KB Kookmin Bank makes inroads into Singapore

South Korea’s KB Kookmin Bank opened a branch in Singapore, which will work as its gateway into the Association of Southeast Asian Nations and global markets, the firm said Thursday. The launch of the branch came eight months after KB Kookmin was granted a license to operate a wholesale bank from the Monetary Authority of Singapore, according to the firm. The new branch’s key focuses are retail, corporate and investment banking and will partially deal with brokerage services. Wi

Jan. 20, 2022

Seoul stocks open tad higher on bargain hunting

South Korean stocks opened slightly higher Thursday as investors sought to buy oversold stocks after the recent stock plunge. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.19 points, or 0.15 percent, to 2,846.47 in the first 15 minutes of trading. Stocks edged up after a choppy start, following the key stock index's four-day losing streak. Steel and chemical heavyweights led the gain. Steelmaker Posco added 2.64 percent, battery maker LG Chem advanced 1.23 percent, and SK In

Jan. 20, 2022

Seoul stocks down for 5th session on rate hike concerns

South Korean stocks extended their losing streak to a fifth consecutive session Wednesday as rising US yields and rate hike forecast weighed on investor sentiment. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) declined 21.96 points, or 0.77 percent, to close at 2,842.28 points. Trading volume was moderate at about 457 million shares worth some 9.6 trillion won ($8.1 billion), with losers far outnumbering gainers 653

Jan. 19, 2022

LG Energy Solution IPO draws record retail bids

Over 114 trillion won ($95.5 billion) in cash deposits from about 4.4 million retail investors flowed into a mega initial public offering by LG Energy Solution during a two-day subscription that ended Wednesday, reflecting explosive interest in the company’s market debut. The world’s second-largest battery maker has already attracted the highest amount of deposits from a total of 1,988 domestic and foreign institutional investors, which pledged some 15,000 trillion won in total to b

Jan. 19, 2022

Minister warns against campaign pledges affecting home prices

SEJONG -- Deputy Prime Minister and Finance Minister Hong Nam-ki raised the possibility that the housing market could be swayed by pledges of presidential candidates, and suggested he would try to block any speculative actions in particular regions via close monitoring. During a meeting of ministers in charge of real estate policies on Wednesday, Hong said there are symptoms that “home prices in some regions have been affected by pledges over large-scale development during the presidentia

Jan. 19, 2022

Seoul stocks open lower on US tech plunge

South Korean stocks opened lower Wednesday, tracking an overnight plunge on Wall Street amid heightened expectations of a rate hike by the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) declined 19.22 points, or 0.67 percent, to 2,845.02 points in the first 15 minutes of trading.  On Tuesday (local time), the Dow Jones industrial average fell 1.51 percent, the S&P 500 went down 1.84 percent and the Nasdaq, which is heavily weighted with technology stocks, de

Jan. 19, 2022

State pension fund cuts exposure to domestic shares in 2021

South Korea's state pension fund lowered its exposure to large cap and other domestic shares in 2021 in an apparent bid to boost returns and diversify its portfolio, a corporate tracker said Wednesday. The National Pension Service (NPS) held stakes of 5 percent or more in 265 companies listed on the country's major and secondary bourses as of end-2021, down 10 from a year earlier, according to CEO Score. Compared with two years earlier, the number was down as many as 49. Last year, the state

Jan. 19, 2022

Korea Exchange decides to delist SillaJen

The Korea Exchange on Tuesday announced its decision to delist biotech company SillaJen, 20 months after the biotech company’s market transactions were stopped due to breach of trust and embezzlement charges. The stock market operator will hold a Kosdaq market committee within the next 20 business days to finalize whether it will push ahead with the delisting decision or give SillaJen a second chance at revival. Although the company can raise an objection to the market committee if it o

Jan. 18, 2022

Seoul stocks open slightly lower amid inflation uncertainties

South Korean stocks opened a tad lower Tuesday, weighed down by persistent inflation woes at home and in the United States. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.08 points, or 0.04 percent, to 2,973.56 points in the first 15 minutes of trading. Stocks came off to a lackluster start after the key stock index retreated for the previous three straight sessions amid jitters over the US Federal Reserve's faster-than-anticipated tapering and rate hikes to tame inflation.

Jan. 18, 2022

Seoul stocks hit 7-week low on inflation risk

South Korean stocks dropped to their lowest in almost seven weeks on Monday as investors dumped holdings on concerns about mounting inflationary pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 31.82 points, or 1.09 percent, to close at 2,890.1 points. The reading marked the lowest closing since Nov. 30. Trading volume was moderate at about 571 million shares worth some 9.8 trillion won ($8.2 billion), with losers outnumbering g

Jan. 17, 2022

Banks turn to richest clients for 2022

With government restrictions on loans getting tighter and financial technology firms expanding their presence, South Korean banks are turning to their wealthiest clients and their asset management as a survival tactic this year. NongHyup Bank CEO Kwon Joon-hak pledged Monday to adopt a new model that connects customers with wealth managers through its own digital channel. He said he plans to provide professional and quality services to customers using its digital wealth management channel, in

Jan. 17, 2022

Retail subscriptions open for LG Energy Solution IPO

LG Energy Solution is offering retail investors the opportunity to submit bids for its shares ahead of what could potentially be South Korea’s biggest-ever initial public offering next week, having already attracted vastly oversubscribed institutional bids to the tune of some 15,000 trillion won ($12.6 trillion). The world’s second-largest battery maker for electric vehicles is offering a little over 10 million shares -- nearly a quarter of the 42.5 million shares in total -- to ret

Jan. 17, 2022

Seoul stocks open lower on auto, financial losses

South Korean stocks opened lower Monday, weighed by losses of auto and financial heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) declined 13.39 points, or 0.46 percent, to 2,908.53 points in the first 15 minutes of trading. The key stock index got off to a weak start, following a two-day losing streak amid concerns about the rising inflationary pressure at home and in the United States. In Seoul, leading carmaker Hyundai Motor lost 1.67 percent, with its smaller affili

Jan. 17, 2022

LG Energy Solution IPO may be behind stock market retreat

The benchmark Kospi and junior Kosdaq have retreated for the past month as investors offloaded a combined 9.4 trillion won ($7.8 billion) in shares in what many see as stepping up preparations for a battery maker listing, which is expected to set a record later this month. LG Energy Solution, the world’s second-largest battery maker after China’s CATL, is expected to raise 12.7 trillion won in its initial public offering set for Jan. 27, with shares priced 300,000 won each, at the t

Jan. 16, 2022

LG Energy Solution to raise W12.75tr in nation’s largest-ever IPO

LG Energy Solution said Friday that heated institutional demand has set its initial public offering price at the top end of its target range at 300,000 won ($252.80). In a regulatory filing, the firm said as many as 1,988 institutions have subscribed to its offering of 41.5 million initial issues. The shares were oversubscribed by more than 2,023 times, with all of the investors proposing to buy at the highest price range. “LG Energy Solution attracted 15.2 quadrillion won in demand

Jan. 14, 2022

Seoul stocks dip for 2nd day on rate hike concerns

South Korean stocks extended their losing streak to a second session Friday amid concerns about fast rate hikes at home and in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 40.17 points, or 1.36 percent, to close at 2,921.92 points. Trading volume was moderate at about 523 million shares worth some 10.6 trillion won ($8.9 billion), with losers outnumbering gainers 663 to 209. Institutions sold a net 600 billion w

Jan. 14, 2022

Seoul stocks open lower on US tech fall

South Korean stocks opened steeply lower Friday, tracking an overnight stock plunge on Wall Street as US Federal Reserve officials signaled aggressive policies to rein in the rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) declined 26.43 points, or 0.89 percent, to 2,935.66 points in the first 15 minutes of trading. The retreat was led by losses in tech stocks, usually more sensitive to rate hikes compared with other sectors. The tech-heavy Nasdaq composite

Jan. 14, 2022

Seoul stocks snap 2-day winning streak on US inflation woes

South Korean stocks retreated after a two-day increase Thursday, as investors worry rising inflation in the United States could hasten the Federal Reserve's tapering move. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.39 points, or 0.35 percent, to close at 2,962.09 points. Trading volume was moderate at about 597 million shares worth some 11.3 trillion won ($9.5 billion), with losers outnumbering gainers 449 to 412. Institutions so

Jan. 13, 2022

Seoul stocks open nearly flat on US inflation data

South Korean stocks opened nearly flat Thursday as investors digest high-flying inflation data in the United States, a factor that could hasten the Federal Reserve's tapering. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.08 points, or 0.04 percent, to 2,973.56 points in the first 15 minutes of trading. Stocks got off to a muted start as the US consumer price index showed a 7 percent increase in December, the highest on-year jump in almost four decades. Overnight, the t

Jan. 13, 2022

Naver, Kakao share dip shocks young investors

For Lim Ji-soo, a 30-year-old retail investor living in Seoul, Kakao and Naver shares account for 80 percent of her spare money and most of her stock portfolio. “I wish I’d found a more appropriate timing to purchase the stocks – I didn’t know they’d fall like this,” she said Wednesday. Lim is one of the growing number of “young Korean investors” in their 20s and 30s who believe that saving monthly wages is no longer the answer to their personal

Jan. 12, 2022