Seoul shares closed nearly flat Monday after an eight-session losing streak, as cooler-than-expected US inflation data buoyed hopes for rate cuts by the Federal Reserve this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 0.94 points, or 0.04 percent, to close at 2,525.99. Trade volume was moderate at 788.29 million shares worth 8.05 trillion won ($6.09 billion), with losers outnumbering gainers 575 to 304. Institutions bought a net 89.73

The National Pension Service, the world’s third-largest pension fund managing assets of around 1,000 trillion won ($757 billion), expanded its holdings in electronic parts manufacturer Samsung Electro-Mechanics, but dumped shares of IT giant Kakao in the September-December period of 2023. The fund owns a 5 percent or greater stake in each of 283 listed companies here as of Wednesday, according to market tracker FnGuide. The shares are valued at 133.83 trillion won, up 4.16 trillion won,

South Korean stocks opened higher Monday as chip and bio shares gained ground. The benchmark Korea Composite Stock Price Index added 5.86 points, or 0.23 percent, to 2,530.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics climbed 1.09 percent, and No. 2 chipmaker SK hynix rose 0.75 percent. Samsung Biologics also added 0.67 percent, and Celltrion climbed 0.66 percent. Auto shares also started in positive terrain, with Hyundai Motor up 0.22 percent and its smaller affil

Financial authorities in South Korea will not review the necessity of exchange-traded funds linked to the spot price of bitcoin after the United States' authorization of such ETFs, a senior official said Sunday. The US Securities and Exchange Commission approved trading of ETFs tied to the spot price of bitcoin last week, in a landmark decision for the cryptocurrency investment. The official at financial authorities said, "The direction has been arranged to see the trend without review

HONG KONG (AP) — China's exports grew slightly for a second consecutive month in December even as deflationary pressures persisted, according to official data released Friday that underscored the uneven nature of the country’s economic recovery from the pandemic. Demand for Chinese exports has been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. Exports rose 2.3 p

South Korean shares extended their losing streak to eight consecutive sessions Friday, marking the longest losing streak in more than 18 months following stronger than expected inflation in the United States. The Korean won fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.22 points, or 0.60 percent, to close at 2,525.05. It marked the first time since May 2022 that the Kospi had dropped for eight consecutive sessions. Trade volume was moderate at 772.4

The chief of DGB Financial Group, the holding firm of leading regional lender Daegu Bank, decided to step down from his post Friday after being acquitted of bribery and embezzlement charges tied to the group’s overseas expansion plan this week. After about five years at the helm of the company, DGB Financial Group Chairman Kim Tae-oh, expressed his intent to not to seek a third term. His current two-year term ends in March. “The group needs new leadership capable of achieving sustain

Police have booked the CEO of South Korean steel titan Posco and a dozen other board members for investigations on charges of having subsidiary firms shoulder their overseas board meeting expenses worth some 700 million won ($532,244). The 16 board members of Posco holdings, includ ng its CEO Choi Jeong-woo, held a weeklong board meeting in Canada last year, which cost some 680 million won in total. Police suspect the expenses were shared by the company's subsidiaries, with Posco-Canada pay

South Korean stocks opened slightly lower Friday amid a prolonged losing streak ahead of the earnings season. The benchmark Korea Composite Stock Price Index shed 3.22 points, or 0.13 percent, to 2,537.05 in the first 15 minutes of trading. The Kospi has been on a seven-day losing streak. Large caps traded mixed. Market kingpin Samsung Electronics added 0.55 percent, with No. 2 chipmaker SK hynix gaining 0.29 percent and leading cosmetics firm Amore Pacific adding 0.79 percent. Top drugmaker Cel

Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, allowing the builder to postpone the repayment of its debts until April 11. Under the program, due diligence will be conducted to figure out the financial status of Taeyoung and its v

Creditors of debt-ridden Taeyoung Engineering & Construction Co. voted Thursday to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing (PF) loans. The state-run Korea Development Bank (KDB) and other creditors held a meeting earlier Thursday to vote on whether to all

Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana Bank has allocated 219.4 billion won for a cashback program on interest payments

Unfazed by looming default from construction loans, central bank confirms commitment to battling inflation

South Korean shares closed a tad lower Thursday, extending their losing streak to a seventh consecutive session as investors awaited important US inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.71 points, or 0.07 percent, to close at 2,540.27. Trade volume was moderate at 740 million shares worth 10.7 trillion won ($8.15 billion), with losers outnumbering gainers 439 to 438. The Kospi had opened in positive terrain, slightly e

South Korea's new trade minister said Thursday he will make efforts to address supply chain risks of the country's key export goods, including chips and batteries. "Major countries are competitively announcing trade policies with a focus on fostering and protecting their industries amid looming protectionism around the globe," Trade Minister Cheong In-kyo said. "Along with the lingering competition between the US and China, there are many factors that disrupt the supply