Uncertain year ahead for Korean banks amid looming debt crisis, CEO term-ends

Chiefs of South Korea’s top banks are fast approaching the end of their current terms amid concerns of a looming debt crisis in the financial sector, sources said Wednesday. Starting with NH Financial Group Chairman Son Byung-hwan’s term ending next month, Shinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Son Tae-seung are inching towards the end of their current terms in March next year. CEOs of some banking giants’ flagship commercial lende

Nov. 9, 2022

Seoul shares open tad higher ahead of US midterm election results

South Korean stocks opened slightly higher Wednesday with investors paying keen attention to the US midterm election results. The benchmark Korea Composite Stock Price Index had increased 6.52 points, or 0.27 percent, to 2,405.56 points as of 9:15 a.m. Overnight, the Dow Jones Index added 1.02 percent and the tech-heavy NASDAQ Composite advanced 0.49 percent. In Seoul, market bellwether Samsung Electronics edged up 0.16 percent, while No. 2 chipmaker SK hynix retreated 0.34 percent. Top automake

Nov. 9, 2022

Seoul shares up over 1% on hopes of eased tightening, Samsung gains

South Korean stocks closed up over 1 percent Tuesday as Samsung Electronics and tech blue chips rose amid hopes for eased monetary tightening in the United States, analysts said. The local currency jumped against the US dollar. The benchmark Korea Composite Stock Price Index advanced 27.25 points, or 1.15 percent, to 2,399.04. It marked the third straight session of a rise. Trading volume was moderate at 492.8 million shares worth 8.5 trillion won ($6.13 billion) with gainers outstripping declin

Nov. 8, 2022

Seoul shares open higher ahead of US inflation data

South Korean stocks got off to a strong start Tuesday, as investors await the release of US inflation data due out later this week that could offer clues about the Federal Reserve's path forward in its interest rate hikes. The benchmark Korea Composite Stock Price Index rose 10.79 points, or 0.45 percent, to 2,382.58 in the first 15 minutes of trading. US stocks ended higher Monday, on the eve of the midterm elections, with the prospect of the Republicans likely to control at least one cham

Nov. 8, 2022

FSS plays down spillover risk amid shrinking liquidity

South Korea’s financial watchdog said Monday preparations are underway to deal with shrinking liquidity but the recent signs of credit strains are not a prelude to a full-blown crisis, such as the 1997 Asian financial crisis or the 2008 global financial crisis. A default reported by a state-backed local developer in early October had led to signs of a decline in liquidity in the bond and short-term money markets, prompting the government to inject at least 50 trillion won ($35.8 billion) i

Nov. 7, 2022

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday on strong advances by tech and auto heavyweights. The benchmark Korea Composite Stock Price Index had increased 14.59 points, or 0.62 percent, to 2,363.02 points as of 9:15 a.m. Tech and auto giants led the KOSPI's hike after a media report that the chair of Boeing Co. met with top officials of Samsung Electronics, Hyundai Motor Group and Hanwha Solutions to discuss new business cooperation. Market bellwether Samsung Electronics rose 1.18 percent. To

Nov. 7, 2022

[Contribution] Tax agency to help find unclaimed income tax refunds

Kim Young-chul, a food delivery rider in Seong-dong, Seoul, recently received a text message from the National Tax Service sent to inform him about unclaimed income tax refunds for the last five years. The message was suspicious, Kim said, but soon he recalled a colleague telling him about how convenient the tax refund system was set on the “Hometax” website, and how he received a swift income tax refund this May. Kim then immediately logged on to the Hometax website and soon learned

Nov. 6, 2022

Chiefs of Hana Financial Group and MSCI discuss climate change response

Hana Financial Group Chairman Ham Young-joo met Friday with Henry Fernandez, chairman of the US financial firm Morgan Stanley Capital International, at Hana Financial Group's headquarters in central Seoul to discuss climate change response as well as environment, social and governance management. At the meeting, Ham introduced Hana Financial Group's ESG management efforts and its future plans to deal with the growing climate change risks. “Hana Financial Group is recognizing clim

Nov. 6, 2022

Seoul stocks open lower on Wall Street losses

Seoul stocks opened lower Wednesday, taking a cue from overnight falls on Wall Street, as the US Federal Reserve is set to hold its interest-setting meeting. The benchmark Korea Composite Stock Price Index fell 8.8 points, or 0.38 percent, to 2,326.42 in the first 15 minutes of trading. US stocks closed lower as a surprising rebound in US job opening data dashed investors' hopes the central bank may slow down the pace of rate hikes. The S&P500 fell by 0.41 percent, the Dow Jones Index b

Nov. 2, 2022

Seoul shares soar nearly 2% on tech, chemical gains ahead of Fed meeting

Seoul shares spiked by nearly 2 percent Tuesday on the back of a sharp rise in tech and chemical stocks ahead of the US Federal Reserve's policy meeting this week. The local currency rose against the US dollar. The Korea Composite Stock Price Index surged 41.61 points, or 1.81 percent, to 2,335.22. Trading volume was high at 586.7 billion shares worth 9.3 trillion won ($6.6 billion), with gainers outnumbering decliners 709 to 152. Institutional and foreign investors purchased a combined 686

Nov. 1, 2022

Seoul shares open higher ahead of Fed's policy meeting

Seoul stocks opened higher Tuesday ahead of the US Federal Reserve's policy meeting this week. The benchmark Korea Composite Price Index rose 14.34 points, or 0.63 percent, to 2,307.95 in the first 15 minutes of trading. Overnight on Wall Street, stocks closed slightly lower as investors await the upcoming Federal Open Market Committee meeting scheduled this week. Investors expect the Fed to make another rate hike this week, but some cautiously believe that the central bank may go easy on a

Nov. 1, 2022

Seoul shares open higher ahead of FOMC meeting

Seoul stocks opened higher Monday tracking Wall Street gains last week, as investors await the upcoming rate-setting meeting by the US Federal Reserve. The benchmark Korea Composite Stock Price Index rose 14.72 points, or 0.65 percent, to 2,283.12 in the first 15 minutes of trading. US stocks surged Friday, despite weaker than expected earnings results from tech heavyweights, like Amazon and Meta, as investor woes over higher inflation eased. The Dow Jones Index added 2.6 percent, the S&P500

Oct. 31, 2022

Seoul shares fall on lackluster tech earnings, Fed policy uncertainties

South Korean stocks snapped a two-day gaining streak to close lower Friday, as investor sentiment was hurt by lackluster earnings and dim guidance from major US tech companies, and uncertainties over the Federal Reserve's monetary policy, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index slid 20.38 points, or 0.89 percent, to 2,268.40. Trading volume was moderate at 420.3 million shares worth 8.15 trillion won ($5.73 billion) with

Oct. 28, 2022

Seoul shares open lower on dim US tech earnings, Fed uncertainties

South Korean stocks opened lower Friday, weighed by lackluster earnings and forecasts from major US tech companies, with uncertainties hanging over the Federal Reserve's next move for monetary policy. The benchmark Korea Composite Stock Price Index slipped 3.7 points, or 0.16 percent, to 2,285.08 in the first 15 minutes of trading. US stocks ended mixed Thursday amid mixed economic data and earnings reports that included downbeat forecasts by big tech companies, including Meta Platforms, Fa

Oct. 28, 2022

Seoul shares open higher on battery, auto gains

South Korean stocks got off to a strong start Thursday, buoyed by gains in blue chip battery and automakers, bucking overnight drops on Wall Street. The benchmark Korea Composite Stock Price Index rose 22.38 points, or 0.99 percent, to 2,271.94 in the first 20 minutes of trading. The US S&P and Nasdaq finished lower Wednesday, with the Dow Jones Industrial Average closing a tad higher, largely dampened by weaker earnings reports by major tech firms, including Microsoft and Alphabet. In Seoul

Oct. 27, 2022

Seoul shares open almost flat amid eased Fed rate woes

South Korean stocks opened nearly unchanged on Wednesday amid expectations that the US Federal Reserve may ease up on its hawkish interest rate hikes. The benchmark Korea Composite Stock Price Index rose 1.14 points, or 0.05 percent, to 2,236.21 in the first 15 minutes of trading. Softer data on home price growth and consumer confidence, released Tuesday, renewed speculation that the Fed could start scaling down the rate hikes after its November monetary policy meeting set for next week. In Seou

Oct. 26, 2022

Seoul shares nearly flat ahead of major earnings reports

South Korean stocks closed little changed Tuesday from the previous session, as investors took a breather ahead of earnings reports to be released by major companies later this week, amid worries over global inflation and US monetary tightening. After bobbing in and out of positive territory, the benchmark Korea Composite Stock Price Index slipped 1.09 points, or 0.05 percent, to 2,235.07. Trading volume was moderate at 448.8 million shares worth 6.92 trillion won ($4.82 billion) with decliners

Oct. 25, 2022

Seoul shares open higher ahead of major earnings reports

South Korean stocks opened higher Tuesday, as investors await quarterly earnings reports from major companies this week, including tech giant Samsung Electronics Co., amid worries over global inflation and monetary tightening. The benchmark Korea Composite Stock Price Index rose 7.74 points, or 0.35 percent, to 2,243.90 in the first 15 minutes of trading. Top companies are set to release their third-quarter earnings later this week. The results will likely offer investors a clue as to how they a

Oct. 25, 2022

Uncertainties behind recent liquidity crunch: FSC

A liquidity crunch South Korea is currently facing has to do with multiple factors, mainly led by uncertainties about where the economy is headed amid soaring interest rates and the rapidly depreciating local currency, the country’s top financial policymaker said Monday. “We had prepared the contingencies but the market conditions were worse than what we had expected,” Kim Joo-hyun, chairman of the Financial Services Commission, said at a National Assembly audit. Kim referred t

Oct. 24, 2022

Seoul shares snap 3-day losing streak amid eased default risks

South Korean stocks advanced Monday to end their three-day losing streak. with construction and tech companies leading the rally, as the government's 50 trillion-won ($35 billion) liquidity support plan eased worries about growing credit crunch risks. The local currency ended nearly flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 23.04 points, or 1.04 percent, to close at 2,236.16. Trading volume was moderate at 434 million shares worth 6.76 trillion won wit

Oct. 24, 2022