South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week. The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading. Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path. Fed Chair Jerome Powell said last week that disinflation has starte

SM founder teams up with Hybe to hinder Kakao’s K-pop ambition

Seoul shares ended lower Friday amid the prospect of further rate hikes by the Federal Reserve to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.79 points, or 0.48 percent, to 2,469.73. Trading volume was moderate at 653.41 million shares worth 8.3 trillion won ($6.6 billion), with decliners outpacing gainers 607 to 283. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 perc

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors remain concerned over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.4 percent, to 2,471.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 percent. Fed officials said interest rates need to remain high for a while to battle inflation, weighing o

Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to

An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in

South Korean stocks marginally fell Thursday, snapping their two-day winning streak, as investors took profits amid lingering uncertainty over the United States' monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.09 percent, to 2,481.52. Trading volume was moderate at 595.66 million shares worth 8.76 trillion won ($6.95 billion), with decliners outpacing gainers 508 to 363. Institutions sold a net 384.86

South Korean stocks opened lower Thursday, driven by big-cap tech losses, as US shares ended lower on concerns over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.03 points, or 0.61 percent, to 2,468.61 in the first 15 minutes of trading. Overnight, US shares ended lower after Fed Gov. Christopher Waller said he's "prepared for a longer fight to get inflation down" and interest rates need to remain high for

Seoul shares ended higher Wednesday on foreign buying after Federal Reserve Chair Jerome Powell said that inflation has begun to come down. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.93 points, or 1.3 percent, to 2,483.64. Trading volume was moderate at 406.98 million shares worth 7.9 trillion won ($6.3 billion), with gainers outpacing decliners 591 to 282. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the te

Kyobo Life Insurance, one of Korea's leading life insurers, said Wednesday that it will convert itself into a financial holding company before the end of next year in a bid to expand its business portfolio into other financial sectors. The company seeks to seize new business opportunities as the country’s low birth rates and aging population hamper the growth of the life insurance business. “The idea of establishing a holding company began with the recognition that a new corpo

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Seoul shares opened higher Wednesday, tracking gains on Wall Street, as Federal Reserve Chair Jerome Powell expected that this year may see a significant drop in inflation. The benchmark Korea Composite Stock Price Index rose 21.12 points, or 0.86 percent, to 2,472.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the tech-heavy Nasdaq Composite climbed 1.9 percent to 12,113.79. Powell said disinflation has begun, though further

South Korean stocks rose Tuesday as investors picked up big-cap tech bargains following a sharp fall the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.52 points, or 0.55 percent, to 2,451.71. Trading volume was moderate at 443.14 million shares worth 7.48 trillion won ($5.96 billion), with decliners outpacing gainers 496 to 374. Despite overnight losses on Wall Street, the Kospi opened slightly higher and moved within a

South Korean stocks opened higher Tuesday as investors picked up tech blue chips following deep losses in the previous session. The benchmark Korea Composite Stock Price Index rose 9.22 points, or 0.38 percent, to 2,447.41 in the first 15 minutes of trading. The gain bucked overnight losses on Wall Street amid rising bond yields and ahead of Federal Reserve Chairman Jerome Powell's remarks on the economy at the Economic Club of Washington. The Dow Jones Industrial Average inched down 0.1 pe

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