South Korean stocks closed at a one-year high Friday, led by large-cap tech gains, on hopes the Federal Reserve will pause its aggressive monetary tightening and the United States' debt ceiling deal will pass. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 32.19 points, or 1.25 percent, to close at 2,601.36. It was the first time for the index to surpass the 2,600 level since June 9, 2022. Trading volume was moderate at 559.56 million sh

South Korean stocks opened higher Friday, led by big-cap tech shares, as investors welcomed the progress in the United States' debt ceiling deal. The benchmark Korea Composite Stock Price Index added 18.7 points, or 0.73 percent, to 2,587.87 in the first 15 minutes of trading. Overnight, US stocks closed higher as the House of Representatives passed a debt ceiling bill to avoid a federal default. The Dow Jones Industrial Average rose 0.47 percent, and the tech-heavy Nasdaq Composite jumped

South Korean stocks fell for a second straight session Thursday, as a consecutive fall in exports weighed down major tech and auto stocks, while the passage of a US debt ceiling deal by the House gave relief to investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 7.95 points, or 0.31 percent, to 2,569.17. Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering ga

South Korean stocks opened marginally lower Thursday before soon turning to positive terrain, as investors kept a close eye on the planned vote by US Congress on lifting the federal debt ceiling. After starting lower at the opening bell, the benchmark Korea Composite Stock Price Index added 1.56 points, or 0.06 percent, to 2,578.68 in the first 15 minutes of trading. US stocks closed lower Wednesday as the House of Representatives was set to vote on a bill to raise the $31.4 trillion debt limit

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will suspend the operation of one of its eight domestic plants during the second half of this year in preparation for electric vehicle production. Kia, a smaller affiliate of Hyundai Motor Co., will begin the construction Thursday to change the No. 1 Gwangmyeong plant, just south of Seoul, into an EV plant by the end of December, the company said in a regulatory filing. It may take time for the plant to begin EV productio

South Korean stocks ended lower Wednesday as investors attempted to cash in recent gains while weighing the odds of a debt ceiling deal passing US Congress. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 8.4 points, or 0.32 percent, to close at 2,577.12, ending its two-day winning streak, which had been fueled by an AI chip boom. Trading volume was moderate at 670.12 million shares worth 14.61 trillion won ($11.01 billion), with losers outpaci

Shares of big tech firms remain strong with buying rush from foreign investors

South Korean stocks opened higher Wednesday, as investors see the likelihood of a debt ceiling deal passing US Congress. The benchmark Korea Composite Stock Price Index added 9.35 points, or 0.36 percent, to 2,594.87 in the first 15 minutes of trading. Overnight, Wall Street closed mixed as the debt ceiling deal reached between US President Joe Biden and House Speaker Kevin McCarthy went to Congress. The deal now needs to receive enough bipartisan support before the June 5 deadline to avert a po

South Korean stocks ended sharply higher Tuesday on a breakthrough in US debt ceiling negotiations. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 26.71 points, or 1.04 percent, to close at 2,585.52. Trading volume was moderate at 631.71 million shares worth 10.75 trillion won ($8.11 billion), with winners outpacing losers 454 to 410. Offshore investors picked up a net 673.03 billion won worth of shares, while retail and institutional investo

South Korean stocks opened higher Tuesday on a breakthrough in US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 17.36 points, or 0.68 percent, to 2,576.17 in the first 15 minutes of trading. Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy agreed to raise the nation's debt ceiling. Now, the deal would need to get enough bipartisan support in Congress before the June 5 deadline to avert a potentially devastating federal default. Sou

Foreign purchases of South Korean tech and auto stocks have reached over 16 trillion won ($12 billion) so far this year, according to the Korea Exchange on Monday. Foreigners bought 16.45 trillion won worth of Samsung Electronics Co., Hyundai Motor Co. and other related stocks this year through May 26, according to the main bourse. In the first five months, foreigners bought 9.78 trillion won worth of Samsung Electronics stocks, followed by 1.26 trillion won worth of Hyundai Motor shares, 1.1 tr

While foreign investors are scooping up major tech shares, retail investors in Korea are continuing to bet on a battery boom, anticipating further growth for the industry. Earlier this year, share prices of battery-related firms soared, as Korean battery firms are expected to benefit from the US Inflation Reduction Act with tax incentives when battery materials are processed there. Reflecting the outlook, the top shares bought by retail investors on the Korean stock market from Jan. 2 to May 2

Shares of Samsung, SK hynix soar in hopes of chip rebound

South Korean stocks ended slightly higher Friday, as chip giants rose sharply on hopes for a market turnaround despite concerns about a deal on the United States' debt ceiling. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 4.12 points, or 0.16 percent, to close at 2,558.81, ending a two-day decline. Trading volume was a bit slim at 618.73 million shares worth 9.26 trillion won ($6.99 billion), with losers far outpacing gainers 672 to

South Korean stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the United States' debt ceiling to avoid a default. The benchmark Korea Composite Stock Price Index added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent, after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance. But the