South Korea’s benchmark Kospi fell 45.59 points, or 1.83 percent, from a day earlier to 2447.38 Wednesday, marking a seventh straight negative session as investors dramatically raise their bets on a US Fed hike of 75 basis points on Wednesday there, steeper than the 50 basis points it had indicated. The main board slid to an intraday low of 2436.04, a new 52-week low, as foreign investors carried on a sell-off for a ninth session straight, outweighing purchases by institutional and retai

South Korean stocks sank to a fresh 19-month low Wednesday to extend their losing streak to a seventh day ahead of the US Federal Reserve's interest rate decision amid high inflation and concerns over a global recession. The local currency also fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 45.59 points, or 1.83 percent, to close at 2,447.38. It is the lowest figure since Nov. 10, 2020, when the index closed at 2,452.83. Trading volume was moderate at 700.92

Men aged 60 and over account for 32% of total increase

South Korea's money supply grew in April as rising interest rates led to an increase in deposits, central bank data showed Wednesday. The country's M2, a key gauge of the money supply, stood at 3,667.1 trillion won ($2.84 trillion) on average in April, up 8.5 trillion won, or 0.2 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The rise followed a 0.1 percent on-month decline in March, which marked the first contraction since September 2018.

Shares of Hybe, the agency behind K-pop sensation BTS, fell almost 25 percent on Wednesday, rattled by the boy band’s announcement that it will take time off from group activities to pursue solo projects. Hybe shares closed 24.87 percent lower from the previous session at 145,000 won ($112.5). It had opened at 168,000 won after closing at 193,000 won in the previous session. Within the first hour of trading, the shares plummeted to 140,000 won, over 25 percent lower from the previous c

Global investment bank JP Morgan on Wednesday forecast that South Korea's central bank could take a "big step" of raising its interest rate by 50 basis points as part of efforts to keep a lid on growing inflation pressure. JP Morgan also expected the Bank of Korea (BOK) to continue the sequence of its rate hikes in the months to come and raise the rate to as high as 3 percent by the end of the year. The forecast is based on its analysis of minutes the BOK disclosed a day earlier o

South Korea's car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday. Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports grew 18.9 percent on-year to $4.15 billion last month, which is a record-high figure for May. Car exports marked on-year growth

Seoul shares opened lower Wednesday as investors remained jittery over the path that the Federal Reserve will take on monetary policy this week amid surging inflation. The Korea Composite Stock Price Index (KOSPI) fell 15.36 points, or 0.62 percent, to 2,477.61 points in the first 15 minutes of trading. Overnight, US shares closed mixed ahead of the conclusion of the Fed's two-day interest rate-setting meeting on Wednesday (US time). Many expected the central bank to take the "giant st

South Korea's global competitiveness ranking fell by four notches this year from the previous year amid the economic slowdown and a continued rise in the national debt, a report showed Wednesday. South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 report by the International Institute for Management Development (IMD). The IMD, a Switzerland-based international institution, has been releasing the report every year since 1989 based on

Financial authorities say Korea faces uncertainties, market volatility expanding

South Korean stocks fell to a fresh 19-month low Tuesday to extend their losing streak to a sixth day as investors were wary of a larger-than-expected interest rate hike in the US and a global economic recession. The local currency continued to slide against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 11.54 points, or 0.46 percent, to close at 2,492.97 after falling to as low as 2,457.39 at one point. Trading volume was moderate at 661.21 million shares worth 9.80 trillion

President Yoon Suk-yeol pledged Tuesday to make all-out efforts to curb soaring inflation by resolving issues on the “supply side.” “The administration plans to take all possible steps to resolve issues on the supply side as the inflationary pressure is stemming from the supply side,” Yoon told reporters as he arrived at the presidential office. Tuesday’s vow follows Yoon’s orders to officials “to seek ways to ease the burden on Koreans as higher infl

South Korea's exports of information and communication technology (ICT) products rose 13.9 percent in May from a year earlier on brisk overseas demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products came to $20.2 billion last month, up from $17.73 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. It marked the highest-ever tally for May since the government began compiling related data in 1996. The country has seen dou

South Korea's central bank said Tuesday it plans to "actively" take steps to stabilize the financial market hit hard by fears about the Federal Reserve's more aggressive rate hikes than previously thought. Global financial markets have been roiled this week amid the growing prospect that the Fed may hike interest rates by a larger-than-expected margin of 0.75 percentage point this week to tame high-flying inflation. "As volatility in South Korea's financial markets is expected to

Seoul shares got off to a weak start Tuesday, tracking a sharp plunge on Wall Street, on concerns over more aggressive monetary tightening by the United States to tame inflation and its impact on global economic growth. The Korea Composite Stock Price Index (KOSPI) fell 22.72 points, or 0.91 percent, to 2,481.79 points in the first 15 minutes of trading. On Monday, the index dipped to a 19-month low amid growing woes over sharper-than-expected rate hikes Overnight, US shares plunged ahead of the