Korea Federation of Banks Chair Cho Yong-byoung on Monday expressed regrets over massive losses inflicted on consumers who invested in derivatives products underlying a key Hong Kong stock market index, sold by local lenders. Earlier in the day, the country’s regulator Financial Supervisory Service advised banks and securities firms to compensate for losses incurred from their incomplete sales of equity-linked securities products tracking Hong Kong's H Index. The total loss on such

The price of bitcoin jumped to a new record in Korea on Monday, breaking through 100 million ($76,365) for the first time. Bitcoin, the world’s biggest cryptocurrency, traded at above 100 million won on the nation’s largest crypto exchange Upbit at 4:32 p.m., a surge since the price exceeded 98.4 million won on Friday. The record figure was in line with the global rally. According to global price-tracking platform CoinMarketCap, the price of bitcoin surpassed $71,200 as of 4:48 p.m.

South Korean stocks ended lower Monday to snap their two-day winning streak as investors locked in part of gains after a recent rally. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.51 points, or 0.77 percent, to 2,659.84. Trade volume was moderate at 383 million shares worth 8.69 trillion won ($6.63 billion), with losers beating winners 517 to 353. Foreigners and institutions led the decline, dumping a net 107 billion won and 112.3

South Korean stocks opened lower Monday as investors hunted for profits following a recent rally. The benchmark Korea Composite Stock Price Index retreated 13.94 points, or 0.52 percent, to 2,666.41 in the first 15 minutes of trading. The main index gained for two straight sessions through Friday on the US central bank's dovish stance. Market heavyweights led the negative opening. Top-cap Samsung Electronics fell 0.55 percent, and No. 2 SK hynix sank 3.08 percent. Leading battery maker LG E

The government’s measures aimed at increasing shareholder returns to boost Korea's undervalued stock market have sparked much debate on their effectiveness due to the lack of motivational drivers for companies to join the program. In the Corporate Value-up Program announced by the Financial Services Commission on Feb. 26, the government directed some 1,600 firms listed on the Kospi and Kosdaq markets to disclose their major investment indicators such as price-to-book ratio, and make p

POGORICA, Montenegro (AP) — A Montenegrin court on Thursday ruled that cryptocurrency mogul Do Kwon should be handed over to his native South Korea, the latest twist in the months-long legal procedure that followed the arrest of the Terraform Labs founder in the Balkan nation last year. The High Court handed down the ruling just days after an appeals court overturned its previous decision to extradite Kwon to the United States. Kwon, 32, was apprehended on an international arrest warrant

South Korean stocks closed more than 1 percent higher Friday as investors cheered US Federal Reserve Chair Jerome Powell's testimony hinting at a rate cut this year. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 32.73 points, or 1.24 percent, to 2,680.35. Trade volume was moderate at 444.9 million shares worth 11.1 trillion won ($8.45 billion), with gainers outpacing losers 520 to 350. Foreigners bought a net 178 billion won worth of

South Korean stocks opened higher Friday as US Federal Reserve Chair Jerome Powell hinted the confidence needed for the rate cut is approaching. The benchmark Korea Composite Stock Price Index added 34.79 points, or 1.31 percent, to 2,682.41 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.34 percent and the tech-heavy Nasdaq Composite advancing 1.51 percent. The S&P 500 closed at an all-time high by moving up 1.0

South Korean stocks closed slightly higher Thursday after US Fed Chairman Jerome Powell hinted at a possible rate cut this year, while acknowledging economic uncertainties still remain. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 6.13 points, or 0.23 percent, to 2,647.62. Trade volume was moderate at 447 million shares worth 10.2 trillion won ($7.72 billion), with losers outpacing gainers 591 to 297. Foreigners offloaded 308 billion won

Price discrepancy narrows as more investors join

South Korean stocks opened higher Thursday as US Federal Reserve Chair Jerome Powell hinted that the rate cut is likely "at some point this year." The benchmark Korea Composite Stock Price Index added 9.77 points, or 0.37 percent, to 2,651.26 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.2 percent and the tech-heavy Nasdaq Composite advancing 0.58 percent. During the testimony delivered before the House o

South Korea’s imports of frozen fruit products hit a new record in 2023, data showed Sunday, amid the growing burden on consumers to purchase fresh goods due to lingering inflation. The country’s imports of frozen fruit products came to 64,000 metric tons in 2023, up 6 percent from a year earlier, according to the data compiled by the Korea Rural Economic Institute. In 2023, prices of agricultural, livestock and fishery products climbed 3.1 percent on-year. Of major items, the pric

South Korean stocks closed lower Wednesday as investors awaited clues on the US Federal Reserve's future rate direction, with techs and chemicals leading the overall decline. The local currency closed flat against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.91 points, or 0.3 percent, to 2,641.49. Trade volume was low at 364 million shares worth 9.8 trillion won ($7.38 billion), with losers outpacing gainers 606 to 282. Foreigners offloaded 374.4 billion won worth o

South Korean stocks opened lower Wednesday after major blue chips finished bearish on Wall Street. The benchmark Korea Composite Stock Price Index fell 8.84 points, or 0.33 percent, to 2,640.56 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 1.04 percent and the tech-heavy Nasdaq Composite losing 1.65 percent. US tech giant Apple sharply lost ground amid reports that its sales in China dipped sharply over the first si

South Korean stocks closed lower Tuesday as investors sought profit while awaiting China's economic policy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.87 points, or 0.93 percent, to 2,649.4. Trade volume was moderate at 447 million shares worth 11.9 trillion won ($8.93 billion), with losers outpacing gainers 606 to 282. Foreigners scooped up 85.6 billion won, extending their buying streak to eight consecutive sessions. Institutions