Citibank Korea to arrange syndicated loan for Posco's lithium salt lake project

Citibank Korea announced Friday that it signed a syndicated loan agreement with Posco Argentina to support the development of a salt lake with lithium reserves for Posco Holdings. As a joint mandated lead arranger, Citibank arranged a $412 million (505.4 billion won) syndicated loan for Posco Argentina with support from Korea Trade Insurance Corp. The agreement was reached on Jan. 25. “This deal is meaningful as it provides financing support for enhancing Korean companies’ competitiv

Feb. 3, 2023

Seoul stocks open tad lower as investors digest Fed event

Seoul shares opened slightly lower Friday as investors digest the US Federal Reserve's latest rate decision earlier this week. The benchmark Korea Composite Stock Price Index slipped 2.98 points, or 0.12 percent, to 2,465.9 points as of 9:23 a.m. Overnight, the tech-heavy Nasdaq Composite jumped 3.25 percent, while the Dow Jones Industrial Average slipped 0.11 percent. The Fed raised the benchmark lending rate by 25 basis points on Wednesday (US time) as expected. Investors are weighing eas

Feb. 3, 2023

Seoul stocks end higher after Fed decision

Seoul shares closed higher Thursday, tracking gains on Wall Street, after the Federal Reserve delivered a small rate hike while acknowledging progress in its battle against inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 19.08 points, or 0.78 percent, to close at 2,468.88 points. Trading volume was moderate at 682.5 million shares worth some 9 trillion won, with gainers outnumbering losers 604 to 264. The Dow Jones Industrial Average clo

Feb. 2, 2023

Seoul stocks open higher after Fed decision

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, after the Federal Reserve delivered a small rate hike while acknowledging progress in its fight against inflation. The benchmark Korea Composite Stock Price Index rose 23.98 points, or 0.98 percent, to 2,473.78 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.02 percent higher at 34,092.96 points, and the tech-heavy Nasdaq Composite advanced 2 percent to 11,816.32. The Fed raised

Feb. 2, 2023

KRX battles 'Korea discount' with earlier opening, eased regulations

The Korea Exchange unveiled a series of plans on Tuesday to transform the country's trading system in line with global standards, aiming to overcome the undervaluation of the domestic stock market. The bourse operator said it will push to open the derivatives market 15 minutes earlier at 8:45 a.m. Currently, the local derivatives market opens at 9 a.m. at the same time as the securities market. “By opening the derivatives market a little bit earlier, global events can be reflect

Jan. 31, 2023

Seoul stocks end lower ahead of Fed's rate decision

Seoul shares ended lower Tuesday, tracking falls on Wall Street, as investors stay cautious ahead of the Federal Reserve's rate decision this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 25.39 points, or 1.04 percent, to close at 2,425.08 points. The Kospi ended in negative territory for a second straight session after reporting gains in the previous five sessions. Trading volume was moderate at about 606 million shares worth 10.15 tr

Jan. 31, 2023

Seoul stocks snap 5-day winning streak on tech, auto losses; Korean won at 9-month high

Seoul stocks snapped their five-day winning streak Monday, weighed by losses in major tech shares ahead of the US central bank's rate-decision meeting and exports data from Asia's fourth-largest economy. The Korean won rose to the highest in nine months against the US dollar. The benchmark Korea Composite Stock Price Index retreated 33.55 points, or 1.35 percent, to close at 2,450.47 points. Trading volume was moderate at about 460 million shares worth some 8.7 trillion won ($7.1 billi

Jan. 30, 2023

Tax revenue up 15% in 2022

South Korea's tax revenue rose 51.9 trillion won ($42 billion) in 2022 from a year earlier on the back of an increased collection of corporate income taxes, coupled with revitalized consumption, the finance ministry said Monday. The government collected 395.9 trillion won in taxes last year, up 15.1 percent from the 344.1 trillion won tallied in 2021, according to the Ministry of Economy and Finance. In 2020, the tax revenue fell by 7.9 trillion won due to the fallout of the COVID-19 pandem

Jan. 30, 2023

Seoul stocks open lower ahead of Fed meeting

Seoul stocks opened lower Monday, as investors took to the sidelines ahead of the Federal Reserve's meeting this week. The benchmark Korea Composite Stock Price Index retreated 10.32 points, or 0.42 percent, to 2,473.7 points in the first 15 minutes of trading. Stocks got off to a weak start. The tech-heavy Nasdaq closed up 0.95 percent Friday, with the Dow Jones Industrial Average and the S&P 500 finishing up 0.08 percent and 0.25 percent, respectively. Signs of slowing US inflation hi

Jan. 30, 2023

Seoul stocks up for 5th day on tech rally

Seoul stocks extended their winning streak to a fifth day Friday, as foreign and institutional investors scooped up major tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 15.37 points, or 0.62 percent, to 2,484.02. Trading volume was moderate at 495.4 million shares worth 8.89 trillion won ($7.21 billion), with gainers outpacing losers 571 to 209. The Kospi opened higher following a tech rally on Wall Street. Foreign and institutional

Jan. 27, 2023

Seoul stocks open higher on US advances

Seoul stocks opened slightly higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 0.75 points, or 0.03 percent, to 2,469.4 in the first 15 minutes of trading. The local stock market followed overnight advances on Wall Street, where stocks rose to the highest level in nearly eight weeks, as investors bet the US economy is performing better than expected. The S&P 500 added 1.1 percent, the Dow Jones Industrial Average was up 0.61 percent,

Jan. 27, 2023

[Graphic News] Air traffic rises 16% last year but still below pre-pandemic levels

South Korea’s air traffic rose 16 percent in 2022 from a year earlier on unleashed pent-up demand for travel amid eased COVID-19 virus curbs, the Transport Ministry said. Airlines, domestic and foreign, made a total of 539,788 flights over South Korea last year, up from 465,469 flights a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. The ministry said the 2022 number of flights still stood at 65 percent of the pre-pandemic levels. Air traffic in the count

Jan. 27, 2023

[Contribution] Playing it SAFE, but not too safe

By Steve Brice As we start 2023, investors’ scars from last year’s sell-off across publicly traded markets are still very raw. Against this backdrop, the theme of our 2023 Outlook, Playing it SAFE, should resonate with investors. We believe sequencing your investments is going to be important in the coming year: Bonds are a good place to start, given some of the highest yields offered in a decade and our expectation that a recession is likely in the US and Europe in the first half of

Jan. 26, 2023

Seoul stocks up for fourth day on foreign buying

Seoul stocks surged over 1 percent Thursday, as foreign investors scooped up market heavyweights in the run-up to the corporate earnings season. The Korean won advanced against the US dollar. The benchmark Korea Composite Stock Price Index climbed 40.08 points, or 1.65 percent, to 2,468.65. Trading volume was moderate at 476.2 million shares worth 8.1 trillion won ($6.58 billion), with gainers outpacing decliners 620 to 249. Foreigners and institutional investors were net buyers at a combined 1.

Jan. 26, 2023

Seoul stocks open slightly higher amid earnings woes

Seoul stocks opened slightly higher Thursday as investors brace for earnings reports from major companies. The benchmark Korea Composite Stock Price Index rose 7.26 points, or 0.3 percent, to 2,435.83 in the first 15 minutes of trading. The local stock market opened higher despite lackluster trading on Wall Street overnight. The S&P 500 inched down 0.02 percent, while the Dow Jones Industrial Average edged up 0.03 percent. The tech-heavy Nasdaq closed 0.18 percent lower than the previous ses

Jan. 26, 2023

Seoul shares close more than 1% higher on tech gains

Seoul stocks closed more than 1 percent higher Wednesday on tech gains, as investors were hopeful that the US Federal Reserve could ease the pace of rate increases. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 33.31 points, or 1.39 percent, to 2.428.57. Trading volume was moderate at 539.8 million shares worth 6.57 trillion won ($5.4 billion), with gainers outnumbering decliners 526 to 325. Institutional and foreign investors were net buyers

Jan. 25, 2023

Mirae Asset Global Investments tops TDF market share

Mirae Asset Global Investments has gobbled up nearly half of target-date fund market share, recording 3.5 trillion won ($2.84 billion) under management as of the end of 2022. TDF refers to an investment scheme where a portfolio’s asset allocation mix automatically rebalances throughout an account holder’s lifecycle to make it less prone to volatility as the target date draws near. Analysts attributed Mirae Asset's top position to the group's chairman, Park Hyun-joo, who has

Jan. 25, 2023

MBK-Unison consortium seeks to acquire Osstem Implant

Private equity funds Unison Capital Korea and MBK Partners have joined hands to take over Osstem Implant, the nation’s largest dental manufacturer, according to the companies on Wednesday. Osstem Implant announced that UCK and MBK Partners will go for a tender offer through special purpose company Dentistry Investment, buying off a sizeable stake in the company for the next month at 190,000 won ($154) per share, up almost 17 percent from 162,500 won from the previous trading day. UCK is a

Jan. 25, 2023

Seoul stocks open sharply higher on tech gains

Seoul stocks got off to a strong start Wednesday as investors bet the US Federal Reserve will go easy on its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index added 28.09 points, or 1.17 percent, to 2423.35 in the first 15 minutes of trading. Major indexes on Wall Street closed mixed overnight, while chipmakers, such as AMD and Qualcomm, sharply rose on hope for better business performance down the road. Investors are also keeping a close watch on the Fed's nex

Jan. 25, 2023

Seoul shares open higher on tech gains

South Korean stocks opened marginally higher Friday as gains in tech blue-chips offset concerns over a recession overshadowing the US markets. The benchmark Korea Composite Stock Price Index rose 5.23 points, or 0.22 percent, to 2,385.57 in the first 15 minutes of trading. The local stock market opened higher, bucking a decline on Wall Street amid uncertainty over the direction of the Federal Reserve for interest rate hikes in the coming months. In Seoul, market bellwether Samsung Electronics ga

Jan. 20, 2023