Kakao Pay to acquire controlling stake in US brokerage firm Siebert

Kakao Pay Corp., the fintech unit of South Korean tech giant Kakao, said Thursday it plans to acquire a controlling stake in Siebert Financial Corp., a US brokerage firm, as part of efforts to expand its financial business abroad. Kakao Pay said in a regulatory filing it has signed a deal to purchase Siebert's new shares worth $17 million. The deal, set to be completed on May 4, will allow Kakao to secure a 19.9 percent stake in the New York-based firm. After winning approval from shareho

April 27, 2023

Seoul shares end 5-day losing run on big-cap tech gains

South Korean stocks ended higher Thursday after a five-session losing streak as investors picked up tech bargains despite concerns about the global banking sector instability and an economic recession. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 10.98 points, or 0.44 percent, to close at 2,495.81. Trading volume was moderate at 722.69 million shares worth 10.97 trillion won ($8.19 billion), with decliners outpacing gainers 465 to 405. Reta

April 27, 2023

Seoul shares open lower on Samsung, global banking system woes

South Korean stocks opened lower Thursday on Samsung Electronics' poor earnings and renewed concerns about the health of the global banking system. The benchmark Korea Composite Stock Price Index shed 11.7 points, or 0.47 percent, to 2,473.13 in the first 15 minutes of trading. Overnight, US shares ended mixed as concerns about the US banking sector instability overshadowed upbeat corporate business results. The Dow Jones Industrial Average lost 0.68 percent, while the tech-heavy Nasdaq Com

April 27, 2023

Seoul shares down for 5th day despite big-cap tech rebound

South Korean stocks ended slightly lower Wednesday, as investors began assessing corporate quarterly earnings amid renewed concerns over the stability of the global banking system and the Sino-US rivalry. The local currency fell to a yearly low against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.19 points, or 0.17 percent, to close at 2,484.83, extending its losing streak to a fifth session. Trading volume was heavy at 1.01 billion shares worth 12.24 trillion won ($9.16

April 26, 2023

Seoul shares open nearly flat after sharp slide

South Korean stocks opened nearly flat Wednesday, as big-cap shares rebounded from recent deep losses. The benchmark Korea Composite Stock Price Index shed 1.37 points, or 0.06 percent, to 2,487.65 in the first 15 minutes of trading. Overnight, US shares fell on renewed concerns about the banking sector instability after the First Republic Bank reported a drop in deposits in the first quarter and its stock sank nearly 50 percent. The Dow Jones Industrial Average lost 1.02 percent, while the tech

April 26, 2023

Seoul shares down for 4th day ahead of earnings season

South Korean stocks ended markedly lower Tuesday, led by big-cap tech losses, as investors took to the sidelines awaiting major corporate earnings reports. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 34.48 points, or 1.37 percent, to close at 2,489.02, extending its losing streak to a fourth session. Trading volume was a bit heavy at 875.67 million shares worth 13.46 trillion won ($10.1 billion), with decliners outpacing gainers 641 to 248.

April 25, 2023

Seoul shares open nearly flat ahead of earnings season

South Korean stocks opened nearly flat Tuesday, following a three-day losing streak, as investors await first-quarter corporate earnings reports. The benchmark Korea Composite Stock Price Index shed 1.64 points, or 0.06 percent, to 2,521.86 in the first 15 minutes of trading. Overnight, US shares ended mixed as big tech earnings season approaches. The Dow Jones Industrial Average rose 0.2 percent, while the tech-heavy Nasdaq Composite fell 0.29 percent. This week, South Korean chip giants Samsun

April 25, 2023

Seoul shares down for 3rd day ahead of earnings season; Korean won hits yearly low

South Korean stocks ended markedly lower Monday, led by big-cap tech losses, as investors took a pause ahead of the corporate earnings season and amid concerns about potential impacts of the Sino-US rivalry on business circumstances. The local currency fell to a yearly low against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.90 points, or 0.82 percent, to close at 2,523.50, extending its losing streak to a third day. Trading volume was moderate at 914.5 million shares w

April 24, 2023

Foreign nationals to be allowed to enjoy Sportstoto online 'Betman'

Sportstoto Korea, the operator of the Korean sports betting game Sportstoto, said Monday that foreign residents can now sign up for the official online betting website of Sportstoto starting Thursday. Similar to horse race gambling, Sportstoto is a legal form of sports gambling in Korea in which participants receive sports promotion voting rights – commonly referred to as sports lottery tickets – to place their bets on match outcomes based on careful calculation and prediction. Betti

April 24, 2023

Seoul shares open lower ahead of earnings season

South Korean stocks opened lower Monday, as investors took a breather ahead of corporate earnings season. The benchmark Korea Composite Stock Price Index shed 9.91 points, or 0.39 percent, to 2,534.49 in the first 15 minutes of trading. On Friday, US shares closed marginally higher amid a lack of fresh market-moving events. The Dow Jones Industrial Average added 0.07 percent, and the tech-heavy Nasdaq Composite went up 0.11 percent. This week, major companies in South Korea, including chip giant

April 24, 2023

[KH Explains] Why does KB Bank hold on to money-losing budget phone service business?

KB Kookmin Bank recently gained a green light from the country’s financial regulator to continue its mobile telecommunications business after its four-year experiment as a regulatory sandbox program. It is the first lender in the country that has ventured into the mobile telecommunications market, dominated by three major telecommunications carriers. But a question remains: Why would the bank want to continue a business which has been in the red for years and has little relevance to its ma

April 23, 2023

Market cap of listed firms gains 16.4% in 2023

The total market capitalization of listed firms in Korea rose by 16.4 percent this year, an increase of more than 341 trillion won ($256 billion) from the year-end of 2022. As the stock market slowly rebounds, the combined market cap of Korea's benchmark index Kospi and secondary bourse Kosdaq swelled from 2,079.13 trillion won to 2,420.25 trillion won during the period, marking a 16.4 percent increase, or 341.11 trillion won, data from the country’s sole bourse operator Korea Exchang

April 23, 2023

Hana opens 1st child care center

Hana Financial Group opened its first Hana Momcare Center in Bundang, Gyeonggi Province, on Friday. The center, the first of its kind, comes with a nursing room equipped with child care products including a water purifier, bassinet, baby feeding chair, breast pumps and a changing table for babies. It also comes with other necessities such as baby wash, lotion, wet wipes and cleaning liquid for feeding bottles. Pregnant women and parents can use the center to care for their children when visit

April 23, 2023

Seoul shares open lower on Tesla drop, recession woes

South Korean stocks opened lower Friday, led by the decline in auto and battery shares following Tesla Inc.'s sharp fall on Wall Street and US data signaling a slowing economy. The benchmark Korea Composite Stock Price Index slid 12.97 points, or 0.51 percent, to 2,550.14 in the first 15 minutes of trading. Wall Street ended lower Thursday after Tesla hinted at more price cuts to come and that it intends to do so even if it hurt its margins. New claims for unemployment benefits in the Unite

April 21, 2023

Seoul shares end lower on Fed rate hike woes

Seoul shares closed down Thursday, as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.97 points, or 0.46 percent, to close at 2,563.11. Trading volume was high at 938 million shares worth 12.2 trillion won ($9.2 billion), with losers outnumbering winners 647 to 231. Foreign investors bought a net 156 billion won worth of stocks, while institutions and

April 20, 2023

[KH Explains] Is EcoPro a ‘meme stock’?

Stock prices of South Korean battery materials firm EcoPro and its affiliates have been skyrocketing over the past few months, backed by a retail investor frenzy. EcoPro was previously a little-known stock listed on the tech-laden Kosdaq. But recently it has been arguably the most talked about stock in the local equity market. The group’s shares -- those of EcoPro, EcoPro BM and EcoPro HN, nicknamed the "three brothers" -- have been on a rapid rise as Korean battery firms are e

April 20, 2023

Seoul shares open lower on rate hike woes

Seoul shares opened lower Thursday as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The benchmark Korea Composite Stock Price Index lost 7.1 points, or 0.28 percent, to 2,567.98 in the first 15 minutes of trading. Overnight, Wall Street closed little changed following the release of the Federal Reserve's Beige Book, Fed officials' hawkish comments and a string of mixed corporate earnings including Tesla and Morgan Stanley. The Dow Jones Indu

April 20, 2023

Seoul shares end higher on auto, battery materials, financial gains

South Korean stocks finished up Wednesday, as automakers, battery materials companies and banks led the market gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 3.99 points, or 0.16 percent, to close at 2,575.08. Trading volume was high at 933 million shares worth 12.4 trillion won ($9.4 billion), with gainers outnumbering losers 596 to 276. Institutions bought a net 455 billion won worth of stocks, while foreigners and retail investors o

April 19, 2023

Market cap of listed firms jumps 14% in Q1

The total market capitalization of listed firms in Korea rose by 14 percent, or 280 trillion won ($212 billion), during the first quarter of 2023, a report by issued by market tracker Korea CXO Institute showed Wednesday. As the local stock market has been on course for a gradual rebound in the first three months of 2023, the total market cap of 2,558 firms listed on the country’s benchmark Kospi and secondary Kosdaq increased by 280 trillion won, from 2,011 trillion won on Jan. 2 to 2,291

April 19, 2023

Seoul shares open up boosted by battery gains

Seoul shares opened higher Wednesday with battery stocks leading the gains. The benchmark Korea Composite Stock Price Index gained 3.36 points, or 0.13 percent, to 2,574.45 in the first 15 minutes of trading. Battery stocks, including those affiliated with steel giant Posco Holdings in particular, led the market gains on the rosy growth prospects of their battery materials business. Posco Holdings rose 1.69 percent, and Posco Future M, the steelmaker's chemical components-making unit, spike

April 19, 2023