Seoul shares end higher on extended foreign buying
The benchmark Korea Composite Stock Price Index added 22.74 points, or 0.71 percent, to close at 3,210.81.
Trade volume was a little slim at 341.3 million shares worth 10.6 trillion won ($7.6 billion), with losers outnumbering winners 489 to 390.
Foreign investors purchased 893.4 billion won worth of local shares, while institutions bought 101.3 billion won. Retail investors dumped 1.06 trillion won worth of shares for profit-taking.
"Foreigners continued the purchases of Seoul shares for the eighth consecutive session amid positive evaluation of the Kospi by global investment banks," said Lee Kyoung-min, an analyst at Daishin Securities.
On Friday, Wall Street closed mixed as concerns over US President Donald Trump's administration's tariff policies offset the risky appetite caused by strong US retail sales data.
The Dow Jones Industrial Average shed 0.32 percent, and the S&P 500 edged down 0.01 percent, while the tech-heavy Nasdaq composite inched up 0.05 percent.
Over the weekend, US Commerce Secretary Howard Lutnick said Aug. 1 is a "hard deadline" for Washington's reciprocal tariffs, pressuring its major trading partners to swiftly come up with terms of trade negotiations.
In Seoul, tech giant Samsung Electronics rose 1.04 percent to 67,800 won, and its chipmaking rival SK hynix gained 1.3 percent to 272,500 won.
Leading battery maker LG Energy Solution jumped 2.64 percent to 331,000 won, and defense powerhouse Hanwha Aerospace advanced 2.57 percent to 919,000 won.
Major power plant manufacturer Doosan Enerbility soared 5.56 percent to 68,400 won, and steel giant Posco Holdings surged 5.14 percent to 327,000 won.
Leading shipbuilders Hanwha Ocean and HD Hyundai Heavy rose 4.98 percent and 4.81 percent to 84,400 won and 425,000 won, respectively.
Renewable energy firm Hanwha Solution shot up 7.37 percent to 37,900 won on forecasts the company will swing to a profit in the second quarter.
On the other hand, top automaker Hyundai Motor lost 0.71 percent to 209,000 won, and Naver, South Korea's biggest internet portal operator, went down 0.83 percent to 240,000 won.
The local currency was quoted at 1,388.2 won against the US dollar at 3:30 p.m., up 4.8 won from the previous session. (Yonhap)
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Korea Herald
27 minutes ago
- Korea Herald
[Lee Jae-min] Calm thinking on quiet quitting
Korea still works hard. The country is known for its long working hours. A recent OECD survey in April 2025 puts Korea at No. 5 out of 38 countries surveyed with 1,900 hours per year per person. On top of that, Korea has long championed a strong work ethic with which people are educated and told to "do their best" on the job. The "do-your-best" mentality arguably underpins the economic success story of the resource-scarce country. Korean workplaces are now seeing seismic changes in this "hard work" culture. It would be another 'back-in-my-days' story that becomes easy gossip material for young colleagues over their lunch that day. Obviously, the young generation thinks differently. As people half-jokingly say, three questions when Millennials and Generation Z staff are asked to do something to which they do not fully subscribe are: 'You mean this?,' 'You mean me?' and 'Why should I?' in sequence. So, they need a particular reason to do the work. The changing workplace culture in the country slowly spreads the term "quiet quitting." It is a phrase coined a couple of years ago in other countries to describe a situation where people do not resign, but do the minimum on the job. It means employees stay on the job passively even if they do not quit outright. According to a survey conducted by local job portal Incruit in March 2024, 51.7 percent of respondents, many of whom were from younger generations, said they were in the mode of quiet quitting. Presumably, other countries are seeing a similar trend as well. According to Gallup's State of the Global Workplace 2025, 79 percent of employees globally are either not engaged (62 percent) or actively disengaged (17 percent) from their work or organization, both situations that might fan quiet quitting. In East Asia, the rate stands at 82 percent (65 percent plus 17 percent). In Korea, debates are ongoing; there is a growing tension between those who expect more contribution on the job versus those who are ready to do just what is required of them. Emails and posts abound with leadership enhancement materials and coaching skills to kill the quiet quitting trend and galvanize the communal spirit at the workplace. Come to think of it, perhaps the concept of quiet quitting has persisted through human history. Bad bosses are steadily plentiful. Toxic human relationships and unreasonable decisions are rampant in the workplace. No wonder learned helplessness seeps in with frustrated people poised to do the bare minimum. Even under a good boss and in a friendly work environment, many of us frequently struggle between doing our best and doing the minimum, striving to ride out the day and the month to stay afloat at work. People don't just go full speed constantly. So, quiet quitting may not be a new phenomenon, but another label for an old social interaction that remains within socially acceptable parameters. The difference seems to be that people are now more open about it, and sometimes make it public. Quiet quitting, however, apparently has its limit. When it degenerates into avoidance of required work and failure to complete the mandate, that seems to be a different story. Quiet quitting in that case does not do the bare minimum; instead, it holds the entity back. It is like someone throwing in a pinch of sand into a machine every now and then. Many a day will go unnoticed and uneventful, but there will come the moment when a single grain of sand brings the machine to a halt. There may be cases for both, and each case is different indeed. Sometimes, it can be hard to tell which is which. A critical point of note for the Korean workplace from the quiet quitting dialogue is the need for a transition from a nuanced culture of unwritten rules to clear job descriptions. Nuanced communication, unwritten norms and implicit codes of behavior once conducted Korean workplaces like a well-orchestrated symphony. That culture has undergone significant changes, but still lingers on here and there — sometimes yes and no are not entirely clear, and nudges and prods from company superiors are hard to decipher. Short on specifics and ambiguous, the nuance culture does not really present a reliable guideline in today's offices and cubicles. Doing the best and putting company matters first are the representative snapshots of the traditional work culture. The younger generations would not buy such subtle nuances. Nor would they like to be jerked around by bosses and seniors. They would expect to see clear rules and distinct boundaries. So, in the Korean context, the quiet quitting discourse may offer an occasion for healthy debates on drawing a boundary between work and personal life. Work-life balance and work-rest balance are ever more important for individuals, companies and organizations in Korea. The discourse may also usher in an environment of clearer and more detailed job descriptions. As long as an employee completes the task promised, that should be sufficient — it would be too much to expect something more than that. If doing the best is required, or doing whatever is necessary is necessary, a different compensation package or incentive arrangement may be needed. In sum, motivation triggers for younger generations in today's workplaces in Seoul: clear job description, fair evaluation and proper compensation, together with after-work freedom to mind their own business. Long working hours and abrasive "give-me-your-best" pressure will drive them further into the cave of quiet quitting.
Korea Herald
13 hours ago
- Korea Herald
Korea's dried seaweed went global. Now, it's going green
Seaweed-based climate strategy tackles two goals: carbon absorption, climate-resilient agriculture Among South Korea's ocean bounty, one standout is seaweed, most iconically in its dried form, known in Korean as "gim." While many Koreans now take quiet pride in seeing this humble staple elevated to a global delicacy, only a handful have considered its promise beyond the plate. Seaweed, after all, is giving back to the very waters that once gave it life -- as a source of climate solutions now taking root in Korea. Seaweed as 'blue carbon' According to the World Bank's 2023 Global Seaweed Markets Report, seaweed is a powerful climate ally -- a form of "blue carbon" in ocean and coastal ecosystems capable of sinking carbon and supporting biodiversity. The report highlights 10 emerging markets, such as bioplastics, animal feed and nutraceuticals, that are projected to grow by $11.8 billion by 2030. Most farmed seaweed is still used for food or aquaculture, with 98 percent of global supply produced by a few Asian countries, Korea among them. As the world's third-largest producer of seaweed and the top exporter of gim, Korea is turning its attention toward the algae's environmental promise. One of the Ministry of Oceans and Fisheries' key initiatives is the creation of underwater ecosystems densely populated with seaweed species, known as "sea forests." According to the Korea Fisheries Resources Agency, over 347 square kilometers of these sea forests have been created since 2009, now absorbing around 117,000 metric tons of carbon dioxide annually. The ministry has set targets to increase Korea's blue carbon absorption to 1.07 million tons by 2030 and 1.36 million tons by 2050. 'Sea forests, once valued mainly as sources of food and shelter for marine life, are now being recognized for their strong carbon absorption capacity,' a ministry official said. 'We are working to secure international blue carbon certification to acknowledge their role in climate mitigation.' Seaweed already meets five of the six core criteria for international recognition, with the final step, formal inclusion in the Intergovernmental Panel on Climate Change's greenhouse gas inventory guidelines, currently under review. The IPCC currently recognizes mangroves, salt marshes and seagrasses as official blue carbon ecosystems. The country is further institutionalizing its ambitions, with the National Marine Biodiversity Institute of Korea set to build its own blue carbon research center by 2028. Elsewhere, Wando-gun in South Jeolla Province -- Korea's largest seaweed-producing region -- has become a focal point in global blue carbon discussions. In November last year, the local government visited the National Aeronautics and Space Administration in the United States to hold working-level discussions on advancing seaweed's blue carbon certification. In 2021, NASA highlighted Wando by releasing satellite images and praising the region's sustainable farming practices as ideal for seaweed-based carbon mitigation. 'I asked NASA to help highlight the role of Wando's seaweed farms so that seaweed can be officially certified as blue carbon,' said County Mayor Shin Woo-chul after the visit, adding that the US agency expressed support for the initiative. The local government is also collaborating with the US Department of Energy's Advanced Research Projects Agency–Energy on a joint Korea-US project, running through 2029, to develop offshore seaweed farming systems for large-scale biomass production and blue carbon advancement. Gim reinvented Alongside efforts to fight climate change with seaweed, adapting to its impacts is equally crucial. Over the past 55 years, surface temperatures in Korean waters have risen by 1.36 degrees Celsius, shortening the duration of the gim harvest. In 2023, output in South Jeolla Province, home to 80 percent of Korea's production, fell 15 percent on-year. In response, Korea is investing in next-generation aquaculture. In May, the Oceans Ministry selected a consortium, including Goheung County Office in South Jeolla Province, several universities, and companies to develop gim seed strains for year-round production and establish quality-controlled farming systems in artificial marine environments. The project, backed by 35 billion won ($25.2 million) in national funding, runs through 2029. Korean companies have already been working to bring land-based gim farming to life. Food and biotech giant CJ CheilJedang, with the goal of commercializing the technology by 2028, became the first in the country to secure a gim variety specifically for land-based farming in 2023. Daesang, another major food company, launched a pilot project for land-based farming in 2023, successfully growing its gim harvest to marketable size, while Pulmuone began operating land-based gim research facilities in 2021. 'Pulmuone's land-based gim cultivation takes place in bioreactors, which simulate ocean-like conditions to grow and harvest seaweed,' a Pulmuone official said. 'We currently produce 10 kilograms of gim per month and plan to launch a range of products, including seasoned gim, by 2027.' Experts anticipate that new methods of gim cultivation could become the industry's dominant production model within the next decade. 'Land-based gim cultivation represents more than a production shift,' said Na Jung-ho, a senior researcher at the Jeonbuk Institute. 'It is a strategic pivot with the potential to restructure the industry and redefine national fisheries policy.'
Korea Herald
13 hours ago
- Korea Herald
More than seaweed: Unwrapping gim in 2 minutes
Once a savory companion to rice on Korean tables, Korean dried seaweed, or gim, has risen to global fame. Yet do you really know about it -- and if so, how much? Discover more below: The expanding role of gim in Korea's economy, and, in parallel, the nation's growing role in harnessing it for a more sustainable food future and climate action. What is gim? A type of dried edible seaweed commonly used in Korean cuisine Seaweeds used belong to the red algae genera such as Pyropia and Porphyra Its key export role earned it the nickname 'black semiconductor,' echoing the importance of microchips in Korea's economy Culinary versatility Gim is a key ingredient in gimbap (seaweed rice rolls), a popular Korean food, especially in the US Used as a topping for rice bowls, soups and noodle dishes, or enjoyed as a snack Its versatility extends to fusion dishes like pizza and even ice cream Globally gaining attention as a sustainable superfood that requires no land, fertilizer or freshwater, while benefiting ocean ecosystems Export performance A key role in Korea's seafood exports, making up nearly one third of the nation's $3.03 billion seafood export revenue in 2024 Export value reached $997 miliion in 2024, up 25.8 percent on-year Korea holds over 70 percent of the global seaweed market In the first quarter, gim exports reached $281 million, up 21.1 percent on-year Top destinations are the US ($57.9 million), China ($51.1 million), Japan ($34.4 million), Thailand ($34.2 million) Government vision Companies leading innovation in land-based farming: New gim varieties Rising sea temperatures, up 1.36 degrees Celsius over the past 55 years, have shortened seaweed harvesting seasons A 35 billion won ($25.2 million) national project running through 2029 aims to develop year-round seed strains and build controlled marine farming systems Companies leading innovation in land-based farming: CJ CheilJedang: Secured a land-farming gim variety in 2023; targeting commercialization by 2028 Daesang: Pilot production started in 2023 Pulmuone: Operates land-farming research facilities since 2021 Climate solution
