Seoul shares open lower on tech losses amid growth woes

South Korean stocks opened lower Friday, led by declines in big-cap tech shares amid concerns about an economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) shed 32.29 points, or 1.29 percent, to 2,472.38 in the first 15 minutes of trading. The country's industrial output, retail sales and facility investment all fell on-month in October, deepening concerns about a lack of growth momentum, government data showed. Presenting a bleak growth outlook for 2025, the Bank of K

Nov. 29, 2024

Seoul shares edge up despite tech slump amid BOK's surprise rate cut

South Korean stocks ended slightly higher Thursday, despite big-cap tech losses, as investors assessed the Bank of Korea's surprise back-to-back policy rate cut to spur growth. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 1.61 points, or 0.06 percent, to close at 2,504.67, ending a two-day losing streak. Trade volume was a bit slim at 333.44 million shares worth 7.37 trillion won (US$5.28 billion), with winners outnumbering los

Nov. 28, 2024

Seoul shares open lower on tech slump

South Korean stocks opened a tad lower Thursday, tracking overnight losses on Wall Street led by declines in big-cap tech shares. The benchmark Korea Composite Stock Price Index (Kospi) shed 3.05 points, or 0.12 percent, to 2,500.01 in the first 15 minutes of trading. Foreigners were on a selling mode, which offset buying by institutions and retail investors. Overnight, the Dow Jones Industrial Average fell 0.31 percent and the tech-heavy Nasdaq composite slid 0.6 percent as major tech shares lo

Nov. 28, 2024

Seoul shares close lower on US tariff uncertainties

South Korean stocks closed lower Wednesday as investors offloaded semiconductor shares amid concerns that the incoming US administration may scrap subsidies for chipmakers. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 17.3 points, or 0.69 percent, to close at 2,503.06. Trade volume was moderate at 406.3 million shares worth 8.4 trillion won (US$6 billion), with losers outnumbering winners 516 to 372. Major tech shares lost ground after a sen

Nov. 27, 2024

Seoul shares open lower on tech slump

South Korean stocks opened lower Wednesday, led by chipmakers, amid uncertainties surrounding the US semiconductor policy under the new Donald Trump administration. The benchmark Kospi fell 6.59 points, or 0.26 percent, to 2,513.77 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.28 percent to a new record, and the tech-heavy Nasdaq composite added 0.63 percent. The S&P 500 increased 0.57 percent to a fresh high. Market players worry that the incoming Tr

Nov. 27, 2024

Seoul shares fall on profit taking, Trump tariff warning

South Korean stocks fell Tuesday as investors sat on the sidelines following sharp gains the previous session, with US President-elect Donald Trump vowing tariffs on imports from Canada, Mexico and China. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 13.98 points, or 0.55 percent, to close at 2,520.36, ending a two-day winning streak. Trade volume was moderate at 434.77 million shares worth 8.51 trillion won (US$6.09 billion), with winners ou

Nov. 26, 2024

Seoul shares open lower on slump in autos, financials

South Korean stocks opened lower Tuesday, despite overnight U.S. rallies, led by losses in auto and financial shares. The benchmark Korea Composite Stock Price Index shed 11.04 points, or 0.44 percent, to 2,523.30 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average surged 0.99 percent to a record high and the tech-heavy Nasdaq Composite rose 0.27 percent, as investors welcomed Trump's nomination of Scott Bessent as his treasury secretary on hope that he would gui

Nov. 26, 2024

Seoul shares jump over 1.3% on tech gains, Trump's pick for treasury post

South Korean stocks rose more than 1.3 percent Monday as investors hunted for big-cap tech bargains amid hopes for the new Donald Trump administration's softer approach to tariffs. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 33.1 points, or 1.32 percent, to close at 2,534.34. It marked the highest level since Nov. 8, when the index closed at 2,561.15. Trade volume was heavy at 535.26 million shares worth 12.54 trillion won ($8.95 bill

Nov. 25, 2024

Seoul shares open higher on tech gains

South Korean stocks opened higher Monday, led by gains from top-cap Samsung Electronics and other major tech shares. The benchmark Kospi added 19.51 points, or 0.78 percent, to 2,520.75 in the first 15 minutes of trading. The increase was driven by institutional buying, which offset selling by foreigners and retail investors. On Friday, the Kospi rose above 2,500 points for the first time in 11 sessions following a sharp drop the previous week amid concerns over expected policy changes by the

Nov. 25, 2024

Seoul shares rise nearly 1% to top 2,500 on foreign buying

South Korean stocks rose nearly 1 percent to top 2,500 points Friday as foreign investors returned to net buyers for the first time in 11 sessions. The local currency fell to surpass 1,400 won against the US dollar. The benchmark Korea Composite Stock Price Index gained 20.61 points, or 0.83 percent, to close at 2,501.24. It is the first time that the main index topped the 2,500-point threshold since it ended at 2,531.66 on Nov. 11. Trade volume was moderate at 534.9 million shares worth 7.8 tri

Nov. 22, 2024

Seoul shares start higher on Wall Street gains

South Korean stocks opened higher Friday, tracking overnight gains on Wall Street. The benchmark Kospi added 18.82 points, or 0.76 percent, to 2,499.45 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 1.06 percent, and the tech-heavy Nasdaq composite gained 0.03 percent. In Seoul, major shares started in positive territory. Chip giant SK hynix rose 1.9 percent, and leading battery maker LG Energy Solution advanced 1.87 percent. Top carmaker Hyundai climbed 0.2

Nov. 22, 2024

Seoul shares end 3-day rise; won snaps 5-day rise

South Korean stocks fell slightly Thursday to end their three-day winning streak as major shares ended in mixed territory. The local currency fell against the US dollar for the first time in six sessions. The benchmark Korea Composite Stock Price Index lost 1.66 points, or 0.07 percent, to close at 2,480.63. The main index had been rising since Monday. Trade volume was moderate at 440.4 million shares worth 8.1 trillion won ($5.8 billion), with decliners beating gainers 477 to 392. Foreigners du

Nov. 21, 2024

Main opposition pushes to ease, not postpone, tax on crypto gains

The main opposition Democratic Party of Korea is planning to pass a bill that raises the threshold for a planned tax on virtual asset-related gains, up to 50 million won ($35,800) from the previously planned 2.5 million won, sources said Thursday. The original scheme for crypto tax gains would have taxed crypto-related income of over 2.5 million won per year starting January 2022, but it has been pushed back twice to January 2025. Main opposition Rep. Jin Sung-joon said the party would carry out

Nov. 21, 2024

Seoul shares start lower after Nvidia results

South Korean stocks opened a tad lower Thursday as investors remained cautious following US chip giant Nvidia's earnings report. The benchmark Korea Composite Stock Price Index lost 3.75 points, or 0.15 percent, to 2,478.54 in the first 15 minutes of trading. Overnight, US stocks ended mixed. The Dow Jones Industrial Average rose 0.32 percent and the Nasdaq Composite dropped 0.11 percent before Nvidia released its quarterly report after the bell. Nvidia reported third-quarter earnings that

Nov. 21, 2024

Seoul stocks rise for 3rd day ahead of Nvidia results

South Korean stocks extended their winning streak to the third straight day Wednesday as investors awaited the third-quarter earnings of US AI chip giant Nvidia. The local currency remained unchanged against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 10.34 points, or 0.42 percent, to close at 2,482.29. Trade volume was moderate at 400.3 million shares worth 7.7 trillion won ($5.53 billion), with gainers closely outpacing losers 435 to 420. Foreigners and individ

Nov. 20, 2024

Hanwha Life acquires 75% stake in US securities firm

Hanwha Life, a leading Korean insurance company, said Wednesday it has signed a stock purchase agreement to acquire a 75 percent stake in US securities firm Velocity Clearing. Established in 2003, New York-based Velocity Clearing is an IT-based securities firm primarily serving institutional investors. It offers various financial services, from clearing and settlement to securities lending and prime brokerage. Recently, it has expanded its unlisted US stock brokerage services to global clients,

Nov. 20, 2024

Seoul shares start tad higher ahead of Nvidia earnings

South Korean stocks opened slightly higher Wednesday, led by tech and financial shares, as investors awaited earnings results from U.S. AI chip giant Nvidia. The benchmark Korea Composite Stock Price Index added 8.1 points, or 0.33 percent, to 2,480.05 in the first 15 minutes of trading. Overnight, the Nasdaq composite rose more than 1 percent on a 4.9 percent jump in Nvidia as the chipmaker is set to release its quarterly results on Wednesday (U.S. time). In Seoul, tech and bank shares led the

Nov. 20, 2024

Seoul shares end tad higher ahead of Nvidia earnings; won up for 3rd day

South Korean stocks rose for the second straight day Tuesday following a sharp gain the previous session ahead of the release of AI giant Nvidia's third-quarter earnings. The local currency rose for the third consecutive day against the US dollar. The benchmark Korea Composite Stock Price Index climbed 2.88 points, or 0.12 percent, to close at 2,471.95. The main index soared 2.16 percent Monday, marking the largest gain since Sept. 26. Trade volume was moderate at 401.2 million shares worth

Nov. 19, 2024

Seoul shares open tad higher after rally

South Korean stocks started a tad higher Tuesday following the previous day's rally. The benchmark Korea Composite Stock Price Index added 5.11 points, or 0.21 percent, to 2,474.18 in the first 15 minutes of trading. The main index jumped 2.16 percent Monday, the sharpest daily gain since Sept. 26, led by a rally in chipmakers, such as Samsung Electronics. In the United States, the Dow Jones Industrial Average fell 0.13 percent, and the tech-heavy Nasdaq Composite rose 0.6 percent. In Seo

Nov. 19, 2024

Seoul shares rise over 2% on strong Samsung buying

South Korean stocks jumped more than 2 percent Monday as investors scooped up Samsung Electronics' shares on the chip giant's massive buyback plan. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 52.21 points, or 2.16 percent, to close at 2,469.07. It marked the largest daily gain since Sept. 26, when the Kospi jumped 2.9 percent Trade volume was moderate at 431.2 million shares worth 10.4 trillion won (US$7.5 billion), with gai

Nov. 18, 2024