-- Alteogen (KOSDAQ:196170) posted first-quarter net income attributable to shareholders of 71.7 billion won, down 14% from 83.2 billion won a year earlier, according to a Friday filing with the Korea Exchange.
Sales of the South Korean pharmaceutical firm fell 15% year over year to 71.6 billion won from 83.7 billion won.
Shares of Alteogen fell over 4% at market close.
Arrow Exploration (AXL.L) said Friday it encountered multiple hydrocarbon-bearing intervals during the drilling at the HZ12 well at its 50%-owned Mateguafa Attic field in Colombia.The London-listed oil and gas company put the well on production on April 16 after completing the drilling.
Indonesia's foreign-exchange reserves declined to the lowest level in April in nearly two years, as Bank Indonesia sustained interventions to defend the nation's currency, the rupiah.Indonesia's foreign-exchange reserves fell to $146.2 billion last month, down from $148.2 billion in March, marking the lowest level of the international financial buffer since July 2024, reported Bank Indonesia. The reserve has fallen by $10.27 billion this year.Bank Indonesia cited its "rupiah stabilization policy" in April, that is ongoing intervention in the foreign-exchange markets, for the shrinking foreign reserve position, with several other factors.In general, Bank Indonesia has been spending US dollars in its foreign exchange reserve to buy and hold Indonesian rupiahs, thus increasing demand for the rupiah and the currency's relative scarcity, with the goal of undergirding the rupiah's value.The Indonesian rupiah, which has been declining against the US dollar for several years, has lost 5% of its exchange rate against the greenback in the last 12 months, despite Bank Indonesia market interventions.Indonesia's foreign-exchange reserves also slipped in April due to lower tax and services receipts, external debt repayments, as well as national government bond sales, added Bank Indonesia.Although declining, Indonesia's foreign-exchange reserves remain adequate cover nearly six months of imports, which is above the benchmark of three months promoted by the International Monetary Fund (IMF).Foreign-exchange reserves are assets held by a nation's central bank, generally denominated in US dollars or euros, including cash and non-domestic government bonds. Central bank gold hoards are also regarded as foreign reserves.In addition to managing currency-exchange rates, an ample amount of foreign reserves can help a central bank buttress a nation's financial stability, by allowing national government to manage economic shocks and fund necessary imports in times of stress, such as oil.Nations largely accrue foreign reserves by running trade surpluses, by inflows of money from offshore investments, by direct inward foreign direct investment, and by remittances sent home by offshore workers.
South Korean shares closed higher on Friday, hitting a new high in the fourth session of straight gains, despite escalated tensions in the Middle East.The Korea Composite Stock Price Index or Kospi increased by 7.95 points, or 0.1%, to end at 7,498. The Kosdaq also added 8.54 points, or 0.7%, to close at 1,207.72.The tension between the U.S. and Iran escalated on Friday after U.S. forces targeted Iranian military facilities that launched attacks against warships passing through the Strait of Hormuz, U.S. Central Command said.The U.S. military said in a statement that U.S. forces do "not seek escalation."Iran's armed forces said the U.S. military's airstrikes on Thursday night hit civilian areas along the coasts of Qeshm Island, Bandar Khamir and Sirik.In economic news, South Korea's current account surplus sharply rose to $37.33 billion in March from $23.19 billion in February, according to preliminary data from the Bank of Korea released Friday.Compared with the year-ago period, the figure rose from a surplus of $9.58 billion, the central bank said.The goods account registered a surplus of $35.07 billion. Exports rose by 56.9% on an annual basis to $94.32 billion, while imports increased 17.4% to $59.24 billion.In corporate news, Coway (KRX:021240) posted first-quarter net income attributable to shareholders of 182.02 billion won, up 31% from 138.9 billion won a year earlier, according to a Friday filing with the Korea Exchange.The South Korean household appliances manufacturer's sales rose 13% year over year to 1.329 trillion won from 1.174 trillion won.Shares of Coway rose nearly 1% at market close.