Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Chip up cycle won’t stay long: SK chief
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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
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[Market Close-up] Liquidity likely to uphold stock rally
South Korea’s stock market is on a bullish trend, with its main bourse Kospi setting record highs in recent weeks despite lingering concerns over the new coronavirus and its impact on the economy. Buying by foreigners and institutional investors drove the Kospi index to 2,352.48 points in early morning trading Thursday. On Wednesday, the index crossed the 2,300-point mark for the first time since Oct. 2, 2018, and ended at 2,331.86 points. Compared with a low of 1439.43 in March, the
Aug. 6, 2020
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Beauty app Zamface attracts W5.5b in series A funding
South Korean beauty video app Zamface said Thursday that it has raised 5.5 billion won ($4.64 million) in series A funding from multiple investors to expand into the Southeast Asian market. STIC Ventures and Timewise investment as well as existing investors Korea Investment Partners joined the round. Series A refers to the first stage of fundraising for a startup after its foundation, as it gears up for full-fledged business operations. Launched in June last year, total downloads of the m
Aug. 6, 2020
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Mirae Asset Daewoo logs record-high profit in Q2
South Korean brokerage firm Mirae Asset Daewoo posted a second-quarter operating profit of 387.1 billion won ($327 million) and net profit of 304.1 billon won on Thursday on the back of a stock market rally. The operating profit marked a 47.9 percent on-year increase, a 179.2 percent jump from the previous quarter. The figure stood at an all-time quarterly high since its merger with Mirae Asset Securities at the end of December 2016, officials said. It was even 37.1 percent higher than market
Aug. 6, 2020
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FSS' sanction may put brake on Hanwha Life's digital transition
South Korea’s financial watchdog said Thursday it will hold a sanctions committee later this month concerning Hanwha Group’s insurance unit’s financial support for the conglomerate’s duty-free business, posing a threat to the company‘s digital transition drive. According to the Financial Supervisory Service, Hanwha Life Insurance paid for the interior decoration of Hanwha TimeWorld’s duty-free shop at the 63 Building in Yeouido in Seoul in 2016.
Aug. 6, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean shares opened sharply higher Thursday, taking a cue from overnight gains on Wall Street over economic rebound hopes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.26 points, or 0.96 percent, to 2,334.12 in the first 15 minutes of trading. The index came to a strong start after closing at a nearly two-year high in the previous session. Investor sentiment remained high despite the nationwide downpour and concerns about the coronavirus pandemic. Stocks lifted
Aug. 6, 2020
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Kakao Bank outruns traditional banks in monthly active users
South Korea’s largest internet-only bank said Wednesday that its number of monthly active users in June surpassed 11 million — the highest in the nation’s entire bank industry. Kakao Bank’s increasing number of users also boosted its earnings in the first half with its net profit standing at 45.3 billion won, nearly five times higher than the 9.6 billion won it posted a year earlier. In the second quarter alone, the net profit came in at 26.8 billion won. Increased
Aug. 5, 2020
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Kospi returns above 2,300 points after 22 months
South Korea’s main bourse Kospi on Wednesday rose 31.89 points, or 1.4 percent, to 2,311.86, recovering above the level of 2,300 after nearly 22 months, on retail investors’ buying spree for a sixth consecutive session as signs of economic recovery improved investor sentiment. It was the first time the index moved above the 2,300-point mark since Oct. 4, 2018, when it marked 2,311.06. The closing also marked the highest since 2,338.88 on Oct. 1 in the same year. The index hit an i
Aug. 5, 2020
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50-story apartment rebuilding scheme faces market backlash
The local real estate market appears not to be very excited about the government‘s conditional approval of turning old apartments into 50-story buildings, due to its condition of donating more than a half of leftover units for public use, experts said Wednesday. Responding to the housing supply shortage, the government has decided to build more than 130,000 residential units in the capital city and adjacent areas over the next eight years. One of the key measures is a public reconstruct
Aug. 5, 2020
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Seoul stocks hit almost 2-year high on US stimulus hopes
South Korean stocks gathered ground for the third consecutive session on Wednesday to close at the highest level in nearly two years, as investor sentiment was buoyed by progress in US stimulus moves, analysts said. The Korean won rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) gained 31.89 points, or 1.4 percent, to finish at 2,311.86. Trading volume was high at 830 million shares worth 17.6 trillion won ($14.8 billion), with losers outpacing gainers 434 to
Aug. 5, 2020