Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Scandal-ridden SillaJen’s shares surge following trade resumption
Scandal-ridden biotechnology firm SillaJen’s shares surged by nearly 30 percent on Thursday a day after South Korea’s sole bourse operator decided to resume its trading on the secondary index. The firm's shares jumped nearly 30 percent from the previous closing to 10,850 won ($7.58), effectively ending its 29 months of suspension and quickly picking up speed from its opening price of 8,380 won. Though the closing price on the last trading day before its suspension -- May 4, 2020 --
Oct. 13, 2022
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S. Korea's fiscal deficit widens by W15.1tr
SEJONG -- South Korea's fiscal deficit increased 15.1 trillion won ($10.5 billion) in the first eight months of 2022 from a year earlier due to spending on vulnerable groups amid the prolonged pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 85.3 trillion won in the January-August period, larger than a shortfall of 70.2 trillion won a year earlier, according to the Monthly Public Finance report releas
Oct. 13, 2022
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Seoul shares open lower amid recession fears
South Korean stocks opened lower Thursday amid persistent concerns over a global economic recession. The benchmark Korea Composite Stock Price Index lost 9.21 points, or 0.42 percent, to 2,193.26 in the first 15 minutes of trading. Overnight, Wall Street closed slightly down ahead of the release of the September consumer price index, one of the key indicators that would determine the pace of the US Federal Reserve's monetary policy tightening going forward. Minutes from the Fed's Septe
Oct. 13, 2022
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KRX resumes trading of SillaJen
South Korea’s stock exchange decided Wednesday to resume trading of the troubled biotech company SillaJen, effectively ending a suspension of over two years to a divided response from the market. The Korea Exchange’s Kosdaq market committee decided to keep SillaJen listed on the secondary, tech-heavy bourse in a decision that followed an hourslong meeting. It has yet to release a detailed explanation for its decision, but a KRX official, requesting anonymity, told
Oct. 12, 2022
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Kakao Bank, Krafton employees feel pain of bear market
Amid the white-hot stock rally of 2021, they were the envy of all. Those working at the year’s biggest market debutants Krafton and Kakao Bank were given chances to buy stocks in their company at a set price, via employee share ownership plans. However, none of those who bought the employee stocks are seeing profits now, as the shares are currently trading at less than half the price they paid. On Blind, an anonymous workplace community app, a verified Kakao Bank employee revealed a loss
Oct. 12, 2022
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Seoul shares open lower ahead of BOK rate decision
South Korean stocks opened lower Wednesday as investors awaited the Bank of Korea (BOK)'s decision on the policy rate later in the day amid woes over a global economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.74 points, or 0.35 percent, to 2,184.33 in the first 15 minutes of trading. South Korea's central bank will decide on whether to deliver another outsized rate hike to combat inflation. The BOK has been lifting its policy rate since August last year
Oct. 12, 2022
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Seoul shares tumble 1.83% amid tightening woes, geopolitical risks
South Korean stocks tumbled nearly 2 percent on Tuesday as investors sold off tech, auto and other stocks amid concerns that monetary tightening and geopolitical risks could tip the global economy into a recession. The Korean won also ended sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 40.77 points, or 1.83 percent, to end at 2,192.07. Trading volume was moderate at 846.31 million shares worth 7.75 trillion won ($5.42 billion), with losers far
Oct. 11, 2022
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Watchdog vows to complete inspection of troubled funds by next year
The head of South Korea’s financial watchdog pledged Tuesday that he will complete an inspection into the troubled funds and products that led to investors suffering hefty losses in recent years. The vow follows public criticism that the Financial Supervisory Service failed to screen and prevent fiascos including Ponzi schemes carried out by hedge funds and local financial institutions in recent years. The FSS has yet to decide on the reimbursement plans regarding the troubled 2019 German
Oct. 11, 2022
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Seoul shares open sharply lower on tech, auto losses
South Korean stocks opened sharply lower Tuesday as investors unloaded tech, auto and other issues amid worries that monetary tightening and geopolitical risks could tip the global economy into a recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 48.12 points, or 2.16 percent, to 2,184.72 in the first 15 minutes of trading. In Seoul, most shares opened sharply lower, with tech and auto issues suffering heavy downswings. Market bellwether Samsung Electronics tumbled 3.56 perc
Oct. 11, 2022
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Naver, Kakao shares lose W63tr of market cap
Naver and Kakao, tech stocks that had moved the market during the COVID-19 pandemic, have recently become big disappointments to investors, having lost over a combined 63.3 trillion won ($44.4 billion) in market value since the beginning of the year. South Korea’s No. 1 search engine operator Naver has fallen 57 percent since the first trading day of the year. Its shares fell from 376,000 won on Jan. 3 to 160,000 won on Friday, pulling its market cap down from 62.9 trillion won to 26.2 tr
Oct. 10, 2022
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Seoul shares end 3-day winning streak on rate hike woes
South Korean stocks closed lower Friday, ending a three-day winning streak amid lingering concerns over the Federal Reserve's aggressive monetary tightening and a global economic recession. After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) shed 5.02 points, or 0.22 percent, to end at 2,232.84. Trading volume was a bit slim at 402.26 million shares worth 6.96 trillion won (US$4.75 billion), with losers outpacing gainers 487 to 370. Institutional investors sold a
Oct. 7, 2022
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Apple Pay likely to start Korean services next month
Apple Pay will start its Korean services next month or at least early December, according to recently leaked documents stating terms and conditions for Hyundai Card customers. The screen captures of digital documents labeled “terms and conditions” in Korean said that “the purpose of this document is to regulate the conditions and procedures of the rights between our customers and the company, obligations and responsibility and more for the usage of Apple Pay services provided
Oct. 7, 2022
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Seoul shares open lower on US losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid lingering concerns over the Federal Reserve's monetary tightening policy. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.42 points, or 0.64 percent, to 2,223.44 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 1.15 percent, and the tech-heavy Nasdaq Composite went down 0.68 percent, as investors await a jobs report for September due Friday (US time), wh
Oct. 7, 2022
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Seoul shares rise for 3rd day on tech gains, foreign buying
South Korean stocks made solid gains Thursday as investors picked up big-cap tech shares on hopes for a recovery in a semiconductor industry cycle. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.64 points, or 1.02 percent, to end at 2,237.86, extending its winning streak to a third consecutive session. Trading volume was moderate at 631.62 million shares worth 6.67 trillion won ($4.75 billion), with gainers outpacing losers 776 to 118. Foreigners bought shares worth 252.05 bill
Oct. 6, 2022
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Financial regulator considers disclosing IDs of short-selling abusers
South Korea’s top financial regulator said Thursday that it is actively considering to disclose the identity of illegal short sellers amid growing criticism that the practice has been disrupting the local stock market. The remark comes amid growing anger from retail investors that have been witnessing the value of their stock investments dropping sharply in recent months. Many are blaming illegal short selling, claiming that they are the victims in a market vulnerable to such practices by
Oct. 6, 2022
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Seoul shares open higher on tech gains
South Korean stocks opened higher Thursday despite overnight US losses, on the back of solid gains in big-cap tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 18.93 points, or 0.85 percent, to 2,234.15 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 0.14 percent, and the tech-heavy Nasdaq Composite went down 0.25 percent, following strong gains of the previous two sessions. Some expect a softer tone from the Federal Reserve on moneta
Oct. 6, 2022
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Seoul shares open higher on US rallies
South Korean stocks opened markedly higher Wednesday, tracking overnight rallies on Wall Street, on solid demand for tech bargains. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.39 points, or 1.01 percent, to 2,231.77 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 2.80 percent, and the tech-heavy Nasdaq Composite advanced 3.34 percent, as US Treasury yields fell and the latest US jobs report raised hope that the Federal Reserve would bac
Oct. 5, 2022
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Seoul readies W10tr ‘stabilization’ fund to contain market volatility
South Korea’s finance authorities are preparing to replenish what they call a “stabilization fund” this month to curb volatility gripping the local stock market, led by investors pricing in a sharp US downturn. The fund, which the government last rolled out in 2020 to ride out the COVID-19 fallout but never actually used amid a market rebound, will make possible an injection of roughly 10 trillion won ($7 billion) into the Kospi 200 -- a select group of blue chips on the main b
Oct. 4, 2022
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Seoul shares rebound from 2-year low on tech gains
South Korean stocks made a strong rebound Tuesday from more than a two-year low as investors picked up battered tech shares following solid gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 53.89 points, or 2.5 percent, to end at 2,209.38. Trading volume was a bit slim at 412.58 million shares worth 7.37 trillion won ($5.16 billion), with gainers outpacing losers 815 to 90. Foreigners bought a net 216.89 billion won worth of shares in Seoul, while retail and ind
Oct. 4, 2022
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Seoul shares open higher on US gains
South Korean stocks got off to a strong start Tuesday, tracking overnight gains on Wall Street, to rebound from an over two-year low amid lingering fears of a global economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) added 33.54 points, or 1.56 percent, to 2,189.03 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 2.66 percent, and the tech-heavy Nasdaq Composite advanced 2.27 percent, as US Treasury yields retreated from levels unsee
Oct. 4, 2022