KOSPI back in downward spiral and foreign capital exits Asia ahead of SpaceX debut SEOUL, June 10 (AJP) - South Korea's main KOSPI extended a volatile week, losing 4.5 percent Wednesday to a finish under 8,000 as renewed U.S. military strikes on Iran and looming blockbuster debut of SpaceX triggered a broad exit by foreign and local institutions. The selling was led by foreign investors, who dumped a net 2.77 trillion won of Korean shares, the heaviest single-day foreign outflow of this entire turbulent stretch, with institutions selling another 2.27 trillion won while do June 10, 2026

South Korea's opposition party picks former Yoon ally as floor leader SEOUL, June 10 (AJP) -Jeong Jeom-sig, a prosecutor-turned three-term lawmaker and longtime ally of former President Yoon Suk Yeol, was elected floor leader of South Korea's main conservative opposition on Wednesday, underscoring the People Power Party's continued reliance on pro-Yoon figures despite its crushing defeat in last week's local elections. The People Power Party (PPP) said Jeong defeated four-term lawmaker Kim Do-eup in a runoff vote among party lawmakers at the National June 10, 2026

South Korea as slight favorite over Czech Republic in World Cup group stage: Opta SEOUL, June 10 (AJP) - South Korea is viewed as a slight favorite over the Czech Republic in their first group-stage match on Friday (in Korean time) at the 2026 FIFA World Cup, according to a revised forecast by football statistics firm Opta. Opta said Wednesday that its supercomputer gave South Korea a 42.9 percent chance of beating the Czech Republic in the Group A match. The Czech Republic's chance of victory was estimated at 31.1 percent, while the probability of a draw stood at 26.0 June 10, 2026

Korea's cash stimuli program helped merchants but stopped short of aiding economy: BOK SEOUL, June 10 (AJP) -The handouts of consumer coupons by the new Korean government last year aimed to jump-start lethargic consumption boosted revenue of around 2.8 trillion won ($1.8 billion) for small businesses last year, the Bank of Korea said Wednesday while acknowledging short-lived effect from cash benefits on broader economy. The central bank said in its latest study in Issue Note that about 30.9 percent of the 9.1 trillion won distributed through credit cards translated into additiona June 10, 2026

Korean Inc. scores second best in profitability, but zombie firms hit record high SEOUL, June 10 (AJP) -Korean Inc. scored their second-best in profitability last year largely thanks to staggering margins of chipmakers, while the broad polarization deepened with zombie population hitting their all-time high, central bank study showed Wednesday. According to the preliminary corporate management analysis for 2025 released by the Bank of Korea (BOK), the revenue growth rate for non-financial corporations subject to external audits stood at 2.5 percent last year. That was down June 10, 2026

SpaceX debut threatens to siphon capital from Korea's chip rally SEOUL, June 10 (AJP) - Elon Musk's SpaceX is emerging as an unexpected headwind for South Korea's semiconductor-driven stock rally as global investors reposition portfolios ahead of the company's blockbuster Nasdaq debut on Friday. The world's largest-ever initial public offering is expected to begin trading after attracting more than $250 billion in investor demand for an offering seeking to raise about $75 billion at a valuation nearing $1.8 trillion, according to Reuters. Fo June 10, 2026

Kakao workers stage first walkout in company history over bonus dispute SEOUL, June 10 (AJP) - Kakao's labor union launched the first partial strike in the company's history, escalating a standoff with management over performance bonuses. The walkout ran from 10 a.m. to 3 p.m. with an hour-long midday break on Wednesday, amounting to about four hours of stoppage. Union members marched through the company's Pangyo branch in Seongnam, south of Seoul. Workers at five entities — the main Kakao corporation, Kakao Pay, Kakao Enterprise, DKTechin and XL June 10, 2026

Seoul starts probe on FX banks over won speculation SEOUL, June 10 (AJP) - South Korean financial authorities have launched a joint inspection on suspected speculative activities pressuring the Korean won against major currencies after the U.S. dollar went as high as 1,550 won over the weekend, the Ministry of Economy and Finance on Wednesday. The Bank of Korea and the Financial Supervisory Service will conduct both written reviews and on-site inspections from Wednesday, following an emergency market monitoring meeting held last Sunday. Authorit June 10, 2026

Won gains on NPS hedge; bonds rebound SEOUL, June 09 (AJP) - The South Korean won extended its gains for a second straight day Tuesday after foreign exchange authorities formalized currency hedging measures for the National Pension Service (NPS). The bond market also rebounded for the first time in four sessions, helped by bargain-hunting and reports that the Bank of Japan (BOJ) may keep its government bond purchases at current levels. In the Seoul foreign exchange market, the won closed at 1,512.1 per dollar, up 22.9 won from the June 9, 2026

KOSPI recoups most of Black Monday losses with volatility at all-time high SEOUL, June 09 (AJP) -South Korean stocks recouped most of Monday's historic losses in a dramatic rebound Tuesday, underscoring the extreme volatility that has made the local market one of Asia's most turbulent trading venues. The benchmark KOSPI surged 8.18 percent to close at 8,096.93, recovering nearly all of the previous session's 8.29 percent plunge. The tech-heavy KOSDAQ also rebounded sharply, rising 6.19 percent to 967.81. The violent swing pushed South Korea's market f June 9, 2026