South Korean stocks fell more than 1 percent Friday amid rising uncertainties related to China's clampdown on its tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 40.33 points, or 1.24 percent, to close at 3,202.32 points. The figure marks the index's largest daily drop since May 13. Trading volume was moderate at about 677 million shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 643 to 213

North Korea's economy is estimated to contract 4.5 percent on-year in 2020, marking the worst contraction since 1997, as Pyongyang closed its borders over the COVID-19 pandemic, South Korea's central bank said Friday. The North's economy, which has been hit by tightened UN sanctions over its nuclear and missile programs, expanded 0.4 percent in 2019, but shrank 4.1 percent in 2018 and 3.5 percent in 2017, the Bank of Korea (BOK) said in a report. Last year, North Korea suffered its biggest eco

Nationwide apartment transactions plunged in June ahead of the launch on Wednesday of a subscription program for newly built homes, which put the brakes on a buying spree in the local real estate market, data showed Friday.  According to the data from the Ministry of Land, Infrastructure and Transport, a total of 88,922 apartment units changed hands across the nation last month, down 35.8 percent from 138,578 a year earlier.  In the Greater Seoul area, the transaction volume fell 44.

Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said Friday.  The rating agency had maintained the lender’s long-term credit rating at A- for 16 years since 2005. The latest upgrade reflects the company’s efforts to improve risk management skills, asset soundness, profitability and capital adequacy, which has led to a significant increase in earnings, it expl

South Korea's exports of autos jumped 71.9 percent on-year in the second quarter on the back of robust demand for sedans and eco-friendly vehicles, data showed Friday. The country's outbound shipments of cars came to $10.7 billion in the April-June period, compared with $6.25 billion the previous year, according to the data compiled by the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. Imports of autos rose 38.3 percent on-year to $4.1 billion in the cited

South Korean manufacturers' business sentiment dropped for August amid a recent spike in COVID-19 infections, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 92 for August, down from 99 for July, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The nation's daily new infections have exceeded 1

South Korea's industrial output and retail sales increased in June from the previous month in the latest sign that Asia's fourth-largest economy is on a solid recovery track, data showed Friday. But the fourth wave of the pandemic is posing a threat to the country's economic recovery as the toughest-ever virus curbs may dampen improving domestic demand. Industrial output rose 1.6 percent in June from the previous month, after stayed flat in May, according to the data compiled by Statistics Kor

South Korean stocks opened lower Friday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.74 points, or 0.36 percent, to 3,230.91 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs on the auto, bio and tech large caps. Overnight, the Dow Jones Industrial Average gained 0.44 percent, with the tech-heavy Nasdaq composite and the S&P 500 advancing 0.11 percent and 0.42 percent, respec

Krafton has priced its initial public offering at 498,000 won ($434.5) a share, at the top end of its indicative price range of 400,000-498,000 won, the South Korean game maker said in a regulatory filing Thursday. The game developer behind shooting game PlayerUnknown’s Battlegrounds wrapped up its book-building process Tuesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 621 domestic and overseas institutions participated. Competition amo

More EV chargers, ultrapure water for chip manufacturing, and artificial blood substitutes development in pipeline

The Bank of Korea said Thursday that a decision by the US Federal Reserve that left its benchmark rate unchanged had little impact on global financial markets. The central bank still added caution, saying that “financial market volatility could intensify as uncertainty remains over when major economies recover from the prolonged COVID-19 pandemic as well as virus variants. “The BOK will closely monitor internal and external risk factors and review countermeasures against them.&rdq

Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday.  “The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB