Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Jeonse home rent loans soar on regulations, pandemic
Total “jeonse” rent loans supplied by commercial banks grew around 2 trillion won ($1.62 billion) for the second consecutive month, as the number of house hunters looking for two-year leases instead of purchases increased, industry data showed Tuesday. The jeonse loan balance of the country’s five major commercial banks -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- came to 86.25 trillion won at the end of March, up 2.28 trillion won from a month before. The figu
April 21, 2020
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Stocks tank on NK leader's health rumor, oil plunge
South Korea’s stock market fluctuated as the geopolitical uncertainties triggered by the health condition of North Korean leader Kim Jong-un and historic oil price plunge sapped investor sentiment. The benchmark indexes -- main bourse Kospi and Kosdaq -- had a roller-coaster ride. Kospi sank 3 percent to its lowest in the late morning session and the loss narrowed to 1 percent in its closing. Kosdaq saw a 5.6 percent plunge at its largest, and closed 1.4 percent lower. Market bellweth
April 21, 2020
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Brokerages' oil price errors could worsen investor losses
South Korean investors could face losses regarding their hedge on oil futures as local brokerages did not reflect plunging oil prices in their forecasts, according to market watchers Tuesday. A futures contract for US West Texas Intermediate crude for May delivery closed at negative $37.63 per barrel at the end of Monday trading in the US -- plunging $55.90 from the previous session’s close. The sudden collapse has put some securities firms into chaos. Kiwoom Securities suffered a techn
April 21, 2020
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Retail investors’ buying binge will pay off in long term: analyst
Amid concerns building over risks of individual investors seeking short-term profits, a local expert said Monday that the latest buying trend will likely result in great success in the long run. “Retail investors tend to have invested in blue chips during the recent buying binge, like Samsung Electronics, SK hynix, Hyundai Motor Company as well as relatively safer products like index funds,” said Yoo Ik-sun, head of the investment strategy unit at local asset manager Hanwha Asset M
April 21, 2020
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S. Korean shares open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 16.07 points, or 0.85 percent, to 1,882.29 in the first 15 minutes of trading. The decline followed losses in the US market. The Dow Jones Industrial Average lost 2.44 percent, with the tech-heavy Nasdaq composite index declining 1.03 percent. Huh Jae-hwan, a strategist at Eugene Investment Co., said a sharp plunge in oil prices and potential poor corporate
April 21, 2020
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[Economy in pandemic] Is S. Korea’s stock market on recovery track?
With the COVID-19 infection curve in South Korea having slowed down in recent weeks, the local bourse is gradually recovering its momentum on the back of an influx of foreign capital. But investors still find themselves confused as the virus continues to spread in other parts of the world and authorities voice warnings against “excessive optimism.” After hitting a 52-week high at 2,255.49 points Feb. 13, the main bourse Kospi plunged to its lowest point in 11 years -- 1,439.43 --
April 20, 2020
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Seoul stocks end lower ahead of Q1 earnings season
South Korean stocks ended lower on Monday as investors await first-quarter earnings results from this week amid signs of an easing in the global coronavirus spread. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.17 points, or 0.84 percent, to close at 1,898.36. Trading volume was moderate at 1.1 billion shares worth 11.7 trillion won ($9.6 billion), with gainers outnumbering losers 515 to 337. The main index declined on Monday after
April 20, 2020
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Talks underway to create bad bank to salvage Lime losses
South Korea’s financial institutions and authorities are in talks to create a bad bank to help companies recoup the losses from disgraced hedge fund Lime Asset Management, according to industry sources Monday. The Financial Supervisory Service held a closed-door meeting with 19 private financial institutions including commercial lenders Woori Bank and Shinhan Bank and securities firms Shinhan Investment and Daishin Securities to discuss details of the private bad bank, or an asset manage
April 20, 2020
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Mobile international money transfer services eased by Hana, Kakao
Commercial lender Hana Bank and internet-only Kakao Bank said Monday they have updated their respective mobile services to help locals make international financial transactions amid the novel coronavirus outbreak. Hana Bank has expanded the services of its foreigners-only mobile banking app to locals to help limit face-to-face interactions that is usually required when handling international wire services here. The Hana EZ app provides artificial intelligence and big data-based service
April 20, 2020
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Seoul stocks open higher on easing virus woes
Seoul stocks opened higher Monday as signs of the easing spread of the new coronavirus helped ease investor concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.34 points, or 0.07 percent, to 1,915.87 in the first 15 minutes of trading. On Friday, the KOSPI ended up 3.1 percent to 1,914.53 amid hopes that the global coronavirus outbreak was peaking and will be slowing down. This week, investors will take a cue from companies' earnings results for the January-March perio
April 20, 2020
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[Market Close-up] Virus-hit air carriers brace for liquidity crisis
South Korea’s major airlines are likely to suffer a sharp revenue decline due to the coronavirus outbreak, putting further pressure on their liquidity, according to market watchers Sunday. Flag carriers Korean Air and Asiana Airlines are facing a financial slump as services have been curtailed for now, but they are also facing the possibility of a debt crisis if the pandemic lingers. The market has been focusing on one of the frequent leveraging measures for Korean airlines, as they imm
April 20, 2020
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Stock-related floating money hits all-time high
Money floating around the South Korean stock market has reached a new record high amid a recent market recovery following a coronavirus-caused rout, data showed Monday. The amount of stock-related funds hit 141.79 trillion won ($116.5 billion) as of Tuesday, up nearly 24 percent from Jan. 20 when South Korea reported its first COVID-19 case, according to the data from the Korea Financial Investment Association. The figure inched down to 141.73 trillion won two days later. Stock-related funds
April 20, 2020
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[Herald Interview] ‘Strengthened shareholder rights will attract foreign investors to stock market’
South Korea’s stock market has seen a surge in capital outflow by foreign investors due to the novel coronavirus fallout, but that can be reversed, according to a top expert. In order to bring foreigners back to this undervalued market, it is crucial that locally listed firms exert all efforts to fundamentally change their corporate governance to expand shareholders’ rights, according to Daniel Yoo, head of global investment at Yuanta Securities Korea, in a recent interview with Th
April 19, 2020
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No. of fund managers hits record high as market rebounds
The number of fund managers in South Korea reached a new high in April, as the market appears to be recovering, data showed Sunday. According to the Korea Financial Investment Association, the number of fund managers in 57 local asset management firms recorded 720, up 20 from the beginning of this year. The corresponding figure had marked the steepest rise from 2007 to 2012 when the nation saw a fund investment boom. The number of local fund managers climbed by more than 200 during the period
April 19, 2020
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IPO market stagnates as coronavirus woes drag on
South Korea’s market volatility is likely to continue as initial public offering plans for April are slipping through the cracks amid the coronavirus outbreak, according to market watchers Sunday. Sencoretech, a Seoul-based engineering firm dedicated to manufacturing steel structures, has withdrawn its listing plan on Kosdaq, which could have raised at least 27.16 billion won ($22.32 million). “Due to the high volatility caused by COVID-19, we decided to cancel the remaining proce
April 19, 2020
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Seoul stocks likely to further advance next week on stimulus: analysts
South Korean stocks are expected to continue to build up gains next week, buoyed by hopes for the reopening of the US economy and the peak of the coronavirus outbreak, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,914.53 points on Friday, compared with 1,860.70 points from a week ago. The KOSPI started off on a weak note on Monday by dropping nearly 2 percent on COVID-19 woes before rebounding on Tuesday and Thursday. The market was closed on Wedn
April 18, 2020
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NPS hints at expanding local stock purchases for market stability
Minister of Health and Welfare Park Neung-hoo, who chairs a fund management committee under the state-run National Pension Service, said Friday that the pension operator could take part in the domestic stock market more actively, if needed, to support market stability. “The NPS’ active intervention last month has helped stabilize the stock market,” said the health and welfare minister at a meeting in Seoul in the morning with members of the committee. “The pension fun
April 17, 2020
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Kospi recovers past 1,900-mark on foreign investors‘ return
Korea’s benchmark Kospi rose 3.1 percent, recovering past the 1,900 mark Friday as investors went mining higher-risk stocks on hope of curving the peak of the novel coronavirus with a drug developed for ebola virus treatment. The local currency closed at 1,217.90 won against the US dollar, strengthening 10.80 won from the previous session’s close. The benchmark bourse Kospi opened slightly up, at 1,893.31 -- rising 44.15 points, or 2.38 percent, from the previous sess
April 17, 2020
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Govt. to announce measures to prop up sluggish job market
With the real economy facing the full impact of the ongoing coronavirus crisis, the South Korean government is rolling up its sleeves to boost the nation’s job market. At a meeting with economy-related ministers, Finance Minister Hong Nam-ki said Friday that the government would roll out a set of support measures for the job market next week. “The government will announce a package of measures to stabilize employment in South Korea after talking closely with related ministries and
April 17, 2020
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ELS issuance plunges in Q1 amid coronavirus scare
Sales of equity-linked securities (ELS) in South Korea plummeted in the first quarter, as lingering coronavirus concerns in global stock markets slashed demand, data showed Friday. ELS products issued in January-March stood at 21 trillion won ($17.2 billion), down 38.8 percent from the previous quarter, according to the data from the Korea Securities Depository (KSD). ELS refers to hybrid debt securities whose returns are determined by the performance of underlying equities, including a stock
April 17, 2020