Seoul shares start lower on tech, battery losses

South Korean stocks opened sharply lower Friday led by losses from chip and battery shares, bucking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 24.49 points, or 0.97 percent, to fall to 2,510.8 in the first 15 minutes of trading. The US stocks continued their November rally on optimism that the Federal Reserve is set to end its hawkish mode. The Dow Jones Industrial Average jumped 1.5 percent, and the S&P 500 gained 0.4 percent. In Seoul, market bellw

Dec. 1, 2023

[Global Finance Awards] KB grows strength by leaps and bounds

KB Financial Group has solidified its status as a leading banking conglomerate by diversifying its revenue streams and strengthening its business portfolio beyond traditional lending activities. For two consecutive years, the group achieved net profits exceeding 4 trillion won ($3.1 billion) since 2021. It regained its title as the country's leading financial group in 2017, when its net profit surpassed 3 trillion won for the first time in its history. Its stellar performance stemmed from

Nov. 30, 2023

[Global Finance Awards] Hana Financial paves way for future female leaders

Hana Financial Group has strengthened its unwavering support to keep promising women on the road to success via Hana Waves, an annual in-house program that has nurtured nearly 100 future female leaders since its establishment in 2021. Under the slogan “Women’s Actions, Voice, Emotion,” Hana launched Hana Waves with an aim to boost the group's gender diversity efforts at the senior executive level. The members were recommended by CEOs of Hana affiliates as potential femal

Nov. 30, 2023

[Global Finance Awards] Mirae Asset ETF taps into Chinese market

Mirae Asset Global Investments has tapped into mainland China’s exchange-traded fund market, becoming the first Korean asset manager to do so. The Global X Hang Seng Tech ETF is the first eligible ETF under Mirae Asset to participate in the Hong Kong-China ETF Connect. The Global X Hang Seng Tech ETF is operated by the asset manager’s ETF arm Global X based in Hong Kong. Tracking the Hang Seng Tech index, the investments are concentrated in the 30 largest companies that are active in

Nov. 30, 2023

Seoul shares open lower ahead of BOK's rate decision

South Korean stocks started lower Thursday, as investors are waiting for the central bank's key rate decision later in the day. The benchmark Korea Composite Stock Price Index lost 7.98 points, or 0.32 percent, to 2,511.83 in the first 15 minutes of trading. In a rate-setting meeting, the Bank of Korea is widely expected to keep the rate unchanged at 3.5 percent. Major shares went south, with market bellwether Samsung Electronics falling 0.28 percent and LG Energy Solution, the second-bigge

Nov. 30, 2023

Seoul shares close tad lower ahead of BOK's rate decision

South Korean stocks finished slightly lower Wednesday as investors remained cautious ahead of the central bank's rate-setting meeting this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.95 points, or 0.08 percent, to close at 2,519.81. Trading volume was moderate at 571.6 million shares worth 9.27 trillion won ($7.19 billion), with losers beating winners 598 to 272. Institutions sold a net 140.9 billion won worth of l

Nov. 29, 2023

Seoul shares start lower ahead of key rate decision

South Korean stocks opened a tad lower Wednesday ahead of the central bank's rate-setting meeting. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.02 points, or 0.44 percent, to 2,510.74 in the first 15 minutes of trading. Overnight on Wall Street, US stocks climbed modestly on a dovish comment by a Federal Reserve official, with the Dow Jones Industrial Average edging up 0.24 percent and the Nasdaq Composite adding 0.29 percent. The Bank of Korea is set to decide on its pol

Nov. 29, 2023

Seoul shares close more than 1% higher on extended Israel-Hamas truce

South Korean stocks ended more than 1 percent higher Tuesday, as investors were buoyed by the latest news on an extended cease-fire in the Middle East. The local currency rose sharply against the US greenback. The benchmark Kospi jumped 26.1 points, or 1.05 percent, to close at 2,521.76. Trading volume was slim at 435.8 million shares worth 8.59 trillion won ($6.64 billion), with gainers slightly outnumbering decliners 457 to 417. Individual investors led the rally, purchasing a net 572.6 billio

Nov. 28, 2023

HiteJinro soju seeks bigger footing in UK

South Korean liquor giant HiteJinro said Tuesday it is expanding its distribution network of soju products in the UK as part of efforts to strengthen its market presence in Europe. Since last week, HiteJinro has started selling its Jinro Green Grape Soju and Jinro Peach Soju at 88 Sainsbury's stores and via online shopping portals, including Sainsbury's Online and Ocado, the company said. According to HiteJinro, the company's distilled spirit exports to the UK have been increasing

Nov. 28, 2023

Seoul shares open higher despite US losses

South Korean stocks started a tad higher on Tuesday despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index rose 15.98 points, or 0.64 percent, to 2,511.64 in the first 15 minutes of trading. In the United States, major stock indices closed in negative territory, with the Dow Jones Industrial Average losing 0.16 percent and the Nasdaq Composite declining 0.07 percent. In Seoul, large-cap shares led the positive start. Market bellwether Samsung Electronics rose 0.

Nov. 28, 2023

[Graphic News] Eco-friendly cars account for 1/3 of new car purchases in Jan.-Sept.

Eco-friendly cars accounted for one-third of all new vehicle purchases made here in the first nine months of 2023, government and industry data showed. According to data from the Transportation Ministry and the Korea Automobile Manufacturers Association, the rate of car purchasers who bought eco-friendly models, including hybrid and electric units, between January and September, stood at 32.1 percent of all new vehicle customers. It marked the first time for the portion of new eco-friendly model

Nov. 28, 2023

S. Korea, AIIB discuss stronger partnership, new investment chances

South Korea and the China-led Asian Infrastructure Investment Bank (AIIB) discussed ways Monday to boost bilateral cooperation on the financial sector and conduct various joint infrastructure projects, the finance ministry here said. The discussion took place during the meeting between Finance Minister Choo Kyung-ho and AIIB President Jin Liqun held in Seoul earlier in the day, according to the Ministry of Economy and Finance. Choo asked for the AIIB chief's support for South Korean com

Nov. 27, 2023

Korean banks at risk of W3tr in losses in HK-tied ELS sales

Concerns are looming large over the loss of principles in equity-linked securities products underlying Hong Kong’s slumping benchmark index with over 8 trillion won ($6.1 billion) in ELS products sold by Korean banks set to mature in the first half of next year. The size of ELS products tracking the Hang Seng China Enterprises Index maturing next year and sold by Korea’s five major banks exceeds 13 trillion won. Of them, some 8.4 trillion won worth of ELS products are facing matu

Nov. 27, 2023

Seoul shares open higher amid eased volatility

Seoul shares opened higher Monday amid decreased volatility on Wall Street. The benchmark Korea Composite Stock Price Index rose 4.77 points, or 0.19 percent, to 2,501.40 in the first 15 minutes of trading. On Friday, US stocks closed mixed, with the Dow Jones Industrial Average up 0.33 percent and the tech-heavy NASDAQ down 0.11 percent. The volatility index, Wall Street's fear gauge, hit the lowest since January 2020 at 12.46 as market participants expected the Federal Reserve is near the

Nov. 27, 2023

[Contribution] What keeps us awake at night

By Manpreet Gill When I first started out as a bond strategist, I was often reminded by my teammates of how the "bond guys" were always the pessimists in the room. We spent a lot of time worrying about what could go wrong. Identifying and then attempting to minimize the chances of a big risk event were often key to earning a reasonable return via the yield. This was, of course, in sharp contrast to the optimists in the equities team who spent much of their time thinking about just ho

Nov. 26, 2023

Seoul shares snap 4-day rise amid Fed's rate path woes

Seoul shares closed lower Friday, snapping a four-day winning streak, with no major guidance in the markets due to the Thanksgiving holiday in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index was down 18.33 points, or 0.73 percent, to close at 2,496.63. Trade volume was slim at 352.2 million shares worth 6.38 trillion won ($4.9 billion), with gainers outnumbering decliners 452 to 413. Institutions and individuals bought a combined 194

Nov. 24, 2023

Seoul shares open higher amid higher-for-longer rate woes

Seoul shares opened higher Friday, with no major guidance in the markets due to the Thanksgiving holiday in the United States on Thursday. The benchmark Korea Composite Stock Price Index rose 3.38 points, or 0.13 percent, to 2,518.34 in the first 15 minutes of trading. Market participants expected the Federal Reserve is near the end of its hiking cycle and rate cuts are likely in 2024. But the latest Fed minutes said officials have no intention to ease the monetary policy. In Seoul, large-cap st

Nov. 24, 2023

[Graphic News] S. Korea’s beverage exports hit all-time high this year: data

South Korea’s exports of beverages reached a record high during the first nine months of 2023 in line with the popularity of Korean food and the overall culture, the customs agency said. The export value of beverages, excluding alcoholic drinks and mineral water, amounted to $529 million during the January-September period, up 6.3 percent from a year earlier, according to the data from the Korea Customs Service. It is the highest level ever for a nine-month tally. Last year, the country lo

Nov. 24, 2023

Seoul shares up for 4th day amid Fed's rate path woes

Seoul shares closed higher Thursday, helped by foreign buying, while investors remain concerned about the Federal Reserve's future policy path. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 3.26 points, or 0.13 percent, to close at 2,514.96. Trade volume was slim at 353.45 million shares worth 6.43 trillion won ($5 billion), with decliners outnumbering gainers 469 to 403. Foreigners bought a net 119 billion won worth of stocks, offsetting

Nov. 23, 2023

Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Thursday, following gains on Wall Street, with investors remaining concerned about the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 3.11 points, or 0.12 percent, to 2,514.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 35,273.03, and the tech-heavy NASDAQ also added 0.5 percent to 14,265.86. There have been expectations that the Fed has nearly

Nov. 23, 2023