Seoul shares spike nearly 3% on US rate cut hopes

Seoul shares ended nearly 3 percent higher Thursday as tech stocks advanced, with hopes for additional rate cuts by the Federal Reserve lifting investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 2.9 percent, or 75.25 points, to 2,571.57. Trading volume was moderate at 317.46 million shares worth 11.4 trillion won ($8.6 billion), with gainers far outnumbering winners 747 to 140. Overnight, US stocks ended mixed. The Dow Jones Indu

Sept. 26, 2024

Seoul shares open higher on rate cut hopes

Seoul shares opened higher, backed by a rally in tech shares, after a mixed close on Wall Street, on hopes for additional US rate cuts. The benchmark Korea Composite Stock Price Index rose 1.83 percent, or 47.60 points, to 2,643.92 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent to 41,914.75, but the tech-heavy Nasdaq Composite rose 0.04 percent to 18,082.21. On Wednesday, a Federal Reserve official said it will be appropriate for the US central b

Sept. 26, 2024

[Graphic News] Beer gains ground as whiskey and wine imports decline

The imported liquor market in South Korea is undergoing rapid changes. Wine and whiskey, which had gained popularity during the trends of drinking alone or at home, are seeing a decline, while beer is making a resurgence. Analysts suggest that the market, which experienced significant fluctuations due to external factors like COVID-19, is now entering a period of adjustment. According to data from the Korea Customs Service, whiskey imports fell 21 percent year-on-year to 6,624 tons in the seco

Sept. 26, 2024

Seoul shares snap 6-day rise on disappointment over value-up index

Seoul shares ended more than 1 percent lower Wednesday to end their six-day winning streak as investors were disappointed with a new stock index to be launched next week. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.34 percent, or 35.36 points, to 2,569.32. Trading volume was moderate at 441.8 million shares worth 11.4 trillion won (US$8.6 billion), with losers outnumbering winners 516 to 355. Retail investors and institutions bought a

Sept. 25, 2024

[Contribution] Ignore market noise, boost your investment returns

By Steve Brice August started off poorly for investors. Peak to trough, global equities fell 9.2 percent, with the losses accelerating in the first three days of August when they lost 6.4 percent. While equity markets have recouped almost all the early-August losses, the earlier sell-off is naturally leading to a lot of questions about how investors should respond to such weakness. Are such sell-offs short-term buying opportunities or are they signs of more sinister things to come? The mistake m

Sept. 25, 2024

Seoul shares open higher on Wall Street gains

Seoul shares opened higher Wednesday tracking overnight gains on Wall Street on increasing hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.56 percent, or 14.79 points, to 2,646.47 in the first 15 minutes of trading. Overnight, major US indexes closed higher on hopes for additional rate cuts by the Federal Reserve amid lingering concerns on the labor market. Blue chip tech shares rallied, with AI chip giant Nvidia up 3.97 percent and TSMC up 4.13 percent. In Se

Sept. 25, 2024

Government seeks public opinion on potential Lotto prize increase

The South Korean government will look into ways to address issues regarding the national lottery, following the outcry over the relatively small jackpot and large numbers of first-place winners. The Korea Lottery Commission, under the Finance Ministry, announced Tuesday that it has posted a survey titled, “What are your thoughts on changing the first-place prize for the Lotto?” on the public forum run by the Anti-Corruption & Civil Rights Commission. Questions in the survey inclu

Sept. 24, 2024

Seoul shares rise for 6th day on US rate cut hopes

Seoul shares closed higher Tuesday to extend their winning streak to a sixth day, driven by hopes for further US rate cuts and China's stimulus plan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.14 percent, or 29.67 points, to 2,631.68. Trading volume was slim at 345.9 million shares worth 10.1 trillion won ($7.6 billion), with gainers surpassing decliners 605 to 264. Institutions bought 561.6 billion won worth of local shares to off

Sept. 24, 2024

Value-up index enlists 100 ‘best practice’ companies

The Korea Value-up Index, the key component of the government’s push to boost corporate value and address the “Korea Discount,” is to enlist 100 companies, including Samsung Electronics, Hyundai Motor and Mirae Asset Securities, according to the bourse operator Korea Exchange. On Tuesday, the Korea Exchange released the details on the value-up index, a stock index comprising "best practice" Korean companies complying with the corporate value-up program. The initiative

Sept. 24, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street amid hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.58 percent, or 15.18 points, to 2,617.19 in the first 15 minutes of trading. Overnight, major US indexes gained ground as several Federal Reserve policymakers voiced support for additional rate cuts in the future. Last week, the Fed cut its lending rate by half a percentage point to a range of 4.75 percent to 5 percent and pledged fu

Sept. 24, 2024

Seoul shares rise for 5th day on tech gains

Seoul shares closed higher Monday to extend their winning streak to a fifth day, backed by tech gains, as investors were digesting the US Federal Reserve's big cut last week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.33 percent, or 8.64 points, to 2,602.01. Trading volume was slim at 330.2 million shares worth 9.3 trillion won ($6.96 billion), with losers slightly surpassing winners 449 to 434. Retail investors and institutions pur

Sept. 23, 2024

Morgan Stanley faces scrutiny in Korea for suspected insider trading

Global investment bank Morgan Stanley has come under the scrutiny of local authorities, following the suspicious execution of a sell order on SK hynix shares made before releasing a bearish report on the chip giant’s outlook. On Sept. 15, during the Chuseok holiday, Morgan Stanley’s Asia-Pacific desk published a report titled “Winter Looms.” It suggested a skeptical projection of the company earnings, citing a weak demand for general dynamic random-access memory, or DRAM,

Sept. 23, 2024

Seoul shares open almost flat

Seoul shares opened almost flat Monday as investors were paying attention to remarks by the US Federal Reserve officials following a big cut last week. The benchmark Korea Composite Stock Price Index rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday . The Fed kicked off its monetary-easing cycle by cutting its ov

Sept. 23, 2024

Seoul shares end up on institutional buying

Seoul shares ended higher Friday on institutional buying after the Federal Reserve's first rate cut in more than four years lifted investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.49 percent, or 12.57 points, to close at 2,593.37. The main index rose 0.7 percent this week. Trading volume was moderate at 477.43 million shares worth 13.78 trillion won ($10.4 billion), with gainers exceeding decliners 562 to 319. Over

Sept. 20, 2024

Seoul shares open higher, tracking Wall Street gains

Seoul shares opened higher Friday, tracking gains on Wall Street, after the US Federal Reserve's first rate cut in more than four years lifted investor sentiment. The benchmark Korea Composite Stock Price Index rose 1.09 percent, or 28.01 points, to 2,608.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 1.3 percent to 42,025.19 points, and the tech-heavy Nasdaq Composite jumped 2.5 percent to 18,013.98. On Wednesday, the Fed kicked off its monetary-ea

Sept. 20, 2024

Seoul shares end higher after Fed's rate cut

Seoul shares ended higher Thursday as investors cheered the US Federal Reserve's first rate cut in more than four years. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.21 percent, or 5.39 points, to close at 2,580.80. Trading volume was moderate at 378.78 million shares worth 12.6 trillion won ($9.5 billion), with gainers exceeding decliners 497 to 371. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent a

Sept. 19, 2024

Seoul shares open lower on US losses after Fed rate cut

Seoul shares opened lower Thursday tracking losses on Wall Street after the Federal Reserve cut interest rates by a half percentage point, the first rate cut in more than four years. The benchmark Korea Composite Stock Price Index fell 0.35 percent, or 8.90 points, to 2,565.51 in the first 15 minutes of trading. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent in an aggressive start to a monetary-easing cycle in the world's biggest economy. The US central bank

Sept. 19, 2024

How to navigate September market volatility

The local stock market is likely to remain stuck on growth for the time being, reflecting the woes of the US economy, market analysts said. They also advised investors to build up a defensive portfolio to respond to high volatility. The local bourse has remained sluggish in recent days, coupled with concerns about the recession of the US economy. The benchmark Kospi, which closed at 2,681 points on Sept. 2, has been fluctuating at around 2,500 in recent days, marking an around 100-point drop. Fo

Sept. 16, 2024

Seoul shares open higher on hope for Fed's rate cut

Seoul shares opened higher Friday, tracking overnight gains on Wall Street, as investors expect the Federal Reserve will cut rates next week. The benchmark Korea Composite Stock Price Index rose 0.17 percent, or 4.43 points, to 2,576.52 in the first 15 minutes of trading. In August, the US core consumer price index and producer price index rose slightly from a month earlier, dashing hopes for a big cut by the Fed next week. But market participants expect the US central bank to cut rates by at le

Sept. 13, 2024

Seoul shares snap 7-day fall on tech gains

Seoul shares closed higher, snapping a seven-day losing streak, on Thursday led by tech gains, with investors expecting the Federal Reserve's rate cut next week after the release of US inflation data. The Korean won traded higher against the US dollar. The benchmark Korea Composite Stock Price Index rose 2.3 percent, or 58.72 points, to close at 2,572.09. Trading volume was moderate at 334.63 million shares worth 11.04 trillion won ($8.2 billion), with decliners far exceeding gainers 762 to

Sept. 12, 2024