Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Samsung Electronics shares plummet to 52-week low
Samsung Electronics shares, which account for some 18 percent of South Korea’s benchmark Kospi’s market capitalization, closed at a 52-week low on Friday hit by the prolonged global memory chip supply shortage coupled with concerns of an economic slowdown. The market bellwether closed at its lowest price since Nov. 4, 2020 and 1.81 percent lower from the previous day’s trading at 59,800 won ($46.30). This also marks the first time it closed below the 60,000-won threshold sin
Market June 17, 2022
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Kospi slumps to sub-2,400 points in 19 months on US inflation woes
South Korea’s key stock index plunged below the 2,400-point threshold for the first time in 19 months on Friday, weighed down by risks stemming from the US Federal Reserve’s boldest rate hike in nearly two decades. The benchmark Kospi opened 1.7 percent lower from its previous closing of 2,409.72, but fell to 2,396.47 at one point in early morning trade. This marked the first time the index fell below the 2,400-point threshold since Nov. 5, 2020. Early in the morning, foreign in
Market June 17, 2022
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Korean retail investors’ fears grow on stock, crypto meltdown
Retail investors who enjoyed record-low borrowing costs and abundant market liquidity during the COVID-19 pandemic have quickly come to face growing risks from plummeting stock and crypto markets hit by 40-year high inflation in the US and the rapid rate hikes that have followed. The benchmark Kospi on Thursday closed at 2,451.41, 0.16 percent higher from the previous close, when it dipped to its lowest closing price in 19 months at 2,447.38. The secondary, tech-heavy Kosdaq closed 0.34 percen
Market June 16, 2022
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BTS’ hiatus announcement rattles Hybe shares
Shares of Hybe, the agency behind K-pop sensation BTS, fell almost 25 percent on Wednesday, rattled by the boy band’s announcement that it will take time off from group activities to pursue solo projects. Hybe shares closed 24.87 percent lower from the previous session at 145,000 won ($112.5). It had opened at 168,000 won after closing at 193,000 won in the previous session. Within the first hour of trading, the shares plummeted to 140,000 won, over 25 percent lower from the previous c
Market June 15, 2022
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Yoon vows supply-side efforts to tame inflation
President Yoon Suk-yeol pledged Tuesday to make all-out efforts to curb soaring inflation by resolving issues on the “supply side.” “The administration plans to take all possible steps to resolve issues on the supply side as the inflationary pressure is stemming from the supply side,” Yoon told reporters as he arrived at the presidential office. Tuesday’s vow follows Yoon’s orders to officials “to seek ways to ease the burden on Koreans as higher infl
Economy June 14, 2022
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[Newsmaker] [Herald Interview] ‘Even in bearish market, K-pop-themed ETF will shine’
Unlike stocks, it is rare for an investment like an exchange-traded fund (ETF) to draw global attention. But KPOP ETF went viral in April when plans for the fund hit the news, reflecting the popularity of one of South Korea’s most high-profile exports. The orchestrator behind the ETF -- set to debut in the US market on July 5 – is Seoul-based intellectual property mogul, and Contents Technologies CEO, Lee Jang-won who recently sat down with The Korea Herald to discuss whether the K
Market June 13, 2022
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Kakao Pay employees each lose W20m over stock dip
Kakao Pay employees who own shares in their own company each lost an average 20 million won ($15,600) due to the mobile payment firm’s stock price plunge since January, reports said Sunday. The company’s employee stock ownership association purchased a total 3.4 million shares in Kakao Pay at the price of 90,000 won per share prior to its initial public offering on Nov. 3 last year, according to a regulatory filing. Documents show that some 800 employees received an average 4,005
Market June 12, 2022
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Kakao, Shinhan dive into online, mobile insurance market to lure millennials, Gen Z
South Korea’s tech giant Kakao and financial giant Shinhan are set to launch online- and mobile-only insurers by next month to attract millennial and Generation Z customers with affordable and simple products. Kakao’s mobile payment arm, Kakao Pay, is slated to launch its first general insurance unit called Kakao Pay Insurance in July, adding competition to the online-only insurance market here currently dominated by three existing insurers – Kyobo Life Planet, Hana Insurance
Market June 12, 2022
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Yoon’s picks for top financial officials face backlash
President Yoon Suk-yeol’s nominations to lead the nation’s top financial regulators have been met with skepticism, as critics say there have been too many prosecutors named already. Yoon, who has appointed several former prosecutors as Cabinet members, appointed an ex-prosecutor to lead the Financial Supervisory Services on Tuesday. Another former prosecutor had been mentioned as a candidate to head the Fair Trade Commission the same day. But the president’s office tweaked th
Market June 8, 2022
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Top banker tapped as policy coordination chief, ex-prosecutor as new market police head
President Yoon Suk-yeol on Tuesday named Bang Moon-kyu, CEO of the state-run Export-Import Bank of Korea, to be in charge of government policy coordination, and former prosecutor Lee Bok-hyun to lead Korea’s market watchdog, the Financial Supervisory Service. The president also appointed Kim Joo-hyun, chairman of the Credit Finance Association as chairman of the Financial Services Commission, a top financial policymaking unit, and Kang Seog-hoon, former presidential secretary for economi
Market June 7, 2022
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Investment banks cut Kospi targets amid high inflation
Major foreign investment banks have revised down their targets and ratings on South Korea’s benchmark Kospi, which has been coping with market volatilities stemming from growing inflationary pressure and the prolonged Russia-Ukraine War. Japan-based Nomura Securities lowered its investment rating on the Korean market from “overweight” to “neutral” last week, suggesting investors to hold and not buy shares. Nomura cited the recent slowdown in the expansion of the
Market June 6, 2022
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KB Chairman, UK deputy minister discuss net-zero partnership
KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday. In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the join
Market June 3, 2022
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[Newsmaker] KB raises awareness of saving bees for World Environment Day
KB Financial Group said Friday it had produced and launched a video highlighting the impact of the declining bee population on the environment for the upcoming World Environment Day. The video titled “Warning of the Bees” portrays how climate change and excessive exposure to pesticides threaten the existence of bees, as well as the alarming consequences for humanity. It also paints the stories of people contributing to the effort to revive the bee population. The video is part o
Market June 3, 2022
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Talks for alternative trading system gain steam
South Korean brokerages’ yearslong plan to launch the first alternative trading system here has entered a new phase, with more companies expressing support and the exchange’s ownership structure getting clearer, media reports said Thursday. According to local reports, 30 small- and medium-sized brokerages have expressed willingness for the first time to use the ATS, if launched, to the ATS task force. The task force is led by the Korea Financial Investment Association, a self-regu
Market June 2, 2022
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Single-person households spend most on housing, utilities
Housing-related expenditures such as rent, water, electricity and gas accounted for the largest part of a single-person households’ spending in South Korea, government data showed Wednesday. For the first three months of this year, single-person households spent a monthly average of 300,000 won ($241.74) on housing-related expenditures, accounting for 20.5 percent of their total average monthly spending, a Statistics Korea data showed. Their total average monthly spending came to 1.46 mil
Economy June 1, 2022
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