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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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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

Grain import prices soar 47% over 2 years

Rye grains / TASS-YonhapKorea's import prices of grains have jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged COVID-19 pandemic, data showed Wednesday.Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources.The February per-ton import price represented the highest level since it reached $388 in May 2013.Last month, Asia's fourth-largest economy imported 1.96 million tons of wheat, corn and other grains, which were valued at $758.3 million.Import prices of grains hovered below the $300 mark in 2020, but they have been on a steady increase since breaking the $300 level a year earlier.Industry watchers said international grain prices have been running high due to a pandemic-caused supply chain bottleneck and poor output in major grain-producing nations.By grain, the per-ton import price of wheat stood at $369 in February, up 37.3 percent from a year earlier and 46.6 percent from two years earl

Mar 16, 2022
Grain import prices soar 47% over 2 years
Economy

Yoon tasked with stabilizing overheated housing market

President-elect Yoon Suk-yeol speaks during a press conference, Thursday, after winning the election a day earlier, at the National Assembly in Seoul. YonhapAlleviating tax burden considered top priority for market stabilizationBy Lee Min-hyungPresident-elect Yoon Suk-yeol is tasked with changing what are considered by many as abnormal and anti-market real estate policies after taking office in May.Yoon pledged to drastically reform the real estate policies of his predecessor to coincide with market principles by easing punitive taxes that have been imposed on multiple homeowners in hopes of deterring real estate speculation. Instead, the President-elect aims to tame soaring housing prices by constructing more than 2.5 million new homes nationwide during his single, five-year term.It remains to be seen whether Yoon's pledge will be fulfilled in a timely fashion and lead to immediate effects on the market. But the move is a step in the right direction to stabilize the market from a long-term perspective, experts said.They said the ball is now in the court of the presidential transitio

Mar 16, 2022By Lee Min-hyung
Yoon tasked with stabilizing overheated housing market
  • 'Yoon's commercial bank rate policy contradicts his market-driven economic vision'
Economy

Average gasoline price tops $1.61 per liter for first time in 9 years

A signboard at a gas station in southern Seoul shows gasoline price at 2,158 won per liter, Tuesday. YonhapThe average price of regular gasoline in South Korea on Tuesday exceeded 2,000 won ($1.61) per liter for the first time in nine and a half years amid global supply concerns following Russia's invasion of Ukraine.The average retail gas price across the country reached 2,000.95 won per liter in the afternoon, up 12.91 won from the previous day, according to Opinet, a website operated by the state-run Korea National Oil Corp.It is the first time the nationwide average has broken the threshold since the fourth week of October 2012, when the price was 2,003.7 won. The average price in Seoul topped 2,000 won last week and reached 2,086 won Tuesday, up 19 won from the previous day. The latest surge came as the Ukraine conflict has sparked fears over global oil supply disruptions. Russia is one of the world's major exporters of oil and natural gas. Early this month, the government extended its 20-percent fuel tax cuts by three months until end-July. A 20-percent cut translates to a redu

Mar 15, 2022
Average gasoline price tops $1.61 per liter for first time in 9 years
Economy

Yoon gearing up for leadership reshuffle of financial authorities

President-elect Yoon Suk-yeol, left, shakes hands with a businessman during a New Year's event for small- and medium-sized enterprises in Seoul, Jan. 5. Joint Press Corps-YonhapBy Lee Min-hyungPresident-elect Yoon Suk-yeol is gearing up to reshuffle the leadership of certain financial authorities ahead of his inauguration slated for May. At the center of public attention is who will replace incumbent Finance Minister Hong Nam-ki, due to the position's unmatched importance to the Korean economy.The candidates for the top financial post include former Vice Minister Choi Sang-mok and Rep. Choo Kyung-ho of the People Power Party, who also served as vice finance minister for 16 months from March 2013.Seoul National University Economics Professor Kim So-young is also being mentioned as a candidate, but some critics argue that he is more likely to take on a leadership role in another state-run financial authority.Yoon's presidential transition team announced Tuesday that Choi will lead its economic committee, with Kim taking part as one of its key members.As Bank of Korea (BOK) Governor Lee

Mar 15, 2022By Lee Min-hyung
Yoon gearing up for leadership reshuffle of financial authorities
Economy

President-elect's youth savings program draws concerns

President-elect Yoon Suk-yeol, center, and his camp officials tasked with issues concerning young people pose with a large certificate issued by the National Election Commission for his March 9 election victory at the National Assembly in Yeouido, Seoul, March 10. YonhapBy Yi Whan-wooA government-assisted installment savings product being planned by President-elect Yoon Suk-yeol to support young people is drawing keen interest, but it is also fueling concerns that it will cause bigger problems than a similar one already introduced by the Moon Jae-in administration.The envisioned product, translated as “Youth Leap,” is aimed at helping young people save up to 100 million won ($80,000) over the next 10 years, while the Moon administration's existing “Youth Hope” product offers young people  maximum interest returns of 10 percent annually for the next two years.Both programs are open to those aged between 19 and 34. But Yoon's “Youth Leap” is available to more people since it does not impose restrictions on annual salary as an eligibility criteri

Mar 14, 2022By Yi Whan-woo
President-elect's youth savings program draws concerns
Economy

Foreigners stay net sellers of Korean stocks for 2nd month in Feb.

Currency traders watch monitors in the foreign exchange dealing room at KEB Hana Bank headquarters in Seoul, March 3. AP-Yonhap Foreign investors remained net sellers of stocks on South Korea's bourses in February amid growing jitters over Russia's invasion of Ukraine, data showed Monday.They offloaded a net 2.58 trillion won ($2.09 billion) worth of local shares last month, marking the second straight month of net selling, according to the data from the Financial Supervisory Service.Offshore investors' net selling stood at 1.68 trillion won in January.Investors have been disheartened by Russia's invasion of Ukraine that began in late February, which analysts worry could send already high crude oil and commodity prices even higher.European and U.S. investors sold a respective net 1.4 trillion won and 700 billion won worth of South Korean stocks in February.Investors from the Middle East posted net buying of 300 billion won, with Asian investors' net purchases reachi

Mar 14, 2022
Foreigners stay net sellers of Korean stocks for 2nd month in Feb.
Economy

Korea ranks 10th on global top-selling product list in 2020

Busan Port / Korea Times file Korea had 77 top-selling products globally in 2020, placing it 10th in the world, data showed Monday. The number of top-selling goods was up six from a year earlier, and the country retained the No. 10 spot for the second year running, according to the Korea International Trade Association (KITA).China had the most items with 1,798, followed by Germany with 668, the United States with 479, Italy with 201 and Japan with 154. By segment, Korean-made chemicals (29 products) and nonferrous metal products (20) accounted for 63.7 percent of the country's export items with a top global market share.Polarizing sheets used in making liquid crystal displays, laser equipment and 15 other products newly made the list of Korea's top-selling items, with 11 goods dropping off the list.Of the new entrants, exports of polarizing sheets came to $2.47 billion in 2020, with overseas shipments of laser equipment amounting to $2.24 billion.KITA said China ou

Mar 14, 2022
Korea ranks 10th on global top-selling product list in 2020
Economy

Foreign stock ownership hits 6-year low on Ukraine risk, US rate hike jitters

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,661.28 points, March 11, down 19.04 points, or 0.71 percent, from the previous session's close. YonhapForeign ownership of Korean stocks fell to a six-year low, bourse data showed Sunday, as overseas investors preferred safer assets in the wake of the Ukraine crisis and ahead of a widely expected U.S. rate hike.As of Friday, foreign investors held 666 trillion won ($538 billion) worth of local stocks on the main KOSPI, accounting for 31.86 percent of the entire 2,091 trillion-won market capitalization, according to the data compiled by the Korea Exchange (KRX). The foreign ownership shrank to the smallest portion since 31.77 percent on Feb. 11, 2016.Foreigners' possession of KOSPI shares had reached nearly 40 percent in early 2020 before dwindling to 36.5 percent at the end of that year and 33.55 percent at the end of 2021, largely due to the pandemic and the stock rush among retail investors.This year, the figure jumped to 34.2 percent on Jan. 25 ahead

Mar 13, 2022
Foreign stock ownership hits 6-year low on Ukraine risk, US rate hike jitters
Economy

Cryptocurrency market forecast to boom under Yoon administration

President-elect Yoon Suk-yeol speaks during a local virtual asset conference in Seoul, Jan. 20. Joint Press Corps-YonhapExchanges request Yoon to allow corporate investment in crypto marketBy Lee Min-hyungKorea's cryptocurrency market will boom under President-elect Yoon Suk-yeol as the incoming administration is widely expected to adopt a deregulatory stance by easing taxation on crypto trading and allowing an initial coin offering (ICO), officials said Friday.Yoon made a series of campaign pledges which center on easing tight regulations introduced by the incumbent administration. First and foremost, he pledged to reduce taxation on crypto gains.Last year, the Ministry of Economy and Finance planned to impose tougher crypto income taxes on those whose gains exceed 2.5 million won ($2,225) beginning from 2022. The plan, however, hit a snag amid fierce political opposition. One key reason behind the backlash was that the standard was too tight compared to taxes on profits from stock investments. Stock investors are required to pay income taxes only when their gains top 50 million won

Mar 11, 2022By Lee Min-hyung
Cryptocurrency market forecast to boom under Yoon administration
Economy

Goldman Sachs lowers Korea's growth outlook to 2.8 percent

In this 2021 July file photo, the Goldman Sachs company logo is seen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. Reuters-YonhapBy Lee Kyung-min Goldman Sachs has revised down Korea's economic growth forecast for this year to 2.8 percent from its previous projection of 3.2 percent, largely on weaker external demand and increasing macroeconomic risks from the Russia-Ukraine conflict. It also revised up Korea's inflation forecast by 0.6 percentage point to 3.6 percent mainly on higher commodity prices.In a report titled, “Korea Views: Policy Implications of Presidential Election and Our Macro Views,” the global investment banking powerhouse said rising macro risks from the Ukraine conflict will translate into adversely impacting the growth of the oil shock on global and domestic demand. The report also mentioned that it expects one of the most relevant changes to macro investors would be a relatively conservative fiscal policy stance under the presidency of Yoon Suk-yeol.“The Yoon presidency is expected to set up fiscal rules within the fi

Mar 11, 2022By Lee Kyung-min
Goldman Sachs lowers Korea's growth outlook to 2.8 percent
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