South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street amid concerns about fast-growing inflation. The benchmark Korea Composite Stock Price Index fell 7.77 points, or 0.33 percent, to trade at 2,320.84 in the first 15 minutes of trading. Overnight, US stocks dropped as the estimate-beating consumer price index for June fanned worries that the Federal Reserve can accelerate its rate hike moves. The Dow Jones Industrial Average declined 0.67 percent, and the tech-heav

  South Korea's chief economic policymaker said Wednesday that he is gravely concerned about a possible recession after soaring inflation stabilizes. His remarks came after the Bank of Korea raised its policy rate by a half percentage point, the largest-ever increase, earlier in the day to combat high-flying inflation. "(The BOK's rate hike) will help rein in rising expected inflation down the road," Finance Minister Choo Kyung-ho said in a forum held in Jeju. "In October

FSC hints at imposing full ban on shorting stocks for market stability, but analysts doubt long-term effect

Central bank makes half-point rate hike amid inflation, despite debt burden, downturn

South Korean stocks rebounded Wednesday on eased uncertainties about the central bank's rate decision. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.85 points, or 0.47 percent, to close at 2,328.61 points. Trading volume was relatively small at about 303 million shares worth some 5.9 trillion won (US$4.5 billion), with gainers outnumbering losers 550 to 298. Institutions bought a net 357 billion won, while foreigners sold 101 bil

Jeju ranks 1st, Busan bottom in employment rate in June

South Korean students studying abroad and their parents are taking the brunt of the weakening Korean won, as the home currency is hovering around the lowest level against the US dollar in 13 years. After hitting a 13-year low of 1,301.8 won against the greenback on June 23, the Korean currency further extended losses to close at 1,312.1 won Tuesday amid growing global recession fears. The sharply weaker won means soaring living costs for Korean students abroad who rely on money transfers from ho

South Korea's central bank on Wednesday delivered an unprecedented 0.5 percentage-point rate hike to fight fast-growing inflation pressure pushed up by high energy and commodity prices. The monetary policy board of the Bank of Korea (BOK) held a rate-setting meeting earlier in the day and voted to increase the benchmark seven-day repo rate from 1.75 percent to 2.25 percent, according to the central bank. This marked the BOK's first "big-step" rate hike ever and the sixth rise

South Korea reported job additions for the 16th consecutive month in June, but the pace of job growth slowed amid heightened economic uncertainty, data showed Wednesday. The number of employed people came to 28.49 million last month, up 841,000 from a year earlier, according to the data compiled by Statistics Korea. The June reading marked the largest job addition in 22 years for any June. But the pace of job growth slowed compared with May, when the country added 935,000 jobs. The statistics ag

South Korean stocks opened higher Wednesday ahead of the central bank's rate decision. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.34 percent, to trade at 2,325.64 in the first 15 minutes of trading. The key stock index rebounded after a two-day loss since Monday, despite an overnight US stock fall. The Bank of Korea (BOK) will announce the results of its monetary policy meeting later in the morning. Investors are wondering if the BOK will take a "big step&qu

South Korean stocks retreated for a second straight session Tuesday, weighed by concerns about corporate earnings and a surge in new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 22.51 points, or 0.96 percent, to close at 2,317.76 points. Trading volume was relatively small at about 374 million shares worth some 6.3 trillion won ($4.8 billion), with losers outnumbering gainers 772 to 129. Institutions sold a ne

SEJONG -- South Korea will resume construction of new nuclear reactors in the country's eastern industrial city of Uljin in the next two years, speeding up its nuclear energy drive announced earlier this month, the energy minister said in a briefing to President Yoon Suk-yeol on Tuesday. The construction of the Shin-Hanul No. 3 and No. 4 reactors in North Gyeongsang Province is set to begin as early as 2024, said Minister Lee Chang-yang, adding that about 130 billion won ($99 million) worth of

South Korea’s Finance Ministry is set to announce a legal revision bill next week that includes tax deductions on movie tickets and a raise to the tax exemption for company meal plans for middle-class workers.  Under the current tax law, the government offers a 30 percent tax cut on cultural expenses for middle-class workers whose annual salary is less than 70 million won ($53,300). Eligible workers can receive up to 1 million won in tax deductions for book purchases, museum tickets,

South Korea’s overheated housing market is showing signs of cooling down, as Seoul housing prices have inched down in recent months with persistent inflation and soaring interest rates squeezing household budgets. According to the Land Ministry on Monday, apartment prices in Apgujeong-dong, a wealthy neighborhood in Gangnam-gu, Seoul, dropped by as much as 300 million won ($230,000) in June from the previous month. A price slowdown was palpable in other affluent Seoul districts like Son

Kim Joo-hyun, the new chief of the Financial Services Commission, said Monday that he would use all resources and cooperate with authorities for market stability at his inauguration, which took place after a divided National Assembly failed to hold a confirmation hearing.  Kim underscored mounting concerns that aggressive rate hikes by the US Federal Reserve would further dampen investor optimism here. “Rapid inflation is eating into the economy. Economic and political factors,