Where do the superrich keep their money?

In Seoul’s Apgujeong in Gangnam-gu, home to many of Korea’s rich families, an elegant seven-story building draws the gaze of passersby. The eye-catching building is established by KB Financial Group to offer hyperpersonalized financial services to the wealthiest people in the country. This place goes well beyond what people usually expect of commercial banks. Instead of having to grab a queue ticket, customers are served with a cup of coffee a barista stationed in the building just b

Dec. 25, 2022

Analyst reports going virtual

More brokerage firms are turning to new technologies such as virtual humans, artificial intelligence and short form video content to improve the accessibility of their analyst reports and appeal to a growing number of young investors. Earlier this month, Korea Investment & Securities rolled out a new virtual human called Han Ji-ah to promote its research reports. The character, developed to resemble new employees who entered the company this year, summarizes and explains research reports in

Dec. 25, 2022

Seoul shares slump nearly 2% on rate hike woes

Seoul stocks retreated nearly 2 percent Friday amid expectations of further rate hikes in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 43.04 points, or 1.83 percent, to close at 2,313.69 points. Trading volume was moderate at about 360 million shares worth some 5.9 trillion won ($4.6 billion), with losers outnumbering gainers 796 to 98. Institutions bought a net 251 billion won, while foreigners sold 73 billion won and re

Dec. 23, 2022

Seoul shares open sharply lower on US losses

Seoul stocks opened sharply lower Friday, tracking overnight falls on Wall Street amid expectations of further rate hikes in the United States. The benchmark Korea Composite Stock Price Index fell 33.22 points, or 1.41 percent, to 2,323.51 points as of 9:15 a.m. Strong US economic data, including estimate-beating growth and consumption, added to the prospects that the US Federal Reserve may continue to raise interest rates next year in an effort to rein in high inflation. Overnight, the Dow Jone

Dec. 23, 2022

NongHyup Financial Group taps CEOs for affiliates

NongHyup Financial Group announced their affiliate CEO candidates, including NongHyup Bank, Thursday. The candidates were selected through a recommendation committee meeting held earlier in the day. The group has tapped Lee Seok-yong, a senior official in charge of planning and coordination at the National Agricultural Cooperative Federation, as NongHyup Bank CEO. NongHyup Bank is an affiliate of the National Agricultural Cooperative Federation. Lee joined the company in 1991 and has since been

Dec. 22, 2022

Seoul shares end higher despite recession woes

Seoul shares finished sharply higher on Thursday, despite concerns over a looming global recession. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 27.78 points, or 1.19 percent, to close at 2,356.73, ending its losing streak of the past five sessions. Trading volume was moderate at 415.98 million shares worth 5.96 trillion won ($4.67 billion), with gainers outstripping decliners 655 to 210. Foreigners and individuals sold a net 570 billion won wor

Dec. 22, 2022

Seoul shares open higher despite recession worries

Seoul shares opened higher Thursday, tracking Wall Street gains overnight, amid persistent worries about a global recession. The benchmark Korea Composite Stock Price Index rose 9.51 points, or 0.41 percent, to 2,338.46 in the first 15 minutes of trading. US stocks rallied overnight, boosted by strong earnings from some major companies and positive consumer confidence data. The Dow Jones Industrial Average jumped 1.6 percent, the S&P 500 rose 1.49 percent and the tech-heavy Nasdaq Composite

Dec. 22, 2022

Seoul shares open higher amid global recession woes

Seoul shares opened higher Wednesday amid concerns over a global recession after the US Federal Reserve vowed to continue its monetary tightening to tame inflation. The benchmark Korea Composite Stock Price Index rose 6.35 points, or 0.27 percent, to 2,339.64 in the first 15 minutes of trading. Institutions and individuals bought a combined 53 billion won ($41 million) worth of stocks, exceeding foreign selling valued at 51 billion won. Fed officials last week indicated plans to raise the rate t

Dec. 21, 2022

Seoul shares down on recession woes, Japan's yield curve policy change

South Korean stocks ended lower Tuesday dragged down by investor concerns over a global recession and the Japanese central bank's yield curve policy change that heralds a possible monetary tightening. The Korean won sharply strengthened against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.88 points, or 0.80 percent, to close at 2,333.29, extending its losing streak to a fourth session. Trading volume was moderate at 353.63 million shares worth 5.2 trillion won ($4.

Dec. 20, 2022

Seoul shares open lower on fears of global recession

Seoul shares opened lower Tuesday, tracking falls on Wall Street, amid investor concerns over a global recession after the US Federal Reserve vowed to continue its monetary tightening to tame inflation. The benchmark Korea Composite Stock Price Index declined 10.63 points, or 0.45 percent, to 2,341.54 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average decreased 0.49 percent to 32,757.54, and the tech-heavy Nasdaq Composite shed 1.49 percent to 10,546.03. Last week, t

Dec. 20, 2022

Seoul shares down for third day on global recession worries

Seoul shares ended lower to extend their falls for the third consecutive day Monday as investors remain concerned the US Federal Reserve's additional rate hikes could result in a global recession next year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 7.85 points, or 0.33 percent, to close at 2,352.17, extending its losing streak to a third session. The trading volume was moderate at 312.32 million shares worth 4.85 trillion won ($3.72 bill

Dec. 19, 2022

Seoul shares open lower on recession fears

South Korean shares opened lower Monday on growing fears of a global economic slowdown over the Federal Reserve's monetary tightening to tame inflation. The benchmark Korea Composite Stock Price Index fell 11.29 points, or 0.48 percent, to 2,348.73 in the first 15 minutes of trading. On Friday, US shares ended lower as weak data on the real economy and the Fed's rate hikes stoked fears of the global economy facing a hard landing. The Dow Jones Industrial Average lost 0.85 percent, and

Dec. 19, 2022

Retail investors' top 10 stocks log negative return rates

Korea's top 10 most popular stocks among retail investors, including tech titan Samsung Electronics and internet giants Naver and Kakao recorded negative return rates this year, as shares end lower on growing recession fears. The top 10 shares most bought by individual investors in Korea were Samsung Electronics, Naver, Kakao, preferred shares of Samsung Electronics, SK hynix, Doosan Enerbility, Kakao Bank, EcoPro BM, LG Electronics and Samsung Electro-Mechanics, Korea Exchange data showed.

Dec. 18, 2022

Toss Securities joins hands with Hana Bank for 24-hour forex trading service

Hana Bank on Thursday signed a memorandum of understanding with Toss Securities, the brokerage arm of fintech company Viva Republica, to jointly provide around-the-clock service for foreign exchange trading. “Through continuous cooperation with various financial companies like Toss Securities, we will create a new trend in the foreign exchange market,” Hana Bank official Namgoong One said in a statement. According to Hana Bank on Friday, the bank will mainly provide exchange rate i

Dec. 16, 2022

Seoul shares end lower on growing recession fears

South Korean stocks finished slightly lower Friday as investors worried about a global economic slowdown amid the Federal Reserve's continued push for aggressive monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 0.95 point, or 0.04 percent, to close at 2,360.02, extending a losing streak to a second session. The trading volume was moderate at 404.6 million shares worth 7.03 trillion won ($4.31 billion), with decliners ou

Dec. 16, 2022

Seoul shares open lower on recession woes

South Korean shares opened sharply lower Friday, tracking overnight losses on Wall Street, as the US Federal Reserve's continued push for aggressive monetary tightening deepened concerns about a global economic recession. The benchmark Korea Composite Stock Price Index fell 20.39 points, or 0.86 percent, to 2,340.58 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average lost 2.25 percent, and the tech-heavy Nasdaq Composite sank 3.23 percent, as data showed that ret

Dec. 16, 2022

Seoul shares end lower on hawkish Fed tone

Seoul shares ended lower Thursday after the US Federal Reserve signaled its plans for additional interest rate hikes next year with the warning of an economic slowdown. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 38.28 points, or 1.60 percent, to close at 2,360.97. Trading volume was light at 366.15 million shares worth 6.03 trillion won ($4.6 billion), with decliners outstripping gainers 540 to 307. Institutions and foreigners sold a combined

Dec. 15, 2022

Seoul shares open lower on Fed's hawkish stance

Seoul shares opened lower Thursday tracking falls on Wall Street as the US Federal Reserve signaled that its rate hikes would continue next year. The benchmark Korea Composite Stock Price Index fell 11.58 points, or 0.48 percent, to 2,387.67 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.4 percent to 33,966.35, and the tech-heavy Nasdaq Composite declined 0.8 percent to 11,170.89. The drops come after the Federal Open Market Committee raised its benchmark

Dec. 15, 2022

Seoul shares rise to 1-week high on eased US inflation woes

South Korean stocks finished over 1 percent higher Wednesday as a slowdown in US inflation boosted hope for the Federal Reserve's less aggressive monetary tightening. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.13 point, or 26.85 percent, to close at 2,399.25, ending a two-day winning streak. Trading volume was light at 402.37 million shares worth 5.59 trillion won ($4.31 billion), with gainers outstripping decliners 632 to 226. The

Dec. 14, 2022

Hana Financial taps CEO candidates

Hana Life Insurance CEO Lee Seung-lyul, 59, was named the final candidate to be considered as the new head of Hana Bank, in Hana Financial Group’s latest leadership reshuffle, which took place earlier than usual. Hana Financial Group said Wednesday it completed CEO nominations for its affiliates Hana Bank, Hana Securities and Hana Card through a recommendation committee meeting held the day before. It was the first CEO reshuffle to be made after the group's chairman Ham Young-joo to

Dec. 14, 2022