South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time. The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading. U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in Januar

Government goes all-out to keep soju prices below psychologically important 6,000 won

The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday. Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018. The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times m

South Korean stocks ended lower Friday on losses in big-cap tech shares amid caution over the United States' monetary policy path amid high inflation. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.48 points, or 0.63 percent, to close at 2,423.61. Trading volume was slim at 363.7 million shares worth 6.86 trillion won ($5.26 billion), with decliners outpacing gainers 662 to 222. The index opened higher, tracking US gains, but fell to n

The state-run utility Korea Electric Power Corp. said Friday its operating loss more than quintupled on-year to hit a record high last year due to higher fuel costs and limited electricity rate hikes. Its operating loss came to 32.63 trillion won ($25.02 billion) in 2022, compared with 5.85 trillion won a year earlier, the company said in a regulatory filing. It is the largest ever yearly figure the company has logged so far, and the previous record was set in 2021. Sales grew 17.5 percent on-ye

South Korean stocks opened slightly higher Friday, tracking Wall Street gains, as big-cap tech shares gathered ground. The benchmark Korea Composite Stock Price Index added 6.34 points, or 0.26 percent, to 2,445.43 in the first 15 minutes of trading. Overnight, US shares ended higher following a recent rout amid lingering uncertainties over the United States' monetary policy path to curb inflation. The Dow Jones Industrial Average rose 0.33 percent, and the tech-heavy Nasdaq Composite advan

South Korean stocks finished higher on Thursday as investors got a much-awaited reprieve from consecutive rate hikes by the Bank of Korea. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 21.41 points, or 0.89 percent, to close at 2,439.09. Trading volume was a bit slim at 393.06 million shares worth 7.33 trillion won ($5.65 billion), with gainers outpacing losers 510 to 362. Institutions and foreign investors combined bought a net 300.87 billi

Central bank cuts growth outlook to 1.6 percent from 1.7 percent

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s

South Korean stocks opened higher Thursday amid lingering concerns over more interest rate hikes. The benchmark Korea Composite Stock Price Index had gained 18.54 points, or 0.77 percent, to 2,436.22 in the first 15 minutes of trading. The Bank of Korea is scheduled to hold its rate-setting meeting later in the day. It raised its benchmark interest rate by a quarter percentage point in January to 3.5 percent to tackle persistently high inflation. It was its seventh straight rate hike since April

South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68. Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147. Institutions and foreign investors combined

South Korea retains title as country with lowest fertility rate in OECD

South Korean stocks opened sharply lower Wednesday, tracking a Wall Street plunge overnight, on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The benchmark Korea Composite Stock Price Index had shed 34.26 points, or 1.39 percent, to 2,424.70 as of 9:15 a.m. Wall Street dropped overnight as market sentiment was weighed down by fears about higher rates for a longer period of time. Investors are concerned that the Fed will continue to raise r

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won. Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323. The index had fluctuated b

Activist fund singles out poor governance as sole reason for ‘undervalued’ Korean stocks