South Korean stocks snapped their nine-day winning streak Tuesday, as investors took a breather from recent rallies and went on a profit-taking dive, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 20.47 points, or 0.85 percent, to finish at 2,379.39. Trading volume was moderate at 529.4 million shares worth 6.2 trillion won ($5.04 billion), with decliners outnumbering gainers 618 to 250. "Investors opted to make a prof

South Korean stocks opened marginally higher Tuesday, as investors took a breather from recent rallies ahead of the earnings reports. The benchmark Korea Composite Stock Price Index gained 3.22 points, or 0.13 percent, to trade at 2,403.08 in the first 15 minutes of trading. After opening higher, the main index had briefly turned lower before reverting to the green, in line with analysts' prediction that trading will likely remain choppy for the day. Large-cap tech and auto stocks gathered

South Korean stocks closed 0.58 percent higher Monday, extending their rally to a ninth session, as eased US inflation outlook boosted investor appetite for risky assets ahead of the earnings season. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 13.77 points to close at 2,399.86. Trading volume was moderate at 509.6 million shares worth 6.46 trillion won ($5.23 billion), with gainers outpacing decliners 499 to 350. "US stocks closed

The number of counterfeit South Korean banknotes touched a record low in 2022, amid a surge in cashless transactions fueled by the coronavirus pandemic, the Bank of Korea said Monday. The number of counterfeit banknotes identified stood at 150 last year, down from the previous record low of 176 a year before. Last year’s number was the lowest ever since the central bank started compiling related data in 1998. The BOK attributed the drop to a decline in face-to-face transactions via non-cas

South Korean stocks opened higher Monday, following the gains on Wall Street last week amid eased inflation in the United States that raised hopes for the Federal Reserve to slow its interest rate hikes. The benchmark Korea Composite Stock Price Index advanced 7.36 points, or 0.31 percent, to 2,393.45 in the first 15 minutes of trading. All major US stock indexes closed higher Friday, with the S&P 500 and tech-rich Nasdaq hitting the highest level in a month, buoyed by expectations the Fed c

BOK juggles high inflation, economic slowdown

The Bank of Korea continued a streak of seven consecutive rate hikes, making the base rate stand at 3.5 percent. The central bank announced Friday it has raised the benchmark rate by 25 basis points, deeming that inflation has yet cooled down. With the hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. Prior to the bank’s aggressive policy cycle, the benchmark rate stood at 0.5 percent in July 2021. &ld

The South Korean economy is feared to face a bumpy road ahead on high inflation, slowing domestic consumption as well as sluggish exports, the finance ministry said Friday. "Recently, the South Korean economy's inflation continued to stay at a high plateau, and the recovery of domestic consumption has slowed. The weak economic sentiment has continued on weak exports as well, leading to concerns over an economic slowdown," the Ministry of Economy and Finance said. It was the eighth

Seoul shares opened higher Friday as investors await a rate hike decision by the Bank of Korea later in the morning. The benchmark Korea Composite Stock Price Index had added 15.47 points, or 0.65 percent, to 2,380.57 as of 9:15 a.m. The central bank is widely expected to raise its policy rate by 25 basis points to 3.5 percent as part of efforts to tame inflation. In Seoul, most large cap shares got off to a solid start. Market bellwether Samsung Electronics inched up 0.33 percent, while SK hyni

South Korean stocks extended their winning streak to a seventh session on Thursday, largely on anticipation of slower inflation in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 5.57 points, or 0.24 percent, at 2,365.1 points. Trading volume was moderate at about 570 million shares worth some 7.7 trillion won ($6.2 billion), with gainers outnumbering losers 494 to 365. Foreigners bought a net 484 billion won, while institut

Saudi Arabia’s state fund decided to join in 1.2 trillion won ($964 million) investment in Kakao Entertainment, doubling down on its aggressive bet on the burgeoning Korean content industry. The company, the entertainment arm of Kakao Corp., said it has raised 600 billion won in financing by issuing new shares through third-party allotment each to two global state funds -- Saudi Arabia’s Public Investment Fund and the Government of Singapore Investment Corporation. The capital inject

South Korea's fiscal deficit widened 21 trillion won ($16.8 billion) in the first 11 months of last year due to increased expenditures amid the pandemic. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 98 trillion won in the January-November period, larger than a shortfall of 77 trillion won a year earlier, the finance ministry's Monthly Public Finance report showed. The country's tax revenue came to 373.6 trillion won du

South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States. The benchmark Korea Composite Stock Price Index had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index, a key gauge for inflation, could pr

Seoul shares ended higher Wednesday, extending their winning streak to a sixth day, with investors awaiting the release of the new US consumer price index for clues on the future of the Federal Reserve's monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 8.22 points, or 0.35 percent, to close at 2,359.53 points. Trading volume was moderate at 359.99 million shares worth some 6.2 trillion won ($4.97 billion), with gainers outnumb

Concerns over deepening economic slowdown and a bleak outlook for global business conditions, experts predicted that this year the country’s economy would fall deep into a dark and chaotic situation as if it "goes down the rabbit hole." Korea Chamber of Commerce and Industry summarized the opinions of some 85 economics and management experts including university professors as "falling down the rabbit hole." The KCCI survey respondents said an unprecedented economic en