Seoul shares open sharply lower on Fed aftermath

Seoul shares started sharply lower Friday on the US Federal Reserve's hawkish turn, which signaled fewer rate cuts next year. The benchmark Korea Composite Stock Price Index dropped 24.88 points, or 1.02 percent, to 2,411.05 in the first 15 minutes of trading. The Korean won continued to hover above 1,450 won per US dollar, the lowest level in 15 years. It was trading at 1,450.9 won against the greenback at 9:15 a.m., up 1 won from the previous session. Overnight, Wall Street closed almost

Dec. 20, 2024

Mirae Asset’s overseas stock holdings hit W40tr

With more South Korean retail investors flocking to US shares and other overseas stock markets, the balance of foreign equities held by Mirae Asset Securities customers has reached 40 trillion won ($27.6 billion), according to the country’s leading brokerage house Thursday. Investors at Mirae Asset Securities held over 40 trillion won in foreign equities, marking an over 10 trillion won gain from the 30 trillion won recorded in June, the firm said. The brokerage firm also saw its customers

Dec. 19, 2024

Seoul shares soar over 1% on bargain hunting

Seoul shares ended more than 1 percent higher Wednesday as foreign investors picked up blue chip tech shares in a bargain following the Korean stock market's two-day fall. The Korean won was trading higher against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 27.62 points, or 1.12 percent, to close at 2,484.43. Trade volume was moderate at 421.9 million shares worth 6.9 trillion won ($4.8 billion), with winners outnumbering losers 582 to 302. Analysts said the

Dec. 18, 2024

Samsung to present AI-driven appliances at CES 2025

Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat

Dec. 18, 2024

Seoul shares open higher ahead of Fed rate decision

Seoul shares started higher Wednesday as investors were paying attention to the results of the Federal Reserve's rate decision meeting. The benchmark Korea Composite Stock Price Index (Kospi) added 16.43 points, or 0.67 percent, to 2,473.24 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors awaited the Fed's rate decision. The US central bank is widely expected to make its third consecutive rate cut on Wednesday. In Seoul, most big-cap shares gained gr

Dec. 18, 2024

Seoul shares dip over 1% on tech, battery losses

Seoul shares dipped nearly 1.3 percent Tuesday on big losses by tech and battery shares sparked by a media report on the incoming Trump administration's push for roll back tax credits for the electric vehicle industry. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 32.16 points, or 1.29 percent, to close at 2,456.81. Trade volume was moderate at 547.9 million shares worth 9.03 trillion won ($6.3 billion), with losers surpassing winners

Dec. 17, 2024

Economy's biggest fear is uncertainty, says SK chief

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati

Dec. 17, 2024

Seoul shares open lower ahead of US rate decision

Seoul shares opened lower Tuesday as investors remain cautious ahead of the US Federal Reserve's rate decision this week. The benchmark Korea Composite Stock Price Index fell 14.97 points, or 0.6 percent, to 2,474.00 in the first 15 minutes of trading. The US central bank is widely expected to cut interest rates for a third straight meeting on Wednesday. In Seoul, large-cap stocks were mixed. Market behemoth Samsung Electronics fell 1.62 percent, leading carmaker Hyundai Motor declined 0.47

Dec. 17, 2024

Get ready for aggressive US trade policy: ex-Trump adviser

A former top trade adviser to US President-elect Donald Trump during his first administration warned that Trump's second term would likely adopt a more “aggressive” stance on trade, urging South Korean businesses to engage proactively with US officials to navigate potential challenges. Stephen Vaughn, a lawyer and former acting US Trade Representative, spoke at a seminar, titled "Trade Regulations Under Trump's Second Term: Risk Management and Strategies for Korean Com

Dec. 16, 2024

Calls grow for swift passage of stalled chips, AI bills

Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion

Dec. 16, 2024

Seoul shares snap 4-day rise on profit taking

Seoul shares ended lower Monday, snapping their four-session winning streak, as foreign investors moved to take profit after market volatility decreased following President Yoon Suk Yeol's impeachment over the weekend. The Korean won was trading lower against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 5.49 points, or 0.22 percent, to close at 2,488.97. The Kospi had kicked off 0.43 percent higher before turning lower. Trade volume was moderate at 515 million

Dec. 16, 2024

Bitcoin soars to new record on 'Santa rally'

Riding a “Santa Claus rally,” a hike in markets seen at the tail end of the year, the price of cryptocurrency bitcoin reached another historic milestone on local exchanges Monday, surpassing the 150 million won ($104,493) mark for the first time. Bitcoin, the world’s largest cryptocurrency, topped its previous all-time high and soared to a new peak of 152 million won on Upbit, the largest exchange in Korea, on Monday. The price had retreated slightly to 151 million won as of 5

Dec. 16, 2024

Seoul shares open higher after Yoon impeachment

Seoul shares kicked off higher Monday on eased market volatility after President Yoon Suk Yeol's impeachment over the weekend following his failed martial law bid. The benchmark Korea Composite Stock Price Index (Kospi) added 10.79 points, or 0.43 percent, to 2,505.25 in the first 15 minutes of trading. On Saturday, the National Assembly passed a motion to impeach Yoon to hold him accountable for his botched martial law declaration earlier this month that shocked the nation. Tech behemoth S

Dec. 16, 2024

Seoul shares open tad lower on overnight US losses

Seoul shares opened slightly lower Friday, tracking overnight losses on Wall Street from discouraging US economic data. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.66 points, or 0.07 percent, to 2,480.46 in the first 15 minutes of trading. Overnight, US stocks fell due to inflation concerns as US wholesale prices accelerated in November, coupled with higher-than-expected initial jobless claims. The tech-heavy Nasdaq composite dropped 0.66 percent, and the S&P fell 0.54 per

Dec. 13, 2024

Seoul shares up for 3rd day on bargain hunting amid political turmoil

South Korean stocks jumped more than 1.6 percent Thursday, extending their winning streak to the third consecutive session, amid lingering uncertainties over the possible impeachment of President Yoon Suk Yeol due to his botched martial law declaration. The local currency rose slightly against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) jumped 1.62 percent, or 39.61 points, to close at 2,482.12. Trade volume was moderate at 651.7 million shares worth 11.86 trillion won

Dec. 12, 2024

Can W10tr stabilization fund revive Kospi?

While the country's benchmark Kospi remains volatile, hit by the recent political strife sparked by President Yoon Suk Yeol’s martial law fiasco, a stock stabilization fund worth over 10 trillion won ($7 billion) may come to the rescue. In response to the turbulence in the local stock market, financial policymakers have vowed to provide unlimited liquidity using public funds. “A stock market stabilization fund worth 10 trillion won will be prepared, ready to be activated at any

Dec. 12, 2024

Seoul shares open higher on US tech gains

Seoul shares opened higher Thursday, tracking overnight gains of US blue chip tech shares backed by US Consumer Price Index data, which cemented bets for another rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index added 20.41 points, or 0.84 percent, to 2,462.92 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite and the S&P 500 gained ground as investors digested the new US CPI, which was in line with expectations and backed forecasts

Dec. 12, 2024

Seoul shares surge over 1% as martial law investigation accelerates

Seoul shares closed over 1 percent higher Wednesday, extending their winning streak to a second session as a widespread investigation into President Yoon Suk Yeol's brief martial law declaration by various law enforcement agencies picked up speed. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 24.67 points, or 1.02 percent, to finish at 2,442.51. Trade volume was moderate at 607 million shares worth 7.53 trillion won ($5.26 billion),

Dec. 11, 2024

Seoul shares open slightly higher as martial law probe gains traction

Seoul shares opened slightly higher Wednesday as a widespread investigation into President Yoon Suk Yeol's brief martial law declaration by various law enforcement agencies gained traction. The benchmark Korea Composite Stock Price Index added 6.44 points, or 0.27 percent, to 2,424.28 in the first 15 minutes of trading. The president faces a criminal investigation in connection with insurrection and other charges related to his short-lived martial law order last week. Earlier in the day, he

Dec. 11, 2024

Seoul shares open higher after martial law-triggered market rout

Seoul shares opened sharply higher Tuesday following a fourth consecutive day of drop caused by political turmoil from President Yoon Suk Yeol's botched martial law declaration last week. The benchmark Korea Composite Stock Price Index rose 42.17 points, or 1.79 percent, to 2,402.75 in the first 15 minutes of trading. The president faces a criminal investigation in connection with treason and other charges related to his short-lived martial law order last week. Yoon has entrusted the matter

Dec. 10, 2024