Most Popular
-
1
Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
-
2
Korea enters full election mode
-
3
Seoul bus drivers go on general strike, cause morning rush hour delays
-
4
Immigrant woman stabbed to death by Korean husband
-
5
Official campaigning kicks off for April 10 elections
-
6
Court upholds jail term for man who attempted to murder ex-girlfriend
-
7
S. Korea to boost support for single-parent families
-
8
Kia EV9 wins world car of year
-
9
Yellow dust engulfs S. Korea, advisory alert issued
-
10
Korea misses out on global bond index boost
-
Foreign buying spree pushes Kospi above 2,540, to highest point in 33 months
South Korea’s main bourse Kospi, crossed the 2,540-point mark Monday for the first time in nearly 33 months, amid net buying on a massive scale by foreign investors, according to market operator the Korea Exchange. The nation’s benchmark began trading at 2,507.46, up 13.59 points or 0.54 percent from the previous session’s close. It sustained an uptrend to close at 2,543.03, extending its winning streak for a third consecutive session. The index had not surpassed the 2,500-po
Nov. 16, 2020
-
S. Korea to cut maximum legal lending rate to 20% next year
South Korea’s government and the ruling Democratic Party of Korea have decided to lower the maximum legal lending rate to 20 percent from the current 24 percent starting next year to ease financial burdens on beleaguered debtors, the nation’s top financial regulator said Monday. Through the rate cut, nearly 87 percent or 2.08 million of 2.39 million borrowers across the country -- being charged with 20 percent interest rate per annum or more -- are expected to see their debt shrin
Nov. 16, 2020
-
Seoul stocks open sharply higher on chip, auto gains
South Korean stocks opened sharply higher Monday on strong advances by chip and auto heavyweights, despite concerns over the spreading coronavirus pandemic in the global markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.86 points, or 0.88 percent, to 2,515.73 in the first 15 minutes of trading. Investor sentiment remained strong in the wake of the vaccine rally that elevated the KOSPI to an over 2-year high and the S&P 500 to a pre-pandemic high. The strong local c
Nov. 16, 2020
-
S. Korean investors bet on electric vehicle stocks
Since the election of Joe Biden as the US president earlier this month, South Korean investors have rushed to purchase stocks of electric vehicle producers in the US that are expected to gather momentum during the new presidency, data showed Sunday. From Nov. 9 to 13, after Biden’s victory started becoming clear, domestic investors bought a combined $96.63 million worth of stocks for electric vehicle makers, including Xpeng Motors and Tesla. Among the EV companies and other US stocks i
Nov. 15, 2020
-
Shinhan Bank partners with Microsoft to develop R&D platform
Shinhan Bank said Sunday said it would collaborate with Microsoft Korea in building and operating its new research and development platform. On Friday, the two companies signed a strategic partnership for Shinhan’s Expace -- a combination of “experience” and “space” -- which will allow the bank’s digital team to work with fintech companies, startups and other innovative firms to develop and test cutting-edge financial services and technology. Expace’s
Nov. 15, 2020
-
Shinhan presses ahead with zero-carbon drive
South Korea’s financial behemoth Shinhan Financial Group has pledged to promote carbon neutrality in Korea and the rest of East Asia by adopting environmentally friendly standards for its investment portfolios and intra-group management. By announcing its “zero carbon drive,” at a board meeting for social responsibility on Friday in Seoul, the nation’s No.1 banking group by total assets vowed to adopt eco-friendly lending and investment rules for firms and industries res
Nov. 15, 2020
-
Mirae Asset Daewoo listed on DJSI for 9th consecutive year
Korean brokerage firm Mirae Asset Daewoo has been included in the Dow Jones Sustainability World Index for the ninth consecutive year in recognition of its sustainable efforts for environmental, social and governance, or ESG, causes, the company said Sunday. The Dow Jones Sustainability World Index, the longest-running global sustainability benchmark, provides information about companies’ sustainable business practices as reflected in their investment portfolios. Launched in 1999, it curr
Nov. 15, 2020
-
KRX, S&P DJI develop carbon efficiency green new deal index
South Korea’s sole bourse operator Korea Exchange and S&P Dow Jones Indices are set to launch a new index Monday that gauges the contributions of companies in reducing carbon emissions in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of its economic stimulus package, the officials said Sunday. The KRX/S&P Carbon Efficiency Green New Deal Index aims to persuade local companies to put greater effort into cutting carb
Nov. 15, 2020
-
Korean institutional investors turn to fast-growing private debt market
Despite the pandemic increasing the risk of doing so, institutional investors in South Korea said they would venture into unfamiliar nonbank financing bets, such as private debt funds. Representatives of Korean investors said last week at PDI Seoul Forum Virtual Experience 2020 that they are developing an eye for suitable external partners dedicated to private debt fund management, as this particular asset class has become a more reliable source of income than traditional assets like stocks, wh
Nov. 15, 2020
-
Seoul stocks rebound on chip rally despite global virus resurgence
South Korean stocks closed at a nearly two-year high Friday on advances in chipmakers, backed by massive foreign buying amid the resurgence of the new coronavirus around the globe. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.74 percent, to close at 2,493.87 points. Trading volume was high at about 1.1 billion shares worth some 16.8 trillion won ($15.1 billion), with losers outnumbering gainers 530 to 299. "Tod
Nov. 13, 2020
-
Hanwha Life’s Q3 operating profit jumps 134.6%
Hanwha Life Insurance‘s third-quarter operating income surged by 134.6 percent on-year to 206.9 billion won ($185.5 million), mainly due to a lower loss ratio, the company said Friday. An increase in sales of Hanwha Life‘s guaranteed products has reduced its ratio of insurance claims to premiums, officials said. The company’s third-quarter earnings was also driven by a decline in the insurer’s reserves set up to cover claims of variable life insurance products,
Nov. 13, 2020
-
Asiana Airlines stocks rally on possible takeover by Hanjin Group
Stocks of Asiana Airlines’s key affiliates sharply rose Friday following news report saying Korea’s Hanjin Group, parent of the nation’s largest airline Korean Air Lines Co Ltd, is in talks with the state-run Korea Development Bank to acquire the cash-strapped airline. Shares of Asiana Airlines, the country’s No. 2 carrier, rose by 19.1 percent to 4,745 won ($4.25) in the early morning trading session, while its low-cost carrier unit Air Busan jumped 16.1 percent t
Nov. 13, 2020
-
Seoul stocks open a tad higher on chip gains amid concerns over COVID-19
South Korean stocks opened a tad higher Friday on chip gains, despite concerns over the spread of the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.31 points, or 0.13 percent, to 2,478.93 in the first 15 minutes of trading. Stocks traded choppy, with investors paying keen attention to the COVID-19 circumstances in global financial markets, particularly in the United States. Federal Reserve Chair Jerome Powell said the world's largest economy is on
Nov. 13, 2020
-
Seoul stocks snap 8-day winning streak on lockdown concerns
South Korean shares snapped an 8-session winning streak Thursday, as growing lockdown concerns in major economies sapped investor sentiment. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) fell 10.25 points, or 0.41 percent, to close at 2,475.62. Trading volume was high at about 1.3 billion shares worth some 15.7 trillion won ($14.1 billion), with gainers outnumbering losers 443 to 402. Foreigners bought a net 490 bill
Nov. 12, 2020
-
Kasa Korea unveils first investment property in Seoul
Kasa Korea, a real estate investment platform operator, on Thursday unveiled the first property to be listed on its platform, offering retail investors relatively easy entry into the property investment market in the form of small-sum securities. The corresponding property is Yeoksam London Vill, a recently built eight-story commercial property located in Seoul’s Gangnam-gu. The building is currently occupied entirely by PCA Korea, the domestic branch of US-based private school Provid
Nov. 12, 2020
-
Chicken franchise Kyochon joins Kospi
Kyochon F&B, South Korea’s largest fried chicken franchise operator, made a market debut on the nation’s main bourse Kospi on Thursday, with its shares hitting the upper price limit of 29.98 percent at the closing bell. With the opening price set at 23,850 won ($21.40) per share, Kyochon F&B started off at 93.9 percent higher from its offering price of 12,300 won per share. The firm’s stock plunged by 14.68 percent to 20,350 won per share within five minutes of tradi
Nov. 12, 2020
-
Samsung’s financial arms going green
Financial affiliates of South Korea’s largest conglomerate Samsung Group announced Thursday that they would halt investment projects linked to coal-power businesses as part of their efforts to run operations in an environmentally responsible manner. Samsung’s insurance arms Samsung Life Insurance and Samsung Fire & Marine Insurance, among others, will stop investing in coal-fired power stations or lending money to operators of such power plants. They will also stop purchasing
Nov. 12, 2020
-
Incumbent KB Kookmin Bank CEO to serve third term
Hur Yin, KB Kookmin Bank’ incumbent CEO, was officially tapped by board members to lead the lender for another year, the bank said Thursday. Earlier in October, KB Financial Group’s committee for CEO nominations had selected Hur as the sole candidate for the bank’s next leader. Hur is the first KB Kookmin chief to serve three consecutive terms. His third term will begin on Nov. 21. Since joining KB Kookmin Bank in 1998, the 59-year-old CEO has held key po
Nov. 12, 2020
-
Foreigners turn net buyers of S. Korean stocks in October
Foreign investors turned net buyers of South Korean equities in October, driven by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $1.38 billion worth of local stocks last month, compared with a net sale of $2.09 billion in September, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $230 million last month, it said. Meanwhile, volatility in South Korea's currency edged d
Nov. 12, 2020
-
Seoul stocks open lower on profit-taking, lockdown concerns
South Korean shares opened lower Thursday on profit-taking, after the benchmark index hit an over 2-year high the previous session over vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.48 points, or 0.34 percent, to 2,477.39 in the first 15 minutes of trading. Chip, auto and bio heavyweights retreated after a big advance the previous session amid toughened COVID-19 quarantine measures in major economies. Overnight, the Nasdaq Composite jumped 2.01 percent to 11,
Nov. 12, 2020