South Korea's central bank held its key interest rate steady Thursday amid worries that the upsurge in COVID-19 infections and heightening geopolitical risks stemming from Eastern Europe could undercut economic recovery momentum. The Bank of Korea (BOK), however, sharply revised upward its inflation outlook for this year, raising the possibility that it could hike the interest rate in the months to come. As widely expected, the seven-member monetary policy board of the central bank voted to fr

South Korean stocks opened steeply lower Thursday, tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 28.85 points, or 1.06 percent, to 2,690.08 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.57 percent and the Dow Jones Industrial Average declined 1.38 percent as Ukraine declared a state of emergency and Washington said a Russian invasion of Ukraine remains imminen

Corporate direct financing in South Korea nearly tripled in January from the previous month due mainly to a massive initial public offering (IPO), data showed Thursday. Local companies raised a combined 27.53 trillion won ($23.1 billion) by selling stocks and bonds last month, up 172.5 percent from December, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financi

The benchmark Kospi rose Wednesday on stock purchases led by institutions and retail investors, who guarded against a sell-off by foreign investors, as investor appetite appeared affected little by developments in the Russia-Ukraine standoff. The Kospi ended 0.47 percent, or 12.74 points, higher than Tuesday’s closing at 2,719.53, reversing the last two days of drops. The index reached an intraday high of 2,729.56 and low of 2,705.31. Institutions and individuals snatched up shares

SEJONG -- A longer-than-expected standoff between Ukraine and Russia involving a possible war could deal a severe blow to the Korean economy, Vice Finance Minister Lee Eog-weon said Wednesday. During a task force meeting in Seoul, Lee said that particular impacts have yet to be seen in the local market at the current stage, despite the escalating tension between the two countries. “But (worsening geopolitical risk) over a long period would have negative effects on the nation’s over

South Korean stocks climbed Wednesday, in the wake of the United States and its European allies' announcement of financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points. Trading volume was moderate at about 527 million shares worth some 9 trillion won ($7.5 billion), with gainers outnumbering losers

South Koreans aged between 19 and 34 rushed to open a state-backed savings account with a high yield of some 10 percent this week, with the product attracting nearly two million applicants as of Wednesday. The state-backed savings account launched Monday -- dubbed the Youth Hope Savings Product -- is designed specifically for those aged between 19 and 34 with an annual income of or below 36 million won ($30,100). It requires applicants to submit a monthly payment of 500,000 won for a 2-year ter

South Korea's overseas financial assets reached an all-time high last year on the back of increased stock investments and investment returns, central bank data showed Wednesday. The country's external financial assets came to $2.16 trillion as of end-December, up $198.2 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position also hit a record high of $637.9 billion at the end of December, up from $466.1 billion the previo

South Korean stocks opened higher Wednesday, as the United States, Europe and the United Kingdom mull sanctions against Russia over its move to dispatch troops to Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) advanced 15.52 points, or 0.57 percent, to 2,722.31 points as of 9:15 a.m. The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine. Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eas

South Korea's finance minister said Wednesday the country's housing prices are on a downward trend after being stabilized amid the central bank's rate hikes and tighter lending rules. Minister Hong Nam-ki said the government will implement its real estate policy with a focus on expanding the home supply and rooting out property speculation in a bid to support a fall in home prices. "Stabilizing trends of housing prices have become more evident, and price falls have been accelerating,"

South Korean's business sentiment improved slightly for March but remained below par amid the fast spread of the COVID-19 omicron variant, a central bank poll showed Wednesday. The business sentiment index (BSI) for local companies came to 88 for March, up three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers climbed to 93 from 90 over the cited period, and that for non-manufacturing businesses also gained two points to 84. The index

SEJONG -- At least 1 in 2 South Koreans were found to have predicted home prices to go down in the coming year, amid a variety of tight regulations and rising interest rates, data from the Bank of Korea showed Tuesday. According to the monthly consumer survey conducted by BOK, the index for households’ outlook on housing prices sat at 97 in February, down three points from a month earlier. The index indicates that the number of households predicting a decline in housing prices was higher

South Korean banking groups are opening more offline asset management centers exclusively for the nation’s superrich, while closing regular branches and replacing them with mobile and artificial intelligence-based services. On Tuesday, Shinhan Financial Group said it upgraded and rebranded two of its wealth management centers in Seoul to focus on providing exclusive banking services for its clients with personal assets of over 10 billion won ($8.3 million). The wealth management centers

Market volatility escalated Tuesday on news that Russia ordered troops into separatist-held eastern Ukraine, dragging down the nation’s stock indexes as well as virtual assets and sparking concerns that the geopolitical unrest is likely to expand short-term uncertainty in the financial market. The benchmark Kospi ended lower Tuesday as investors raced to dump risky assets, falling to 2,706.79, down 1.35 percent or 37.01 points from Monday’s closing. The Kospi, which has seen i

South Korea's central bank said Tuesday that it will closely monitor the development of escalating tensions in Ukraine on concerns that the geopolitical risk could increase market volatility and negatively affect the domestic economy. Russian President Vladimir Putin on Monday ordered the deployment of troops to two breakaway regions of eastern Ukraine after recognizing their independence, which raised the possibility of Russia invading Ukraine, dampening hopes for a diplomatic solution. Policym