SEOUL - South Korean shares experienced an uptick late Tuesday morning, buoyed by significant gains in the technology and energy sectors, as well as other major companies. The Korea Composite Stock Price Index saw an increase of 10.22 points, reaching 2,670.06 by 11:20 a.m.
According to Yonhap News Agency, technology shares led the charge with notable companies like Samsung Electronics, which saw a rise of 0.28 percent, and SK hynix, with a 0.12 percent increase. LG Electronics also marked a significant gain of 1.15 percent.
Energy and chemical stocks also saw positive momentum. SK Innovation, a leading refiner, and LG Chem, the top chemical producer, advanced 1.43 percent and 3.10 percent, respectively. Additionally, the battery sector contributed to the market's upward movement, with LG Energy Solution climbing 2.87 percent and POSCO Future M surging by 3.79 percent. The South Korean won traded at 1,312.55 against the U.S. dollar, a slight decrease from the previous session's close.
SEOUL — Following recent findings of malpractices in the sale of derivatives linked to Chinese stocks, the chairman of the Financial Services Commission, Kim Joo-hyun, emphasized the need for financial institutions to enhance their practices when offering risky financial products.According to Yonhap News Agency, despite the introduction of the financial consumer protection act in the wake of the 2019 derivatives-linked fund (DLF) products incident, issues of mis-selling persist. He announced that the commission plans to unveil strategies aimed at addressing the mis-selling of such financial products.
On Monday, financial authorities proposed a series of recommendations urging local banks and brokerages to compensate for losses incurred from equity-linked products that track the Hang Seng Index in Hong Kong. The authorities highlighted that the outstanding value of these products amounted to 18.8 trillion won ($14.2 billion) as of the end of December, with potential losses for consumers reaching up to 5.8 trillion won if the products were to be sold at their value at the end of February. The regulator's move underscores a broader effort to ensure consumer protection in the volatile landscape of financial products trading.