Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
[Market Eye] Kospi’s rebound to 3,000 unlikely to happen anytime soon
When South Korea’s key stock index surpassed the 3,000-mark for the first time in its 40-year history in January 2021, it seemed the bull market would last forever. But risks stemming from high inflation, fears of recession and the global supply bottleneck this year has beaten down the index down to some 2,400 points as of this week, with analysts warning investors that they are unlikely to feel the relief of recovering to 3,000 anytime soon. “Our base Kospi target of 3,000 implies
Market June 29, 2022
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Burden from investor debt binge drags down Kospi: analyst
Risks stemming from South Korea’s investor debt binge is a key reason behind the local benchmark stock index’s recent lackluster performance, analysts said Monday. This fueled concerns of a possible market crash as the US Federal Reserve’s aggressive rate hikes have been increasing debt burden on retail investors. “Following the outbreak of the COVID-19 pandemic, Korea saw a sharp gain in household and corporate debt,” Heo Jae-hwan, an analyst at Eugene Investment
Market June 27, 2022
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Kospi, Kosdaq see sharpest drop among 40 global stock indexes
South Korea’s key stock index and its secondary bourse both saw the biggest drop among 40 global indexes, including inflation-hit Argentina’s Merval S&P, data showed Sunday, prompting concerns of a possible market crash. From the end of last month to Friday, the nation’s main bourse, Kospi, fell 11.89 percent from 2,685.90 to 2,366.60, while the secondary, tech-heavy Kosdaq dropped 15.01 percent from 893.36 to 750.30, according to data from the nation’s sole bourse
Market June 26, 2022
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S. Korea braces for ‘perfect storm’ in the financial market
South Korea’s financial authorities on Thursday warned of a “perfect storm” approaching the nation’s economy, while pledging to pump liquidity into financial institutions to cushion them from growing risks, if needed. The concerns come as the US Federal Reserve’s aggressive rate hikes, a strong dollar trend, high inflation and ongoing global supply chain bottlenecks have been rattling the Korean market. “Some experts compare the current economic state to t
Economy June 23, 2022
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Citibank partners with KB, Toss Bank for W8tr performing loan portfolio transfer
Citigroup’s South Korean subsidiary has said it will cooperate with local financial giant KB Kookmin Bank and the internet-only Toss Bank on transferring its unsecured personal loan portfolio worth some 8 trillion won ($6.1 billion). The move is part of Citibank Korea’s decision announced in October last year to shut down its retail banking operations in phases, after its monthslong attempt to find a buyer of the business failed. Its parent firm and US banking giant Citigroup decide
Market June 22, 2022
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Crypto-related stocks plunge amid liquidity crisis
South Korea’s cryptocurrency-related stocks have been nosediving in recent weeks, weighed down by the growing liquidity crisis in the global virtual currency market, data showed Tuesday. According to the nation’s sole bourse operator Korea Exchange, Vidente, the largest shareholder of Bithumb Holdings and the company behind one of top crypto exchanges here, nearly halved from the beginning of the year to close at 8,910 won ($6.89) on the secondary bourse Kosdaq on Tuesday. It traded
Market June 21, 2022
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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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