Seoul, June 29 (IANS) South Korea on Monday unveiled an ambitious plan to build a new semiconductor manufacturing hub in the country’s southwestern region through 800 trillion won ($518 billion) in corporate investment.The proposed investment underscores Seoul’s determination to maintain its dominance in memory chips, which have become increasingly critical amid a global artificial intelligence (AI) boom, while advancing the government’s goal of more balanced regional development, reports Yonhap…
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Seoul, June 29 (IANS) South Korean stocks traded sharply lower on late Monday morning as investors remained cautious amid renewed concerns over the fragile US-Iran ceasefire and rising oil prices, with tech shares leading losses.The benchmark Korea Composite Stock Price Index (KOSPI) lost 170.78 points, or 2.03 percent, to 8,240.43 as of 11:20 a.m., after opening 0.91 percent lower, reports Yonhap news agency.Oil prices climbed after the United States and Iran exchanged fresh strikes over the we…
Seoul, June 28 (IANS) Samsung Electronics and SK hynix are set to announce major investment plans early this week at a meeting presided over by President Lee Jae Myung, the presidential office said on Sunday.The investments will be unveiled during a briefing scheduled for 2 p.m. Monday at Cheong Wa Dae on the government’s three mega projects aimed at balanced regional development, presidential spokesperson Kang Yoo-jung said.The initiative is jointly pushed by the trade, science, transport and e…
Seoul, June 26 (IANS) South Korean stocks tumbled nearly 6 per cent on Friday as investors locked in profits after recent rallies driven by stocks related to artificial intelligence (AI). The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 519.09 points, or 5.81 percent, to close at 8,411.21, after falling as low as 8,126.84, reports Yonhap news agency.The market rout came after the KOSPI rallied by 5.42 percent gain on Thursday and racked up …
Seoul, June 26 (IANS) South Korea’s bourse operator on Friday activated a circuit breaker for the benchmark Korea Composite Stock Price Index (KOSPI) as stocks crashed due to a slump in tech heavyweights.Trading of KOSPI-listed shares was halted for 20 minutes. The Korea Exchange (KRX) triggered the measure after the KOSPI plummeted more than 8 percent from the previous session’s close, reports Yonhap news agency.The benchmark index came under heavy selling pressure as investors dumped large-cap…
Seoul, June 25 (IANS) South Korean stocks extended their gains late on Thursday morning, driven by a semiconductor rally, as Micron Technology’s better-than-expected earnings erased concerns over artificial intelligence (AI) growth.After opening 2.74 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 414.55 points, or 4.89 percent, to 8,885.57 as of 11:20 am, reports Yonhap news agency.Overnight, Wall Street closed mixed on concerns about overvaluation…
Seoul, June 24 (IANS) South Korean stocks extended their gains on Wednesday morning as individual investors went bargain hunting following the previous session’s massive sell-off in technology stocks.After opening 1.86 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 272.43 points, or 3.32 percent, to 8,476.27 as of 11:20 am, reports Yonhap news agency.Overnight, Wall Street closed lower as sharp declines in memory chip and semiconductor stocks weighed on investor se…
New Delhi, June 23 (IANS) US stock futures tumbled on Tuesday, signalling a weak start for Wall Street, as a global selloff in technology shares reignited concerns over whether massive investments in artificial intelligence (AI) can justify soaring market valuations.Nasdaq 100 futures fell more than 2 per cent, while S&P 500 futures declined over 1 per cent in pre-market trading. Meanwhile, Dow Jones futures were relatively resilient, falling around 0.4 per cent. The selling was triggered af…
Seoul, June 23 (IANS) South Korean stocks tumbled nearly 10 per cent on Tuesday as foreign investors dumped major semiconductor shares and other market heavyweights amid profit-taking, tracking overnight losses in US technology stocks. The local currency weakened against the US dollar.After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) plunged 910.71 points, or 9.99 percent, to close at 8,203.84. The index hit an intra-day high of 9,175.45, reports Yonhap news agency.Th…
Seoul, June 23 (IANS) South Korean stocks extended losses late on Tuesday morning as big chip shares sharply lost ground, tracking an overnight slump in US techs.After opening 0.34 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) shed 389.16 points, or 4.27 percent, to 8,725.39 as of 11:20 am, reports Yonhap news agency.Overnight, U.S. Vice President JD Vance said a “very good foundation” had been established for negotiations toward a final agreement with Iran, while mediat…