Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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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
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Seoul shares sink to over 2-yr low amid recession worries
Seoul stocks retreated to an over two-year low Friday amid the spreading recession fears. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.44 points, or 0.71 percent, to close at 2,155.49. The Friday figure is the lowest closing since the 2,150.25 points on July 10, 2020. Trading volume was moderate at about 933 million shares worth some 7.8 trillion won ($5.4 billion), with losers outnumbering gainers 561 to 321. Institutions bought a ne
Sept. 30, 2022
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Seoul shares open lower on Wall Street plunge
Seoul stocks opened lower Friday, taking a cue from overnight losses on Wall Street that stemmed from growing recession fears. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.64 points, or 0.35 percent, to 2,163.29 points in the first 15 minutes of trading. The market has been in the doldrums, as the key stock index closed at the lowest since July 2020 this week. In Seoul, market bellwether Samsung Electronics slid 0.962 percent, while chip giant SK hynix jumped 2.35 percent.
Sept. 30, 2022
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SC Bank, Toss mull compensation for won-dollar rate error
Standard Chartered Bank Korea and Toss Securities are discussing ways to compensate customers who suffered losses due to a faulty won-dollar exchange rate posted on their mobile trading apps, officials said Thursday. The won-dollar exchange rate on Toss Securities’ mobile trading system was frozen at 1,298 won per US dollar from 1:50 p.m. to 2:15 p.m. on Wednesday, when the actual rate hovered around 1,440 won. SC Bank Korea, the London-based financial giant’s Korean unit, which pr
Sept. 29, 2022
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Seoul shares open higher after rout amid recession fears
Seoul stocks opened higher tracking overnight Wall Street gains, after plunging to the lowest level in more than two years the previous session on growing recession fears. The Korean won also rebounded to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 28.66 points, or 1.32 percent, to 2,197.95 in the first 15 minutes of trading. The KOSPI ended at 2,169.29 on Wednesday, the lowest since July 20, 2020, amid combative monetary tightening policies in major economies to
Sept. 29, 2022