Seoul shares open tad higher ahead of Fed meeting

South Korean stocks started a tad higher Monday ahead of the US Federal Reserve's rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index rose 3.64 points, or 0.14 percent, to 2,644.8 in the first 15 minutes of trading. In a meeting to be held Tuesday and Wednesday, the US central bank is expected to end its hawkish approach and hold the key rates unchanged. Seoul shares traded mixed across the board. Market bellwether Samsung Electronics Co. stayed flat and it

June 12, 2023

Seoul shares end higher ahead of Fed's rate decision; Korean won sharply up

Seoul shares ended higher Friday amid expectations that the US Federal Reserve may pause its rate hike march next week. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 30.31 points, or 1.16 percent, to close at 2,641.16. Trading volume was moderate at 569.97 million shares worth 10.79 trillion won ($8.4 billion), with gainers outpacing losers 488 to 376. Institutions and foreigners bought a combined 842 billion won worth of stocks, offsetti

June 9, 2023

Seoul shares open higher ahead of Fed rate decision

Seoul shares opened higher Friday, tracking overnight gains on Wall Street, with investors awaiting the US Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index rose 10.85 points, or 0.42 percent, to 2,621.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 33,833.61 and the Nasdaq Composite climbed 1 percent to 13,238.52. In Seoul, tech, auto and airline stocks led gains. Market bellwether Samsung Elect

June 9, 2023

Seoul shares end lower amid rate hike woes

Seoul shares finished lower Thursday, as rate hike fears resurfaced ahead of US inflation data and the Federal Reserve's rate decision next week. The Korean won rose slightly against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.75 points, or 0.18 percent, to close at 2,610.85. Trading volume was moderate at 570.8 million shares worth 11.25 trillion won ($8.63 billion), with losers outpacing gainers 503 to 369. Institutions and retail investors scooped up a net 316.1

June 8, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Thursday as investors await key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index ticked down 11.02 points, or 0.42 percent, to 2,604.58 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, as recent market rally, driven by an artificial intelligence boom, paused. The Dow Jones Industrial Average added 0.27 percent, while the S&P 500 shed 0.38 percent and the Nasdaq Composite

June 8, 2023

Seoul shares nearly unchanged ahead of Fed's rate decision

South Korean stocks closed nearly flat Wednesday as investors remained cautious ahead of big events next week. The local currency rose to a near two-month high against the US greenback. The benchmark Korea Composite Stock Price Index rose 0.19 point, or 0.01 percent, to close at 2,615.60. Trading volume was slim at 525.8 million shares worth 9.93 trillion won ($7.62 billion), with losers slightly outpacing gainers 439 to 422. Institutions scooped up a net 348.97 billion won worth of local shares

June 7, 2023

Seoul shares open higher ahead of inflation data, Fed meeting

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, with investors awaiting key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index rose 10.05 points, or 0.38 percent, to 2,625.46 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.03 percent to 33,573.28, and the Nasdaq Composite gained 0.36 percent to 13,276.42. US consumer prices for May, set to be released next

June 7, 2023

70% of Signiel penthouses owned by corporations

Over 70 percent of those who own lavish penthouses at Signiel Seoul – an upscale residence located throughout the 42nd to 71st floors of Korea’s tallest building, Lotte World Tower – were revealed to be corporations, according to a news report by the Herald Business on Monday. The Signiel Seoul, which was completed in April of 2017, has a total of 223 housing units, including seven penthouses and 11 duplex-type sub-penthouses. Based on real estate registrations, the Herald Busi

June 7, 2023

S. Korean stock market's turnover falls sharply in May amid Ponzi scheme

Turnover of South Korea's main and secondary bourses dropped sharply last month as investor sentiment was dampened by a recent Ponzi scheme that has rocked the local financial market, data showed Tuesday. The average daily turnover of the main Kospi and tech-heavy Kosdaq markets stood at 18 trillion won ($13.8 billion) in May, down 31.7 percent from the previous month's 26.4 trillion won, according to the data from the Korea Stock Exchange. The average daily transactions of the Kospi m

June 6, 2023

Seoul shares end higher on Fed's rate-hike pause hopes

Seoul shares ended higher Monday amid hopes that the US Federal Reserve may not raise interest rates this month due to signs of slackening in the US labor market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.05 points, or 0.54 percent, to close at 2,615.41. The main index continued to close at above 2,600 after surpassing the 2,600 level on Friday for the first time since June 9, 2022. Trading volume was moderate at 537.16 million sha

June 5, 2023

Imported car sales fall 9.2% in May on lack of supply volumes

Sales of imported vehicles in South Korea fell 9.2 percent last month from a year earlier due mainly to lack of supplies in some brands, an industry association said Monday. The number of newly registered imported vehicles came to 21,339 units in May, down from 23,512 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were BMW's 520 sedan, Lexus' ES300h sedan, and Mercedes-Benz's E 35

June 5, 2023

Seoul shares open higher amid Fed's rate pause hopes

Seoul shares opened higher Monday, tracking Wall Street gains, as investors expect the US Federal Reserve will not raise interest rates this month due to signs of US labor market slackening. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.51 percent, to 2,614.70 in the first 15 minutes of trading. On June 2, the Dow Jones Industrial Average jumped 2.1 percent to 33,762.76, and the Nasdaq Composite gained 1 percent to 13,240.77. The May US jobs report cemented bets for the

June 5, 2023

Foreign reserves down in May on strong dollar

South Korea's foreign reserves fell in May as the dollar's ascent cut the conversion value of holdings in other currencies, central bank data showed Monday. The country's foreign reserves came to $420.98 billion as of end-May, down $5.7 billion from the previous month, according to the data from the Bank of Korea. The dollar's rise last month boosted the converted value of holdings denominated in other currencies, the Bank of Korea explained. The dollar index that gauges the

June 5, 2023

K-pop stock rally proves strong despite BTS hiatus

With strong global demand for K-pop, share prices of major entertainment agencies are on a robust rally this year. The added market value of the four major K-pop agencies -- Hybe, JYP Entertainment, YG Entertainment and SM Entertainment -- has increased by some 8 trillion ($6.16 billion) won this year, nearing 20 trillion won. Shares of Hybe, the K-pop company behind the global boy group BTS, closed at 270,000 won on Friday. Though it is lower than the peak of 303,000 won on May 3, it marks a st

June 4, 2023

Shinhan Card to expand presence in Kazakhstan

Shinhan Card looks to expand its business in Kazakhstan through its affiliate Shinhan Finance, joining hands with the local automobile dealership industry and stepping up its digital transformation efforts. Since its founding in November 2014, Shinhan Finance, Shinhan Card's subsidiary in Kazakhstan, has been focusing on microfinance products such as auto loans and credit loans. Shinhan Card CEO Moon Dong-kwon, who took office earlier this year, recently visited Kazakhstan to meet with th

June 4, 2023

Seoul shares at 1-year high on hopes Fed pauses rate hikes

South Korean stocks closed at a one-year high Friday, led by large-cap tech gains, on hopes the Federal Reserve will pause its aggressive monetary tightening and the United States' debt ceiling deal will pass. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 32.19 points, or 1.25 percent, to close at 2,601.36. It was the first time for the index to surpass the 2,600 level since June 9, 2022. Trading volume was moderate at 559.56 million sh

June 2, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Friday, led by big-cap tech shares, as investors welcomed the progress in the United States' debt ceiling deal. The benchmark Korea Composite Stock Price Index added 18.7 points, or 0.73 percent, to 2,587.87 in the first 15 minutes of trading. Overnight, US stocks closed higher as the House of Representatives passed a debt ceiling bill to avoid a federal default. The Dow Jones Industrial Average rose 0.47 percent, and the tech-heavy Nasdaq Composite jumped

June 2, 2023

Seoul shares down for 2nd day amid eased US debt ceiling woes

South Korean stocks fell for a second straight session Thursday, as a consecutive fall in exports weighed down major tech and auto stocks, while the passage of a US debt ceiling deal by the House gave relief to investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 7.95 points, or 0.31 percent, to 2,569.17. Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering ga

June 1, 2023

Hana Financial, Mirae Asset join hands for digital finance innovation

Hana Financial Group and Mirae Asset Securities said Thursday that they have signed a joint deal for business cooperation in Web3 and security tokens in efforts to lead the way into the future of digital finance. “Through our solid partnership, we will actively take up opportunities for change and lead the way for innovation in digital finance by providing new values and experiences,” Hana Financial Group Chairman Ham Young-joo said. Web3 is a new version of the internet incorporatin

June 1, 2023

Seoul shares open nearly flat ahead of US debt ceiling vote

South Korean stocks opened marginally lower Thursday before soon turning to positive terrain, as investors kept a close eye on the planned vote by US Congress on lifting the federal debt ceiling. After starting lower at the opening bell, the benchmark Korea Composite Stock Price Index added 1.56 points, or 0.06 percent, to 2,578.68 in the first 15 minutes of trading. US stocks closed lower Wednesday as the House of Representatives was set to vote on a bill to raise the $31.4 trillion debt limit

June 1, 2023