Seoul shares open higher on eased inflation woes

South Korean stocks opened higher Friday as the latest US economic data raised hopes the Federal Reserve will scale back its hawkish interest rate hikes. The benchmark Korea Composite Stock Price Index rose 11 points, or 0.43 percent, to 2,572.66 in the first 15 minutes of trading. All three major US stock indexes rallied Thursday after the producer prices slowed more than expected in March from a year earlier. Jobless claims last week rose more than expected, showing that the Fed's efforts

April 14, 2023

[Graphic News] Gold bar sales at all-time high

　Investors are buying more gold as prices rise to an all-time high. 　According to the banking industry, gold bars sold at KB Kookmin, Hana, Woori and NH Nonghyup from April 3-6 stood at 2.49 billion won ($1.89 million). 　Gold bar sales at the four major banks increased from 1.98 billion won in January to 3.29 billion won in February and 3.95 billion won in March. 　Gold prices have risen as investors kept an eye on safe assets due to instability in global financial markets.

April 14, 2023

Seoul shares up for 5th day amid looming recession; Korean won sharply up

South Korea's main stock market closed higher to extend its winning streak to a fifth day Thursday amid the US Federal Reserve's warning of a recession later this year. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index gained 11.02 points, or 0.43 percent, to 2,561.66, managing to extend the winning streak for five straight sessions. Trading volume was high at 826.7 million shares worth 11.7 trillion won ($8.93

April 13, 2023

Financial firms in rush to enter W1000tr OCIO market

South Korea’s securities and asset management firms are racing to capture a bigger piece of the Outsourced Chief Investment Officer market as they expect that more firms and institutional funds will entrust the management of their cash reserves to them. “Institutional investors and private companies used to manage their own investment through an in-house finance team, but once they see an increased amount of cash hoarding, they tend to outsource because it requires complex and prof

April 13, 2023

Seoul stocks almost flat ahead of US inflation data

Seoul stocks closed almost flat Wednesday as investors await the release of US inflation data later this week. The Korean won declined against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index closed up 2.78 points, or 0.11 percent, to 2,550.64. Institutional and retail investors were net sellers and sold off a combined 234.9 billion won ($176.9 million), while foreigners snapped up a net 212.8 billion won. The main index moved between gains and losses, as investo

April 12, 2023

Seoul shares open higher ahead of US inflation data

South Korean stocks got off to a good start Wednesday as investors wait for the release of US inflation data that will offer them more insights into the Federal Reserve's monetary tightening policy path. The benchmark Korea Composite Stock Price Index rose 9.12 points, or 0.36 percent, to trade at 2,556.98 in the first 15 minutes of trading. The main index closed 1.42 percent higher on Tuesday, after the Bank of Korea kept its policy rate unchanged at 3.5 percent on concerns over an economi

April 12, 2023

IBK chief vows to double overseas profits by 2025

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

April 11, 2023

Seoul shares up for 3rd session amid expectation for less aggressive US rate hike

South Korean stocks rose by almost 1.5 percent to close up for a third consecutive session Tuesday, driven by bullish chemicals and auto shares, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 35.78 points, or 1.42 percent, to close at 2,547.86. Trading volume was high at 756.6 million shares worth 13.9 trillion won ($10.5 billion), with gainers outs

April 11, 2023

Seoul shares open higher amid hope for less aggressive US rate hike

South Korean stocks got off to a strong start Tuesday, led by chemical and steel gains, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.5 percent, to trade at 2,524.62 in the first 15 minutes of trading. Market watchers are increasingly betting the Fed will raise the interest rate by 0.25 basis point at the end of its policy meeting in May, following US jobs data pointing to robust

April 11, 2023

Hackers steal W20b worth of coins from crypto exchange

Hackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday. The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have bee

April 10, 2023

Seoul shares hit nearly 8-month high on tech boost, eased inflation woes

South Korean stocks hit a nearly eight-month high Monday, buoyed by strong gains in tech blue-chips and US jobs data signaling a cooling economy that raises the odds for the Federal Reserve to ease up on its monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 21.67 points, or 0.87 percent, to close at 2,512.08, the highest since Aug. 17 last year. Trading volume was high at 708.8 million shares worth 13.4 trillion won ($10.

April 10, 2023

Seoul shares open higher ahead of US inflation data release

South Korean stocks opened higher Monday, as investors await the US consumer prices data due later this week that will give them a clue on the Federal Reserve's next monetary policy move. The benchmark Korea Composite Stock Price Index rose 13.08 points, or 0.53 percent, to 2,503.49 in the first 15 minutes of trading. The March consumer price index is set be released Wednesday. Investors expect the data will offer them an idea as to whether the Fed will maintain its tough interest rate hike

April 10, 2023

'Superrich' ditch real estate for cash in 2022: report

The wealthiest in Korea tended to increase their shares of safe haven assets, such as cash holdings and deposits, rather than taking a risk with real estate in 2022, according to a report published Sunday by a think tank under Hana Bank. According to the 2023 Korean Wealth Report compiled by the Hana Institute of Finance, the wealthiest members of society owned an average of 18.7 billion won ($14.2 million) in cash holdings and deposits, accounting for an average of 58 percent of total assets, m

April 9, 2023

Seoul stocks close over 1% higher on chip rally

Seoul stocks closed over 1 percent higher Friday on a tech and semiconductor rally following Samsung's first-quarter guidance results. The Korean won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 31.18 points, or 1.27 percent, to close at 2,490.41. Trading volume was heavy at 578.3 million shares worth 11.1 trillion won ($8.4 billion), with gainers outnumbering decliners 433 to 419. Retail investors snapped up a net 999.4 billion won worth of shares, outpacin

April 7, 2023

Seoul stocks open higher on Samsung, chip stocks

Seoul shares opened higher Friday as Samsung Electronics soared after it announced a cut in its chip production in the face of a slump in its earnings. The benchmark Korea Composite Stock Price Index added 18.79 points, or 0.76 percent, to 2,478.2 in the first 15 minutes of trading. Overnight, US stocks ended higher as investors remained cautious ahead of job data set to be released Friday. The Dow Jones Industrial Average added 0.18 percent, and the tech-heavy NASDAQ advanced 0.76 percent. In S

April 7, 2023

Seoul shares dip nearly 1.5 % on tech losses

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23. Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191. Institutions and foreign investors offloaded a net combined 986 billion won worth of sto

April 6, 2023

Seoul stocks open lower on recession fears

Seoul shares opened lower Thursday amid renewed concerns about an economic recession. The benchmark Korea Composite Stock Price Index went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading. Overnight, US stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing US private job growth slowed in March, says about the health of the broader economy. The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 per

April 6, 2023

Seoul shares up on tech, battery gains amid recession woes

Seoul shares ended higher Wednesday on the back of gains in tech and battery makers, though investors remain concerned about a potential slowdown after the release of weak US economic data. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 14.70 points, or 0.59 percent, to close at 2,495.21. Trading volume was moderate at 624.56 million shares worth 9.6 trillion won ($7.3 billion), with decliners outpacing gainers 458 to 415. Investors are closely ke

April 5, 2023

Seoul stocks open higher on tech, auto gains

Seoul shares opened higher Wednesday helped by gains in techs and autos amid renewed concerns over the US banking crisis. The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.4 percent, to 2,490.52 in the first 15 minutes of trading. The main index bucked losses on Wall Street. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq Composite shed 0.5 percent amid a sell-off in banks. Citigroup Inc., Wells Fargo & Co. and other US lenders pl

April 5, 2023

Seoul shares end up on tech gains amid inflation woes

Seoul shares ended higher Tuesday helped by tech gains, with OPEC+ members' plan to cut oil output raising concerns over inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.33 percent, to close at 2,480.51. Trading volume was moderate at 808.77 million shares worth 12.72 trillion won ($9.7 billion), with gainers outpacing decliners 634 to 242. The oil producers' surprise decision to cut output came just days after

April 4, 2023