Seoul shares end lower on profit-taking

South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292. Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investor

July 4, 2023

Seoul shares open tad higher amid eased inflation woes

South Korean stocks opened a tad higher Tuesday, driven by tech heavyweights and signs of easing inflation. The benchmark Korea Composite Stock Price Index advanced 4.13 points, or 0.16 percent, to 2,606.6 in the first 15 minutes of trading. All US stock indexes finished higher Monday ahead of a one-day close for the Independence Day holiday amid signs of moderating inflation. Tesla Inc. advanced 6.9 percent on record quarterly sales. South Korea also saw its consumer price growth slow for the

July 4, 2023

Seoul shares rally 1.5% on strong techs, easing inflation

South Korean stocks rallied Monday, boosted by strong tech companies that tracked US peers and signs of inflation cooling in the US economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 38.19 points, or 1.49 percent, to close at 2,602.47. Trading volume was moderate at 607.3 million shares worth 8.86 trillion won ($6.77 billion), with gainers outnumbering decliners 606 to 269. "The fact that the University of Michigan consumer senti

July 3, 2023

Seoul shares open higher on tech boost, easing inflation

South Korean stocks got off to a strong start Monday, driven by tech heavyweights and signs of inflation easing in the US economy. The benchmark Korea Composite Stock Price Index advanced 22.61 points, or 0.88 percent, to 2,586.89 in the first 15 minutes of trading. The US personal consumption expenditures index, a reading on inflation, rose 3.8 percent in May, a marked drop from a 4.3 percent rise in April, the US Commerce Department data showed, in a sign that inflation is cooling. The core PC

July 3, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants. (Hana Financial Group)

July 2, 2023

Mirae Asset Securities outpaces rivals in ESG ratings for H1

Mirae Asset Securities announced Friday that it received a grade A for its sustainable management by local ESG ratings agency Sustinvest, becoming the only securities firm to earn the top ranking. The latest recognition comes as the company has ramped up sustainability efforts since it started releasing its own sustainable management report in 2006. The company said establishing medium and long-term goals for ESG criteria and taking systematic steps to fulfill the goals with sub-level tasks cont

July 2, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants.

July 2, 2023

Seoul shares snap 3-day fall on improved economic data

South Korean stocks closed higher Friday after the country's economic data showed improvement in industrial output, private spending and facility investment. The benchmark Korea Composite Stock Price Index climbed 14.26 points, or 0.56 percent, to 2,564.28. Trading volume was moderate at 498.9 million shares worth 8.04 trillion won ($6.1 billion) with gainers outstripping decliners 612 to 260. The index opened lower on losses of large-cap tech stocks and investors' woes over expectatio

June 30, 2023

Seoul shares turn lower on tech losses

South Korean stocks turned lower after starting marginally higher Friday, driven by a decline in big tech companies. The benchmark Korea Composite Stock Price Index lost 7.9 points, or 0.31 percent, to 2,542.12 in the first 15 minutes of trading. Overnight, major US stock indexes ended mixed as major banks cleared the Federal Reserve's annual stress test, while stronger-than-expected economic data bolstered expectations of an additional rate hike by the Fed. The Dow Jones Industrial Average

June 30, 2023

Seoul shares fall for 3rd day on Powell rate hike remarks; Korean won dips

South Korean stocks fell for the third day in a row Thursday, as investors digested US Federal Reserve Chair Jerome Powell's hawkish remarks reaffirming more interest rate hikes ahead. The local currency dipped against the US dollar. The benchmark Korea Composite Stock Price Index sank 14.17 points, or 0.55 percent, to close at 2,550.02. Trading volume was moderate at 591.9 million shares worth 8.65 trillion won ($6.56 billion), with decliners far outnumbering gainers 737 to 161. "Befo

June 29, 2023

Dunamu leads Web 3.0 market with blockchain tech

Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has been leading the growth of next-generation technology with its experience in blockchain. The firm has been a pioneer in digital assets, introducing new technologies for lucrative investments. The operator joined hands with entertainment agency Hybe, the K-pop company behind boy band BTS, to launch Levvels, a joint venture that develops and launches non-fungible tokens based on the intellectual property of artists und

June 29, 2023

SC Bank offers 3.6% interest rates for new account holders

Standard Chartered Bank Korea said Thursday that it is offering a promotion for new clients signing up for its Jaeil EZ account, promising first-time customers interest rates of up to 3.6 percent per year, even for just one day of deposit. The promotion, which launched on June 20 and runs until July 7, offers every new client 3,000 won ($2.28) worth of Naver Pay points, a points reward program of the country's largest portal. Customers need to agree to receiving mobile newsletters and mobil

June 29, 2023

Seoul shares up despite Fed chief's hawkish remarks

South Korean stocks edged higher shortly after starting a tad lower Thursday, as investors were little fazed by US Federal Reserve Chair Jerome Powell's remarks reaffirming the interest rate hike campaign is not over. The benchmark Korea Composite Stock Price Index gained 8.82 points, or 0.34 percent, to 2,573.01 in the first 15 minutes of trading. Speaking at a European Central Bank forum in Portugal on Wednesday, Powell reiterated that the Fed will further raise its interest rates this ye

June 29, 2023

Seoul shares fall ahead of Powell speech

South Korean stocks closed 0.67 percent lower Wednesday, led by foreign selling, as sound US economic data adding justification for the Federal Reserve's interest rate hikes dampened investor sentiment. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index slid 17.20 points to finish at 2,564.19. Trading volume was moderate at 477.4 million shares worth 8.66 trillion won ($6.62 billion), with decliners outpacing gainers 502 to 366. "The s

June 28, 2023

Finance sector unaffected by changes in age counting system

Abolishment of the “Korean age” system, which came into effect Wednesday, will not make a substantial difference in the local finance sector, as the industry has already been using the internationally recognized age counting system. The country’s top finance regulator Financial Supervisory Service launched a counseling center under its call center on Wednesday to respond to consumers experiencing difficulties with the new age system. The FSS, however, expects that the new age s

June 28, 2023

Seoul shares open nearly flat amid eased recession woes

South Korean stocks opened nearly flat Wednesday, as global recession woes eased after better-than-expected US economic data. The benchmark Korea Composite Stock Price Index rose 2.15 points, or 0.08 percent, to 2,583.54 in the first 15 minutes of trading. US consumer confidence jumped unexpectedly to a near 18-month high in June. Orders of durable manufactured goods increased last month, and new home sales sharply rose to an over-one-year high in May. Investors have their eye on what US Federal

June 28, 2023

Seoul shares almost flat ahead of Powell remarks

South Korean stocks closed almost flat Tuesday, as tech blue-chips pared earlier losses, with eyes on what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index slipped 0.81 points, or 0.03 percent, to finish at 2,581.39. Trading volume was moderate at 528.7 million shares worth 8.36 trillion won ($6.42 billion) with gainers outnumbering decliners 437 to 430. "Powell's remarks due later this week coul

June 27, 2023

Seoul shares open lower on weak techs ahead of Powell remarks

South Korean stocks opened lower Tuesday, driven by a decline in big tech companies, as investors wait to hear what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index fell 9.59 points, or 0.37 percent, to 2,572.61 in the first 15 minutes of trading. Investors have remained cautious after Powell said last week that US interest rates will need to be raised once or twice more this year, dampening hopes for the

June 27, 2023

Seoul shares end higher on tech, auto gains

South Korean stocks closed higher Monday on advances in tech and auto shares. The local currency went down against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index climbed 12.10 points, or 0.47 percent, to 2,582.20. Trading volume was moderate at 473 million shares worth 8.3 trillion won ($6.4 billion) with gainers outstripping decliners 494 to 381. The index opened lower on losses on Wall Street amid US Federal Reserve Chairman Jerome Powell's remarks re

June 26, 2023

Seoul shares open tad lower on US losses

South Korean stocks opened a tad lower Monday, tracking losses on Wall Street amid concerns over economic recession and profit taking. The benchmark Korea Composite Stock Price Index fell 3.08 points, or 0.12 percent, to 2,567.02 in the first 15 minutes of trading. All US stock indexes finished lower Friday after US Federal Reserve Chairman Jerome Powell reaffirmed the need for more interest rate hikes at a testimony before Congress last week. In Seoul, mega-cap shares opened mixed. Tech heavywe

June 26, 2023