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    AI-fueled Samsung affiliates reshape KOSPI market cap rankings

    The composition of KOSPI's largest companies has shifted markedly this year as investor enthusiasm for artificial intelligence (AI) propelled Samsung Group affiliates and semiconductor-related stocks higher, while secondary battery, shipbuilding and defense shares that dominated the market last year lost ground, according to the Korea Exchange Sunday. Among the top 10 KOSPI companies by market capitalization, excluding preferred shares, only Samsung Electronics, SK hynix and KB Financial Group maintained their rankings from the end of last year through Friday, holding the No. 1, No. 2 and No. 10 spots, respectively. The positions of the other seven companies changed within less than six months. Several Samsung affiliates entered the top 10 by market capitalization this year, led by Samsung Electro-Mechanics. Benefiting from the AI boom, the company saw its share price surge 589 percent as demand and prices for multilayer ceramic capacitors, a key component used in AI servers, climbed sharply. As a result, its market capitalization expanded from about 19 trillion won ($12 billion) to 131

    2 MIN READBy Jun Ji-hye
    AI-fueled Samsung affiliates reshape KOSPI market cap rankings
  • Economy

    Financial authorities vow stern action against excessive volatility, one-sided FX market moves

    1 MIN READBy Yonhap
    Financial authorities vow stern action against excessive volatility, one-sided FX market moves
  • Economy

    Corporate lending grows at faster pace in Q1: BOK

    1 MIN READBy Yonhap
    Corporate lending grows at faster pace in Q1: BOK
  • Economy

    Economy continues 'gradual improvement' on strong chip exports: KDI

    2 MIN READBy Yonhap
    Economy continues 'gradual improvement' on strong chip exports: KDI
  • Economy

    Koreans feel pinch from rising egg prices

    2 MIN READBy Lee Hyo-jin
    Koreans feel pinch from rising egg prices
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

'Green stocks are China's next tech stocks'

Phil Lee, head of Asia Pacific research at Mirae Asset Global Investments, refers to data during an interview with The Korea Times at the company's office in Causeway Bay, Hong Kong, Wednesday. Korea Times photo by Kim Bo-eun Long-term outlook positive for internet stocks, Mirae Asset chief researcher says, also referring to value of EV supply chain and solar power sharesBy Kim Bo-eunHONG KONG ― China's internet stocks have been top picks for investors around the world for years, but the government's regulatory stance toward the companies has led the shares to plunge over the past year. Stocks of Big Tech companies such as Alibaba have begun recovering in recent weeks, but analysts have referred to China's green energy stocks as holding greater investment value.Phil Lee, head of Asia Pacific research at Mirae Asset Global Investments, said the outlook for China's Big Tech firms could be positive in the long-run, as their focus increases on cloud and artificial intel

Jul 7, 2022By Kim Bo-eun
'Green stocks are China's next tech stocks'
Economy

Korea logs current account surplus in May, turnaround from April deficit

A port in Korea's southern city of Busan, July 1. YonhapKorea posted a current account surplus in May, turning around from the previous month's deficit, but its surplus was still much smaller than a year earlier as import bills remained high amid soaring energy and commodity prices, central bank data showed Thursday.The country's current account surplus amounted to $3.86 billion in May, according to the preliminary data from the Bank of Korea (BOK).It marked a reversal from the previous month when Korea registered a current account deficit of $80 million ― the first shortfall since April 2020 ― due in part to such one-off factors as expanded overseas dividend payments.The May surplus is still much smaller than a year earlier when the country posted a surplus of $10.41 billion, the data showed.The on-year contraction is blamed on mounting import bills caused by a jump in prices of oil and other key commodities that Korea mostly buys from overseas.Imports totaled $58.96 billion in May, up from $44.55 billion tallied a year earlier. The inbound shipments grew at a faster pace than expor

Jul 7, 2022
Korea logs current account surplus in May, turnaround from April deficit
Economy

KDI chief hints at resignation out of frustration with PM's remarks

Korea Development Institute (KDI) President Hong Jang-pyo speaks during a conference in December, 2019. NewsisBy Anna J. ParkKorea Development Institute (KDI) President Hong Jang-pyo hinted at the possibility he might resign from the post, criticizing Prime Minister Han Duck-soo's recent comment that Hong, who designed the previous Moon administration's income-led growth economic plan, does not fit with the Yoon administration. In a press release on Wednesday, the chief of the public research institute said there is no reason for him to stay in the post if the prime minister decides to close his ears to different opinions. “I was very disappointed by the prime minister's remarks that suggest his disapproval of any difference between the government and the state-run research institute,” Hong stated in the document. “I have never heard anyone who says out loud that a state-run research agency should have the same opinion as the government,” Hong said, stressing that the KDI is not the think-tank of any particular administration. “The prime minister's remar

Jul 6, 2022By Anna J. Park
KDI chief hints at resignation out of frustration with PM's remarks
Economy

Investors advised to boost cash holdings amid stock market uncertainty

Dealers at Hana Bank work at a dealing room at the lender's headquarters in Seoul, Wednesday. YonhapBy Lee Min-hyungStock investors are advised to increase cash and other safer assets such as gold and dividend stocks in their asset portfolio, as growing fears of a recession will keep posing a risk to the benchmark KOSPI, analysts said. The main bourse has been on a sharp decline, falling to around 2,300 points for the past month. It closed at 2,292.01 Wednesday, down 49.77 points from the previous day. However, market analysts predicted Korean stocks might tumble further, at least until the end of this year.The outlook came as multiple risk factors, such as the war between Russia and Ukraine, China's zero-COVID policy and strong monetary tightening, have put downward pressure on the economy.Daishin Securities analyst Lee Kyoung-min expects the KOSPI to suffer a bigger loss until the first quarter of next year.“The likelihood of recession will keep growing, as rising prices and hawkish monetary policies here and abroad are feared to weaken economic growth and corporate earnings

Jul 6, 2022By Lee Min-hyung
Investors advised to boost cash holdings amid stock market uncertainty
Economy

Consumption slowdown poses biggest risk to Korean firms: S&P

The corporate logo of S&P / YonhapBy Lee Min-hyungThe growing fear of a consumption slowdown comes as the biggest risk to Korean companies during this period of soaring inflation and global financial uncertainty, global credit appraiser S&P Global Ratings said in an online press conference, Wednesday. The ratings agency expected the consumption slowdown following the outbreak of the pandemic and the rapid rise in prices to keep putting pressure on corporate earnings here for at least a year.“Inflationary pressure and consumption slowdown risks, in particular, could weigh on the operating environment for Korean corporates in the next 12 months, in our view,” S&P Global Ratings credit analyst Park Jun-hong told reporters during the press conference.He went on to say that Korean firms would face a tough business environment from a short- to mid-term viewpoint due to escalating external risk factors such as in China and Ukraine.“With macro uncertainties continuing, we expect the credit outlook for Korean corporates to be relatively more difficult, but remain

Jul 6, 2022By Lee Min-hyung
Consumption slowdown poses biggest risk to Korean firms: S&P
Economy

PM voices support for normalization of monetary policy

Prime Minister Han Duck-soo speaks during a meeting with senior policymakers from the ruling People Power Party (PPP) at the prime minister's official residence in Seoul, June 6. YonhapPrime Minister Han Duck-soo on Wednesday expressed support for the normalization of the monetary policy by the Bank of Korea (BOK), citing strong inflationary pressure and deteriorating fiscal soundness. Han made the remarks at a meeting with senior policymakers from the ruling People Power Party (PPP), the government and the presidential office earlier in the day. "To ease global inflationary pressure, the central bank has no choice but to take steps to normalize finances," Han said. Unless the government recovers its fiscal soundness, Han said it will undermine the nation's credit ratings and capabilities to cope with a crisis.Han's remarks came amid growing prospects the BOK may further hike the policy rate next week to tame inflation. Some experts forecast the BOK to conduct an unprecedented "big-step" rate increase of 50 basis points at the July 13 policy meeting. Consumer prices rose at the faste

Jul 6, 2022
PM voices support for normalization of monetary policy
Economy

Korea's inflation soars to 24-year high, weighing on economy

Eo Woon-sun, a senior Statistics Korea official, gives a press briefing on inflation in June at Government Complex Sejong, Tuesday. Yonhap6% inflation in June raises expectations of BOK's 'big step' hike By Yi Whan-wooConsumer prices in Korea last month jumped at the fastest pace in nearly 24 years, putting more pressure on the country to heighten measures against inflation amid growing fears of stagflation.According to Statistics Korea, Tuesday, the country's consumer prices rose 6 percent in June from a year earlier, marking the sharpest rise since November 1998 when it stood at 6.8 percent in the midst of the Asian financial crisis.Inflation is mainly driven by a spike in global oil prices and other external risks that remain out of the government's control. As a result, it is probable that the inflation figure, which has been setting new highs for months, will possibly climb above 7 percent in July or August.The prices of industrial goods and services combined were responsible for more than four fifths of the price increase in June.Among industrial goods, petroleum product prices

Jul 5, 2022By Yi Whan-woo
Korea's inflation soars to 24-year high, weighing on economy
Economy

Foreign exchange reserves suffer largest fall since 2008

Country advised to secure more reserves against worse-case scenarioBy Lee Min-hyungKorea's foreign exchange reserves reported the biggest monthly decline in June since the 2008 global financial crisis, as authorities sold foreign currencies to defend a sharp depreciation of the Korean won.According to the Bank of Korea (BOK), the figure reached $438.28 billion won as of the end of last month. This is a drop of $9.43 billion from a month earlier.The foreign exchange reserves have fallen since November of last year. It has particularly been on a sharp decline since March of this year when the U.S. Fed started its first rate hike in response to the pandemic.“The foreign exchange reserves dropped in June, as authorities sold the dollar to mitigate volatility in the foreign exchange market amid the strengthening dollar,” an official from the central bank said. The won-dollar exchange rate has soared to around the 1,300-won mark, up by about 60 won from a month earlier, on the growing preference for safe assets such as the U.S. dollar.Korea secured foreign reserves worth $447.7

Jul 5, 2022By Lee Min-hyung
Foreign exchange reserves suffer largest fall since 2008
Economy

FSS aims to strengthen legal capacity

gettyimagesbankBy Anna J. ParkThe Financial Supervisory Service (FSS) is attempting to strengthen its legal capacity amid increased legal battles with finance companies over its imposition of penalties. The FSS said Tuesday it recently drew up new internal regulations about legal advisories and lawsuits. Titled “Regulations on legal advisory and lawsuits,” the newly organized internal code of the financial regulator draws together existing separate regulations on the matter into one sorted document. “Most of the major changes to the internal rules were already amended at the end of last year. The newly enacted internal code drew together several FSS regulations on the topic of legal advisories and lawsuits in one document for the sake of efficiency,” an FSS official explained. The internal regulations on legal advisories and lawsuits include rules about the agency's available level of legal costs when it comes to appointing external legal counsels. The FSS stipulated the increase to the limit of its legal costs paid to legal counsels during a rules revision ma

Jul 5, 2022By Anna J. Park
FSS aims to strengthen legal capacity
Economy

Foreign reserves dip by most in over 13 years in June amid currency volatility

A Korea Exchange Bank official counts U.S. dollars at the lender's main office in downtown Seoul, March 31, 2015. Korea's foreign reserves fell by the largest amount in more than 13 years in June. YonhapKorea's foreign reserves fell by the largest amount in more than 13 years in June as foreign exchange authorities unloaded the U.S. dollar to help stem the won's sharp weakness, central bank data showed Tuesday.The country's foreign reserves had stood at $438.28 billion as of the end of June, down $9.43 billion from the previous month, according to the data provided by the Bank of Korea (BOK).Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.The June fall marked the largest since a $11.75 billion on-month decline in November 2008, when Korea was in the midst of the 2008-09 global financial crisis.The data also represented the fourth straight month of an on-month fall.The decline came as a stronger U.S. dollar reduced the value of non-dollar assets and foreign ex

Jul 5, 2022
Foreign reserves dip by most in over 13 years in June amid currency volatility
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