Most Popular
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Yoon calls for dialogue, trust from medical community
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NK leader guides firing drills involving super-large multiple rocket launchers
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Dyson founder visits Seoul for global debut of new hair dryer
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Leaders call for action against threats to democracy posed by AI
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Asiana Airlines wins data transfer certification in China
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Dispute heats up over dispatch of scandal-ridden envoy to Australia
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Dodgers beat S. Korea in final exhibition before MLB opener in Seoul
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Disgraced ex-K-pop star released after serving time for sex crimes
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Trump unlikely to unravel IRA: experts
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Yoon says medical licenses should not be used as tool against people
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Seoul stocks open tad lower on profit-taking
South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec
Aug. 14, 2020
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Kospi’s record run could continue to year-end
Despite dark clouds over the performance of South Korea’s stock market this year, the main bourse Kospi is bucking the regional trend and appears to be recovering quickly. It is now largely driven by the subdued virus impact here, quantitative easing policies around the world and hopes for COVID-19 vaccines. Local stock brokers even predicted that the recent market rally would continue until the end of 2020. Hyundai Motor Investment Securities is one of the brokerage firms that have
Aug. 13, 2020
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MSCI index adds 3 Korean biotech stocks
Morgan Stanley Capital International announced Wednesday it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock price. Alteogen, Seegene and Shin Poong Pharma have been added to the index, replacing Daewoo Engineering & Construction, Helixmith and Hyundai Department Store. Seegene is Korea’s leading ex
Aug. 13, 2020
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Korean banks’ H1 net profit dips
The combined net profit of South Korean banks for the first half of this year dipped 17.5 percent on-year due to increased loan-loss provisions amid the coronavirus pandemic, data released by the Financial Supervisory Service showed Thursday. According to the financial watchdog, the combined net profit of local banks for the January-June period preliminarily came to 6.9 trillion won ($ 5.82 billion), down 1.5 trillion won from the same period last year. The decline in net income came a
Aug. 13, 2020
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LG Chem, Samsung Biologics close in on SK hynix market cap
The market capitalizations of biopharmaceutical company Samsung Biologics and chemical-to-battery firm LG Chem have soared over the past six months, reflecting market interest in IT and bio sectors amid the coronavirus pandemic. Samsung Biologics’ market cap came to 55.7 trillion won ($47 billion) as of Wednesday, the third-largest in Korea‘s main stock bourse Kospi, data by the Korea Exchange showed Wednesday. This was followed by the fourth-largest LG Chem, whose market cap stood
Aug. 12, 2020
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Korea to strengthen inspection of illegal property transactions
The South Korean government said Wednesday that it will soon announce the results of its inspections into illegal transactions involving expensive real estate in Seoul and the surrounding areas. “Having tracked transactions of expensive houses reported earlier this year, state agencies found some irregularities, and the government will announce the final results in August,” said Deputy Prime Minister and Finance Minister Hong Nam-ki at a meeting with related ministers. “The
Aug. 12, 2020
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Seoul stocks up for 8th consecutive session on hopes for vaccine, economic rebound
South Korean stocks extended their gaining streak to an eighth session on Wednesday on hopes for COVID-19 vaccines and optimism for a quick economic rebound from the impacts of the new coronavirus pandemic. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 13.68 points, or 0.57 percent, to close at 2,432.35. Trading volume was high at about 753 million shares worth some 16.4 trillion won ($13.8 billion), with losers
Aug. 12, 2020
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Seoul stocks open tad higher on pharmaceutical, financial gains
South Korean stocks opened a tad higher Wednesday, led by an advance by pharmaceutical and financial heavyweights. The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.20 percent, to 2,423.52 in the first 15 minutes of trading. Pharmaceutical giants led the gain, with leading pharmaceutical firm Samsung Biologics jumping 3.73 percent on expectations of rising overseas orders. SK Biopharmaceuticals gained 1.83 percent. Among financial large caps, Hana Financial Group added
Aug. 12, 2020
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Gen2 Partners fund freeze headache for Korean brokerages, banks
South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later on. Brokerage firms here that sold Gen2 Partners’ funds, invested in the funds or issued derivative-linked securities based on the funds have moved to seek redress by lodging a complaint with the Hong Kong’s Securities and Futures Commission against Gen2 Partners over its alleged
Aug. 11, 2020
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Kospi surpasses 2,400-mark after 26 months
South Korea’s main bourse Kospi on Tuesday crossed the 2,400-point mark in nearly 26 months, on retail and foreign investors’ buying spree. The bourse got off to a strong start at 2,396.11 -- up 9.73 points, or 0.41 percent -- from the previous session’s close and sharply gained 22.50 points, or 0.94 percent to reach 2,408.88 in early morning trading, extending its winning streak for the sixth consecutive session. It was the first time the index has moved above the 2,400-po
Aug. 11, 2020
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Seoul stocks open sharply higher on gains in techs, chemicals
South Korean shares opened sharply higher Tuesday, led by an advance by major tech firms and chemicals makers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.80 points, or 0.87 percent, to 2,355.11 in the first 15 minutes of trading, heading toward a rise for the seventh consecutive trading session. Market heavyweights traded mixed. Market bellwether Samsung Electronics gained 1.04 percent, but No. 2 chipmaker SK hynix retreated 0.25 percent. Top pharmaceutical firm Samsun
Aug. 11, 2020
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Patriotism-fueled equity fund beat stock market
NH-Amundi Victorious Korea Equity Fund has recorded a 56.1 percent return for retail investors in a year, its parent company said Monday. The public fund which is managed by NH-Amundi Asset Management -- with the most noteworthy investor being South Korean President Moon Jae-in -- was launched on Aug. 14, 2019. It has overrun the depressed stock market trend. Korea’s main bourse Kospi rose 22.1 percent over the cited period. The trust fund manages 123 billion won ($103.7 million) worth o
Aug. 10, 2020
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Foreign investors return to Korean equities despite pandemic
Foreign investors were net buyers of stocks and bonds in July, as the local currency is stabilizing and retail investors are showing more interest, data showed Monday They returned to the South Korean stock market, net buying 582 billion won ($490.6 million) worth of listed shares in a turnaround from net sales for five consecutive months, according to data by the Financial Supervisory Service. This is in sharp contrast to the February-June period, when they net sold a combined 26.58 trillion
Aug. 10, 2020
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Korean financial groups step up to aid flood-hit regions
With torrential rains battering South Korea’s central regions, local financial groups are lending a helping hand, including donations and staff volunteers to flood-hit regions. Woori Financial Group has sent food and water supplies and a volunteer group in North Chungcheong Province, one of the regions that was hardly hit by torrential rains. The group previously donated 100 million won ($84,100) for flood relief and sent support packages including hygiene, daily necessities and clothe
Aug. 9, 2020
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Seoul stocks set for further gains this week, stimulus packages in focus
South Korean stocks have room to rise further this week, helped by ample liquidity and expectations that the US stimulus package is nearing a deal. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,351.67 points on Friday, up 4.55 percent from 2,249.37 points a week ago. The last session marked the highest reading in nearly two years since Sept. 27, 2018. The index gained every session this week, largely on US stimulus hopes and estimate-beating earnings by Kakao, SK Telec
Aug. 9, 2020
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Seoul stocks bask in week-long gain to hit nearly 2-year high on stimulus hope
South Korean shares extended gains to a fifth session on Friday, as expectations for a US stimulus package underpinned investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.06 points, or 0.39 percent, to close at 2,351.67. The reading marks the highest since Sept. 27, 2018. Trading volume was high at about 802 million shares worth some 17.3 trillion won ($14.6 billion), with losers outnumbering gainers 382 t
Aug. 7, 2020
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First five star hotel in Gangnam up for sale
Sheraton Seoul Palace Gangnam Hotel, the first five-star hotel in Seoul’s posh district of Gangnam, is up for sale again after a sales deal earlier this year fell through due to the new coronavirus pandemic, according to reports Friday. Seojoo Industry Development, a local developer and the current owner of the high-end hotel, has reportedly appointed local brokerage Samsung Securities and real estate services firm CBRE Korea as lead managers of the planned deal. The local developer
Aug. 7, 2020
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Mirae Asset launches two ETFs for chips and AI in Hong Kong
South Korean asset management company Mirae Asset Global Investments said Friday that two new exchange traded funds focused on semiconductors, robots and artificial intelligence businesses in China have been listed on the Hong Kong Exchange and Clearing, the sole securities and derivatives exchange in Hong Kong. The Chinese chip sector has been fast growing in recent years in tandem with the growth of IT and internet platform businesses in the local market. Many Chinese companies, especially
Aug. 7, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Friday on high expectations about the US stimulus package. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.5 points, or 0.41 percent, to 2,352.11 in the first 15 minutes of trading. The index got off to a strong start, set to continue its winning streak since Monday. Investor sentiment remained high, largely on expectations that the US stimulus package is nearing an accord. The Dow Jones Industrial Average added 0.68 percent to close at 27,2
Aug. 7, 2020
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KRX defers decision on SillaJen delisting
South Korea’s sole bourse operator said Thursday that it would further review possible delisting of biotechnology firm SillaJen. SillaJen submitted its business normalization scheme to the bourse operator last month. The KRX’s Kosdaq Market Committee was to decide whether to lift the company’s trading suspension or delist it from the nation’s tech-heavy Kosdaq market. Officials said the committee would resume discussion without setting a date, but that it would be some
Aug. 6, 2020