South Korean stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply chain disruptions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 44.23 points, or 1.5 percent, to close at 2,988.64 points. Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130. Foreigne

Global investment bank JPMorgan said Thursday it has decided to expand its commercial banking business in South Korea by launching a new team focused on financing midcap companies. The banking giant has appointed Kim Min-sik, former head of the global corporate division at Standard Chartered Bank Korea, to lead its newly established corporate client banking & specialized industries team. In Korea, businesses with total assets between 500 billion won ($421.1 million) and 10 trillion w

South Korean stocks opened higher Thursday, as investors were relieved by the stable currency rate. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.39 points, or 0.86 percent, to 2,969.8 in the first 15 minutes of trading. Stocks came off to a bullish start, as the Korean won advanced against the US dollar, after depreciating sharply against the greenback over the past few days. The local currency was trading at 1,188.25 won against the US dollar, up 5.55 won from the previous

South Korean stocks advanced nearly 1 percent Wednesday as investors sought to buy oversold stocks such as tech and auto shares after a sharp plunge the previous session. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 28.03 points, or 0.96 percent, to close at 2,944.41 points. Trading volume was moderate at about 743 million shares worth some 12.1 trillion won ($10.1 billion), with gainers outnumbering losers 700 to 168. Foreigners sol

South Korean day traders are expressing frustration over the bearish domestic stock market in early October, in the belief that short selling by institutional investors is adding fuel to the market volatility. As of Wednesday, a public petition calling for a complete ban on short selling activities in Korea’s stock market had gained nearly 49,000 endorsements within a week, in another major collective action unfolding on presidential office Cheong Wa Dae’s website. The unnamed pe

South Korean stocks opened higher Wednesday, as investors seek to buy oversold stocks after a sharp plunge the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.57 points, or 0.47 percent, to 2,929.95 in the first 15 minutes of trading. Stocks lifted as most tech large caps bounced back. Investor sentiment also improved on strong jobs data in September, which jumped by the largest in seven years. Market bellwether Samsung Electronics Co. edged up 0.14 percent

Seoul shares closed lower for a second straight session Tuesday on foreign selling amid concerns over inflation sparked by surging prices of oil and other energy resources. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.92 points, or 1.35 percent, to close at 2,916.38 points. Trading volume was moderate at about 648 million shares worth some 12.5 trillion won ($10.4 billion), with losers outnumbering gainers 572 to 310. Foreigners s

Samsung shares tumble below 70,000 won for first time in 2021 on strong foreign selling

Bitcoin jumped 30 percent this month to reach 70 million won ($58,378), the first time it breached that level in five months, as US financial regulators said they won’t follow China in banning cryptocurrency transactions. The largest cryptocurrency by market cap rose almost 30 percent during October to 70.99 million won as of Tuesday morning, data from crypto exchange Upbit showed. With the rally this month, bitcoin’s market capitalization reached 1 trillion won, surpassing that of

Eastspring Asset Management Korea said Tuesday that its incumbent Chief Executive Officer Park Chun-woong would serve a fourth term and remain in office until 2024. The decision was made in a shareholders meeting Friday, according to the company, which is fully owned by London-based insurance firm Prudential. Park took the helm at Eastspring’s South Korean unit in 2012. Its assets under management came to 11.5 trillion won ($9.6 billion) as of end-September, the 20th-highest amount fo

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, with tech shares weighing on the main index. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.89 points, or 1.01 percent, to 2,926.41 in the first 15 minutes of trading. The Dow Jones Industrial Average retreated 0.7 percent to 34,496 as a global energy crunch increased concerns about inflation. The tech-heavy Nasdaq composite declined 0.6 percent to 14,486. The Korean stock market closed Monda

South Korea’s lawmakers are trying to push back controversial taxation on income from investing in cryptocurrencies, which is to be implemented from Jan. 1, 2022. The opposition People Power Party was drafting a proposal that eases capital gain taxes on cryptocurrencies and is expected to submit the bill as early as Tuesday. The People Power Party’s bill suggests a one-year delay for crypto gain taxation to 2023 along with a more generous tax redemption than currently planned. Th

South Korean stocks closed slightly lower Friday largely on the back of growing concerns about giant Chinese property developers' debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 3.16 points, or 0.11 percent, to close at 2,956.3 points. Trading volume was moderate at about 659 million shares worth some 12.5 trillion won ($10.5 billion), with gainers outnumbering losers 484 to 384. Foreigners sold a net 49 billion won, while

Bond issuance in South Korea fell sharply in September from the previous month due to decreased debt sales by the government and financial firms, data showed Friday. The value of bonds sold in Asia's fourth-largest economy came to 57.5 trillion won ($48.3 billion) last month, down 9.6 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's drop compares with a 1 trillion-won on-month decrease recorded in August. Sales of state and fi

South Korean stocks opened higher Friday on easing concerns of the debt ceiling impasse in the United States and hopes of robust third-quarter earnings by local companies. The benchmark Korea Composite Stock Price Index (Kospi) rose 9.33 points, or 0.32 percent, to 2,968.79 points in the first 15 minutes of trading. The key stock index got off to a strong start after overnight Wall Street gains, as a temporary resolution of the debt-ceiling tussle is due for a vote in Washington. Overnight, the