South Korean stocks ended lower Thursday as investors were concerned the US economy may be losing steam. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 3.31 points, or 0.13 percent, to close at 2,492.07. Trade volume was moderate at 440.6 million shares worth 8.03 trillion won ($6.06 billion), with losers outnumbering gainers 525 to 354. Institutions dumped a combined 204.8 billion won worth of shares, while individual and foreign inve

The South Korean government will push to pay for part of urea imports when companies need to buy the chemical from nations other than China as part of efforts to prevent a supply shortage and ensure a longer-term stable supply, the industry minister has said. Industry Minister Bang Moon-kyu made the remarks during a meeting with reporters Wednesday, as China's recent suspension of customs procedures for urea shipments to South Korea has raised concerns about a supply crisis. "We have enough

South Korean stocks got off to a weak start Thursday as tech shares took a cue from overnight losses in US heavyweights, like Nvidia and Microsoft. The benchmark Korea Composite Stock Price Index retreated 8.91 points, or 0.36 percent, to 2,486.47 in the first 15 minutes of trading. Overnight, all three major US indexes lost ground despite jobs data that reinforced expectations the Federal Reserve may start cutting its rates early next year. AI chip leader Nvidia sank 2.3 percent, while Microsof

Mirae Asset Securities, Korea’s largest investment bank and securities firm, said Wednesday that it has appointed Vice Chairman Heo Sun-ho as CEO. He will lead the company’s sprawling business together with Vice Chairman Kim Mi-seob, whose appointment was confirmed earlier in October. With Heo’s appointment, which was approved at a board of directors meeting earlier on the day, the company has completed a generational shift in its long-held dual leadership system. Heo will co

South Korean stocks closed nearly flat Wednesday as major shares ended in mixed territory. The local currency lost ground against the US dollar. Swinging between gains and losses, the benchmark Korea Composite Stock Price Index added 1.1 points, or 0.04 percent, to close at 2,495.38. Trade volume was slim at 384.3 million shares worth 7.51 trillion won ($5.71 billion), with winners outnumbering losers 499 to 371. Institutions scooped up a net 240.5 billion won worth of shares, while individual a

Top banks halt Hong Kong-tied ELS sales; authorities scramble to set compensation rate for investors

Twitch, a popular U.S.-based live game streaming platform, said Wednesday it plans to shut down its South Korean service in February next year due to high network usage fees in the country. In an announcement posted on its corporate blog, Twitch Interactive Inc. CEO Dan Clancy said the company "made the difficult decision to shut down the Twitch business in Korea on February 27, 2024." Clancy said the cost to operate Twitch in South Korea was "prohibitively expensive" and sai

South Korean stocks started a tad higher Wednesday led by gains in tech and financial shares. The benchmark Korea Composite Stock Price Index gained 5.65 points, or 0.23 percent, to 2,499.93 in the first 15 minutes of trading. Overnight, U.S. stocks finished mixed, with the Dow Jones Industrial Average retreating 0.2 percent and the tech-heavy Nasdaq Composite edging up 0.3 percent. In Seoul, chipmakers lent support to the positive opening, with No. 1 Samsung Electronics rising 0.84 percent and

The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said. During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains a

South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco

South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the

Seoul shares got off to a weak start Tuesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index retreated 17.21 points, or 0.68 percent, to 2,497.74 in the first 15 minutes of trading. On Monday, all three major US indexes lost ground ahead of the release of key job market data later this week, including an October update on job openings. The S&P 500 gave back 0.54 percent after hitting its highest level in over a year the previous session. The Dow Jon

South Korea's inflation grew at a slower pace last month, though it stayed above 3 percent for the fourth consecutive month amid high prices of energy and farm goods, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent on-year increase the previous month, according to the data from Statistics Korea. It is the first time in four months that the annual price growth has eased. The on-year price growth fell bel

Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli

Park Sang-woo, the former CEO of the Land and Housing Corporation (LH), has been nominated as the new minister of land, infrastructure and transport, according to the presidential office on Monday. Having joined the ministry in 1983, Park boasts expertise in land and transport policy for decades. He is known to have played a role in shaping housing policies during the Lee Myung-bak and Park Geun-hye administrations. He also served as the head of the state-run housing agency between 2016 and 2019