Seoul shares fall on tech losses amid rate hike uncertainty

South Korean stocks ended lower Friday on losses in big-cap tech shares amid caution over the United States' monetary policy path amid high inflation. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.48 points, or 0.63 percent, to close at 2,423.61. Trading volume was slim at 363.7 million shares worth 6.86 trillion won ($5.26 billion), with decliners outpacing gainers 662 to 222. The index opened higher, tracking US gains, but fell to n

Feb. 24, 2023

Seoul shares open higher on tech gains

South Korean stocks opened slightly higher Friday, tracking Wall Street gains, as big-cap tech shares gathered ground. The benchmark Korea Composite Stock Price Index added 6.34 points, or 0.26 percent, to 2,445.43 in the first 15 minutes of trading. Overnight, US shares ended higher following a recent rout amid lingering uncertainties over the United States' monetary policy path to curb inflation. The Dow Jones Industrial Average rose 0.33 percent, and the tech-heavy Nasdaq Composite advan

Feb. 24, 2023

Seoul shares close up after BOK's rate freeze

South Korean stocks finished higher on Thursday as investors got a much-awaited reprieve from consecutive rate hikes by the Bank of Korea. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 21.41 points, or 0.89 percent, to close at 2,439.09. Trading volume was a bit slim at 393.06 million shares worth 7.33 trillion won ($5.65 billion), with gainers outpacing losers 510 to 362. Institutions and foreign investors combined bought a net 300.87 billi

Feb. 23, 2023

Seoul shares open higher amid rate hike woes

South Korean stocks opened higher Thursday amid lingering concerns over more interest rate hikes. The benchmark Korea Composite Stock Price Index had gained 18.54 points, or 0.77 percent, to 2,436.22 in the first 15 minutes of trading. The Bank of Korea is scheduled to hold its rate-setting meeting later in the day. It raised its benchmark interest rate by a quarter percentage point in January to 3.5 percent to tackle persistently high inflation. It was its seventh straight rate hike since April

Feb. 23, 2023

Seoul stocks end sharply lower on rate hike fears

South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68. Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147. Institutions and foreign investors combined

Feb. 22, 2023

Seoul shares open sharply lower on rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a Wall Street plunge overnight, on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The benchmark Korea Composite Stock Price Index had shed 34.26 points, or 1.39 percent, to 2,424.70 as of 9:15 a.m. Wall Street dropped overnight as market sentiment was weighed down by fears about higher rates for a longer period of time. Investors are concerned that the Fed will continue to raise r

Feb. 22, 2023

Seoul shares end tad up amid rate hike concerns

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won. Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323. The index had fluctuated b

Feb. 21, 2023

[Herald Interview] Align Partners CEO faces off against SM founder, Hybe

A two-year-old activist fund that triggered a controversial corporate ownership battle between two K-pop powerhouses said it will persistently demand governance improvement of SM Entertainment until it makes substantial profit. With only a 1.1 percent stake, Seoul-based Align Partners has been shaking up the governance structure of SM Entertainment, which is behind stars like NCT, EXO and aespa, by gathering minority shareholders. Align’s shareholder campaign against the K-pop juggernaut

Feb. 21, 2023

Seoul shares open tad lower on rate hike concerns

South Korean stocks opened slightly lower Tuesday as traders remained uncertain about the US Federal Reserve's future monetary policy to curb inflation. The benchmark Korea Composite Stock Price Index had shed 7.36 points, or 0.3 percent, to 2,447.76 in the first 15 minutes of trading. US financial markets closed Monday for the Presidents' Day holiday. On Friday, Wall Street ended mixed as stronger-than-expected US inflation readings and a low unemployment rate reinforced investors

Feb. 21, 2023

Seoul shares inch up amid inflation woes

South Korean stocks ended slightly higher Monday as investors remain cautious about the United States' monetary policy path amid high inflation. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.91 points, or 0.16 percent, to 2,455.12. Trading volume was a bit slim at 382.21 million shares worth 7.43 trillion won ($5.74 billion), with gainers outpacing decliners 560 to 320. The index opened markedly lower but rose to positive terrain afte

Feb. 20, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday as big-cap tech shares lost ground amid persistent concerns over the aggressive monetary tightening by the US Federal Reserve to curb inflation. The benchmark Korea Composite Stock Price Index shed 12.70 points, or 0.52 percent, to 2,438.51 in the first 15 minutes of trading. On Friday, US shares ended mixed amid uncertainty over future rate hikes. The Dow Jones Industrial Average rose 0.39 percent, while the tech-heavy Nasdaq Composite fell 0.58 percent.

Feb. 20, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Friday as traders assessed the impact of more hotter-than-expected US inflation data on the Federal Reserve's monetary tightening policy down the road. The benchmark Korea Composite Stock Price Index fell 18.92 points, or 0.76 percent, to 2,456.56 in the first 15 minutes of trading. Overnight, Wall Street closed down, with the Dow Jones Industrial Average falling 1.26 percent and the tech-heavy Nasdaq Composite shedding 1.78 percent. The S&P 500 retreated 1.38

Feb. 17, 2023

Seoul shares end higher on institutional buying amid rate woes

Seoul shares ended higher Thursday tracking Wall Street gains, as institutional investors scooped up large-cap stocks amid concerns over the Federal Reserve's further rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 47.58 points, or 1.96 percent, to close at 2,475.48. Trading volume was moderate at 378.9 million shares worth 8.97 trillion won ($6.98 billion), with gainers outpacing decliners 671 to 213. Overnight, the Dow Jones Indu

Feb. 16, 2023

Banks under fire for ‘insufficient’ contribution to Korean society

Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov

Feb. 16, 2023

Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, amid concerns over the US Federal Reserve's continued rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 22 points, or 0.91 percent, to 2,449.90 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.1 percent to 34,128.05 and the tech-heavy Nasdaq Composite climbed 0.9 percent to 12,070.59. Investors now await US employment data to be released Thursd

Feb. 16, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Wednesday as investors assess higher-than-expected US inflation data and the Federal Reserve's comments hinting at rate increases, which may portend a longer-than-expected period of monetary tightening to combat inflation. The benchmark Korea Composite Stock Price Index fell 9.95 points, or 0.40 percent, to 2,455.69 in the first 15 minutes of trading. Overnight, US stocks ended mixed, with the Dow Jones Industrial Average falling 0.5 percent to 34,089.27 and the te

Feb. 15, 2023

Mirae Asset bolsters US market presence with ETF arm Global X

Mirae Asset Global Investments has made a big stride forward in the US exchange-traded funds market in the last five years following its acquisition of New York-based fund management firm Global X. ETF provider Global X had about 8 trillion won ($6.29 billion) in managed assets when it was taken over by the Korean asset manager in 2018, the current AUM increased by six times to 45 trillion won as of end of 2022, according to Mirae Asset Global Investments on Tuesday. Global X’s five-year c

Feb. 14, 2023

Seoul stocks snap 3-day losing streak ahead of US inflation data

South Korean stocks closed up Tuesday ahead of the release of the United States' key inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 12.94 points, or 0.53 percent, to close at 2,465.64, as investors staged a comeback from their losing streak in the last three sessions. Trading volume was a bit slim at 343.4 million shares worth 6.66 trillion won ($5.24 billion), with gainers outpacing losers 490 to 374. Institutions and

Feb. 14, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday on overnight Wall Street gains ahead of the release of the United States' key inflation data. The benchmark Korea Composite Stock Price Index rose 24.25 points, or 0.99 percent, to 2,476.95 in the first 15 minutes of trading. US stocks rallied after a New York Federal Reserve consumer survey showing Americans lowered their expectations for future income gains suggested that consumer price data due out Tuesday might come in better shape than previous

Feb. 14, 2023

Seoul shares down for 3rd day ahead of US inflation data

South Korean stocks fell for a third session Monday on tech losses as investors remain cautious ahead of the release of the United States' key inflation data this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.03 points, or 0.69 percent, to 2,452.70. Trading volume was a bit slim at 480.0 million shares worth 7.27 trillion won ($5.69 billion), with decliners outpacing gainers 530 to 340. Institutions sold a net 407.92 billion won

Feb. 13, 2023