Seoul shares fall for second day amid earnings woes

South Korean stocks closed lower for the second straight day Wednesday, as investors were cautious to make risky bets ahead of the earnings season set to kick off next week. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.07 points, or 0.47 percent, to 2,368.32. Trading volume was moderate at 528.3 million shares worth 5.43 trillion won ($4.38 billion) with decliners outpacing gainers 548 to 296. "Anticipation over the fourth-quart

Jan. 18, 2023

Seoul shares open lower amid earnings concerns

South Korean stocks opened lower Wednesday, as concerns over corporate earnings, set to be released starting next week, weighed on investor sentiment. The benchmark Korea Composite Stock Price Index lost 15.37 points, or 0.65 percent, to trade at 2,364.02 in the first 15 minutes of trading. Companies are expected to announce their fourth-quarter earnings results beginning next week, with the market consensus leaning toward lackluster performances in some sectors. Tech heavyweights and financial

Jan. 18, 2023

Seoul shares snap nine-day rise on profit-taking; won declines

South Korean stocks snapped their nine-day winning streak Tuesday, as investors took a breather from recent rallies and went on a profit-taking dive, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 20.47 points, or 0.85 percent, to finish at 2,379.39. Trading volume was moderate at 529.4 million shares worth 6.2 trillion won ($5.04 billion), with decliners outnumbering gainers 618 to 250. "Investors opted to make a prof

Jan. 17, 2023

Seoul shares open slightly higher ahead of earnings season

South Korean stocks opened marginally higher Tuesday, as investors took a breather from recent rallies ahead of the earnings reports. The benchmark Korea Composite Stock Price Index gained 3.22 points, or 0.13 percent, to trade at 2,403.08 in the first 15 minutes of trading. After opening higher, the main index had briefly turned lower before reverting to the green, in line with analysts' prediction that trading will likely remain choppy for the day. Large-cap tech and auto stocks gathered

Jan. 17, 2023

Seoul shares extend winning streak to ninth day on eased US inflation outlook

South Korean stocks closed 0.58 percent higher Monday, extending their rally to a ninth session, as eased US inflation outlook boosted investor appetite for risky assets ahead of the earnings season. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 13.77 points to close at 2,399.86. Trading volume was moderate at 509.6 million shares worth 6.46 trillion won ($5.23 billion), with gainers outpacing decliners 499 to 350. "US stocks closed

Jan. 16, 2023

Seoul shares open higher on eased US inflation woes

South Korean stocks opened higher Monday, following the gains on Wall Street last week amid eased inflation in the United States that raised hopes for the Federal Reserve to slow its interest rate hikes. The benchmark Korea Composite Stock Price Index advanced 7.36 points, or 0.31 percent, to 2,393.45 in the first 15 minutes of trading. All major US stock indexes closed higher Friday, with the S&P 500 and tech-rich Nasdaq hitting the highest level in a month, buoyed by expectations the Fed c

Jan. 16, 2023

Seoul shares open higher ahead of BOK rate decision

Seoul shares opened higher Friday as investors await a rate hike decision by the Bank of Korea later in the morning. The benchmark Korea Composite Stock Price Index had added 15.47 points, or 0.65 percent, to 2,380.57 as of 9:15 a.m. The central bank is widely expected to raise its policy rate by 25 basis points to 3.5 percent as part of efforts to tame inflation. In Seoul, most large cap shares got off to a solid start. Market bellwether Samsung Electronics inched up 0.33 percent, while SK hyni

Jan. 13, 2023

Seoul stocks up for seventh day on hopes for US inflation slowdown

South Korean stocks extended their winning streak to a seventh session on Thursday, largely on anticipation of slower inflation in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 5.57 points, or 0.24 percent, at 2,365.1 points. Trading volume was moderate at about 570 million shares worth some 7.7 trillion won ($6.2 billion), with gainers outnumbering losers 494 to 365. Foreigners bought a net 484 billion won, while institut

Jan. 12, 2023

Saudi Arabia bets big on Hallyu with W1.2tr Kakao investment

Saudi Arabia’s state fund decided to join in 1.2 trillion won ($964 million) investment in Kakao Entertainment, doubling down on its aggressive bet on the burgeoning Korean content industry. The company, the entertainment arm of Kakao Corp., said it has raised 600 billion won in financing by issuing new shares through third-party allotment each to two global state funds -- Saudi Arabia’s Public Investment Fund and the Government of Singapore Investment Corporation. The capital inject

Jan. 12, 2023

Seoul stocks open higher on hopes for slowdown in US inflation

South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States. The benchmark Korea Composite Stock Price Index had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index, a key gauge for inflation, could pr

Jan. 12, 2023

Seoul stocks up for sixth day ahead of US inflation data

Seoul shares ended higher Wednesday, extending their winning streak to a sixth day, with investors awaiting the release of the new US consumer price index for clues on the future of the Federal Reserve's monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 8.22 points, or 0.35 percent, to close at 2,359.53 points. Trading volume was moderate at 359.99 million shares worth some 6.2 trillion won ($4.97 billion), with gainers outnumb

Jan. 11, 2023

[Newsmaker] After 'giant' interest rate hikes, are savers better off?

When a small provincial branch of NongHyup Bank offered an online-exclusive installment savings plan with an annual interest of 8.2 percent in November last year, the news spread like wildfire among savvy savers. It sold like lottery tickets. Within hours, the bank sold 900 billion won ($707.8 million) of saving products, which was more than five times the size of the branch's total assets of 167 billion won. The problem was that the rural bank just wanted to attract just 10 billion won of fu

Jan. 11, 2023

Seoul stocks open higher ahead of US inflation data

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, as investors expect the upcoming US consumer price index may provide signs of a slowdown in inflation. The benchmark Korea Composite Stock Price Index rose 15.24 points, or 0.65 percent, to 2,366.55 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.6 percent to 33,704.1 points and the tech-heavy Nasdaq Composite climbed 1 percent to 10,742.63. If Thursday's US inflation da

Jan. 11, 2023

Seoul stocks up for fifth day amid Fed rate hike worries

Seoul shares ended higher Tuesday, extending their winning streak to a fifth day despite concerns over the Federal Reserve's aggressive rate hikes following hawkish Fed officials' comments. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.12 points, or 0.05 percent, to close at 2,351.31 points. Trading volume was moderate at 351.76 million shares worth some 6.6 trillion won ($5.3 billion), with gainers outnumbering losers 441 to 398. Fe

Jan. 10, 2023

Banking groups under pressure to boost dividend payouts

Bank stocks in South Korea have long been regarded as an unappealing option for investors. Against this backdrop, a local activist fund was launched Monday targeting seven large Korean lenders to whet investor appetite by shoring up dividends. Korean banks have strong fundamentals and enough capital to cushion against unexpected losses, but their dividend payout ratios remain much lower than those of their global peers, according to Lee Chang-hwan, CEO of Seoul-based private equity firm Align Pa

Jan. 10, 2023

Seoul stocks open higher amid renewed rate hike woes

Seoul shares opened higher Tuesday as investors remain concerned about the Federal Reserve's aggressive rate hike plans following its officials' recent comments. The benchmark Korea Composite Stock Price Index rose 3.18 points, or 0.14 percent, to 2,353.37 in the first 15 minutes of trading. Fed officials signaled the US central bank could raise rates to somewhere over 5 percent to tame inflation. Foreigners and institutions bought a combined 28 billion won ($22.5 million) worth of sto

Jan. 10, 2023

Seoul stocks up for fourth day on possible Fed slowdown; won sharply up

Seoul shares ended higher Monday amid expectations of slower US rate hikes. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 60.22 points, or 2.63 percent, to close at 2,350.19 points. Trading volume was moderate at about 334.74 million shares worth some 6.9 trillion won ($5.2 billion), with gainers outnumbering losers 799 to 93. The Dow Jones Industrial Average rose 2.1 percent to 33,630.61 points on Friday, and the tech-heavy Nasdaq Compos

Jan. 9, 2023

Seoul stocks open higher on eased woes over Fed's rate hikes

Seoul stocks opened higher Monday, tracking gains on Wall Street, as investors expect a slowdown in US wage growth and contraction in the services sector may prod the Federal Reserve to go easy on its aggressive rate hike plans. The benchmark Korea Composite Stock Price Index rose 41.01 points, or 1.8 percent, to 2,330.98 in the first 40 minutes of trading. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co. rose 1.9 percent, No. 2 chipmaker SK hynix Inc. c

Jan. 9, 2023

Unicorn startup Kurly fizzles with IPO withdrawal

Once regarded among South Korea's most successful startups, Kurly, operator of fresh food delivery platform Market Kurly, is losing steam with signs of weakening investor appetite for the loss-making firm. Kurly on Thursday officially called off its long-awaited market debut on the country's benchmark Kospi "for the time being." "Considering the worsened investor sentiment amid the global recession, we have decided to postpone the listing on the Korea Exchange," the

Jan. 6, 2023

Seoul stocks close up over 1% on chip, battery gains

Seoul stocks closed over 1 percent higher Friday, continuing a three-day winning streak, as foreign and institutional investors picked up Samsung Electronics and other large caps. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 25.32 points, or 1.12 percent, to close at 2,289.97 points. Trading volume was moderate at about 388.2 million shares worth some 6.6 trillion won ($5.2 billion). Winners outnumbered losers 602 to 262. The Kospi got off to

Jan. 6, 2023