South Korean stocks opened more than 1 percent lower on Thursday as worries over a global recession mounted after the US Federal Reserve delivered another sharp rate hike to tame runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.75 points, or 1.14 percent, to 2,320.46 as of 9:15 a.m. Overnight, the Fed raised its benchmark federal funds rate by 0.75 percentage point for a third consecutive time, and its chair Jerome Powell voiced strong resolution to continue

The South Korean currency on Thursday sank below the 1,400 mark against the US dollar for the first time in more than 13 years during its intraday trading following the Federal Reserve's rate hike. The Korean currency was trading at 1,403.80 won against the dollar as of 9:07 a.m., down 9.60 won from the previous session. The won fell to as low as 1,404.70 at one point. The won had fallen through the 1,400 mark for the first time since March 31, 2009, when the local currency hit 1,422 won per the

Finance Minister Choo Kyung-ho said Wednesday that a currency swap agreement with the United Sates would "definitely" help stabilize the foreign exchange market but declined to comment on the possibility of such a deal.   He made the remarks after a local media outlet reported that a US$60 billion currency swap agreement with the US is expected to be announced as early as this week. The Bank of Korea denied the report as "different from the facts."   "A currenc

SEJONG -- South Korea is likely to record a trade deficit for the sixth consecutive month, as the nation suffered a trade deficit of $4.1 billion for the first 20 days of September, down 8.7 percent on-year, state data showed Wednesday. According to the Ministry of Trade, Industry and Energy, the nation posted $32.9 billion in exports while imports increased 6.1 percent on-year to $37 billion over the corresponding period. It would be the first time in 25 years for Asia's fourth-largest econom

The Asian Development Bank lowered South Korea’s growth outlook for next year by 0.3 percentage point to 2.3 percent in its updated outlook published Wednesday, while keeping its forecast for this year at 2.6 percent. It also maintained Korea’s inflation outlook at 4.5 percent for this year, and 3 percent for 2023. “(Korea’s) private consumption is expected to slow in the second half of the 2022 as stimulus from the economy’s reopening fades and interest rate increa

South Korean stocks slipped back into negative territory again Wednesday, as investors took to the sidelines ahead of a widely expected sharp rate hike by the Federal Reserve. The Korean won fell against the dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 20.64 points, or 0.87 percent, to close at 2,347.21. Trading volume was light at 367.1 million shares worth 6.2 trillion won ($4.4 billion), with losers outpacing gainers 580 to 279. "Today's losses came as invest

South Korean stocks opened lower Wednesday, tracking an overnight loss on Wall Street, as investors bet that the Federal Reserve will deliver another sharp rate hike this week. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 8.04 points, or 0.34 percent, to 2,359.81 in the first 15 minutes of trading. Overnight, US stocks slumped as investors fret that the Federal Open Market Committee (FOMC) would opt to push the US benchmark rate by 75 basis points, which could further acce

SCI Information Service and CrePASS Solution signed a new partnership on Friday to boost business cooperation and create a new credit rating model for the financially marginalized. Under the partnership, the two South Korean credit rating agencies will seek synergy by combining SCI Information Services’ accumulated credit information and CrePASS Solution’s alternative information methodologies. Their new planned credit rating model, in particular, aims to help people who have difficu

Seoul stocks ended their four-day losing streak on Tuesday as investors scooped up oversold stocks ahead of the Fed's policy meeting later this week. The Korean won rose against the US dollar. After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) stayed in positive terrain, closing at 2,367.85, up 12.19 points, or 0.52 percent. Trading volume was light at 407.9 million shares worth 6.9 trillion won ($4.96 billion) with decliners outnumbering gainers 654 to 198. "

Saudi Arabia’s two major public investment funds have arrived in South Korea to look for local startups to add to their portfolios, the Seoul Metropolitan Government said Tuesday. Jada, a fund-of-funds set up by Saudi sovereign wealth fund Public Investment Fund, and fellow state-run Saudi Venture Capital will cooperate with the Seoul government to find Korean “unicorns” or startup companies with a value of over $1 billion to invest in. The investment funds arrived in Seoul on

The Upbit Developer Conference, the nation's largest blockchain developer conference, will be back in person this year after two years of pandemic disruptions. According to Dunamu, the operator of South Korean crypto exchange Upbit, on Tuesday, the 2022 UDC will be held in Busan from Sept. 22 to 23, with 50 speakers and over 3,000 attendees set to join the event. Launched in 2018, the annual gathering has attracted more than 617 companies and 15,100 visitors. This year’s event will cove

The number of offline offices run by financial firms in South Korea declined more than 1,000 over the past year as the use of mobile services spiked amid their fast transition to digitalization, data showed Tuesday. Local financial companies, including banks and insurers, had run a total of 15,924 offline offices in South Korea as of end-March, down 1,037 from the same month a year earlier, according to the data from the Financial Supervisory Service. Of them, the number of insurers' offlin

South Korean stocks opened higher Tuesday as investors picked up oversold issues ahead of the highly anticipated US Federal Reserve's rate-setting meeting. The Korea Composite Stock Price Index (KOSPI) rose 24.61 points, or 1.04 percent, to 2,380.27 in the first 15 minutes of trading. The market has been roiled amid worries that the Fed could raise its base interest rate by at least another 75 basis points in its two-day policy meeting that will kick off on Tuesday (US time). Some market wa

South Korean stocks dipped by more than 1 percent on Monday to extend their losing streak to a fourth day as market sentiment was dampened by the prospect of another sharp rate hike this week by the US Fed. The Korean won fell sharply against the US dollar. After opening higher, the benchmark Korea Composite Stock Price index (KOSPI) shed 27.12 points, or 1.14 percent, to 2,355.66, marking the lowest since July 12 when the corresponding reading was 2,330.98. Trading volume was light at 395.3 mil

President Yoon Suk-yeol likely to suggest new currency swap deal with the US at the upcoming UN General Assembly