Korea's rate freeze to further widen gap with US

South Korean stocks got off to a strong start Tuesday, led by chemical and steel gains, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.5 percent, to trade at 2,524.62 in the first 15 minutes of trading. Market watchers are increasingly betting the Fed will raise the interest rate by 0.25 basis point at the end of its policy meeting in May, following US jobs data pointing to robust

Large South Korean firms saw their interest expenses spike more than 50 percent in 2022 from a year earlier due to rising interest rates, a corporate tracker said Tuesday. The combined interest cost of 377 out of the country's top 500 firms by sales stood at 39.9 trillion won ($30.2 billion) last year, up 50.2 percent from a year earlier, according to the Leaders Index. The surge came as South Korea's central bank has remained hawkish in an effort to curb persistently high inflation. T

South Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry. The country's outbound shipments stood at $14 billion in the April 1-10 period, compared with $15.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 7.3 percent on-year to $17.4 billion during the cited period, resulting in a trade deficit of $3.41 billion. In March, outbound shipments fe

South Korea's trade surplus with China is expected to be weaker than in the past down the road, although it is unlikely to result in a deficit, the finance minister has said. "It is clear that China will not give our economy a chance to rebound as quickly as it has in the past," Finance Minister Choo Kyung-ho said during a meeting with South Korean reporters in New York on Monday. Exports to China, South Korea's top trading partner, plunged 33.4 percent on-year in March to re

Hackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday. The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have bee

South Korean stocks hit a nearly eight-month high Monday, buoyed by strong gains in tech blue-chips and US jobs data signaling a cooling economy that raises the odds for the Federal Reserve to ease up on its monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 21.67 points, or 0.87 percent, to close at 2,512.08, the highest since Aug. 17 last year. Trading volume was high at 708.8 million shares worth 13.4 trillion won ($10.

Korea considers scaling back on tax reductions for fuel, cars and real estate holding

South Korean stocks opened higher Monday, as investors await the US consumer prices data due later this week that will give them a clue on the Federal Reserve's next monetary policy move. The benchmark Korea Composite Stock Price Index rose 13.08 points, or 0.53 percent, to 2,503.49 in the first 15 minutes of trading. The March consumer price index is set be released Wednesday. Investors expect the data will offer them an idea as to whether the Fed will maintain its tough interest rate hike

Real estate properties remain preferred investment for ‘wealthy’ Koreans

Seoul stocks closed over 1 percent higher Friday on a tech and semiconductor rally following Samsung's first-quarter guidance results. The Korean won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 31.18 points, or 1.27 percent, to close at 2,490.41. Trading volume was heavy at 578.3 million shares worth 11.1 trillion won ($8.4 billion), with gainers outnumbering decliners 433 to 419. Retail investors snapped up a net 999.4 billion won worth of shares, outpacin

Seoul shares opened higher Friday as Samsung Electronics soared after it announced a cut in its chip production in the face of a slump in its earnings. The benchmark Korea Composite Stock Price Index added 18.79 points, or 0.76 percent, to 2,478.2 in the first 15 minutes of trading. Overnight, US stocks ended higher as investors remained cautious ahead of job data set to be released Friday. The Dow Jones Industrial Average added 0.18 percent, and the tech-heavy NASDAQ advanced 0.76 percent. In S

South Korea posted a current account deficit for the second straight month in February as exports remained sluggish amid global recession woes, central bank data showed Friday. The country's current account shortfall came to $520 million in February, following a record deficit of $4.21 billion a month earlier, according to the preliminary data from the Bank of Korea. It also swung from a surplus of $5.87 billion a year earlier. February's deficit came as the goods balance worsened due

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23. Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191. Institutions and foreign investors offloaded a net combined 986 billion won worth of sto

Oil production cuts could lead to price hikes, posing inflation risks; experts assess otherwise