SEJONG -- Concerns are growing over the possibility that the nation’s import prices will further shoot up in the wake of the continuously weakening Korean currency against the US dollar amid the Ukraine-Russia war. The unfavorable scenario has come to the fore amid the recent situation that import prices of raw materials, including crude, had already sharply climbed over the past several months. According to Statistics Korea, import prices grew 30.1 percent in January on-year. Amid inves

South Korea’s benchmark Kospi and the Korean won tumbled on Tuesday, with surging oil prices triggered by the US-led ban on Russian crude threatening to fuel the intensifying inflationary pressure here. The main bourse Kospi settled 1.09 percent down from the previous session at 2,622.4, falling for the third consecutive day. Foreigners offloaded a net 472.8 billion won ($382.2 million) worth of shares, while institutions sold a net 293 billion won. Retail investors bought a net 732 bi

South Korean stocks opened steeply lower Tuesday on overnight losses on Wall Street amid concerns that the surging energy prices in the wake of Russia's invasion of Ukraine may hamper the post-pandemic economic recovery. The benchmark Korea Composite Stock Price Index (Kospi) had retreated 23.13 points, or 0.87 percent, to 2,628.18 points as of 9:17 a.m. Stocks dropped as investors are worried that rising energy costs may incur a global energy shortage and hurt the economic recovery. The tech-he

South Korea’s benchmark Kospi fell some 2 percent on Monday, with market behemoth Samsung Electronics dropping below the 70,000 won-mark ($57.03) at one point, rattled by the escalating war in Ukraine and surging oil prices. The value of the Korean won weakened against the US greenback, with the local currency surpassing the 1,220 won-mark against the dollar for the first time since June 2, 2020. It closed 12.9 won higher against the dollar from the previous session at 1,227.1 won. The

South Korean stocks plunged over 2 percent Monday amid worries tough sanctions imposed on Russia in retaliation against its invasion of Ukraine could raise energy prices and hurt companies' bottom lines. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 62.12 points, or 2.29 percent, to close at 2,651.31 points. Trading volume was moderate at about 557 million shares worth some 11.9 trillion won ($9.7 billion), with losers outnumbe

Government to provide up to W1b to companies with 30% or more of their exports to Russia, Ukraine

South Korea said Monday it plans to suspend transactions with Russia's central bank, joining the global move to impose additional sanctions against Moscow over its invasion of Ukraine. The government said it will announce details after consulting with related government agencies. The US has banned transactions with Russia's central bank, the finance ministry and sovereign wealth funds as part of fresh sanctions against Moscow. The European Union also announced similar sanctions. South Korea has

The South Korean economy is on a recovery track, but external economic uncertainty has markedly increased as the Russian invasion of Ukraine has jacked up prices of oil and raw materials, a state-run think tank said Monday. Asia's fourth-largest economy is maintaining its moderate recovery on the back of solid manufacturing output, with the latest upsurge in COVID-19 cases having limited impacts on in-person services, the Korea Development Institute (KDI) said in a monthly economic assessment re

South Korean stocks opened steeply lower Monday as the United States and its allies mull ways to suspend imports of Russian crude, raising concerns the soaring oil prices may weigh on corporate performances. The benchmark Korea Composite Stock Price Index (KOSPI) had retreated 46.26 points, or 1.7 percent, to 2,667.17 points as of 9:17 a.m. Investor sentiment for risky assets decreased as Brent crude hit an intraday high of US$139 a barrel, the highest since 2008, following reports the US and it

Hana Financial Group Chairman Kim Jung-tai was the highest-paid banking CEO last year, taking home an annual salary of 2.4 billion won ($1.98 million), according to annual reports filed by financial firms Sunday. Kim ranked No. 1 in annual salary paid to executives among his peers, with KB Financial Group Chairman Yoon Jong-kyoo ranking No. 2 with 1.7 billion won and Shinhan Financial Group Chairman Cho Yong-byoung No. 3 with 800 million won. Woori Financial Group has yet to file a similar r

South Korean retail investors have been on a buying spree of Russia-related exchange-traded funds amid growing tensions between Russia and Ukraine, data showed Sunday. Analysts say that retail investors are hoping for a rebound in Russian stocks once the situation surrounding the Russia-Ukraine war calms down, but warned that the current volatility could be costly for them. Retail investors bought over a net 70 billion won ($57.4 million) worth of Russia-related ETFs sold both locally and ov

South Korea has decided to release 4.42 million barrels of strategic crude reserves to help bring down soaring energy prices and prevent a possible supply shortage amid tensions surrounding Ukraine, the industry ministry said Saturday. Earlier this week, 31 member nations of the International Energy Agency  agreed to release 60 million barrels of oil from their emergency reserves, as concerns have risen over a possible shortfall in global energy supplies and a further spike in prices due t

South Korean stock markets are expected to continue to face volatile sessions next week, largely on persistent uncertainties in Ukraine and the US Federal Reserve's stance on its monetary policy, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,744.52 points Friday, up 0.14 percent from a week ago. The key stock index snapped its four-day winning streak Friday, as investors were spooked by a fire at a Ukraine nuclear plant and the U.S. Federal Reserve chairma

South Korean stocks opened lower Friday tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.79 points, or 0.72 percent, to 2,727.29 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite lost 1.56 percent and the Dow Jones Industrial Average declined 0.29 percent, largely on concerns that the war in Ukraine may push up the commodity prices and peg the global eco

South Korea will extend fuel tax cuts by three months as the country is striving to ease the burden on consumers and a build-up of inflationary pressure, the country's top economic policymaker said Friday. On Nov. 12, the government lowered fuel taxes by a record 20 percent in a bid to tame inflationary pressure. The tax reduction was set to expire at the end of April. The government decided to keep the fuel tax cuts in place for three more months until end-July amid concerns that the war in U