by hawkish tones in the latest minutes of the US Federal Reserve. The benchmark Korea Composite Stock Price Index shed 15.57 points, or 0.57 percent, to 2,707.89 in the first 15 minutes of trading. In the United States, S&P 500 fell 0.3 percent, the Dow Jones Industrial Average lost 0.5 percent, and the tech-heavy Nasdaq Composite went down 0.2 percent as the Fed minutes showed the disappointment of i

May 23, 2024

Seoul shares close nearly flat ahead of Fed minutes

South Korean stocks ended nearly flat Wednesday as investors sat on the sidelines ahead of the release of the US Federal Open Market Committee's meeting minutes. The benchmark Korea Composite Stock Price Index edged down 0.72 points, or 0.03 percent, to close at 2,723.46. Trade volume was moderate at 476 million shares worth 12.1 trillion won ($8.92 billion), with losers beating winners 474 to 402. Foreigners bought a net 296 billion won worth of local shares, while individuals offloaded a

May 22, 2024

Seoul shares open lower on tech, insurance losses

South Korean stocks opened lower on Wednesday, mainly due to losses from technology and insurance shares. The benchmark Korea Composite Stock Price Index shed 13.59 points, or 0.5 percent, to 2,710.59 in the first 15 minutes of trading. Top tech giant Samsung Electronics slid 1.28 percent, and LG Electronics shed 0.62 percent to 95,900 won. Insurance firms were among major losers as well, with Samsung Life Insurance falling 2.94 percent and Samsung Fire & Marine Insurance decreasing 3.48 per

May 22, 2024

FSS briefs Hong Kong bankers on new short selling system

The Financial Supervisory Service officials visited Hong Kong to seek cooperation with financial authorities and investment banks there for the regulator’s efforts to stamp out illegal short selling. During his two-day visit from Thursday, a delegation led by FSS Senior Deputy Gov. Hahm Yong-il met executives in charge of the Asia-Pacific region at seven global investment banks to inform them about the Korean government’s plan to set up a monitoring system designed to detect illega

May 21, 2024