Seoul shares open lower after Fed meeting

South Korean stocks opened slightly lower Thursday, as the US Federal Reserve hinted at the chance of a December interest rate hike.The benchmark Korea Composite Stock Price Index shed 1.87 points, or 0.08 percent, to 2,140.33 in the first 15 minutes of trading.After holding a two-day policy meeting, the Fed left interest rates unchanged and said it would begin reducing its bond portfolio starting next month.Most large caps on the Seoul bourse traded mixed, with market kingpin Samsung Electronic

Sept. 21, 2017

Seoul stocks down ahead of US Fed policy statement

South Korean stocks ended lower Wednesday as investors took a wait-and-see stance before the results of the US Federal Reserve's policy meeting, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index lost 3.85 points, or 0.16 percent, to close at 2,412.2. Trade volume was moderate at 262 million shares worth 5.2 trillion won ($4.6 billion), with losers outnumbering gainers 593 to 216.The local stock market opened a tad higher tracking overnight g

Sept. 20, 2017

Seoul shares down late Wednesday morning

South Korean stocks traded slightly lower late Wednesday morning as investors took to the sidelines awaiting the results of the US Federal Reserve meeting. The benchmark Korea Composite Stock Price Index shed 1.24 points, or 0.05 percent, to 2,414.81 as of 11:20 a.m.The two-day Federal Open Market Committee meeting is slated to finish Wednesday (local time) probably providing clues on US monetary policy. Most large caps on the Seoul bourse traded mixed, with market kingpin Samsung Electroni

Sept. 20, 2017

Seoul shares open slightly higher on Wall Street gains

South Korean stocks opened slightly higher Wednesday, following overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index added 1.9 points, or 0.08 percent, to 2,417.95 in the first 15 minutes of trading.On Tuesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.11 percent and the Dow gaining 0.18 percent.  Most large caps on the Seoul bourse traded mixed, with marking kingpin Samsung Electronics shedding 0.04 percent.SK hynix, a

Sept. 20, 2017

Samsung BioLogics tops Swiss drug giant Lonza in market cap

South Korean biopharmaceutical maker Samsung BioLogics Co. has overhauled Swiss drug behemoth Lonza in terms of market value though its sales remain dwarfed by the latter's top line, industry sources said Wednesday.The market capitalization of Samsung BioLogics, a unit of South Korea's top conglomerate Samsung Group, came to 22.4 trillion won ($19.8 billion) as of Tuesday, compared with 22.1 trillion won for Lonza.Established in 1897, Lonza is a global pharmaceutical company that engages in both

Sept. 20, 2017

Seoul stocks end almost flat amid profit-taking

South Korean stocks finished almost flat Tuesday as investors attempted to lock in recent gains, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index inched down 2.16 points, or 0.09 percent, to close at 2,416.05. Trade volume was slim at 248.4 million shares worth 5.2 trillion won ($4.3 billion), with losers outnumbering gainers 409 to 366.Foreigners and institutions offloaded a net 143.6 billion won and 50.5 billion won worth of local

Sept. 19, 2017

S. Korea to assure credibility of economy during NY summit

Finance Minister Kim Dong-yeon is scheduled to meet with foreign investors in New York on Wednesday (local time) and intends to reassure the international financial community that the South Korean economy remains solid despite heightened tensions over North Korea’s nuclear and missile programs. 　Kim has joined President Moon Jae-in on his visit to New York for the annual UN General Assembly this week. 　Amid continuing provocations by North Korea, including the ballistic missile fired over

Sept. 19, 2017

Seoul shares down in late morning on tech losses

South Korean stocks traded lower late Tuesday morning as institutions and foreigners offloaded large-cap tech stocks in an apparent move to lock in profits, analysts said.The benchmark Korea Composite Stock Price Index lost 4.09 points, or 0.17 percent, to 2,414.12 as of 11:20 a.m.Most large caps traded mixed, with tech shares in negative terrain.Market kingpin Samsung Electronics lost 0.57 percent, and SK hynix, a major chipmaker, was down 0.5 percent.The local currency was trading at 1,130.5 w

Sept. 19, 2017

Seoul shares open tad lower despite Wall Street rally

South Korean stocks opened slightly lower Tuesday despite an overnight Wall Street rally as investors sought to lock in recent gains, analysts said.The benchmark Korea Composite Stock Price Index inched down 1.8 points, or 0.07 percent, to 2,416.41 in the first 15 minutes of trading. On Monday (local time), the major US indexes hit record highs as investors were awaiting a Federal Reserve meeting scheduled for later this week. The Dow added 0.28 percent, and the S&P 500 was up 0.15 perc

Sept. 19, 2017

Seoul stocks hit over 6-week high, Samsung at new record high

South Korean stocks rallied more than 1 percent Monday, finishing at their highest level in more than six weeks, as Samsung Electronics, the country's top market cap, surged on the back of an upbeat earnings forecast. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 32.14 points, or 1.35 percent, to close at 2,418.21, after soaring to as high as 2,418.24 at one point. Trade volume was moderate at 231.8 million shares worth 5.1 trillion won ($4.52 b

Sept. 18, 2017

Hyundai Life Insurance cuts one-third of staff

Hyundai Life Insurance, an insurance unit of South Korea's Hyundai Motor Group, has recently cut a third of its employees due to mounting debt, an industry source said Monday.The insurance firm has let 120 out of 450 employees go under a voluntary retirement program, according to the source.Cumulative losses at the insurer stood at 220 billion won ($195 million) at the end of June. Still, the financial health of Hyundai Life Insurance has improved, with its risk-based capital ratio standing

Sept. 18, 2017

Seoul stocks up late Monday morning on Wall Street gains

South Korean stocks traded higher late Monday morning, hitting their highest level in more than a month, as they tracked gains on Wall Street.The benchmark Korea Composite Stock Price Index increased 23.61 points, or 0.99 percent, to 2,409.68 as of 11:20 a.m., after soaring to as high as 2,410.58 at one point. On Friday, US stocks closed at fresh record highs, with the S&P 500 inching up to surpass the 2,500-point mark for the first time. Most large caps improved, with market kingpin Sa

Sept. 18, 2017

Institutions scoop up techs during market correction

South Korean institutional investors have loaded up on tech stocks during a recent correction period in the local stock market, in contrast to foreigners' massive selling, data showed Monday.Local institutions' top pick was largest-cap Samsung Electronics Co. between July 24 and Friday, with their net buying of the tech giant reaching 1.35 trillion won ($1.19 billion), according to the data from the Korea Exchange. Institutions also purchased a net 551.5 billion won worth of chip giant SK hynix

Sept. 18, 2017

Stocks open higher on tech gains

South Korean stocks opened higher Monday, as investors scooped up large-cap tech shares. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.39 percent, to 2,395.46 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.03 percent, and SK hynix was 2.85 percent up.LG Chem, South Korea's top chemicals firm, advanced 0.37 percent, and AmorePacific, the country's No. 1 cosmetics firm, rose 1.4 percent. Hyundai Motor, No. 1 automaker, meanwhile, s

Sept. 18, 2017

Possible FOMC tightening to ease uncertainties: analysts

The United States Federal Open Market Committee’s decision this week to take another step back from yearslong quantitative easing is likely to ease uncertainties for the financial markets in South Korea, according to multiple analysts. The FOMC’s highly-anticipated decision to shrink the balance sheet, backed by signs of pick-up in US consumer inflation, will “lift some uncertainties out of the market,” wrote Kim Yu-kyum, an analyst at Cape Investment & Securitie

Sept. 17, 2017

Markets’ 10-day closure to be first in over 30 years

The Korea Exchange, South Korea’s sole securities market operator, is bracing for the 10-day closing of the market next month, the longest in more than three decades.The main bourse and the secondary bourse are scheduled to be dormant from Sept. 30 to Oct. 9 for the weekends and national Chuseok holiday. This is the third time for the market to close for 10 days since Kospi was launched by KRX in 1983.In 1983 and 1984, Kospi did not open from Dec. 25 to Jan. 3 the following year to allow t

Sept. 17, 2017

Seoul stocks up despite N. Korea's missile launch

South Korean stocks closed higher Friday, paring earlier losses fueled by geopolitical concerns, as institutional and individual buyers scooped up large-cap shares, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index added 8.41 points, or 0.35 percent, to close at 2,386.07. Trade volume was slim at 290 million shares worth 6.1 trillion won ($5.2 billion), with gainers slightly outnumbering losers 406 to 403.The Seoul index hand opened lower af

Sept. 15, 2017

North Korean acts become like `Boy Who Cried Wolf' for markets

Traders are getting less excited by North Korean provocations, judging by the diminished reactions in financial markets to the dictatorship’s weapons tests.Consider the yen. A highly liquid instrument, it’s a haven in times of geopolitical or global financial stress so is perhaps the most sensitive asset to look at for immediate reaction to North Korean acts. The currency soared as much as 0.6 percent against the dollar within about a minute on Friday morning after the news Pyongyang

Sept. 15, 2017

Seoul shares lower in late Wednesday morning trading

South Korean shares traded lower Friday morning amid a massive selling spree by foreigners and institutions after North Korea fired another ballistic missile earlier in the day.The benchmark Korea Composite Stock Price Index lost 8.69 points, or 0.37 percent, to 2,368.97 as of 11:20 a.m. Earlier in the day, the North launched a ballistic missile eastward from its capital, the country's first missile launch after the United Nations Security Council adopted a fresh sanctions resolution this w

Sept. 15, 2017

Seoul stocks open lower on Pyongyang's missile launch

South Korean stocks opened lower Friday after North Korea fired another ballistic missile earlier in the day, further escalating geopolitical tension in the Northeast Asian region, analysts said.The benchmark Korea Composite Stock Price Index lost 6.67 points, or 0.28 percent, to 2,370.99 in the first 15 minutes of trading.Earlier in the day, the North launched a ballistic missile eastward from its capital, the country's first missile launch after the United Nations Security Council adopted a fr

Sept. 15, 2017