Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Seoul stocks make steep rebound on massive foreign buying
South Korean stocks bounced back nearly 2 percent to recover above the 3,000-point threshold Thursday as foreign buying increased amid eased inflation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 55.58 points, or 1.88 percent, to close at 3,013.7 points. Trading volume was moderate at about 1.3 billion shares worth some 15.8 trillion won ($13.9 billion), with gainers outnumbering losers 664 to 193. Foreigners bought a ne
March 11, 2021
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Coupang’s market value jumps to $63b
Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., said it will offer shares of its US initial public offering at $35 apiece, raising its market value to around $63 billion. Based on the fixed share price, the firm will raise $4.55 billion in funding, and it would start trading from Thursday there. Coupang said it has submitted a regulatory filing to the US Securities and Exchange Commission and has received approval from the commission. The company‘s estima
March 11, 2021
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Foreigners remain net sellers of S. Korean stocks in February
Foreign investors remained net sellers of South Korean equities in February, extending their selling spree for a third consecutive month, the central bank said Thursday. Foreigners sold a net $2.86 billion worth of local stocks last month, compared with net selling of $2.39 billion in January, according to the Bank of Korea (BOK). Offshore investors, however, remained net buyers of Korean bonds worth $8.99 billion last month, the BOK said. Meanwhile, volatility in South Korea's
March 11, 2021
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Seoul stocks open higher on eased inflation woes
South Korean stocks opened higher Thursday on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 0.91 percent, to 2,985.05 points in the first 15 minutes of trading. The KOSPI rebounded after losing ground for the fifth session in a row as foreigners and individuals bought on bottom fishing. The yields of the benchmark 10-year US Treasury stabilized just above the 1.5 percent mark, soothing investor concerns over fast post-pandemic inflat
March 11, 2021
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BlackRock increases 1% stake in KB Financial
US investor BlackRock said Wednesday it has increased its stake in South Korea‘s largest banking group KB Financial Group to 6.02 percent, from 5.01 percent in May 2014. According to the disclosure, BlackRock Fund Advisors and 14 specially related entities had net bought a combined 314.8 billion won ($275.4 million) worth of shares in KB Financial over the past seven years. As a result, BlackRock was holding some 25 million shares out of KB Financial’s total 415.8 million outstandi
March 10, 2021
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SK Bioscience’s IPO attracts record subscription bids
South Korean investors have showed heated interest in the imminent market debut of SK Bioscience as they poured nearly 64 trillion won ($56.06 billion) of deposits in the two-day public subscription period for the local vaccine maker’s stocks. Reflecting investors’ thirst for financial income and high market liquidity, retail traders bought about 63.62 trillion won in deposits by the deadline at 4 p.m. on Wednesday. The amount surpassed not only one of the last year’s biggest
March 10, 2021
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[Top Bankers] Head of bankers’ club in South Korea calls for stricter regulation on big tech
This is a part of series of interviews and analysis of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the first installment. -- Ed. Banks are facing ever intensifying competition from IT companies as consumers gravitate toward digital financial services tailored to their needs. Korea Federation of Banks Chairman Kim Gwang-soo, however, believes lenders have a distinctive competency that could overcome challenges posed by fintech
March 10, 2021
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Seoul stocks fall for 5th straight session on slump in techs and autos
South Korean stocks fell for the fifth consecutive session Wednesday, led by a decline in techs and autos, as foreigners and institutions attempted to lock in profits amid lingering concerns of inflation. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 18.00 points, or 0.60 percent, to close at 2,958.12, after rising as high as 3,013.95 points. Trading volume was moderate at about 887.07 million shares worth around 1
March 10, 2021
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Hana Financial declares carbon neutrality vision
Hana Financial Group on Wednesday unveiled its vision to go carbon neutral by 2050 to support the nation’s transition toward a sustainable economy. Under the goal of achieving “coal-free finance,” the banking giant will launch an internal committee in charge of halting financial support -- including project financing and underwriting of bonds -- for businesses that have adverse environmental and social impacts, as early as during the first half of this year, officials said.
March 10, 2021
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NPS to remain neutral over embroiled Posco chief’s second term
The National Pension Service said Wednesday it would engage in voting for Posco Chairman and CEO Choi Jeong-woo’s new term as a Posco board member in a way that does not affect the result of the shareholders’ vote on Friday. The decision not to vote against Choi comes as a series of workplace accidents, the company‘s involvement in a coal-fired project and alleged ties to Myanmar‘s military coup piled pressure on Choi, who served as chief of the steel-to-chemicals congl
March 10, 2021
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Coupang raises target price range ahead of NYSE listing
Coupang Inc., parent company of South Korean e-commerce giant Coupang Corp., has raised its initial public offering target price range of $32 to $34 apiece, according to a regulatory filing submitted to the US Securities and Exchange Commission on Tuesday. With the revised range, Coupang looks to raise its proceeds by 16 percent more than previously anticipated. The earlier prospectus submitted on March 1 showed the shares were marketed at $27 to $30. As it has planned to offer 120 million sh
March 10, 2021
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Seoul stocks open sharply higher on Wall Street gains
South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street led by tech shares on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 36.3 points, or 1.22 percent, to 3,012.42 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite surged 3.7 percent to 13,073.82, its largest one-day gain since Nov. 4, after the yield on the US 10-year Treasury note fell. The S&P 500 advanced 1.4 percent to 3,
March 10, 2021
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Bithumb bans trading from countries with no anti-money laundering measures
Bithumb, a South Korean cryptocurrency exchange operator, said Tuesday that it has put restrictions on crypto trading accounts held by users staying in regions that have not adopted anti-money laundering measures. A total of 21 nations are currently on the watchlist for failing to implement anti-money laundering measures issued by the Financial Action Task Force, an intergovernmental body that sets international standards to prevent global money laundering and the financing of terrorism. Iran
March 9, 2021
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FSC extends eased liquidity rules for banks amid pandemic
South Korea’s financial regulator said Tuesday it has decided to further ease local lenders’ obligations to pile up liquid assets until September, in a move to encourage them to prop up the real economy reeling from the prolonged COVID-19 pandemic. The liquid coverage ratio, or LCR, is the proportion of necessary assets held by financial institutions, which serves as a key indicator for a bank’s financial soundness. Under the current LCR regulation designed to c
March 9, 2021
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Seoul stocks down for 4th day on inflation concerns
South Korean stocks slumped for a fourth consecutive session Tuesday amid growing concerns over post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.99 points, or 0.67 percent, to close at 2,976.12 points. Trading volume was moderate at about 1.5 billion shares worth around 18 trillion won ($15.8 billion), with losers outnumbering gainers 570 to 276. Foreigners sold a net 642 billion won, while retail investors pur
March 9, 2021
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Korea's final coal power project faces renewed scrutiny
South Korea’s last coal power project in Gangwon Province is facing renewed scrutiny as civic activists called for a state audit against Korean financial institutions for allegedly overlooking and condoning risk factors in financing the private-led project, dubbed Samcheok Blue Power Plant. The targets are seven financial companies, including the Korea Development Bank, the Industrial Bank of Korea and the National Agricultural Cooperative Federation, according to Korea’s civi
March 9, 2021
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Korea floats W12.9tr ESG bonds in first 2 months
South Korean companies have issued a combined 12.9 trillion won ($11.3 billion) worth of green, social and sustainability bonds from January to February, data showed Tuesday. In the first two months of 2021, social bonds accounted for nearly two-thirds of the total issuance of bonds aligned with ESG factors, followed by green bonds and sustainability bonds -- a hybrid of green and social -- according to data by the Korea Financial Investment Association. In February alone, Korean firms floate
March 9, 2021
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Bond issuance soars in Feb.
Bond issuance in South Korea rose by more than 11 trillion won in February from the previous month due mainly to increased state and corporate debt sales, industry data showed Tuesday. The value of bonds sold in Asia's fourth-largest economy stood at 75.2 trillion won ($65.9 billion) last month, up 11.3 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of government bonds increased by 5.5 trillion won, and the issuance of corporate
March 9, 2021
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Market volatility may increase amid rising bond yields: official
South Korea's financial markets are likely to undergo further volatility as bond yields and inflation risks are rising amid hopes for an economic recovery, a vice finance minister said Tuesday. First Vice Finance Minister Kim Yong-beom warned that if US bond rates continue to rise, asset prices may suffer a decline, after their bull run caused by ample liquidity. "If US bond yields continue to rise, investors could turn risk-averse, which could spark a fall in asset prices and capital out
March 9, 2021
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Seoul stocks open lower on inflation concerns
South Korean stocks opened lower Tuesday, tracking overnight tech losses on Wall Street that stemmed from concerns over post-pandemic inflation. The benchmark Korea Composite Stock Price Index fell 3.7 points, or 0.12 percent, to 2,992.41 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.41 percent, as yields of the US benchmark 10-year Treasury rebounded and finished just shy of 1.6 percent. In Seoul, top cap Samsung Electronics lost 0.61 percent,
March 9, 2021