Seoul shares open lower on Tesla drop, recession woes

South Korean stocks opened lower Friday, led by the decline in auto and battery shares following Tesla Inc.'s sharp fall on Wall Street and US data signaling a slowing economy. The benchmark Korea Composite Stock Price Index slid 12.97 points, or 0.51 percent, to 2,550.14 in the first 15 minutes of trading. Wall Street ended lower Thursday after Tesla hinted at more price cuts to come and that it intends to do so even if it hurt its margins. New claims for unemployment benefits in the Unite

April 21, 2023

Seoul shares end lower on Fed rate hike woes

Seoul shares closed down Thursday, as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.97 points, or 0.46 percent, to close at 2,563.11. Trading volume was high at 938 million shares worth 12.2 trillion won ($9.2 billion), with losers outnumbering winners 647 to 231. Foreign investors bought a net 156 billion won worth of stocks, while institutions and

April 20, 2023

[KH Explains] Is EcoPro a ‘meme stock’?

Stock prices of South Korean battery materials firm EcoPro and its affiliates have been skyrocketing over the past few months, backed by a retail investor frenzy. EcoPro was previously a little-known stock listed on the tech-laden Kosdaq. But recently it has been arguably the most talked about stock in the local equity market. The group’s shares -- those of EcoPro, EcoPro BM and EcoPro HN, nicknamed the "three brothers" -- have been on a rapid rise as Korean battery firms are e

April 20, 2023

Seoul shares open lower on rate hike woes

Seoul shares opened lower Thursday as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The benchmark Korea Composite Stock Price Index lost 7.1 points, or 0.28 percent, to 2,567.98 in the first 15 minutes of trading. Overnight, Wall Street closed little changed following the release of the Federal Reserve's Beige Book, Fed officials' hawkish comments and a string of mixed corporate earnings including Tesla and Morgan Stanley. The Dow Jones Indu

April 20, 2023

Seoul shares end higher on auto, battery materials, financial gains

South Korean stocks finished up Wednesday, as automakers, battery materials companies and banks led the market gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 3.99 points, or 0.16 percent, to close at 2,575.08. Trading volume was high at 933 million shares worth 12.4 trillion won ($9.4 billion), with gainers outnumbering losers 596 to 276. Institutions bought a net 455 billion won worth of stocks, while foreigners and retail investors o

April 19, 2023

Market cap of listed firms jumps 14% in Q1

The total market capitalization of listed firms in Korea rose by 14 percent, or 280 trillion won ($212 billion), during the first quarter of 2023, a report by issued by market tracker Korea CXO Institute showed Wednesday. As the local stock market has been on course for a gradual rebound in the first three months of 2023, the total market cap of 2,558 firms listed on the country’s benchmark Kospi and secondary Kosdaq increased by 280 trillion won, from 2,011 trillion won on Jan. 2 to 2,291

April 19, 2023

Seoul shares open up boosted by battery gains

Seoul shares opened higher Wednesday with battery stocks leading the gains. The benchmark Korea Composite Stock Price Index gained 3.36 points, or 0.13 percent, to 2,574.45 in the first 15 minutes of trading. Battery stocks, including those affiliated with steel giant Posco Holdings in particular, led the market gains on the rosy growth prospects of their battery materials business. Posco Holdings rose 1.69 percent, and Posco Future M, the steelmaker's chemical components-making unit, spike

April 19, 2023

Seoul shares snap 7-day winning streak to close lower

South Korean stocks finished down Tuesday, breaking their seven-day streak of gains amid concerns over possible rate hikes in the United States. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.82 points, or 0.19 percent, to close at 2,571.09. Trading volume was high at 882.9 million shares worth 13.9 trillion won ($10.5 billion), with losers outnumbering gainers 577 to 309. Institutions sold a net 664 billion won worth of stocks, while foreig

April 18, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Tuesday as investors are concerned about possible additional rate hikes by the US Federal Reserve and a possible economic slowdown. The benchmark Korea Composite Stock Price Index fell 5.87 points, or 0.23 percent, to 2,570.04 in the first 15 minutes of trading. The Kospi bucked overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.3 percent and the tech-heavy Nasdaq Composite also climbed 0.28 percent. This week, investors are awaiting the release of

April 18, 2023

Seoul shares open slightly lower on rate hike concerns

South Korean stocks opened marginally lower Monday as investors took to the sidelines amid lingering concerns over rake hikes. The benchmark Korea Composite Stock Price Index shed 3.74 points, or 0.15 percent, to 2,567.75 in the first 15 minutes of trading. The Kospi finished higher Friday for a sixth consecutive session after softer-than-expected US economic data showed that inflation is slowing, adding to hopes the Federal Reserve will dial back its aggressive rate-hike cycle. Wall Street, how

April 17, 2023

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