Seoul shares end lower on profit taking

Seoul shares closed lower Thursday as investors attempted to cash in recent gains. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index fell 6.62 points, or 0.25 percent, to close at 2,613.80. Trade volume was moderate at 607.8 million shares worth 10.25 trillion won ($7.68 billion), with decliners outnumbering gainers 539 to 330. Foreigners and institutions sold stocks worth 14.8 billion won and 49.3 billion won, respectively, while individuals purchased

Feb. 15, 2024

Korean stock market could duplicate Japan's bull run: Shinhan chief

Shinhan Financial Group Chairman Jin Ok-dong believes that undervalued Korean stocks including his banking group’s shares could gain impetus with the government’s strong drive with its upcoming market revamp program aimed at creating a new investment wave. With the Korean financial authorities set to put forward detailed schemes to iron out deep-seated low valuation of Korean stocks this month, listed companies and investors are paying keen attention to what would be included in th

Feb. 15, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index gained 14.7 points, or 0.56 percent, to 2,635.12 in the first 15 minutes of trading. Overnight, the US stock market gained ground after a sharp decline the previous day sparked by hotter-than-expected inflation data. Investors have been expecting the US Federal Reserve to start cutting interest rates this year amid hope for eased inflation. But January's consumer pri

Feb. 15, 2024

Seoul shares snap 3-day winning session on hotter-than-expected US inflation data

Seoul shares snapped a three-session winning streak Wednesday as hotter-than-expected US inflation data for January cooled investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 29.22 points, or 1.1 percent, to close at 2,620.42. Trade volume was moderate at 534.17 million shares worth 9.93 trillion won ($7.4 billion), with decliners outnumbering gainers 509 to 378. Institutions sold a net 535.25 billion won worth of stocks, offsetting

Feb. 14, 2024

Seoul shares open lower after US inflation data

Seoul shares opened lower Wednesday following hotter-than-estimated US inflation data. The benchmark Korea Composite Stock Price Index fell 39.58 points, or 1.49 percent, to 2,610.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1.4 percent to 38,272.75, and the tech-heavy Nasdaq declined 1.8 percent to 15,655.60. Investors have been expecting the US Federal Reserve to start cutting interest rates this year amid hope for eased inflation. But January's

Feb. 14, 2024

NHN net loss narrows in 2023 on lower costs

Major IT company NHN Corp. said Tuesday its net loss narrowed in 2023 from a year earlier thanks mainly to reduced costs. Net loss came to 9 billion won ($6.8 million) last year, compared with a 31.8 billion-won deficit a year earlier, the company said in a regulatory filing. Sales rose 7.3 percent on-year to 2.26 trillion won, with operating income coming to 55.5 billion won, up 42.2 percent from the previous year. NHN said its mobile games division contributed stably to 2023 sales, and it post

Feb. 13, 2024

Seoul shares up for 3rd day on rate cut hopes

Seoul shares closed higher for the third straight session Tuesday amid hopes that the US Federal Reserve will start easing due to continued disinflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 29.32 points, or 1.12 percent, to close at 2,649.64. Trade volume was moderate at 550.46 million shares worth 12.93 trillion won ($9.7 billion), with gainers outnumbering losers 597 to 285. January's US consumer price index due later Tuesday is

Feb. 13, 2024

[Photo News] Bitcoin flies high

A screen shows bitcoin trading at over 67 million won ($50,459) at local crypto exchange Bithumb's headquarters in southern Seoul, Tuesday. The price of bitcoin traded above $50,000 on Monday (US time) for the first time since December 2021, according to the US-based crypto exchange Coinbase. The sharp increase is assessed to have stemmed from a strong inflow of spot bitcoin exchange-traded funds that directly hold bitcoin. The Korean price of bitcoin stood at 67.1 million won as of 2 p.m.,

Feb. 13, 2024

Seoul shares open higher amid rate cut hopes

Seoul shares opened higher Tuesday as investors expect the US Federal Reserve to start easing this year due to continued disinflation. The benchmark Korea Composite Stock Price Index rose 33.23 points, or 1.27 percent, to 2,653.55 in the first 15 minutes of trading. Investors await January's US inflation data due later in the day. The US consumer price index is expected to support the view that decelerating inflation will allow the US central bank to start cutting rates this year. In Seoul,

Feb. 13, 2024

[Graphic News] Imports of Japanese seafood post biggest on-year drop since 2012

South Korea’s imports of Japanese seafood posted the biggest on-year decline last year since 2012, a year after the Fukushima nuclear accident, data showed. South Korea imported Japanese fish and shellfish worth a combined $151.9 million in 2023, down 12.8 percent from a year earlier, according to data compiled by the Korea Customs Service. The drop was the biggest since 2012, when South Korea’s imports of Japanese seafood plunged 33.3 percent on-year due to safety concerns after the

Feb. 13, 2024

Foreign investors rush to ‘undervalued’ stocks

Foreign investors have been racking up “underperforming shares” on the Kospi, Korea’s main bourse, backed by increased expectations of the government’s initiative to boost the local stock market. Since the government late last month vowed to come up with new measures to tackle the "Korea discount," offshore investors are increasingly flocking to invest in firms with low price-to-book ratios in anticipation of stock price recoveries. PBR is a metric used to compa

Feb. 12, 2024

S. Korean shares close higher on hopes of US rate cuts

South Korean stocks closed higher for a second consecutive session Thursday amid growing hopes of US rate cuts. The local currency slightly lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 10.74 points, or 0.41 percent, to close at 2,620.32. Trade volume was heavy at 422.7 million shares worth 12.2 trillion won ($9.18 billion), with gainers slightly outnumbering losers 451 to 436. Foreign investors remained net buyers for a seventh consecutive session, net

Feb. 8, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Thursday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 14.08 points, or 0.54 percent, to 2,623.66 in the first 15 minutes of trading. The upbeat start follows overnight advances on Wall Street amid growing expectations of US rate cuts from the second quarter of the year. The Dow Jones Industrial Average added 0.40 percent while the S&P 500 gained 0.82 percent to close at 4,955.06. In Seoul, large caps traded m

Feb. 8, 2024

Seoul shares snap 2-day losing streak on foreign buying

South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58. Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239. Foreign investors extended their buying streak to a sixth consecutive ses

Feb. 7, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Wednesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.75 points, or 0.69 percent, to 2,593.95 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed up 0.37 percent overnight. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics gained 0.54 percent, with top pharmaceutical firm Celltrion advancing 0.66 percent. Top battery maker LG Ener

Feb. 7, 2024

Seoul shares down for 2nd day on Powell's comments on rate cuts

South Korean shares closed lower for a second consecutive day Tuesday amid US rate woes prompted by the Federal Reserve chair. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.11 points, or 0.58 percent, to close at 2,576.20. Trade volume was heavy at 404.4 million shares worth 10.1 trillion won ($7.6 billion), with losers outnumbering gainers 613 to 265. Foreign investors scooped up a net 338.1 billion won worth of shares,

Feb. 6, 2024

Seoul shares open lower on Wall Street losses

Seoul shares opened lower Tuesday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.74 points, or 0.30 percent, to 2,583.57 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.71 percent lower after US Federal Reserve Chair Jerome Powell made remarks that suggested rate cuts may come later than anticipated. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics advanced 0.13 percent, while the w

Feb. 6, 2024

Seoul shares close lower on profit taking

South Korean stocks closed lower Monday on profit taking after recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24 points, or 0.92 percent, to 2,591.31, ending a two-day winning streak. Kospi soared nearly 5 percent over the bullish period. Trade volume was heavy at 500.2 million shares worth 12.1 trillion won ($9.09 billion), with losers closely outnumbering winners 459 to 434. Institutions sold a net 724.2 billion won worth of lo

Feb. 5, 2024

Seoul shares open lower after rally

South Korean stocks started lower Monday as investors locked in profits following a surge the previous session. The benchmark Korea Composite Stock Price Index dropped 1.32 percent, or 34.56 points, to 2,580.75 in the first 15 minutes of trading. On Friday, the Kospi soared 2.87 percent on the back of a climb in autos and techs. Market bellwether Samsung Electronics sank 1.46 percent, and its consumer electronics rival LG Electronics declined 0.51 percent. Bio shares also traded weaker, with Sam

Feb. 5, 2024

Analysts upbeat on Kakao; battery sector outlook gloomy

Despite lingering management risks, tech giant Kakao may see a surprise increase in its stock price this year, with analysts bullish on its advertising and commerce businesses. According to market intelligence firm FnGuide, Kakao's target price, provided by more than three analysts, was 69,458 won ($51.90) as of Sunday, up 10.6 percent from 62,783 won recorded at the end of last year, marking the highest increase rate among the target prices of the top 20 firms listed on the Korean stock ma

Feb. 4, 2024