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  • Others

    Foreign investors return to KOSPI buying, powering rally above 8,000

    Foreign investors returned to net buying in the KOSPI market on Friday for the first time in 25 trading days, fueling a sharp rally that briefly sent the benchmark index soaring past the 8,400 mark during intraday trading. KOSPI opened 6.44 percent higher at 8,263.85, up 499.90 points from the previous session, and briefly surged as much as 8.5 percent to hit an intraday high of 8,424.13 before paring gains to close at 8,123.62, up 359.67 points, or 4.63 percent, on the day. The rapid advance in KOSPI futures prompted the Korea Exchange to activate a sidecar, temporarily halting program buy orders early in the trading session. Foreign investors played a pivotal role in KOSPI’s rebound, snapping a prolonged selling streak with net purchases of 2.12 trillion won ($1.4 billion) on the day. Institutional investors also lent strong support, buying a net 2.4 trillion won in stocks. The return to net buying came after nearly a month of heavy foreign outflows that had weighed on the market. Before Friday, overseas investors had sold a net 75.6 trillion won worth of KOSPI shares over 24 straigh

    3 MIN READBy Jun Ji-hye
    Foreign investors return to KOSPI buying, powering rally above 8,000
  • Economy

    Rate hike seen as strongest tool to support won as FX measures lose impact

    2 MIN READBy Lee Hyo-jin
    Rate hike seen as strongest tool to support won as FX measures lose impact
  • Economy

    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

    2 MIN READBy Lee Hyo-jin
    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data
  • Policy

    5 nations sign AI alliance pact to shape global tech rules

    2 MIN READBy Jhoo Dong-chan
    5 nations sign AI alliance pact to shape global tech rules
  • Economy

    Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying

    1 MIN READBy Yonhap
    Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying
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Economy

Will KOSPI achieve major turnaround in Q2?

gettyimagesbankBy Lee Min-hyungThe benchmark KOSPI is expected to achieve a major turnaround in the second quarter, on hopes of a global economic recovery and diminished monetary uncertainties, even if Russia's prolonged invasion of Ukraine remains as a risk factor, analysts said Monday.The main bourse displayed a lukewarm performance throughout the first quarter as investors avoided risky assets amid heightened external uncertainties such as the outbreak of war in Eastern Europe and the U.S. Federal Reserve's rate hikes.But analysts remained optimistic over the near-term outlook of the main bourse, as multiple risk factors have already been reflected by the tepid stock performance here in the first quarter.“The KOSPI is expected to outperform the global stock market between April and June as chip market conditions will improve and the global economy will be on track for a recovery,” Daishin Securities analyst Lee Kyoung-min said.But the analyst also advised investors to refrain from going on an unconditional buying spree of local stocks, due to a strong chance that the K

Apr 4, 2022By Lee Min-hyung
Will KOSPI achieve major turnaround in Q2?
Economy

Samsung owner family is 3 trillion won short in inheritance tax payment

Owner family expected to sell Samsung affiliates' shares over next 5 years By Lee Kyung-min The family of late Samsung Group Chairman Lee Kun-hee is expected to continue selling its shares in the group's affiliates over the next few years to cover a 2.9 trillion won ($2.3 billion) shortfall in inheritance taxes that total around 10 trillion won, according to market watchers. They say the family can increase dividends or take out securities-backed loans, two highly viable options along with selling shares that would have a limited impact on the group's overall cross-shareholding structure.The family members are Hong Ra-hee, the director of Leeum, Samsung Museum of Art, Samsung Electronics Vice Chairman Lee Jae-yong, Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation Chairwoman Lee Seo-hyun. The wife and three children of the late Samsung chairman paid around a sixth of a total of 12 trillion won in inheritance taxes last April. The remaining 10 trillion won will be paid in installments over the nex

Apr 3, 2022By Lee Kyung-min
Samsung owner family is 3 trillion won short in inheritance tax payment
Economy

Interpretations mixed about inverted yield curve

gettyimagesbankBy Anna J. Park Concerns have been growing over the possibility of an economic recession, as U.S. treasury bonds show a repeated inverted yield curve, meaning that a short-term treasury bond has a higher interest rate than longer-dated national debt, according to financial market analysts, Friday.Although Korean government bonds haven't yet shown such a deviation from a normal yield curve, the inversion of U.S. treasury bonds' yield curve took place once again on Thursday, local time, when the yield for two-year bonds once stood at 2.337 percent, exceeding the 10-year treasury's 2.331 percent. Such an inverted yield curve was witnessed during Tuesday's market as well, for the first time since September 2019.Inverted yield curves are normally considered a warning sign for a looming economic recession, as witnessed multiple times throughout history. An inversion in 2006 was followed by the 2008 global financial crisis, and an inversion in 2019 was again met with the pandemic shock in 2020. While market experts began giving mixed analyses of the causes of the inversion an

Apr 1, 2022By Anna J. Park
Interpretations mixed about inverted yield curve
Economy

Korea Shipbuilding bags 545.8 bil.-won order for 2 LNG ships

A liquefied natural gas carrier built by Daewoo Shipbuilding Marine Engineering. Yonhap Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has clinched a 545.8 billion-won ($449 million) order to build two liquefied natural gas (LNG) carriers.Under the deal with a European shipper, Hyundai Samho Heavy Industries, a KSOE affiliate, will build the vessels and deliver them by the first half of 2025.KSOE did not disclose the size of the LNG carriers.KSOE has obtained orders to construct 70 ships worth $7.1 billion so far this year, or about 41 percent of its $17.44 billion yearly target.Hyundai Heavy Industries Holdings has the KSOE as a sub-holding company under its wing. KSOE has three shipbuilding affiliates ― Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries. (Yonhap)

Apr 1, 2022
Korea Shipbuilding bags 545.8 bil.-won order for 2 LNG ships
Economy

BOK chief nominee says policy direction to be determined after analyzing current risks' impact on growth, inflation

Rhee Chang-yong, the nominee for the governor of the Bank of Korea, answers reporters' questions while reporting to work at his office in Seoul, April 1, to prepare for his National Assembly confirmation hearing. Yonhap The nominee for South Korea's central bank chief said Friday that he will determine the direction of monetary policy after analyzing how existing risks, including the Ukraine crisis and the COVID-19 pandemic, will affect economic growth and inflation.Rhee Chang-yong, picked for the next governor of the Bank of Korea (BOK) last week, made the remarks in a brief interview with reporters in Seoul as he prepares for a National Assembly confirmation hearing. The remarks came amid speculation that he might adjust the pace of the BOK's rate hikes given that he recently voiced concerns over an economic slowdown due to heightened uncertainty at home and abroad."When downside risks turn into reality, analyses should be conducted to determine whether it could a

Apr 1, 2022
BOK chief nominee says policy direction to be determined after analyzing current risks' impact on growth, inflation
Economy

Exports up 18.2% to all-time high in March on robust demand for chips

A port in Korea's southern city of Busan, April 1. Newsis Korea's exports jumped 18.2 percent in March from a year earlier to reach an all-time monthly high on the back of brisk demand for semiconductors and petroleum products, data showed Friday.But high global energy prices also pushed up the country's imports to a record high last month, leading the country to post a trade deficit, according to the data compiled by the Ministry of Trade, Industry and Energy.Outbound shipments stood at $63.48 billion in March, up from $53.69 billion a year earlier. It is the highest tally since the ministry began compiling related data in 1956. The previous record was set December last year when the figure came to $60.7 billion, the ministry said.The average daily export volume also reached the highest figure of $2.76 billion last month, beating the previous record of $2.69 billion set in February 2022, the data showed.March marked the 17th consecutive month that the country's exp

Apr 1, 2022
Exports up 18.2% to all-time high in March on robust demand for chips
Economy

Inflation growth estimated to pick up in March amid high oil prices: official

Gas prices at a filling station in Seoul are seen in this March 26 photo. Yonhap Korea's consumer prices are estimated to have grown at a faster pace in March after Russia's invasion of Ukraine drove up oil prices, a senior government official said Friday. Inflationary pressure is likely to remain high for the time being as external economic uncertainty has heightened, according to First Vice Finance Minister Lee Eog-weon."Expectations are growing that inflation growth will pick up in March, led by a jump in prices of petroleum products," Lee said at a government meeting on inflation.Korea's consumer prices grew 3.7 percent year-on-year in February amid soaring energy costs. Inflation rose more than 3 percent for the fifth straight month, well above the central bank's inflation target of 2 percent.Inflation is projected to have jumped an average of 3.88 percent in March, according to a poll of five securities firms by Yonhap Informax, the financial news arm of Yonha

Apr 1, 2022
Inflation growth estimated to pick up in March amid high oil prices: official
Economy

Securities firms feared to become target as watchdog launches special inspection team

A signboard of the Financial Services Commission in Seoul / Yonhap By Lee Min-hyungA special investigative body launched by Korea's financial watchdog is straining securities firms on fears that they may become a target of the new inspection team.According to the Financial Services Commission (FSC), its newly-launched Special Judicial Police started its operation on Thursday to step up an investigation into any illegal acts in the local capital market. The team consists of seven officials from the FSC and the Financial Supervisory Service (FSS).The launch of the team is aimed at protecting investors' rights and maintaining fairness in the capital market, according to the FSC.The watchdog decided to launch the special investigative team as more retail investors have jumped into the stock market after the outbreak of the COVID-19 pandemic in early 2020.Back in July 2019, the FSS established a similar inspection team to look into any unfair trading acts in the capital

Apr 1, 2022By Lee Min-hyung
Securities firms feared to become target as watchdog launches special inspection team
Economy

Why is Russia's invasion of Ukraine causing rough diamond prices to soar?

gettyimagesbank By Anna J. ParkPrices of diamonds have been rising steeply recently amid continuing geopolitical uncertainty surrounding Russia's invasion of Ukraine. Lesser known in Korea is that Russia is one of the key global producers of the precious stone.According to an analysis report published by Meritz Securities, diamonds are one of the key exports of Russia, along with its variety of natural resources such as petroleum, gold and palladium.Russia was a top exporter of rough diamonds, beating four other countries on the list of the top five ― Botswana, Canada, Congo and Australia ― as it accounted for 29.3 percent of global diamond production in 2020. Diamonds were also Russia's 12th most exported item in 2021, as it took up 0.8 percent of the country's entire export volume. However, as a string of recent U.S. government sanctions included Alrosa, Russia's state-owned diamond miner, concerns over the strained global supply of diamonds have pushed the global

Apr 1, 2022By Anna J. Park
Why is Russia's invasion of Ukraine causing rough diamond prices to soar?
Economy

Outgoing, incoming gov'ts clash over key economic policies

Won Il-hee, deputy spokesperson of the presidential transition committee, gives a press briefing at the committee office in central Seoul, March 29. The committee then announced plans to take step-by-step measures against a set of policies introduced by the Moon Jae-in administration on housing contracts, which the incoming Yoon government wants to overturn. YonhapMoon's signature Korean New Deal on verge of being scrappedBy Yi Whan-wooThe outgoing and incoming administrations of President Moon Jae-in and President-elect Yoon Suk-yeol are increasingly on a collision course over major economic policies, as the transition committee is materializing plans to overturn several of Moon's core policies that Yoon deems impractical.The conflict between the two has been foreseeable to some extent, considering that Yoon prioritizes market-driven economic policies, as opposed to Moon's income-led growth premised on active government intervention. The transition committee is geared toward scrapping or scaling down Moon's core economic projects day after day, in a bid to implement Yoon's economic

Mar 31, 2022By Yi Whan-woo
Outgoing, incoming gov'ts clash over key economic policies
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