South Korean brokerage firm Mirae Asset Daewoo said Thursday it plans to repurchase 15 million treasury stocks worth 113.4 billion won ($94.84 million) in an effort to boost shareholder value and stabilize its shares. “Despite the well-balanced profit model and financial stability, the firm’s stock prices are undervalued,” said Jun Kyong-nam, head of business innovation division at Mirae Asset D...

South Korea’s main bourse Kospi reached a level not seen in some six months on Thursday, with foreign investors continuing their buying spree for a fifth consecutive session amid the US Federal Reserve’s steady rates and high interest in major tech firms and automakers. The Kospi opened higher at 2,275.33 -- up 12.17 points, or 0.54 percent, from the previous session. The strong start continued ...

Samsung Electronics shares bounced back to 60,000 won ($50.30) in nearly five months on Wednesday, with mounting interest of foreign investors for the fourth consecutive session. The stock price of market bellwether closed at 59,000 won -- up 400 won, or 0.68 percent, from the previous session’s close. The price hit an intraday high of 60,400 won in early morning trading. It was the first time ...

Gold prices surged to a record high on Tuesday, as investors sought to park their money in safer destinations amid the continued spread of coronavirus and renewed US-China tensions. According to the Korea Exchange Gold Market, the price stood at 80,100 won ($66.70) per gram at the closing, jumping 2,640 won, or 3.41 percent, from the previous session. Gold prices rose for a fifth consecutive ses...

South Korean firm Koramco REITs Management & Trust said Monday it plans to raise 106.6 billion won ($89.04 million) from retail investors for its market debut on the nation’s main bourse Kospi next month. Koramco Energy Plus REIT is designed to directly invest in the 187 gas station sites, including the land, buildings, tanks and pipelines. Spanning an area 316,621 square meters, the land and b...

Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billi...

Despite a number of REITs attempting to make their market debuts on the nation’s main bourse Kospi in the second half, their value remains underestimated, according to the chief of the Korea Association of Real Estate Investment Trusts on Wednesday. “Beginning with IGIS Value Plus REIT’s list on the Kospi in July, 10 REITs have either been listed or waiting to be listed in the market in the seco...

Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown he...

This is the final installment in a two-part series exploring Korea’s troubled hedge funds. -- Ed. Alleged fraud cases involving homegrown hedge fund asset managers in recent months have something in common: their unusual ties to political bigwigs. From Lime Asset Management Asset that suspended 1.66 trillion won ($1.38 billion) in assets to Optimus Asset Management that froze 550 billion won of...

A private equity fund operated by a local real estate asset management firm has purchased an entire apartment building consisting of 46 units in Gangnam -- one of Seoul’s most expensive districts -- raising eyebrows in the realty sector that is facing tougher regulations. IGIS Asset Management bought Samseong World Tower, an 11-story building from an individual for nearly 42 billion won ($34.90 ...

The amount of lineally donated assets marked over 30 trillion won ($25 billion), while the number of cases amounting to more than 100 million won also rose in 2019, the country’s tax agency said Friday. The National Tax Service made an early publication on 95 selected articles of data on national taxes -- which includes value added taxes, corporate taxes, inheritance and gift taxes. The early pu...

The chief of an association representing 440 brokerages and asset management firms in South Korea apologized Thursday for a series of hedge fund fiascos and vowed to strengthen voluntary monitoring of the market. “We will concentrate on our capability to rebuild trust and carry out sustainable innovative tasks,” said Korea Financial Investment Association Chairman Na Jae-chul. “We think now is ...

Of the total amount worth 828 billion won to buy Belgium’s second-tallest building, JR Global previously raised 343 billion won via pre-IPO proceeds. By issuing 97 million new common shares at 5,000 won ($4.14), the REIT is looking to raise up to 485 billion won. Institutional investors’ subscriptions for JR Global REIT are poised to take place from Thursday to Friday. Retail investor subscripti...

Shinhan Alternative Investment Management and US-based private equity fund Carlyle Group have agreed to create a fund to jointly invest in prime infrastructure loans, according to industry sources Monday. The fund, tentatively named “Shinhan Carlyle Infra Credit Fund I” will be launched after both firms finalize the agreement. The $600 million worth fund will be invested in overseas prime infras...

Facing a series of key economic events slated for this week, South Korean stocks are set to rebound slightly with investors weighing hopes against the coronavirus woes, according to market watchers Sunday. At the core is the “New Deal” package scheduled to be unveiled Tuesday -- seeking to create jobs and foster economic growth amid the COVID-19 fallout, President Moon Jae-in’s administration pu...