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Today Finance

FSS likely to launch ‘comprehensive audit’ of KRX

The nation’s financial watchdog plans to launch a “comprehensive audit” on bourse operator the Korea Exchange (KRX) by the year-end, local reports said Wednesday. If carried out, the in-depth audit will mark the first such inspection of KRX in nine years. The news comes amid the Financial Supervisory Service’s ongoing audit of local brokerages and financial institutions, following its decision to revive the comprehensive audit, which was abolished in 2015. The audit

Korean commercial bank apps struggle to stave off competition

Almost two years after South Korea’s leading commercial banks launched mobile apps to attract new customers and keep existing ones, the focus is now on whether their quality matches the prestige of the banks they are attached to.To compete against fast-paced and innovative internet-only banks Kakao Bank and K-Bank, the big four -- Shinhan, KB Kookmin, KEB Hana and Woori -- have been providing low-cost services, merging separate apps into one, and even hiring K-pop celebrities as brand amba

Today
Finance
Korean brokerages see record-high Q1 net profit

South Korean brokerages’ combined net profit hit a record high in the first quarter, the nation’s financial watchdog said Monday, boosted by profit from investment banking services and diversified sources of revenue. The combined net profit of 56 brokerages jumped 183.3 percent on-quarter to 1.46 trillion won ($1.18 billion) in the January-March period, data from the Financial Supervisory Service showed. The figure narrowly beat the previous record, 1.45 trillion won, set in the firs

Jun 18, 2019
Finance
Foreign-currency deposits rise in May

Foreign currency deposits held by banks in South Korea increased in May, central bank data showed Monday, as both individuals and companies apparently sought to expand their foreign exchange holdings amid the weakening of the local currency.As of end-May, foreign currency savings here came to $65.61 billion, up $2.41 billion from the month before, according to the data from the Bank of Korea. "The amount increased as local companies delayed exchanging their currency holdings on hope of furt

Jun 17, 2019
Finance
Korean stocks up late Monday morning

South Korean stocks traded higher Monday morning as institutions turned net buyers ahead of a Federal Reserve meeting this week and the Group of 20 summit later this month.The benchmark Korea Composite Stock Price Index rose 3.41 points, or 0.16 percent, to 2,098.82 as of 11:15 a.m. Institutions bought a net 29 billion won ($24 million) worth of stocks, allowing the main index to trade in positive territory.Foreigners and individuals sold a combined 27 billion won worth of stocks. Large-ca

Jun 17, 2019
Finance
Brokerages' Q1 profit at record high on investment gains

South Korean securities firms saw their combined net profit jump to a record high in the first quarter, fueled by investment gains and higher commission fees from their wealth management businesses, data showed Monday.The combined net profit of 56 brokerages stood at 1.4 trillion won ($1.18 billion) in the January-March period, up 183.3 percent from three months earlier, according to the data from the Financial Supervisory Service. Brokerage commission fees rose 1 percent on-quarter to 891.3 bil

Jun 17, 2019
Finance
Seoul shares forecast to remain in tight range next week

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of key economic events, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,095.41 points on Friday, compared with 2,072.33 points a week ago.The index rose for two sessions in a row to a one-month high on Tuesday as China's exports remained bullish in May and it eased rules on local government spending on public projects.The KOSPI, however, closed

Jun 15, 2019
Finance
Mirae Asset hosts Global ETF forum

Mirae Asset Global Investments said Thursday it hosted a forum last week where top fund managers and experts from eight countries gathered to share their insights on the latest trends in global exchange-traded funds market.The 2019 Mirae Asset Global ETF Rally was held June 7-8 in Seoul and Hongcheon, located about 100 kilometers northeast of the capital city. The participants included Australia-based ETF manager BetaShares CEO Alex Vynokur, Canada’s Horizon ETFs CEO Steve Hawkins, U

Jun 14, 2019
Finance
[Herald Interview] KIS Vietnam to become first foreign brokerage to launch covered warrants in Vietnam

HO CHI MINH, Vietnam -- In Vietnam, one of the fastest growing economies in the world, investors have been searching for ways to hedge risks in times of equity market volatility. Last year, the benchmark index on Ho Chi Minh Stock Exchange (Hose) slipped 9.3 percent, while that of the development board fell 10.8 percent.One alternative they found was the derivatives market. Among the many instruments, they pounced on covered warrants -- a publicly traded product that allows investors to make lev

Jun 13, 2019
Finance
Foreign investors’ Korean bond holdings hit record high in May

Foreign holdings of South Korean bonds amounted to 119.2 trillion won ($111 billion) at the end of last month, reaching a new monthly high, according to data from the Financial Supervisory Service, while the local stock market remained stagnant. The figure surpassed the previous monthly record high of 114.3 trillion won in August 2018. Overseas investors’ debt holdings accounted for 6.7 percent of the total market, according to the FSS data. They net purchased 11.3 trillion won worth

Jun 11, 2019
Finance
Toss needs new investors to reapply for 3rd internet bank: FSC

Weeks following the Korean financial regulator’s rejection of its request to set up the nation’s third and fourth internet-only banks, Toss Bank may have to draw up a fresh list of strategic investors to get a second shot. The Financial Services Commission on Sunday pointed out issues with Toss Bank’s shareholding structure and lack of a feasible plan to raise capital as key reasons behind its decision to reject the application. In a shocking turn of events, the FSC on Ma

Jun 10, 2019
Finance
Regulator to sanction major brokerages for lax control of overseas stocks

The Financial Supervisory Service has decided to take disciplinary action against major securities firms for lax control on their overseas stock trading systems, officials said Friday.　The financial market watchdog earlier conducted an investigation on 17 local brokerages, of which more than 10 turned out to have loopholes in their foreign stock trading systems, according to officials.The list included major players such as Korea Investment & Securities, Samsung Securities, NH Investment &am

Jun 8, 2019
Finance
[Photo News] Citibank Korea hosts Singapore Digital Day in Seoul

William B. Stanton, Citibank Korea’s head of commercial bank, speaks at the “Singapore Digital Day” seminar, hosted by the Korean unit of the international banking giant, at Google Campus in Seoul on Wednesday. Around 100 corporate strategy, planning and treasury officers as well as Yip Wei Kiat, Singapore’s ambassador to Korea, attended the event, where experts shared their knowledge of the digital market and global opportunities in Singapore and ASEAN nations. (Citibank

Jun 6, 2019
Finance
Kospi shows poor performance in May

South Korea’s benchmark Kospi shed 7.34 percent in May alone, according to the Korea Exchange on Tuesday, its largest monthly loss since October last year.The main bourse’s lackluster performance last month is fueling concerns among investors still recovering from the shock in October, when the stock market experienced the steepest monthly decline in a decade. At that time it shed 13.37 percent, weighed down by the US’ decision to implement 10 percent tariffs on $200 bill

Jun 5, 2019
Finance
Korea’s wealthy most concerned about inheritance: data

South Korea’s wealthy are more concerned about inheritance issues than generating profit from financial products in terms of asset management, data compiled by Samsung Securities showed Monday.The data was based on 1,630 cases of regular consulting with the firm’s clients who have over 3 billion won ($2.6 million) deposited in the firm for investment. Of the clients, 30.2 percent acknowledged that inheritance issues were their priority concern, while 30 percent chose collecting

Jun 4, 2019
Finance

The Korea Herald by Herald Corporation

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Date of registration : 2015.04.28
Publisher. Editor : Kwon Chung-won
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