Seoul shares open weak after Trump's victory

South Korean stocks opened lower Thursday on concerns over a shift in US trade and economic policies following former US President Donald Trump's comeback. The benchmark Korea Composite Stock Price Index lost 8.27 points, or 0.32 percent, to 2,555.24 in the first 15 minutes of trading. Overnight, major US indexes closed at record highs after Trump won the 2024 US presidential election as investors expected lower taxes and deregulation. The Dow Jones Industrial Average jumped 3.5 percent, an

Nov. 7, 2024

Increased bets on Trump victory send won to 2-yr low, Seoul stocks down for 2nd day

The South Korean won dipped to a two-year low against the US dollar Wednesday on increased bets on Republican nominee Donald Trump's victory in the US presidential election. Korean stocks ended lower for the second consecutive day. The local currency was trading at 1,396.2 won against the greenback at 3:30 p.m., down 17.6 won from the previous session, the lowest since November 7, 2022, when the rate closed at 1,401.20. Investors rushed to buy US dollars as Trump's victory heralds an i

Nov. 6, 2024

Seoul shares open higher on US rally

South Korean stocks kicked off higher Wednesday tracking an overnight tech rally on Wall Street. The benchmark Korea Composite Stock Price Index rose 9.64 points, or 0.37 percent, to 2,586.52 in the first 15 minutes of trading. Overnight, major US indexes gained ground as a report on the services industries shows that the US economy is still strong. The Dow Jones Industrial Average advanced 1.02 percent, the tech-heavy Nasdaq Composite increased 1.43 percent, and the S&P 500 went up 1.23 per

Nov. 6, 2024

Hanwha chief touts bigger global footing of asset management unit

Hanwha Group Chairman Kim Seung-youn on Tuesday visited Hanwha Asset Management to praise the asset management unit's recent progress in its ongoing efforts for global expansion. He was accompanied by Kim Dong-won, president and chief global officer at Hanwha Life Insurance, and Hanwha Asset Management CEO Kim Jong-ho. “Despite unfavorable market conditions, Hanwha Asset Management has overcome challenges and pushed innovations, and emerged as Korea’s leading asset management co

Nov. 5, 2024

Seoul shares down for 2nd day amid US election uncertainties

South Korean stocks ended lower for the second day Tuesday as investors treaded water ahead of the US presidential election. The local currency sharply lost ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 12.09 points, or 0.47 percent, to close at 2,576.88. Trade volume was slim at 306.1 million shares worth 7.6 trillion won ($5.5 billion), with winners outpacing losers 514 to 356. Individual investors purchased a net 388.9 billion won worth of local stocks, wh

Nov. 5, 2024

Seoul shares open lower amid US election uncertainty

South Korean stocks kicked off lower Tuesday as investors were cautious ahead of the US presidential election. The benchmark Korea Composite Stock Price Index fell 18.47 points, or 0.71 percent, to 2,570.5 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors treaded water ahead of the US presidential election Tuesday (US time), where former President Donald Trump and Vice President Kamala Harris are neck and neck in the polls. Investors' eyes are also on the

Nov. 5, 2024

Seoul shares snap 3-day fall on move to scrap financial investment tax

South Korean stocks soared nearly 2 percent Monday to snap their three-day decline as the main opposition party agreed to scrap a planned tax on financial investments. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.61 points, or 1.83 percent, to close at 2,588.97. Trade volume was a little slim at 367.8 million shares worth 7.9 trillion won ($5.8 billion), with winners outnumbering losers 619 to 254. Foreigners and institutions purc

Nov. 4, 2024

Seoul shares open higher on US gains

South Korean stocks kicked off slightly higher Monday tracking tech gains on Wall Street, while investors were paying close attention to the US presidential election and the Federal Reserve's rate decision to take place later this week. The benchmark Korea Composite Stock Price Index rose 8.6 points, or 0.34 percent, to 2,550.96 in the first 15 minutes of trading. On Friday, Wall Street finished higher, with the Dow Jones Industrial Average up 0.69 percent, the tech-heavy Nasdaq composite u

Nov. 4, 2024

More Korean unicorns race to tap US markets

Korean platform companies are increasingly setting sights on US listings as the domestic stock market loses momentum. Viva Republica, the operator of financial app Toss, recently paused its initial public offering plans in Korea to explore a US listing instead. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, noting that both markets remain options. Viva Republica’s pivo

Nov. 1, 2024

Seoul shares fall for 3rd straight day on tech losses

South Korean stocks fell for the third consecutive session Friday, led by tech share losses. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 13.79 points, or 0.54 percent, to close at 2,542.36, extending its losing streak from Wednesday. Trading volume was light at 315.1 million shares worth 7.8 trillion won (US$5.66 billion), with decliners beating gainers 599 to 288. Foreigners and institutions dumped a net 38.8 billion won and 188.4

Nov. 1, 2024

Seoul shares start slightly lower on US losses

South Korean stocks opened slightly lower Friday as Wall Street experienced a sharp drop on weaker-than-expected earnings from tech heavyweights. The benchmark Korea Composite Stock Price Index (Kospi) fell 0.24 point, or 6.06 percent, to 2,550.09 in the first 15 minutes of trading. Overnight, U.S. stocks finished sharply lower. The Dow Jones Industrial Average declined 0.9 percent and the Nasdaq Composite dropped 2.8 percent after a disappointing outlook from Meta Platforms and Microsoft. In Se

Nov. 1, 2024

Financial watchdog puts brakes on Korea Zinc’s W2.5tr capital increase

Korea Zinc’s decision to execute a 2.5 trillion won ($1.8 billion) paid-in capital increase has come under the scrutiny of financial authorities. The country’s financial watchdog views there could be a possibility of unfair practice in a potential overlap in the period. “The Financial Supervisory Service will look into whether there had been any illegality in the execution of Korea Zinc’s tender offer and paid-increase,” Ham Yong-il, the deputy chair at the watchdog

Oct. 31, 2024

Seoul shares dip nearly 1.5% on tech, financial losses

South Korean stocks closed almost 1.5 percent lower Thursday as tech and financial shares sharply lost ground. The local currency was rising against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 37.64 points, or 1.45 percent, to close at 2,556.15. Trading volume was a little slim at 396.7 million shares worth 10.7 trillion won ($7.75 billion), with winners slightly outnumbering losers 473 to 401. Overnight, Wall Street finished lower on the losses of chip companies,

Oct. 31, 2024

Seoul shares open sharply lower on US losses

South Korean stocks kicked off sharply lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite S tock Price Index (Kospi) lost 33.62 points, or 1.3 percent, to 2,560.17 in the first 15 minutes of trading. Overnight, Wall Street finished lower, with the Dow Jones Industrial Average down 0.22 percent, the tech-heavy Nasdaq composite down 0.56 percent and the S&P 500 down 0.33 percent, as chip companies, including Advanced Micro Devices and Nvidia, lost ground. I

Oct. 31, 2024

Seoul shares snap 3-day rise on tech, battery slump

Seoul shares ended lower Monday, snapping a three-day rally as tech and battery stocks slumped due to foreign selling. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.01 points, or 0.92 percent, to close at 2,593.79, marking its first drop in four trading sessions. Trade volume was moderate, with 476.4 million shares worth 8.76 trillion won ($6.3 billion) changing hands, as decliners outnumbered gainers 514 to 350. Foreign investors sold a net 3

Oct. 30, 2024

Toss eyes US listing

Viva Republica, the company behind the popular financial app Toss, is now aiming for a US market debut, pivoting from its initial plan to list in Korea. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, adding that while they are focusing on the US, a debut there has not yet been set. The confirmation follows reports from the previous day that Viva Republica has decided to drop

Oct. 30, 2024

Seoul shares open lower on tech, car losses

South Korean stocks started lower Wednesday due to losses from large-cap shares in tech and auto firms. The benchmark Korea Composite Stock Price Index lost 15.27 points, or 0.58 percent, to 2,602.53 in the first 15 minutes of trading. Overnight, Wall Street finished mixed. The Dow Jones Industrial Average fell 0.4 percent, while the Nasdaq composite rose 0.8 percent to a record high on better-than-expected earnings from Alphabet, the parent company of Google. In Seoul, most market heavyweights

Oct. 30, 2024

Seoul shares up for 3rd day led by Samsung

South Korean stocks rose for three straight sessions Tuesday as the robust performance of top-cap Samsung Electronics offset losses from battery and auto shares. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 5.37 points, or 0.21 percent, to 2,617.8, extending its winning streak for the third consecutive session. Trade volume was slim at 335.2 million shares worth 9.1 trillion won ($6.56 billion), with decliners beating gainers 441 t

Oct. 29, 2024

Seoul shares open lower despite US gains

South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 12.01 points, or 0.46 percent, to 2,600.42 in the first 15 minutes of trading. U.S. stocks finished higher ahead of earnings reports of major tech firms. The Dow Jones Industrial Average rose 0.65 percent, and the Nasdaq Composite added 0.26 percent. In Seoul, market bellwether Samsung Electronics fell 0.69 percent and its chipmaking rival SK hynix went d

Oct. 29, 2024

Seoul shares rise over 1% on strong Samsung Electronics

South Korean stocks rose more than 1 percent to hit a two-week high Monday led by a sharp rebound in top-cap Samsung Electronics shares. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.16 points, or 1.13 percent, to 2,612.43, marking the highest closing price since Oct. 15 when the bourse finished at 2,633.45. Trade volume was slim at 327.6 million shares worth 9 trillion won ($6.5 billion), with winners outnumbering losers 615 to 271. Institu

Oct. 28, 2024