Finance

KOSPI closes higher on chip strength; Kosdaq slides more than 1 percent

South Korea's KOSPI index ended higher on March 16, nearing the 5,550 level as semiconductor shares led gains. The benchmark rose 62.61 points, or 1.14 percent, to 5,549.85 after touching an intraday high of 5,561.42. Retail investors and institutions were net buyers, while foreigners sold. The Kosdaq closed down 1.27 percent. The won strengthened slightly against the dollar.

AI & Enterprise

Webcash decides to cancel about 680,000 treasury shares to boost shareholder value

Webcash said it filed a disclosure on March 16 on plans to cancel previously acquired treasury shares worth 8.86 billion won. The company said the move is its second shareholder-return measure since 2023, with the cancellation amount about 90 percent larger than the previous one and scheduled for March 31. Webcash said it has pursued shareholder returns through buybacks, cancellations and dividends, while pushing to shift its solutions to AI agent-based offerings.