Dunamu leads Web 3.0 market with blockchain tech

Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has been leading the growth of next-generation technology with its experience in blockchain. The firm has been a pioneer in digital assets, introducing new technologies for lucrative investments. The operator joined hands with entertainment agency Hybe, the K-pop company behind boy band BTS, to launch Levvels, a joint venture that develops and launches non-fungible tokens based on the intellectual property of artists und

June 29, 2023

SC Bank offers 3.6% interest rates for new account holders

Standard Chartered Bank Korea said Thursday that it is offering a promotion for new clients signing up for its Jaeil EZ account, promising first-time customers interest rates of up to 3.6 percent per year, even for just one day of deposit. The promotion, which launched on June 20 and runs until July 7, offers every new client 3,000 won ($2.28) worth of Naver Pay points, a points reward program of the country's largest portal. Customers need to agree to receiving mobile newsletters and mobil

June 29, 2023

Seoul shares up despite Fed chief's hawkish remarks

South Korean stocks edged higher shortly after starting a tad lower Thursday, as investors were little fazed by US Federal Reserve Chair Jerome Powell's remarks reaffirming the interest rate hike campaign is not over. The benchmark Korea Composite Stock Price Index gained 8.82 points, or 0.34 percent, to 2,573.01 in the first 15 minutes of trading. Speaking at a European Central Bank forum in Portugal on Wednesday, Powell reiterated that the Fed will further raise its interest rates this ye

June 29, 2023

Seoul shares fall ahead of Powell speech

South Korean stocks closed 0.67 percent lower Wednesday, led by foreign selling, as sound US economic data adding justification for the Federal Reserve's interest rate hikes dampened investor sentiment. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index slid 17.20 points to finish at 2,564.19. Trading volume was moderate at 477.4 million shares worth 8.66 trillion won ($6.62 billion), with decliners outpacing gainers 502 to 366. "The s

June 28, 2023

Finance sector unaffected by changes in age counting system

Abolishment of the “Korean age” system, which came into effect Wednesday, will not make a substantial difference in the local finance sector, as the industry has already been using the internationally recognized age counting system. The country’s top finance regulator Financial Supervisory Service launched a counseling center under its call center on Wednesday to respond to consumers experiencing difficulties with the new age system. The FSS, however, expects that the new age s

June 28, 2023

Seoul shares open nearly flat amid eased recession woes

South Korean stocks opened nearly flat Wednesday, as global recession woes eased after better-than-expected US economic data. The benchmark Korea Composite Stock Price Index rose 2.15 points, or 0.08 percent, to 2,583.54 in the first 15 minutes of trading. US consumer confidence jumped unexpectedly to a near 18-month high in June. Orders of durable manufactured goods increased last month, and new home sales sharply rose to an over-one-year high in May. Investors have their eye on what US Federal

June 28, 2023

Seoul shares almost flat ahead of Powell remarks

South Korean stocks closed almost flat Tuesday, as tech blue-chips pared earlier losses, with eyes on what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index slipped 0.81 points, or 0.03 percent, to finish at 2,581.39. Trading volume was moderate at 528.7 million shares worth 8.36 trillion won ($6.42 billion) with gainers outnumbering decliners 437 to 430. "Powell's remarks due later this week coul

June 27, 2023

Seoul shares open lower on weak techs ahead of Powell remarks

South Korean stocks opened lower Tuesday, driven by a decline in big tech companies, as investors wait to hear what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index fell 9.59 points, or 0.37 percent, to 2,572.61 in the first 15 minutes of trading. Investors have remained cautious after Powell said last week that US interest rates will need to be raised once or twice more this year, dampening hopes for the

June 27, 2023

Seoul shares end higher on tech, auto gains

South Korean stocks closed higher Monday on advances in tech and auto shares. The local currency went down against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index climbed 12.10 points, or 0.47 percent, to 2,582.20. Trading volume was moderate at 473 million shares worth 8.3 trillion won ($6.4 billion) with gainers outstripping decliners 494 to 381. The index opened lower on losses on Wall Street amid US Federal Reserve Chairman Jerome Powell's remarks re

June 26, 2023

Seoul shares open tad lower on US losses

South Korean stocks opened a tad lower Monday, tracking losses on Wall Street amid concerns over economic recession and profit taking. The benchmark Korea Composite Stock Price Index fell 3.08 points, or 0.12 percent, to 2,567.02 in the first 15 minutes of trading. All US stock indexes finished lower Friday after US Federal Reserve Chairman Jerome Powell reaffirmed the need for more interest rate hikes at a testimony before Congress last week. In Seoul, mega-cap shares opened mixed. Tech heavywe

June 26, 2023

Seoul shares turn lower on Powell remarks; techs up on Amazon investment

South Korean stocks turned lower after starting marginally higher Friday, as US Federal Reserve Chairman Jerome Powell's remarks reaffirming the need for more interest rate hikes sapped investor appetite. After starting a tad higher, the benchmark Korea Composite Stock Price Index fell 1.68 points, or 0.06 percent, to 2,592.02 in the first 15 minutes of trading. Powell reiterated on the second day of his two-day testimony before Congress that there is still a long way before the Fed stops i

June 23, 2023

Seoul shares snap 3-day fall as rate hike uncertainties clear

South Korean stocks finished higher Thursday, breaking a three-day losing streak, as investors digested the US Federal Reserve chairman's hawkish congressional testimony. The local currency dropped against the US dollar. The benchmark Korea Composite Stock Price Index gained 11.07 points, or 0.43 percent, to close at 2,593.7. Trade volume was moderate at 601.54 million shares worth 8.76 trillion won ($6.7 billion), with decliners outnumbering gainers 492 to 358. Foreign and retail investors

June 22, 2023

Marking 10 years, Konex hits W4.2tr in market cap

South Korea’s tertiary bourse, the Konex, has seen stunning growth since its debut in 2013, with its total market capitalization surging tenfold over the past decade. Konex, or the Korea New Exchange, is the nation’s third stock market that opened in July 2013 in addition to the benchmark Kospi and tech-heavy Kosdaq. The bourse aims to trade shares in smaller firms and give them growth-inducing capital. According to the Korea Exchange, the nation’s sole bourse operator, the mar

June 22, 2023

Seoul shares open almost flat as Powell signals more rate hikes

South Korean stocks opened almost flat Thursday after the US Federal Reserve chief hinted at more rate hikes this year. The benchmark Korea Composite Stock Price Index inched up 3.15 points, or 0.12 percent, to 2,585.78 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, after Fed Chair Jerome Powell said during his congressional testimony that the central bank remained focused on wrestling down inflation back to its 2 percent target and

June 22, 2023

Elliott warns Korea to pursue no further legal action

An international court’s decision sentencing South Korea to pay a US hedge fund about $108.5 million in losses caused by the government’s meddling in the 2015 merger of two Samsung units may affect other pending rulings on investor-state dispute cases involving the country. Elliott Investment Management on Wednesday urged the Korean government to pay the amount to the investor as ordered by the Permanent Court of Arbitration on Tuesday, asserting further legal proceedings would c

June 21, 2023

Seoul shares down for third day ahead of Powell's testimony

South Korean stocks slid for the third consecutive session Wednesday, as investors awaited the US Federal Reserve chairman's congressional testimony. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index slipped 22.28 points, or 0.86 percent, to close at 2,582.63. Trade volume was moderate at 644.16 million shares worth 10.21 trillion won ($7.9 billion), with decliners outnumbering gainers 678 to 207. Retail investors scooped up a net 624.8 bill

June 21, 2023

Seoul shares open lower as Powell's testimony looms

South Korean stocks opened lower Wednesday, tracking Wall Street losses overnight as investors awaited the US Federal Reserve chairman's congressional testimony. The benchmark Korea Composite Stock Price Index slid 6.04 points, or 0.23 percent, to 2,598.87 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, as a recent market rally paused ahead of Fed Chair Jerome Powell's congressional testimony slated for Wednesday and Thursda

June 21, 2023

KDB chief reaffirms Busan relocation plan

The chief of the state-run Korea Development Bank said the plan to relocate its headquarters from Seoul to Busan is underway, despite the continued resistance from its employees. “The relocation to Busan is not to reduce or substitute the functions of the bank, but to add a new role of encouraging the revival of the southeastern region of Korea. We will come up with an organization and operating system fit for the role,” KDB Chairman Kang Seog-hoon said at a press conference held in

June 20, 2023

Seoul shares edge down after China's moderate rate cut

South Korean stocks slid for the second day in a row Tuesday, as the smaller-than-expected rate cut by China's central bank dampened market sentiment. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index slipped 4.59 points, or 0.18 percent, to close at 2,604.91. Trade volume was moderate at 712.8 million shares worth 10.7 trillion won ($8.35 billion), with decliners outstripping gainers 545 to 325. "The markets had their eyes on whether B

June 20, 2023

Seoul shares open lower ahead of China's rate decision

South Korean stocks started lower Tuesday, as investors awaited the Chinese central bank's rate decision and its next monetary policy steps. The benchmark Korea Composite Stock Price Index slid 10.18 points, or 0.39 percent, to 2,599.32 in the first 15 minutes of trading. The People's Bank of China is expected to cut its benchmark loan prime rate later in the day amid sluggish growth. Investors are hoping to see Beijing roll out fresh stimulus to boost demand. Market observers will als

June 20, 2023