Seoul shares down for 3rd day ahead of US inflation data

South Korean stocks fell for a third session Monday on tech losses as investors remain cautious ahead of the release of the United States' key inflation data this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.03 points, or 0.69 percent, to 2,452.70. Trading volume was a bit slim at 480.0 million shares worth 7.27 trillion won ($5.69 billion), with decliners outpacing gainers 530 to 340. Institutions sold a net 407.92 billion won

Feb. 13, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week. The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading. Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path. Fed Chair Jerome Powell said last week that disinflation has starte

Feb. 13, 2023

[KH Explains] Proxy fight heats up to acquire SM

A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add

Feb. 12, 2023

Seoul shares end lower amid Fed rate hike worries

Seoul shares ended lower Friday amid the prospect of further rate hikes by the Federal Reserve to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.79 points, or 0.48 percent, to 2,469.73. Trading volume was moderate at 653.41 million shares worth 8.3 trillion won ($6.6 billion), with decliners outpacing gainers 607 to 283. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 perc

Feb. 10, 2023

Seoul shares open lower amid Fed rate hike worries

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors remain concerned over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.4 percent, to 2,471.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 percent. Fed officials said interest rates need to remain high for a while to battle inflation, weighing o

Feb. 10, 2023

Kakao 2022 net down 38% due to base effect

Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to

Feb. 10, 2023

JB Financial Group posts record-high net profit in 2022

JB Financial Group said Thursday its net profit hit a record high last year on higher net interest income and operational efficiency. The financial group logged 601 billion won ($477.5 million) in net profit in 2022, up 18.6 percent from a year ago, according to its earnings report. The amount marks the largest since the financial holding company was launched in 2013. “The group will seek to continue its stable growth this year by focusing on profitability-oriented and substantial manage

Feb. 9, 2023

Court orders Namyang to hand over controlling stake to Hahn & Co

An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in

Feb. 9, 2023

Seoul shares edge down amid Fed rate hike uncertainty

South Korean stocks marginally fell Thursday, snapping their two-day winning streak, as investors took profits amid lingering uncertainty over the United States' monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.09 percent, to 2,481.52. Trading volume was moderate at 595.66 million shares worth 8.76 trillion won ($6.95 billion), with decliners outpacing gainers 508 to 363. Institutions sold a net 384.86

Feb. 9, 2023

Seoul shares open lower on US losses

South Korean stocks opened lower Thursday, driven by big-cap tech losses, as US shares ended lower on concerns over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.03 points, or 0.61 percent, to 2,468.61 in the first 15 minutes of trading. Overnight, US shares ended lower after Fed Gov. Christopher Waller said he's "prepared for a longer fight to get inflation down" and interest rates need to remain high for

Feb. 9, 2023

S. Korea vows to meet 'global standard' for inclusion in WGBI

South Korea will continue to revamp its market policies to attract more foreign investors to join the World Government Bond Index this year, the finance ministry said Thursday. The remark came after Second Vice Finance Minister Choi Sang-dae held a meeting with David Sol, the global head of London-based FTSE Russell, which operates the index Wednesday. The WGBI is a broad index designed to measure the performance of government bond markets, including local currencies and sovereign bonds of major

Feb. 9, 2023

Seoul shares end higher on foreign buying after Powell comments

Seoul shares ended higher Wednesday on foreign buying after Federal Reserve Chair Jerome Powell said that inflation has begun to come down. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.93 points, or 1.3 percent, to 2,483.64. Trading volume was moderate at 406.98 million shares worth 7.9 trillion won ($6.3 billion), with gainers outpacing decliners 591 to 282. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the te

Feb. 8, 2023

Kyobo Life Insurance pushes to set up holding unit

Kyobo Life Insurance, one of Korea's leading life insurers, said Wednesday that it will convert itself into a financial holding company before the end of next year in a bid to expand its business portfolio into other financial sectors. The company seeks to seize new business opportunities as the country’s low birth rates and aging population hamper the growth of the life insurance business. “The idea of establishing a holding company began with the recognition that a new corpo

Feb. 8, 2023

Shinhan Bank taps incumbent vice chief as next CEO

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Feb. 8, 2023

Seoul shares open higher after Powell's comments

Seoul shares opened higher Wednesday, tracking gains on Wall Street, as Federal Reserve Chair Jerome Powell expected that this year may see a significant drop in inflation. The benchmark Korea Composite Stock Price Index rose 21.12 points, or 0.86 percent, to 2,472.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the tech-heavy Nasdaq Composite climbed 1.9 percent to 12,113.79. Powell said disinflation has begun, though further

Feb. 8, 2023

Seoul shares rebound on blue-chip tech gains

South Korean stocks rose Tuesday as investors picked up big-cap tech bargains following a sharp fall the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.52 points, or 0.55 percent, to 2,451.71. Trading volume was moderate at 443.14 million shares worth 7.48 trillion won ($5.96 billion), with decliners outpacing gainers 496 to 374. Despite overnight losses on Wall Street, the Kospi opened slightly higher and moved within a

Feb. 7, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Tuesday as investors picked up tech blue chips following deep losses in the previous session. The benchmark Korea Composite Stock Price Index rose 9.22 points, or 0.38 percent, to 2,447.41 in the first 15 minutes of trading. The gain bucked overnight losses on Wall Street amid rising bond yields and ahead of Federal Reserve Chairman Jerome Powell's remarks on the economy at the Economic Club of Washington. The Dow Jones Industrial Average inched down 0.1 pe

Feb. 7, 2023

Fint provides investors safety net through AI risk management

At times of high financial volatility, Korean fintech firm Fint’s artificial intelligence-powered investment service designed for minimizing risk can play its part, said an executive from the startup behind the service. Launched by startup December & Co. in 2019, Fint is a digital version of a fund manager that implements an investment strategy and manages the portfolio through trading activities in global exchange-traded funds based on its AI engine named ISAAC. "The service hi

Feb. 6, 2023

Seoul stocks end lower amid Fed rate hike woes

Seoul shares ended lower Monday, as strong US jobs data fueled fears of further rate hikes to tame inflation. The Korean won fell sharply to a monthly low against the US dollar. The benchmark Korea Composite Stock Price Index fell 42.21 points, or 1.7 percent, to close at 2,438.19 points. Trading volume was moderate at 554 million shares worth some 7.54 trillion won ($6 billion), with decliners outnumbering gainers 464 to 416. On Friday, the Dow Jones Industrial Average dropped 0.4 percent, and

Feb. 6, 2023

Seoul shares open lower on US losses amid rate hike worries

Seoul shares opened lower Monday, tracking losses on Wall Street, as the US Federal Reserve said last week it will continue to raise rates for a while to tame inflation. The benchmark Korea Composite Stock Price Index fell 30.8 points, or 1.24 percent, to 2,449.60 points in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average dropped 0.4 percent to 33,926.01 points, while the tech-heavy Nasdaq Composite declined 1.6 percent to 12,006.95 points. The Fed raised the benchmar

Feb. 6, 2023