Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul stocks up for 2nd day on earnings hope
South Korean stocks closed higher for a second day in a row on Wednesday amid hopes of strong corporate earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 22.38 points, or 0.81 percent, to close at 2,768.85 points. Trading volume was moderate at about 530 million shares worth some 10.2 trillion won ($8.5 billion), with gainers outnumbering losers 757 to 125. Institutions bought a net 197 billion won and foreigners purchased 239 b
Feb. 9, 2022
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[Newsmaker] Hana Financial taps man behind successful KEB merger transition as new chief
South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo, who led its flagship lender’s smooth operation and business rebranding after its grueling acquisition of Korea Exchange Bank seven years ago, to be the next chairman of the banking group. On Tuesday, the firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extra
Feb. 9, 2022
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Hana Financial taps vice chief as new chairman
South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo to be the next chairman of the banking group. On Tuesday, firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extraordinary leadership” in managing the group and is expected to lead Hana into the future with digital transformation, the committee said in a statem
Feb. 8, 2022
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Seoul stocks end nearly flat on US-China tensions
South Korean stocks closed nearly flat Tuesday, paring most earlier gains, in the face of elevating trade tensions between the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.41 points, or 0.05 percent, to close at 2,746.47 points. Trading volume was moderate at about 555 million shares worth some 11.6 trillion won ($9.7 billion), with losers outnumbering gainers 544 to 313. Foreigners sold a net 97 b
Feb. 8, 2022
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Seoul stocks snap 3-day winning streak on profit-taking
South Korean stocks ended their three-day winning streak on Monday, largely as investors attempted to cash in profits from recent stock rallies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 5.2 points, or 0.19 percent, to close at 2,745.06 points. Trading volume was moderate at about 410 million shares worth some 11.1 trillion won ($9.2 billion), with gainers outnumbering losers 467 to 385. Institutions sold a net 834 billion
Feb. 7, 2022
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As Kospi rally nears end, money moves to safer options
Korean investors are pulling out money from their investment accounts to reallocate it to safer options such as money market funds as they seek to ride out volatility gripping the local stock market, data showed Sunday. As of Thursday, credit-backed loans for stock investments stood at 21 trillion won ($17.5 billion), down about 4 trillion won from a record high of 25 trillion won in September last year. Since then, the deposit borrowed from brokerages on investors’ credit has been shri
Feb. 7, 2022
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Stock assets of chaebol leaders hit hard by Kospi loss
The nation’s top chaebol leaders saw their stock assets fall sharply in January, as the nation’s benchmark Kospi entered a bear market, while some firms grappling with controversies also took a beating. The total value of stocks owned by the nation’s top 33 chaebol owners was estimated at 55.43 trillion won ($46.19 billion) in January, down 13.8 percent from a month ago, according to data from market tracker Korea CXO Institute Monday. Hyundai Development Co. Chairman Chung
Feb. 7, 2022
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Woori taps senior deputy chief to lead flagship bank
South Korea’s Woori Financial Group said Monday it has nominated Senior Deputy President Lee Won-duk to lead its flagship commercial bank. The firm’s CEO recommendation committee last month had shortlisted three candidates for the position -- Lee, Park Hwa-jae, deputy president of Woori Bank‘s credit support unit and Jeon Sang-wook, deputy president of the bank’s risk management unit. Lee was tapped due to his “broad understanding” of the group’s core
Feb. 7, 2022
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Record high of W20tr money flowed into IPO last year: data
The market saw a record high of 19.7 trillion won ($16.4 billion) flowing in to initial public offering deals last year, a 333.9 percent increase on-year from 4.5 trillion won the previous year, data from the nation’s financial watchdog showed Monday. Buoyed by the surge in local stock prices and ample liquidity, the number of firms that debuted on the market last year increased 27.1 percent to 89, according to the Financial Supervisory Service. Of the firms, 14 debuted on the main bour
Feb. 7, 2022
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Money raised through IPOs hits record high in 2021 amid ample liquidity, bullish sentiment
The amount of money South Korean firms raised through initial public offerings (IPOs) more than quadrupled to hit a record high last year thanks to ample liquidity and the overall bullish stock market sentiment, data showed Monday. A total of 89 companies went public in 2021 by listing stocks on the benchmark KOSPI and secondary tech-heavy KOSDAQ markets and raised a combined 19.7 trillion won ($16.4 billion), according to the data from the Financial Supervisory Service. The money raised from
Feb. 7, 2022
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Monday as investors attempted to take profits from recent stock rallies. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24 points, or 0.87 percent, to 2,726.26 points in the first 15 minutes of trading. Most large caps traded lower, led by institutional sell-offs. Top cap Samsung Electronics retreated 1.62 percent, and No. 2 chipmaker SK hynix lost 2.81 percent. Leading chemical firm LG Chem decreased 3.24 percent, and pharmaceutical giant Sa
Feb. 7, 2022
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Financial firms to pay out record bonuses on upbeat earnings
Employees at South Korean financial firms will receive up to four times their monthly salary as their bonuses for 2021, backed by booming business, sources said Sunday. Woori Bank, one of the major commercial lenders here, has recently agreed with its union to hand its employees performance bonuses worth 300 percent of their monthly salaries plus some 1 million won ($830), according to industry sources. The nation’s No.1 commercial bank by performance, KB Kookmin Bank and its long-time
Feb. 6, 2022
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The making of AI bankers at South Korean bank
Virtual staff members powered by artificial intelligence have increasingly become a fixture at South Korea’s retail banks. NH NongHyup Bank, one of Korea’s top five commercial banks, has added human elements to its so-called “AI bankers” to connect with Korean customers. According to NH NongHyup Bank, names of the two virtual staff members -- male staff Jeong Eden and female staff Lee RohWoon -- were given by staff and executives of the banks through open discussion.
Feb. 4, 2022
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[KH Explains] Why do spinoff IPOs anger South Korean investors?
The market debut of LG Energy Solution last month was literally a festive event, with investors in and out of the country pouring in an astronomical sum of money to buy new shares of the company eyeing to be the world’s top battery maker. But shareholder rights activists in South Korea say that the mega deal was another case in which a split-off was done intentionally to take the battery subsidiary public, a process that undermined the interests of parent company shareholders.
Feb. 4, 2022
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Seoul stocks surge more than 1% on tech gains
South Korean stocks climbed more than 1 percent on Friday, rising for a three-day winning streak, on the back of tech gains, analysts said. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) surged 42.44 points, or 1.57 percent, to close at 2,750.26 points. Trading volume was moderate at about 527 million shares worth some 11.1 trillion won ($9.3 billion), with gainers far outnumbering losers 767 to 122. Institutions and
Feb. 4, 2022
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Seoul stocks open sharply higher despite Wall Street loss
South Korean stocks opened sharply higher Friday, despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 33.06 points, or 1.22 percent, to 2,740.88 points in the first 30 minutes of trading. On Thursday (local time), US stocks closed sharply lower, with the tech-heavy Nasdaq plunging 3.7 percent amid worries over tightening monetary policy. The Dow Jones Industrial Average dropped 1.5 percent, and the broad-based S&P 500 shed 2.4 percent.
Feb. 4, 2022
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Tax probe launched over irregular asset transfers to children
SEJONG -- The nation’s tax authority said Thursday that it has launched a full-fledged investigation into people engaging in irregular transfers of assets to their children. The action is aimed at turning up the heat on people, who sought to evade gift taxes by transferring their homes to children at prices lower than those on the trading market, according to the National Tax Service. Over the past several years, more and more homeowners were found to have chosen to give their homes to t
Feb. 3, 2022
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Seoul stocks open higher on US gains
S outh Korean stocks opened steeply higher Thursday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.77 points, or 1.76 percent, to trade at 2,710.11 points in the first 15 minutes of trading. The Kospi got off to a bullish start after a three-day holiday, as the tech-heavy Nasdaq composite added 0.5 percent and the Dow Jones Industrial Average advanced 0.63 percent Wednesday. In Seoul, market b
Feb. 3, 2022
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Korea’s stock market cap falls fifth-fastest in Jan.
South Korea ranked fifth among 47 countries globally in the drop in stock market capitalization between December last year and January this year, amid US Fed rate hike worries, a local brokerage said Wednesday. The country’s benchmark Kospi and junior Kosdaq stood at about $1.9 trillion in market value on Jan. 26, down from $2.1 trillion on Dec. 31, 2021, in a 10 percent fall, according to Daishin Securities, which cited Bloomberg data. Russia saw the greatest drop at 16 percent, followe
Feb. 2, 2022
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Stock funds' net assets suffer 1st shrink in 4 months in Jan. amid slump
The net asset value of stock funds in South Korea suffered a decline for the first time in four months in January, as the global stock market roiled amid major central banks' move to tighten policies, data showed Wednesday. The asset value of publicly placed stock funds stood at 82.7 trillion won ($68.4 billion) as of Thursday, down 8.37 trillion won, or 9.2 percent, from the previous month, according to the data compiled by the Korea Financial Investment Association (KOFIA). The monthly net
Feb. 2, 2022