Seoul shares closed down Thursday, as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.97 points, or 0.46 percent, to close at 2,563.11. Trading volume was high at 938 million shares worth 12.2 trillion won ($9.2 billion), with losers outnumbering winners 647 to 231. Foreign investors bought a net 156 billion won worth of stocks, while institutions and

Battery materials firm family becomes overnight star of Korean stock market

Hana Financial Group on Thursday held an award ceremony for the winners of its art contest for supporting and celebrating artists with developmental disorders. The ceremony of the contest dubbed “Hana Artverse” took place in commemoration of Korea’s 43rd National Day of People with Disabilities on Thursday. This is the second time the group hosted the multi-platform art contest to allow artists with developmental disabilities to showcase their talents and improve social awarene

SEJONG-- South Korea's finance ministry said Thursday it has reduced the staff of state-run companies by more than 10,000 workers through voluntary retirement and sold assets to tighten its belt amid economic uncertainties. Around 290 state-run businesses let go of a combined 10,721 workers over the January-March period, according to the Ministry of Economy and Finance. Additionally, local state-run firms sold unnecessary assets worth 1.4 trillion won ($1 billion) over the same period. Th

Seoul shares opened lower Thursday as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The benchmark Korea Composite Stock Price Index lost 7.1 points, or 0.28 percent, to 2,567.98 in the first 15 minutes of trading. Overnight, Wall Street closed little changed following the release of the Federal Reserve's Beige Book, Fed officials' hawkish comments and a string of mixed corporate earnings including Tesla and Morgan Stanley. The Dow Jones Indu

South Korean stocks finished up Wednesday, as automakers, battery materials companies and banks led the market gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 3.99 points, or 0.16 percent, to close at 2,575.08. Trading volume was high at 933 million shares worth 12.4 trillion won ($9.4 billion), with gainers outnumbering losers 596 to 276. Institutions bought a net 455 billion won worth of stocks, while foreigners and retail investors o

The total market capitalization of listed firms in Korea rose by 14 percent, or 280 trillion won ($212 billion), during the first quarter of 2023, a report by issued by market tracker Korea CXO Institute showed Wednesday. As the local stock market has been on course for a gradual rebound in the first three months of 2023, the total market cap of 2,558 firms listed on the country’s benchmark Kospi and secondary Kosdaq increased by 280 trillion won, from 2,011 trillion won on Jan. 2 to 2,291

Seoul shares opened higher Wednesday with battery stocks leading the gains. The benchmark Korea Composite Stock Price Index gained 3.36 points, or 0.13 percent, to 2,574.45 in the first 15 minutes of trading. Battery stocks, including those affiliated with steel giant Posco Holdings in particular, led the market gains on the rosy growth prospects of their battery materials business. Posco Holdings rose 1.69 percent, and Posco Future M, the steelmaker's chemical components-making unit, spike

The first negotiating session for next year's minimum wage fell through Tuesday, as public sector representatives stayed away from the meeting in protest of labor activists shouting slogans in the conference room. The tripartite Minimum Wage Commission, which is composed of nine members each from labor, business and public sectors, was scheduled to meet for its first plenary meeting at 3 p.m. Tuesday to determine the minimum wage for 2024. But public sector representatives, including Commis

South Korean stocks finished down Tuesday, breaking their seven-day streak of gains amid concerns over possible rate hikes in the United States. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.82 points, or 0.19 percent, to close at 2,571.09. Trading volume was high at 882.9 million shares worth 13.9 trillion won ($10.5 billion), with losers outnumbering gainers 577 to 309. Institutions sold a net 664 billion won worth of stocks, while foreig

The Korean government will extend the current tax cut imposed on fuel until the end of August, the Finance Ministry announced Tuesday. Fuel tax reductions -- namely a 25 percent cut for gasoline, and 37 percent cuts for diesel and the liquefied petroleum gas butane -- which were to end in April, will last for another four months, considering the rising prices of oil, the ministry said. The cut pulls down gasoline prices by cutting tax worth 205 won ($0.16) from 820 won to 615 won per liter, di

Seoul shares opened lower Tuesday as investors are concerned about possible additional rate hikes by the US Federal Reserve and a possible economic slowdown. The benchmark Korea Composite Stock Price Index fell 5.87 points, or 0.23 percent, to 2,570.04 in the first 15 minutes of trading. The Kospi bucked overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.3 percent and the tech-heavy Nasdaq Composite also climbed 0.28 percent. This week, investors are awaiting the release of

South Korean imports of Japanese seafood swelled nearly 21 percent in the first quarter of 2023 despite concerns over Tokyo's planned release of contaminated water from its crippled nuclear power plant, government data showed Tuesday. Seoul imported $48.6 million worth of fishery products from the neighboring country in the January-March period, up 20.9 percent from a year earlier, according to the data from the Korea Customs Service. It marked the largest first-quarter value of Japanese se

Concerns mount over South Korea's chip export slump, low recovery of Chinese tourist numbers

South Korean stocks opened marginally lower Monday as investors took to the sidelines amid lingering concerns over rake hikes. The benchmark Korea Composite Stock Price Index shed 3.74 points, or 0.15 percent, to 2,567.75 in the first 15 minutes of trading. The Kospi finished higher Friday for a sixth consecutive session after softer-than-expected US economic data showed that inflation is slowing, adding to hopes the Federal Reserve will dial back its aggressive rate-hike cycle. Wall Street, how