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[Weekender] Starting the day with a miracle morning
EconomyApr 10, 2021
Hong Ha-hyun, an ad designer in her 30s, has an important Zoom meeting to attend at 5 a.m. every day. The meetings are not about work, but about boosting positivity in her life, she said. With 35 people she met online, Hong reads books, meditates or drinks a cup of tea before dawn. Since September, the online community Dawning Designer has given her a chance to practice “miracle morning” rituals, leaving her feeling empowered and relaxed. “I believe the daily lives o
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Seoul stocks expected to gain ground next week on foreign buyingMarketsApr 10, 2021South Korean stocks are likely to continue upward movement next week as expected solid earnings reports for the first quarter are anticipated to boost foreign buying, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,131.88 points Friday, up 0.61 percent from 3,112.8 points a week ago. The index fluctuated in the narrow 3,100-3,260-point band during the week. The KOSPI rose for the sixth consecutive session Thursday, backed by strong foreign buying, bu -
Industry experts urge legal embrace of digital assetsMarketsApr 9, 2021South Korea should create a legal framework to embrace up-and-rising digital assets, protect customers and support the growth of the industry, a group of experts said Friday. Gathering for a seminar on the legalization of digital assets including cryptocurrencies, experts including lawyers, a lawmaker and businessmen voiced concerns over the government’s cautious approach that could hinder the development and soaring activities of digital assets. During the seminar, Park Jong-baek, a l
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NPS to widen domestic equity allocation rangeEconomyApr 9, 2021South Korea’s National Pension Service has adjusted its rules to raise the strategic asset distribution limit for domestic stock holdings by 1 percentage point, Minister of Health and Welfare Kwon Deok-cheol said Friday. “The proportion of strategic asset allocation limit for domestic equities has been increased from the current 2 percent to 3 percent,” said Kwon, who also heads the state pension’s asset management committee. Under the revision, the portion of its inves -
Riid enters 100 most innovative AI Startups by CB InsightsMarketsApr 9, 2021Riiid, a South Korean artificial intelligence-based education tech startup, was added to a lits of the most innovative AI startups by a global market intelligence platform, the company said on Friday. Riid, which develops AI technology that analyzes student data and content to help them learn, was included in the CB Insights’ AI 100 list, which is in its fifth year. CB Insights has chosen 100 out of 6,000 companies based on several factors including patent activity, investor quality, n -
Woori chief faces another penalty for missellingMoneyApr 9, 2021South Korea’s financial watchdog on Friday imposed a penalty on Woori Financial Group Chairman Sohn Tae-seung, holding him responsible for its commercial banking unit’s misselling of funds tied to the 1.7 trillion-won ($1.52 billion) Lime Asset Management scandal. The penalty puts further pressure on Sohn, who is already in a legal fight against the Financial Supervisory Service over its sanction slapped on him for another misselling issue. Sohn was reprimanded with the third-str -
Kakao to suspend trading due to 5-for-1 stock split next weekMarketsApr 9, 2021Trading in shares of Kakao, South Korea’s top mobile messenger operator, is set to be suspended for three days from Monday, following its decision to carry out its first-ever stock split. By lowering the face value of its stocks by 80 percent, the split makes it easier for small investors to purchase shares. It will increase the number of issued shares to 443,523,100 from 88,704,620 shares -- each shareholder will get five new shares for each one they currently hold. The newly split shar -
Seoul stocks snap weeklong gains on valuation concernsMarketsApr 9, 2021South Korean stocks snapped their weeklong winning streak Friday as foreigners and institutions took a breather amid increased valuation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.38 points, or 0.36 percent, to close at 3,131.88 points. Trading volume was moderate at about 1.8 billion shares worth some 14.6 trillion won ($13 billion), with gainers outnumbering losers 537 to 305. Foreigners sold a net 325 billion won, whi -
Foreigners stay net sellers of S. Korean stocks in MarchEconomyApr 9, 2021Foreign investors remained net sellers of South Korean stocks for a fourth month in March on profit-taking and rising US long-term interest rates, central bank data showed Friday. Foreigners' stock investment funds recorded a net outflow of $2.58 billion, the second-largest monthly outflow after February's $2.86 billion, according to the data from the Bank of Korea (BOK). Offshore investors have remained net sellers of South Korean stocks since December. The central bank said foreign investor -
S. Korea's bond issuance falls in MarchEconomyApr 9, 2021Bond issuance in South Korea shrank in March from the previous month due mainly to a tumble in corporate debt sales, industry data showed Friday. The value of bonds sold in Asia's fourth-largest economy stood at slightly over 74 trillion won ($66.4 billion) last month, nearly 720 billion won smaller than a month earlier, according to the data from the Korea Financial Investment Association. Sales of corporate bonds declined by about 4.1 trillion won, and the issuance of currency stabilization -
State deposit insurer KDIC sells 2% stake in Woori FinancialMarketsApr 9, 2021The state-run Korea Depository Insurance Corp. (KDIC) said Friday it sold a 2 percent stake in Woori Financial Holdings Co. as part of efforts to recoup taxpayer money injected into the company. The stake, or 14.5 million shares, was offloaded through a block sale in pre-market trading for 149.3 billion won ($134 million), the KDIC said. The stake sale comes in line with a government road map to dispose of its interest in the major financial holding company, whose flagship is Woori Bank. It a -
S. Korea needs preemptive anti-inflation steps: senior officialEconomyApr 9, 2021South Korea needs to take preemptive measures to cope with escalating concerns over inflation, a senior government official said Friday. The remark by First Vice Finance Minister Lee Eog-weon comes as Asia's fourth-largest economy faces growing inflationary pressure amid signs of an economic recovery. "It is necessary to take preemptive steps to prevent inflationary pressure from constraining an economic rebound and inflicting burdens on ordinary people," Lee told a government policy -
Seoul stocks open tad higher on hopes for global economic recoveryMarketsApr 9, 2021South Korean stocks opened higher Friday, tracking overnight Wall Street gains amid growing hopes for a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.25 points, or 0.1 percent, to 3,146.51 points in the first 15 minutes of trading. Overnight, the S&P 500 gained 0.42 percent to a new record closing, with the tech-heavy Nasdaq Composite adding 1.03 percent. In Seoul, market kingpin Samsung Electronics retreated 0.35 percent, and No. 2 chipmaker SK -
Bitcoin on rollercoaster ride amid government warningsMarketsApr 8, 2021Bitcoin prices remained unstable Thursday after falling more than 10 percent late Wednesday in a roller-coaster movement that coincided with the government’s warning and a widening price gap with overseas exchanges. The price for a bitcoin stood at about 71 million won ($63,600) as of 3 p.m. on Thursday, falling from 79 million won a day ago. The price of the largest cryptocurrency climbed sharply in recent days especially in domestic markets, showing a widening “Kimchi premium,&rd -
Seoul stocks up for 6th day on global recovery hopeMarketsApr 8, 2021South Korean stocks gained for a sixth consecutive session Thursday amid global economic recovery hope. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 5.85 points, or 0.19 percent, to close at 3,143.26. Trading volume was moderate at about 1.3 billion shares worth some 16.8 trillion won ($15 billion), with gainers outnumbering losers 487 to 352. Foreigners bought a net 107 billion won, while institutions sold 479 b
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