HMM Q3 net sinks 96 pct on lower shipping rates

South Korea's top container shipper HMM Co. said Friday its third-quarter earnings tumbled on sluggish shipping rates amid decreased cargo volume. Net income amounted to 95.4 billion won ($72.3 million) in the July-September period, down 96 percent from a year earlier, the shipping company said in a regulatory filing. Sales dipped 58 percent on-year to 2.1 trillion won, with operating income plunging 97 percent to 75.8 billion won. In the first three quarters of this year, the company poste

Nov. 10, 2023

Businesses to have access to forex brokers under bill revision

Non-financial entities, including export companies, will be allowed to make transactions through forex aggregators, a service which has until now been limited to financial firms, according to an announcement from the Finance Ministry on Friday. The reform comes as part of the proposed revision to the Foreign Exchange Transactions Act, part of the Korean government's effort to make the local forex market meet the "global standards." Under the reform, forex aggregators will provid

Nov. 10, 2023

Seoul shares end lower on Fed chief's hawkish comments, Tesla

South Korean stocks finished lower Friday after the US Federal Reserve's chief hinted that interest rates could be raised further and Tesla dropped overnight. The local currency fell against the greenback. The benchmark Korea Composite Stock Price Index dropped 17.42 points, or 0.72 percent, to close at 2,409.66. Trading volume was slim at 304.12 million shares worth 5.61 trillion won ($4.26 billion). Losers outnumbered gainers 600 to 259. US stocks sagged overnight after Federal Reserve Ch

Nov. 10, 2023

South Korea’s commercial real estate market shrinks in Q3: report

South Korea's commercial real estate market retreated in the third quarter as foreign investments declined due to high pricing, according to a report from market tracker MSCI Real Assets on Thursday. Local commercial real estate transactions in the third quarter stood at $4.6 billion, marking a 34 percent decrease on-year, the report showed. Though South Korea was the top country in the Asia-Pacific region in terms of transaction volume in the previous quarter, it fell to the third-larges

Nov. 10, 2023

Seoul shares open lower on Fed chief's remark

South Korean stocks opened lower Friday in line with overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index dropped 20.68 points, or 0.85 percent, to 2,406.40 in the first 15 minutes of trading. US stocks sagged overnight after Federal Reserve Chair Jerome Powell indicated interest rates may be hiked again if needed. The Dow Jones Industrial Average fell 0.7 percent and the Nasdaq Composite slipped 0.9 percent. In Seoul, market heavyweights remained weak. Top market cap

Nov. 10, 2023

Seoul shares end higher on institutional, foreign buying

South Korean ended slightly higher Thursday as foreign investors and institutions snapped up shares following a two-day losing streak. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index rose 5.46 points, or 0.23 percent, to close at 2,427.08. Trading volume was moderate at 388.8 million shares worth 7.13 trillion won ($5.44 billion). Losers, however, outnumbered gainers 444 to 432. The Kospi remained in negative terrain in the morning session with mixe

Nov. 9, 2023

Seoul shares open flat with Fed's stance in focus

South Korean stocks opened flat Thursday as investors took to the sidelines gauging the Federal Reserve's future rate policy in the wake of the country's short selling ban. The benchmark Korea Composite Stock Price Index fell 0.04 point, or 0.00 percent, to 2,421.58 in the first 15 minutes of trading. US stocks closed mixed overnight, with the Dow Jones Industrial Average dropping 0.12 percent and the Nasdaq Composite rising 0.08 percent, as investors largely sat on the sidelines while

Nov. 9, 2023

'Bedbug' stocks soar amid investors' race to make quick cash

Recent reports of bedbug infestations in various public spaces, including a university dormitory, low-cost apartments, and saunas, have raised alarms of an impending nationwide outbreak across South Korea, prompting the government to launch a multi-agency task force on Tuesday. But, it turns out bedbugs are causing more than just itchy bites -- they're now making waves in the South Korean stock market, as savvy investors are bullish on pesticide manufacturers. On Tuesday, agrochemical compa

Nov. 8, 2023

Seoul shares fall amid lingering woes over short selling ban

South Korean stocks ended lower Wednesday amid lingering woes over the country's ban on short selling. The local currency gained ground against the greenback. After choppy trading, the benchmark Korea Composite Stock Price Index fell 22.34 points, or 0.91 percent, to close at 2,421.62. Trading volume was moderate at 461.3 million shares worth 7.54 trillion won ($5.75 billion), with losers outnumbering gainers 498 to 378. After opening higher, the Kospi climbed as high as nearly 1 percent in

Nov. 8, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street over a slide in Treasury yields there. The benchmark Korea Composite Stock Price Index rose 10.84 points, or 0.44 percent, to 2,454.80 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average edging up 0.2 percent and the Nasdaq Composite rising 0.9 percent amid an easing of Treasury yields there. In Seoul, battery and bio-related shares opened stronger, with l

Nov. 8, 2023

Seoul shares slide 2.3% after record gains over short selling ban

South Korean stocks ended more than 2.3 percent lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The local currency sharply fell against the greenback. The benchmark Korea Composite Stock Price Index sank 58.41 points, or 2.33 percent, to close at 2,433.96, bringing its four-session winning streak to a close. Trading volume was moderate at 447.6 million shares worth 11

Nov. 7, 2023

Seoul shares open lower after record daily gain

South Korean stocks opened lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The benchmark Korea Composite Stock Price Index fell 42.25 points, or 1.69 percent, to 2,460.12 in the first 15 minutes of trading. On Monday, the Kospi logged its largest daily gain of 134.03 points, or 5.66 percent, buoyed by the short selling ban that will be in place by the end of June 2024

Nov. 7, 2023

Foreign investors remain net sellers of S. Korean stocks in October

Foreign investors sold a net 3.1 trillion won ($2.39 billion) worth of South Korean stocks last month, extending their selling spree to a third consecutive month, data showed Tuesday. Foreigners owned 624.8 trillion won worth of local stocks, accounting for 27.2 percent of total market capitalization after the sell-off, according to the data from the Financial Supervisory Service. By country, Norway was the top net buyer of local stocks last month, net purchasing 600 billion won worth of shares,

Nov. 7, 2023

Seoul shares surge to over 11-month high after short selling ban

South Korean stocks surged over 5.6 percent Monday as the country reimposed a ban on stock short selling to crack down on illegal market practices by global investment banks. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index soared 134.03 points, or 5.66 percent, to close at 2,502.37, extending its winning streak to a fourth day. Tech and battery-related stocks led the overall market advance. Trading volume was high at 518.4 million shares wor

Nov. 6, 2023

Seoul shares open higher on stock short selling ban

South Korean stocks opened higher Monday as the country launched a temporary ban on stock short selling to crack down on illegal market practices by global investment banks. The benchmark Korea Composite Stock Price Index climbed 48.16 points, or 2.03 percent, to 2,416.50 in the first 15 minutes of trading. On Sunday, the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility

Nov. 6, 2023

Seoul shares up for 3rd session on Fed's rate freeze

South Korean stocks advanced for the third consecutive session Friday amid hope that the US rate-hike cycle has come to an end. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index shot up 25.22 points, or 1.08 percent, to close at 2,368.34. Trading volume was moderate at 567 million shares worth 7.86 trillion won ($5.94 billion), with gainers outnumbering losers 717 to 159. Foreigners dumped a net 134.8 billion won worth of local shares, and ind

Nov. 3, 2023

Seoul shares open higher on US advance

South Korean stocks opened higher Friday tracking overnight gains on Wall Street amid expectations that the Federal Reserve's monetary tightening mode has passed. The benchmark Korea Composite Stock Price Index shot up 20.62 points, or 0.88 percent, to 2,363.74 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average advancing 1.7 percent and the Nasdaq Composite rising 1.78 percent. The Fed has kept its benchmark lending rate steady at a

Nov. 3, 2023

Seoul shares shoot up nearly 2% on Fed's back-to-back rate freeze

South Korean stocks soared nearly 2 percent Thursday after the US Federal Reserve held its key rate steady as widely expected overnight. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index shot up 41.56 points, or 1.81 percent, to close at 2,343.12 Trading volume was moderate at 370 million shares worth 7.57 trillion won ($5.63 billion), with gainers outnumbering losers 693 to 207. Foreigners dumped a net 141.3 billion won worth of local shares,

Nov. 2, 2023

Seoul shares open higher on Fed's rate freeze

South Korean stocks kicked off higher on Thursday after the US Federal Reserve held its key rate steady as widely expected. The benchmark Korea Composite Stock Price Index shot up 37.01 points, or 1.61 percent, to 2,338.57 in the first 15 minutes of trading. Overnight, the Fed held its benchmark lending rate steady at a 22-year high for a second consecutive time as it keeps striving to bring down inflation to its 2 percent target. US stocks closed higher, with the Dow Jones Industrial Average ad

Nov. 2, 2023

Seoul shares open higher ahead of Fed's rate decision

South Korean stocks got off to a strong start Wednesday, tracking overnight gains on Wall Street, as investors picked up tech bargains following a recent sharp fall awaiting the Federal Reserve's rate-setting decision. The benchmark Korea Composite Stock Price Index added 31.57 points, or 1.39 percent, to 2,309.56 in the first 15 minutes of trading. Overnight, US shares finished higher, with the Dow Jones Industrial Average rising 0.38 percent and the tech-heavy Nasdaq Composite going up 0.

Nov. 1, 2023