The finance ministry said Wednesday it will extend the tax cut on fuel by another two months with some adjustments amid the ongoing Middle East crisis. Under the decision, South Korea will apply a 15 percent discount on gasoline consumption and a 23 percent cut on diesel and liquefied petroleum gas, according to the Ministry of Economy and Finance. South Korea has been applying a 20 percent discount on gasoline consumption and a 30 percent discount on diesel and liquefied petroleum gas, which we

Seoul shares opened higher Wednesday on retail buying, though investors remain cautious due to concerns over a slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index (Kospi) rose 3.53 points, or 0.14 percent, to 2,574.23 in the first 15 minutes of trading. Overnight, US stocks closed mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13. In Seoul, large-cap stocks

Seoul shares closed lower Tuesday as Samsung and other market heavyweights came under heavy selling following overnight losses on Wall Street. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.22 points, or 1.3 percent, to close at 2,570.70. Institutions and foreigners sold a combined 602 billion won ($436 million) worth of stocks, exceeding individuals' stock purchases valued at 582 billion won. Trade volume was moderate at 337.

Member companies of the Korea Enterprises Federation met with ambassadors of the European Union on Tuesday to elevate economic cooperation and discuss strategies for embracing the shift in the labor market induced by industrial restructuring. Top officials from 23 EU member nations’ embassies in Korea, including Maria Castillo Fernandez, the ambassador of the EU, attended the business roundtable event hosted by the KEF held at a hotel in Seoul on Tuesday. Sohn Kyung-shik, chairman of the

Seoul shares opened lower Tuesday as US stocks took a breather after reporting their longest weekly rally this year. The benchmark Korea Composite Stock Price Index fell 16.66 points, or 0.6 percent, to 2,588.26 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 42,931.60, while the tech-heavy Nasdaq Composite rose 0.3 percent to 18,540.01. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 1 percent, top carmake

The recent inclusion on the World Government Bond Index, a global benchmark for bond investments, proves South Korea is headed in the right direction in its efforts to improve its foreign exchange market, an official from the Finance Ministry said Monday. On Oct. 9, the Financial Times Stock Exchange Russell announced that Korea has been added to the WGBI. The inclusion came more than two years after Korea was put on the watchlist in September 2022. In the announcement, FTSE Russell stated that

Seoul shares closed higher Monday to snap their three-day slide as investors scooped oversold stocks after US gains. The Korean won fell to the lowest in over two months against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.1 points, or 0.43 percent, to close at 2,604.92. Trade volume was moderate at 235.86 million shares worth 7.6 trillion won ($5.5 billion), with gainers outpacing losers 434 to 427. Institutions and foreigners bought a combined 284 billion won, exceedi

Korean manufacturers keep eye on changes in corporate tax, China policy

Seoul shares opened higher Monday, tracking gains on Wall Street last week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.19 points, or 0.2 percent, to 2,599.01 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average gained 0.09 percent to 43,275.91, and the tech-heavy Nasdaq Composite was up 0.63 percent to 18,489.55. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 0.8 percent, leading auto parts maker Hyundai Mobis

South Korea's exports lost 2.9 percent on-year in the first 20 days of October due to falling demand for vehicles and petroleum products and fewer working days, data showed Monday. Outbound shipments reached $32.77 billion in the Oct. 1-20 period, compared with $33.74 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, rose 1 percent on-year to $2.62 billion. The number of working days during the cited period of this year came to 1

South Korean stocks closed lower Friday as foreign investors unloaded big-cap tech and battery shares. The local currency fell against the US dollar. After opening slightly higher, the benchmark Korea Composite Stock Price Index (Kospi) lost 15.48 points, or 0.59 percent, to close at 2,593.82. Trade volume was slim at 259.1 million shares worth 8.1 trillion won (US$5.9 billion), with losers far outpacing winners 589 to 267. Overnight, the Dow Jones Industrial Average climbed 0.37 percent to clos

The South Korean economy has been on a path for recovery led by exports and domestic demand showed signs of improvement, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, while noting that the pace of recovery differs among sectors. "The economy continues to show a recovery trend centering on exports and the manufacturing sector amid the stabilization of consumer prices. Domestic demand is also showing signs of a gradual recov

South Korean shares opened slightly higher Friday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 4.09 points, or 0.16 percent, to 2,613.39 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average climbed 0.37 percent to close at 43,239.05, marking a new high for a second consecutive session on reports of better-than-anticipated consumer spending. The U.S. Department of Commerce reported that the value of ret

Central bank chiefs from South Korea, China and Japan held a meeting in Beijing on Thursday to discuss a variety issues, including economic and financial trends. Bank of Korea (BOK) Gov. Rhee Chang-yong met with his Chinese counterpart, Pan Gongsheng, and Japanese counterpart, Kazuo Ueda, at the gathering, the 13th of its kind, chaired by Beijing's top central banker, according to the BOK. The BOK said the central bank chiefs exchanged their views on recent economic and financial issues.

South Korean shares closed slightly lower Thursday as foreign investors extended their selling streak to a second session. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.06 points, or 0.04 percent, to close at 2,609.30. Trading volume was moderate at 325 million shares worth 9.7 trillion won ($7.09 billion), with losers outnumbering gainers 511 to 358. Foreign investors net sold 405.8 billion won worth of local shares, on