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Korean won sinks to historic low
With political uncertainty in the country likely to continue, the value of the Korean won fell sharply against the US dollar Tuesday, reaching 1,460 won to the dollar during after-hours trading. The Korean won weakened to 1,460.2 won at around 7:40 p.m., down from 1,456.4 won at the close of daytime trading. It was the first time the won has fallen to the 1,460 won level since it hit 1,488 won on March 18, 2009 during the global financial crisis. The daytime closing level of 1,456.4 won marked a
Dec. 25, 2024 -
Seoul shares close nearly flat amid weak US consumption data
Seoul shares closed nearly flat Tuesday as investors stayed on the sidelines ahead of Christmas, with the US consumer confidence index for this month showing signs of contraction. The Korean won weakened against the greenback, breaching the 1,450 won level for the fourth straight session. The benchmark Korea Composite Stock Price Index shed 1.49 points, or 0.06 percent, to close at 2,440.52. Trade volume was low at 380 million shares worth 6.64 trillion won ($4.55 billion), with losers outnumber
Dec. 24, 2024 -
Seoul shares open slightly higher on Wall Street gains
Seoul shares started slightly higher Tuesday following overnight gains on Wall Street led by blue chip shares. The benchmark Korea Composite Stock Price Index added 3.73 points, or 0.15 percent, to 2,445.74 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite jumped 0.98 percent, and the S&P gained 0.73 percent. The Dow Jones Industrial Average edged up 0.16 percent. Major winners included Nvidia and Tesla, with shares of Apple also closing at a new record. In Seoul, to
Dec. 24, 2024 -
Retail investors favor banking shares despite Kospi's struggle
US asset manager Capital Group ups stakes in KB, Hana Local retailers are continuing to show a strong preference for banking shares, pricing in the projection that financial service providers will enhance their shareholder returns as indicated in their “value-up” regulatory filings. Though the local stock market has been fluctuating due to the recent political turmoil in the country and the hawkish tone of the US Federal Reserve, banking shares remain relatively unscathed as local retail investo
Dec. 23, 2024 -
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