Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Thursday after four days of losses as investors bought on expectations of stock price hikes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.38 points, or 0.28 percent, to 3,004.73 points in the first 15 minutes of trading amid foreign buying. Stocks rebounded to positive terrain after the first five minutes, as impacts from news reports that North Korea launched two projectiles into the East Sea rapidly subsided. Market kingpin Samsung Elect
March 25, 2021
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Shareholders approve new Hana Financial chief, Mirae Asset name change
Hana Financial Investment shareholders approved the appointment of a new CEO on Wednesday -- a former vice chairman of global business at Hana Financial Group who has pledged to strengthen digital innovation and sharpen global competitiveness. As both shareholders and board members of the brokerage arm of Hana Financial Group agreed to welcome the new leader, 47-year-old Lee Eun-hyung is now the nation’s youngest chief within the securities industry. Hana Investment identified the CEO as
March 24, 2021
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NPS seeks greater say at companies amid growing shareholder activism
In a bid to uphold shareholders’ rights, South Korea’s state pension fund is seeking a greater say in companies in which it holds considerable stake, drawing market attention toward decisions it would rarely have made before. The National Pension Service said Wednesday that it had decided to vote against the appointments of some board members at the nation’s largest airline, Korean Air, at the airline’s shareholders meeting scheduled for Friday. They include Cho Won-t
March 24, 2021
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Crypto exchanges see sales surge amid hope for mega deals
Amid months of bullish cryptocurrency markets, digital coin trading volume is enjoying a stellar performance, raising expectations for a high market valuation of their businesses. The country’s two largest crypto exchange operators -- Dunamu and Bithumb Korea -- both recorded a hike in sales and revenue last year, backed by increased transactions from November, when the largest digital coin Bitcoin rose above 20 million won ($17,640) for the first time in 34 months. Dunamu, the operat
March 24, 2021
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Seoul stocks down for 4th day on virus resurgence concerns
South Korean stocks retreated for a fourth consecutive session Wednesday as concerns over the resurgence in virus cases in Europe and the United States cast doubts over a prompt recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.39 points, or 0.28 percent, to close at 2,996.35 points. Trading volume was moderate at about 965 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering l
March 24, 2021
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Seoul stocks open lower on inflation doubts
South Korean stocks fell below the 3,000-point mark Wednesday despite the overnight decline in the US Treasury yields, as doubts about a quick recovery from the pandemic continued to loom heavily on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.63 points, or 1.02 percent, to 2,974.11 points in the first 15 minutes of trading. The KOSPI got off to a weak start amid foreign and institutional selling, largely affected by the 1.12 percent overnight loss on th
March 24, 2021
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Asset managers' 2020 profits surge on stock rally
The combined net profit of asset management companies in South Korea surged 62.4 percent in 2020 from a year earlier due to a strong gain in commission fees amid a bullish stock market, data showed Wednesday. The combined net profit of 326 asset management firms came to 1.33 trillion won ($1.17 billion) last year, up 511.8 billion won from a year ago, according to the Financial Supervisory Service (FSS). Analysts attributed the jump in their earnings to the bullish run of the South Korean stoc
March 24, 2021
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Experts say guidelines missing for new rule on crypto asset trade
Blockchain industry experts urged the government to introduce detailed guidelines on real-name accounts required for all cryptocurrency exchanges under implementation of a new law known as the Specific Financial Transactions Act. Slated to take effect Thursday, the new rule obligates registration of all virtual asset operations, making it only possible for operators to conduct trades carried out with the real-name accounts opened via local banks. The new rule is introduced to prevent money l
March 23, 2021
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[News Focus] Should ban on short selling be lifted?
SEJONG -- Short selling, which is under a provisional ban in South Korea, has been a core issue in the local financial market since the novel coronavirus initially hit the nation 14 months ago. Short selling is a trading strategy in which investors are entitled to sell “borrowed” stocks at particular prices. They can reap gains by repurchasing the stocks -- which is dubbed “short covering” -- at lower prices later. Before COVID-19 dealt a blow to the country, local and
March 23, 2021
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Seoul stocks down for 3rd day on concerns over US bond yields, US-China relations
South Korean stocks slumped for the third consecutive session Tuesday amid uncertainties related to the longer-term US Treasury yields and US-China political ties. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.72 points, or 1.01 percent, to close at 3,004.74 points. Trading volume was moderate at about 1.3 billion shares worth some 15.9 trillion won ($14.1 billion), with gainers outnumbering losers 653 to 216. Foreigners sold a net
March 23, 2021
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More South Korean unicorns eye overseas IPOs
Startups in South Korea appear to have set their eyes on stock markets overseas, in pursuit of bigger investments as well as greater recognition of their potential on the global stage. Social casino game developer and publisher DoubleDown Interactive is the latest local unicorn seeking to be listed on the US’ tech-heavy Nasdaq bourse. It submitted an F-1 filing to the US Securities and Exchange Commission last year, but tentatively postponed its initial public offering plans in July. But
March 23, 2021
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Shinhan Financial becomes 2nd Korean member of VBA
Shinhan Financial Group said Tuesday it became the first Asian financial holding firm to join the nonprofit Value Balancing Alliance in Frankfurt, Germany, a cross-industry organization developing a valuation standard for monetizing impacts of ESG management. ESG refers to the policies of factoring in environmental, social and governance-related issues in business operations. Founded in June 2019, the VBA is comprised of 18 multinational corporations, including South Korea’s thir
March 23, 2021
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Number of stock accounts tops 40m
The number of stock trading accounts in South Korea has risen sharply over the past year to surpass the 40 million mark amid a buying craze by retail investors, industry data showed Tuesday. Active stock accounts in Asia's fourth-largest economy numbered 40.07 million as of Friday, up from 35.48 million at the end of last year. It marks the first time that the country's number of active stock accounts has exceeded the 40-million level. The number has increased by approximately 10 million sinc
March 23, 2021
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Seoul stocks open higher as US Treasury yields fall
South Korean stocks opened higher Tuesday, tracking overnight Wall Street advances amid a fall in US Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.74 points, or 0.49 percent, to 3,050.2 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.23 percent, as the yield on the US 10-year Treasury fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gained 0.
March 23, 2021
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S. Korea to take 'timely' actions to stabilize bond market if necessary: official
South Korea will take actions to stabilize the bond market in a timely manner if market volatility increases amid concerns over rising US bond yields, a senior government official said Tuesday. First Vice Finance Minister Kim Yong-beom said financial authorities will flexibly adjust the sale volumes of Treasury bonds. "If volatility increases, the government will focus on stabilizing the bond market by taking timely actions through close cooperating with related agencies," Kim said a
March 23, 2021
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ESG becoming mainstream in insurance market
Environmental, social and corporate governance issues are gaining momentum in the local insurance sector as insurers increasingly follow the global ESG trend. In one of the latest moves, Samsung Fire and Maritime Insurance, the insurance arm of the nation’s largest conglomerate, set up a committee charged with making business decisions regarding ESG matters on Monday. The new committee will enable the insurance firm to swiftly respond to demand for ESG, the company said. “The c
March 22, 2021
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August IPO likely for Kakao Pay despite MyData hiccups
The much-anticipated listing of Kakao Pay, the financial technology arm of mobile giant Kakao, could come as early as August, according to industry sources on Monday, despite recent hiccups in securing a license for personal data integration services, called MyData, from financial authorities. Kakao Pay was not included when the Financial Services Commission announced a list of 28 companies granted approval for MyData business. Kakao Pay’s rival Naver Financial and Viva Republica were
March 22, 2021
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Seoul stocks down for 2nd day amid bond yield woes
South Korean stocks lost for the second consecutive session Monday as investors' concerns about the increase in bond yields reduced their appetite for risky assets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.07 points, or 0.13 percent, to close at 3,035.46 points. Trading volume was moderate at about 903 million shares worth some 13.1 trillion won ($11.6 billion), with losers outnumbering gainers 456 to 389. Foreigners sold a net
March 22, 2021
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Coupang becomes hottest foreign stock for Koreans in debut week
South Korean investors‘ net capital inflow into Coupang shares came to $87.5 million in its first week on the New York Stock Exchange, data showed Monday. The figure was the highest among foreign stocks during the cited period, according to data from the Korea Securities Depository. Among Korea-based foreign stock traders, Coupang in its first five trading days was hotter than US electronic devices giant Apple, US gaming firm Roblox, SoftBank’s internet subsidiary Z Holdings and e
March 22, 2021
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Seoul stocks open lower on bond yields woes
South Korean stocks opened lower Monday, as investors' concerns about the bond yields hike reduced their appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.8 points, or 0.06 percent, to 3,037.73 points in the first 15 minutes of trading. Stocks turned lower after a choppy start, due to increasing bond yield concerns over earlier-than-expected post-pandemic inflation. The yields of the 10-year US Treasury finished last week at the highest levels in about
March 22, 2021