Big tech‘s financial services fall under the same rule: top regulator

South Korea’s top financial regulator on Wednesday told tech firms here that their financial services are to operate under and comply with existing financial regulations. The remark came amid concerns of tech giants Naver and Kakao’s fast-growing online and mobile financial services as related regulations on their customer protection and data use remain unclear. “Big Tech’s foray into the finance sector will be carried out under the same financial regulations and custom

Dec. 15, 2021

Seoul shares open lower ahead of Fed meeting

Seoul shares opened lower Wednesday, tracking losses on Wall Street, as investors eyed the Federal Reserve's rate decision this week.  The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.40 points, or 0.3 percent, to 2,978.55 points in the first 15 minutes of trading. On Tuesday (US time), the Dow Jones Industrial Average dropped 0.3 percent to 35,544.18, while the tech-heavy Nasdaq composite slid 1.1 percent to 15,237.64. Investors are waiting on cues from the two-day Fed me

Dec. 15, 2021

KB chairman vows to cooperate with ASEAN banks for carbon neutrality

South Korea’s KB Financial Group Chairman Yoon Jong-kyoo vowed to cooperate with ASEAN banks in achieving carbon neutrality at a leadership meeting of the UN-convened Net-Zero Banking Alliance, the firm said Tuesday. “As a representative of Asia in this meeting, KB will focus on spreading and supporting net-zero initiatives in ASEAN nations where we have a vast network of businesses,” Yoon said at the NZBA Steering Group Principals Meeting held via video conference on Monday.

Dec. 14, 2021

Seoul stocks down for 3rd day amid FOMC uncertainties

South Korean stocks retreated for a third consecutive session Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Trading volume was moderate at about 566 million shares worth some 9.2 trillion won (US$7.8 billion), with losers outnumbering gainers 574 to 284. Foreigners

Dec. 14, 2021

Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh

Dec. 14, 2021

Seoul stocks retreat for 2nd day ahead of FOMC meeting

South Korean stocks retreated for a second straight session Monday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.57 points, or 0.28 percent, to close at 3,001.66 points. Trading volume was moderate at about 368 million shares worth some 8.5 trillion won ($7.2 billion), with losers outnumbering gainers 495 to 347. Foreigners sold a

Dec. 13, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Monday, led by advances of tech and auto stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.09 points, or 0.47 percent, to trade at 3,024.32 points in the first 15 minutes of trading. Stocks climbed despite a high number of coronavirus cases, with investors keeping an eye on the Federal Reserve for signals about the tapering of stimulus measures. The Fed is set to announce its two-day meeting results Wednesday (US time). In Seoul, market

Dec. 13, 2021

BNY Mellon downsizing Korea operations

BNY Mellon, one of the oldest US banks, plans to downsize its South Korean operations and withdraw its financial investment business, sources said Sunday. It is one of many foreign financial institutions that have lost interest in Asia’s fourth-largest economy in recent years. According to industry sources, Korea’s policymaking Financial Services Commission recently approved BNY Mellon Seoul branch’s request to pull the plug on its financial investment business and trust serv

Dec. 12, 2021

Seoul stocks likely to face volatility next week on FOMC, virus concerns

  South Korean stocks are likely to undergo volatility next week due to uncertainty about the US Federal Reserve's monetary policy meeting and the latest spike in COVID-19 cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,010.23 points Friday, up 1.41 percent from 2,968.33 points a week ago. The key stock index gained for the seventh straight session Thursday amid expectations of chip price hikes and eased concerns about the new omicron

Dec. 11, 2021

Seoul stocks snap 7-day winning streak on virus woes

South Korean stocks ended their seven-session winning streak on Friday as investor sentiment was hurt by concerns that the latest spike in COVID-19 cases could sap an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.34 points, or 0.64 percent, to close at 3,010.23 points. Trading volume was moderate at about 444 million shares worth some 8.1 trillion won ($6.9 billion), with gainers outnumbering losers 418 to 4

Dec. 10, 2021

Seoul stocks open lower on spiking COVID-19 cases

South Korean stocks opened steeply lower Friday, as the country's spiking new coronavirus cases fanned concerns about tougher virus curbs. The benchmark Korea Composite Stock Price Index (KOSPI) fell 21.59 points, or 0.71 percent, to 3,007.98 points in the first 15 minutes of trading. Investor sentiment worsened as South Korea's new coronavirus cases stayed above 7,000 for the third consecutive day Friday amid the waning immunity and colder weather. Most large caps traded lower in Seoul. M

Dec. 10, 2021

Seoul stocks extend winning streak to 7th session on eased omicron concerns

South Korean stocks advanced for a seventh consecutive session Thursday amid eased concerns about the omicron variant of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 27.77 points, or 0.93 percent, to close at 3,029.57 points. Trading volume was moderate at about 496 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 656 to 187. Institutions bought a net 620 billion won, wh

Dec. 9, 2021

Seoul stocks open higher on auto, chemical gains

South Korean stocks opened slightly higher on Thursday, led by advances by auto and chemical stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.28 points, or 0.18 percent, to trade at 3,007.08 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.64 percent and the Dow Jones Industrial Average edged up 0.1 percent on easing concerns about the omicron variant of the new coronavirus. In Seoul, market bellwether Samsung Electronics lost 0.28 p

Dec. 9, 2021

Stock rebounds signal recovery from omicron scare: analysts

South Korean stocks rebounded Wednesday on foreign buying amid growing hopes that the omicron variant would not derail a global economic recovery. Analysts in Seoul also said that stocks will shake off their pandemic-caused weakness early next year when supply disruptions are resolved. The main benchmark Kospi closed at 3001.80, up 0.34 percent from a day earlier, surpassing the 3,000-mark again for the first time since Nov. 24. The junior tech-heavy Kosdaq closed at 1006.04, up 0.94 percent f

Dec. 8, 2021

Seoul stocks gain for 6th session on eased virus woes

South Korean stocks advanced for a sixth straight session Wednesday on the back of eased concerns about the omicron variant. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 10.08 points, or 0.34 percent, to close at 3,001.8 points. The key index retrieved the 3,000-point mark for the first time in about two weeks. Trading volume was moderate at about 482 million shares worth some 11 trillion won ($9.4 billion), with losers outnumbering g

Dec. 8, 2021

Home prices stabilize in some Seoul districts: minister

SEJONG -- Deputy prime minister and Finance Minister Hong Nam-ki said Wednesday that home prices in some districts of Seoul and others nationwide have stabilized. During a meeting with real estate-related ministers, Hong said prices of some apartments in Seoul have “stabilized to the level before entering a possible downhill phase.” His remarks indicate that some districts of the capital might be seeing a plateau or slowdown in prices. He said the trend of stabilization has been at

Dec. 8, 2021

Seoul stocks open higher on US gains

South Korean stocks opened steeply higher Wednesday, tracking overnight gains on Wall Street that stemmed from easing concerns about the omicron variant. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.72 points, or 0.86 percent, to trade at 3,017.44 in the first 15 minutes of trading. The Kospi got off to a bullish start, backed by comments by Anthony Fauci, top medical adviser to the US president, that the symptoms of the omicron variant are most likely lighter than other var

Dec. 8, 2021

Seoul stocks up for 5th session on tech, auto gains

South Korean stocks extended their winning streak to a fifth session Tuesday after choppy trading, led by advances in tech and auto shares. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 18.47 points, or 0.62 percent, to close at 2,991.72 points. Trading volume was moderate at about 528 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 586 to 268. Foreigners bought a net 207 billion won, whi

Dec. 7, 2021

Woori Bank opens Hungary office

South Korea’s Woori Bank opened its first representative office in Budapest, Hungary, after financial authorities there last week granted the license to operate, the firm said Tuesday. Woori said it plans to finance both Korean businesses that have entered the market and Hungarian businesses through the new office. Hungary has grown as a key destination for Korean businesses seeking to launch electric vehicle battery plants or auto parts manufacturing factories in recent years. Woori&r

Dec. 7, 2021

Seoul stocks open lower amid inflation concerns

South Korean stocks opened lower Tuesday, largely as the estimate-beating jobs data in the United States raised investors' concerns that the Federal Reserve could hasten its key rate hike to reign in the inflation pressure. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 8.49 points, or 0.29 percent, to 2,964.76 in the first 15 minutes of trading. In Seoul, market bellwether Samsung Electronics lost 0.66 percent, and No. 2 chipmaker SK hynix traded flat. Pharmaceutical gi

Dec. 7, 2021