Seoul shares open tad higher on chip rally

South Korean stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the United States' debt ceiling to avoid a default. The benchmark Korea Composite Stock Price Index added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent, after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance. But the

May 26, 2023

SC Bank holds prize event for new special interest account holders

Standard Chartered Bank Korea is holding an event for first-time customers who sign up for its Jaeil EZ Account – an occasional deposit and withdrawal account that provides an annual pretax interest rate of up to 3.6 percent even if customers deposit money for just one day. The event, which continues until May 31, offers prizes to a few chosen customers among those who open an account and submit an entry by May 31. One event entry will be additionally counted for every 1 million won ($754)

May 25, 2023

Seoul shares down for 2nd day on US debt ceiling woes

South Korean stocks ended lower for the second day in a row Thursday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 12.76 points, or 0.5 percent, to close at 2,554.69. Trading volume was moderate at 903.89 million shares worth 9.27 trillion won ($6.99 billion), with losers outpacing gainers 681 to 182. The index opened slightly higher, despi

May 25, 2023

Seoul shares open slightly higher on chip shares

South Korean stocks opened slightly higher Thursday, led by big-cap tech gains, despite uncertainties over the United States' debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 3.01 points, or 0.12 percent, to 2,570.46 in the first 15 minutes of trading. Overnight, US shares ended lower as negotiations on the US' debt ceiling drag on, with just eight days left till the June 1 deadline. The Dow Jones Industrial Average lost 0.77 percent, and the tech-heavy

May 25, 2023

Seoul shares close flat amid US debt ceiling uncertainties

South Korean stocks ended nearly flat after a seven-day rise Wednesday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 0.10 points, or 0.0 percent, to close at 2,567.45. Trading volume was moderate at 1.06 billion shares worth 7.79 trillion won ($5.91 billion), with losers outpacing gainers 460 to 397. Institutions sold a net 185.5 billion wo

May 24, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Tuesday on the back of gains in big-cap tech and chemical shares. The benchmark Korea Composite Stock Price Index added 9.37 points, or 0.37 percent, to 2,556.45 in the first 15 minutes of trading. Overnight, US shares ended mixed as investors were awaiting the development regarding talks on a debt ceiling deal to avert a federal default. The Dow Jones Industrial Average lost 0.42 percent, while the tech-heavy Nasdaq Composite rose 0.5 percent. US House Speaker

May 23, 2023

Seoul shares up for 6th day on hopes for US debt ceiling deal

South Korean stocks ended markedly higher Monday to extend their winning streak to a sixth session as investors were optimistic about a deal on the United States' debt ceiling to avoid a federal default. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 19.29 points, or 0.76 percent, to close at 2,557.08. Trading volume was a bit slim at 583.13 million shares worth 8.04 trillion won ($6.09 billion), with gainers outpacing decliners 634 to 2

May 22, 2023

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday, led by big-cap tech and auto shares, as talks for the United States' debt ceiling deal were to resume soon. The benchmark Korea Composite Stock Price Index added 9.18 points, or 0.36 percent, to 2,546.97 in the first 15 minutes of trading. US President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Monday to seek a breakthrough regarding their debt ceiling negotiations, according to foreign media reports. On Friday, the negotiation

May 22, 2023

Osstem Implant plans for Kosdaq delisting

South Korea's largest dental implant maker announced Thursday it will discuss the firm's delisting from the secondary bourse Kosdaq at its extraordinary general meeting slated for June 28. Osstem Implant plans to initiate the delisting application process once the resolution is passed at the general meeting that will be attended by private equity funds Unison Capital Korea and MBK Partners, the firm's largest shareholders. The MBK Partners-Unison Capital Korea consortium has acq

May 19, 2023

Seoul shares open higher amid eased debt-ceiling woes

Seoul shares opened higher Friday, tracking Wall Street gains overnight, amid hopes that the US government will be able to avert a debt default. The benchmark Korea Composite Stock Price Index rose 10.5 points, or 0.42 percent, to 2,525.9 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.3 percent to 33,535.91, and the tech-heavy Nasdaq Composite climbed 1.5 percent to 12,688.84. The US government needs to lift the debt ceiling to cover its future spending pl

May 19, 2023

Seoul shares at over 2-week high on eased US default woes

South Korean stocks rose to an over two-week high Thursday as investor sentiment was buoyed by rising hopes that Washington would reach a deal on the debt ceiling. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index rose 20.74 points, or 0.83 percent, to finish at 2,515.4. It is the highest closing point since 2,524.39 on May 2. Trading volume was moderate at 558.3 million shares worth 7.64 trillion won ($5.72 billion), with winners far outnumberin

May 18, 2023

Seoul shares open higher as debt-ceiling concerns ease

Seoul shares opened higher Thursday after US stocks rallied on optimism that a deal to raise the US debt ceiling is within reach. The benchmark Korea Composite Stock Price Index rose 15.4 points, or 0.62 percent, to 2,510.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 1.2 percent to 33,420.77, and the tech-heavy Nasdaq Composite climbed 1.3 percent to 12,500.57. The US government needs to lift the debt ceiling to cover its future spending plans and pr

May 18, 2023

Seoul shares finish up 0.58% on uncertainties

South Korean stocks finished a tad higher Wednesday as investors remained lukewarm amid lingering US debt woes and weaker-than-expected retail sales data. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index added 14.42 points, or 0.58 percent, to close at 2,494.66. Trading volume was moderate at 555.6 million shares worth 7.07 trillion won ($5.28 billion), with gainers beating decliners 552 to 318. Foreign investors and institutions scooped up a co

May 17, 2023

Seoul shares open nearly flat on lingering US debt ceiling concerns

South Korean stocks started nearly unchanged Wednesday amid protracted US debt-ceiling negotiations. The benchmark Korea Composite Stock Price Index fell 0.11 point to 2,480.13 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average tumbled 1.01 percent and the tech-heavy Nasdaq Composite declined 0.18 percent as investors awaited developments in the negotiations on debt deals. In Seoul, big caps traded in mixed territories. Top carmaker Hyundai Motor rose 0.74 perce

May 17, 2023

Seoul shares open higher amid US debt ceiling woes

South Korean stocks opened higher Tuesday as investor sentiment was buoyed by ongoing US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index climbed 16.3 points, or 0.66 percent, to 2,495.65 in the first 15 minutes of trading. US stocks finished a tad higher overnight on rising optimism that Washington would reach a debt ceiling deal. The Dow Jones Industrial Average rose 0.14 percent, and the tech-savvy Nasdaq Composite went up 0.66 percent. In Seoul, market bellwether Sa

May 16, 2023

BOK, Samsung join hands for offline payment using CBDC

The Bank of Korea and Samsung Electronics on Monday have joined hands to develop Central Bank Digital Currency technology that enables transactions to be made without internet access. The two sides signed a memorandum of understanding at Samsung’s headquarters in Suwon, Gyeonggi Province to strengthen their partnership on the development of CBDC, a form of digital currency issued by the central bank, as well as a solution for offline transactions using the virtual money. Samsung Electroni

May 15, 2023

Seoul shares inch up amid US debt ceiling woes

South Korean stocks snapped a four-day losing streak to close marginally higher Monday, amid concerns over the dispute over the US debt ceiling between the US government and Congress. The local currency edged down against the US dollar. After swerving in and out of negative terrain, the benchmark Korea Composite Stock Price Index finished up 3.93 points, or 0.16 percent, to 2,479.35. Trading volume was light at 475.7 million shares worth 6.8 trillion won ($5.08 billion), with decliners outnumber

May 15, 2023

Seoul shares open lower amid US debt ceiling woes

South Korean stocks opened slightly lower Monday, as growing worries over the debt ceiling standoff between the US government and Congress weighed on investor sentiment. The benchmark Korea Composite Stock Price Index slipped 4.10 points, or 0.17 percent, to 2,471.32 in the first 15 minutes of trading. The Joe Biden administration and a divided Congress have yet to reach an agreement over raising the US government's $31.4 trillion borrowing limit, with the Congressional Budget Office warnin

May 15, 2023

Hanwha Aerospace, KT added to MSCI Korea Index

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos

May 12, 2023

Seoul shares down for 4th day amid rate hike woes

Seoul shares ended lower to extend their losing streak to a fourth day Friday as investors remain concerned about the Federal Reserve taking further tightening steps. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.58 points, or 0.63 percent, to 2,475.42. The Kospi has shed 1 percent this week. Trading volume was moderate at 782.19 million shares worth 8.21 trillion won ($6.2 billion), with decliners outnumbering gainers 650 to 233. Institutions

May 12, 2023