Seoul, May 6 (IANS) South Korean stocks traded 6 per cent higher to stay above the unprecedented 7,300-point mark on Wednesday led by strong gains in semiconductor shares and rising optimism for a peace deal between the United States and Iran.Opening 2.25 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 418.82 points, or 6.04 percent, to an all-time intraday high of 7,355.81 as of 11:20 a.m, reports Yonhap news agency.With the surge, the bourse opera…
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Seoul, May 4 (IANS) South Korean stocks shot up by more than 5 per cent to close at a fresh high on Monday, approaching the 7,000-point mark, as investors scooped up semiconductor shares while awaiting developments in US-Iran peace talks. The Korean won rose sharply against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 338.12 points, or 5.12 percent, to a fresh record high of 6,936.99.Trade volume was heavy at 864.3 million shares worth 41.3 trillion won (US$28.2 bi…
Seoul, May 4 (IANS) South Korean stocks opened at a fresh high of over 6,700 on Monday as US President Donald Trump announced plans to free ships stranded in the Strait of Hormuz, while Washington and Tehran exchanged their proposals for peace talks.After opening at a fresh record high of 6,782.93, or 2.79 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 157.3 points, or 2.38 percent, to 6,756.17 as of 9:15 a.m.The index had risen three straight sessions to close at …
Seoul, May 4 (IANS) Sales of Hyundai Motor and Kia vehicles in the United States fell slightly from a year earlier, while numbers for hybrid vehicles rose to a new monthly high, the automaker said on Monday.The South Korean automakers sold a combined 159,216 vehicles in the key American market in April, down 2.1 percent on-year, according to the companies.Hyundai Motor sold 86,513 units, down 1.5 percent from the previous year, reports Yonhap news agency.Its luxury vehicle brand Genesis sold 6,3…
Seoul, April 24 (IANS) Hyundai Mobis, South Korea’s leading auto parts maker, said on Friday its first-quarter net profit fell 14 per cent from a year earlier as weaker global vehicle demand weighed on earnings.Net profit for the three months ending in March fell to 883.05 billion won ($596 million) from 1.03 trillion won a year earlier, the company said in a regulatory filing.”Rising external uncertainties linked to prolonged tensions in the Middle East dampened vehicle sales and parts demand,”…
Seoul, April 23 (IANS) Hyundai Motor, South Korea’s top automaker, said on Thursday its first-quarter net profit dropped 23.6 percent on-year amid business environment headwinds involving U.S. tariffs and rising raw material costs.Net profit for the first three months of this year totalled 2.58 trillion won ($1.7 billion), down from 3.38 trillion won a year ago, the company said in a regulatory filing.Operating income for the January-March period fell 30.8 percent on-year to 2.51 trillion won, b…
Seoul, April 23 (IANS) South Korean stocks rose on Thursday, led by gains in large-cap technology shares, as investors focused on corporate earnings following the United States’ indefinite extension of its ceasefire in the conflict with Iran.The benchmark Korea Composite Stock Price Index (KOSPI) gained 48.04 points, or 0.75 per cent, to 6,465.97 as of 11:20 am (local time), reports Yonhap news agency.The index opened 1.1 percent higher, tracking overnight gains on Wall Street, and briefly surpa…
Seoul, April 22 (IANS) The antitrust regulator here said on Wednesday it has decided to fine two local suppliers to Hyundai Motor and Kia, a combined 2.59 billion won ($1.75 million) for colluding to rig bids.SM Hwajin and Cubic Korea prearranged winners and bid prices in five tenders conducted between September 2020 and April 2023 to select contractors for surface treatment of vehicle interior materials, according to the Fair Trade Commission (FTC).The two companies were the only registered bid…
Seoul, April 22 (IANS) Hyundai Motor, Kia and two other carmakers will voluntarily recall over half a million vehicles in South Korea to address defective components, the transport ministry here said on Wednesday.The four companies, which also include KG Mobility Corp. and Toyota Motor Korea, will recall a combined 532,144 units across 17 models, according to the ministry.Hyundai Motor will recall 239,683 units of four models, including the Santa Fe sport utility vehicle (SUV), over a seat belt …
Seoul, April 21 (IANS) Internet giant Naver said it has signed a memorandum of understanding (MOU) with the information technology (IT) arm of Tata Group to explore business opportunities in India.The agreement with Tata Consultancy Services (TCS) was signed during a South Korea-India business forum hosted by the Federation of Korean Industries in New Delhi, attended by South Korean Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Commerce and Industry Minister…