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Finance

KOSPI dips below 5,100 in early trade, Kosdaq also falls

South Korea's KOSPI opened lower on Feb. 2 and briefly fell below 5,100 as risk sentiment deteriorated after a broad pullback on Wall Street. Investors pointed to a sharp drop in commodity prices, including silver and gold, and to renewed doubts about the pace and profitability of AI investment after Microsoft earnings. Concerns over U.S. monetary policy also persisted as a former Fed official was cited as a potential chair candidate.

People

Hanwha Momentum nominates Hong Soon-jae as new chief executive

Hanwha Momentum on Feb. 2 said it has nominated Hong Soon-jae as its new chief executive. Hong, a KAIST graduate school of management master's degree holder, joined Samsung Aerospace in 1996 and later held roles including head of management support and global business operations. The company said it will diversify its business portfolio, bolster existing businesses such as secondary battery equipment and logistics automation, and expand into glass substrates, energy storage systems and humanoid robots.