Teachers' fund denies rumor of bitcoin ETF investment

The Korea Teachers’ Credit Union, an institutional investor responsible for 40 trillion won ($34.3 billion) of assets as of end-June, denied Tuesday rumors that it was considering exposure to bitcoin, the world’s largest cryptocurrency, through an exchange-traded fund created by a Korean external partner. “The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so,” KTCU said in a statement. The remark came after it was rep

Oct. 26, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that stemmed from expectations for strong corporate earnings. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.33 points, or 0.47 percent, to 3,034.87 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.9 percent, and the Dow Jones Industrial Average gained 0.18 percent. Market bellwether Samsung Electronics added 0.43 percent to 70,500 won, and No. 2 chipmaker

Oct. 26, 2021

IMM Private Equity inks deal to buy stake in Hanssem for W1.45tr

IMM Private Equity said Monday it has signed a binding term to become the largest shareholder of South Korean kitchen and interior furniture goods manufacturer Hanssem in a 1.45 trillion won ($1.24 billion) deal. Under a sales and purchase agreement, the third-largest buyout firm based in Seoul, with $5.4 billion in assets under management, will buy 6.5 million ordinary shares -- or 27.7 percent of voting rights -- owned by sellers comprising founder Cho Chang-gul and his seven specially a

Oct. 25, 2021

[Market Eye] SK Telecom outlook rosy after spinoff, stock split: analysts

The stock value of South Korea’s top wireless carrier SK Telecom could go up if the company’s nontelecom spinoff and 5-for-1 stock split plans take effect in November, analysts of major brokerage houses said Monday. “The spinoff plan will boost SK Telecom’s corporate value. Its affiliated companies’ values will likely be reevaluated as well. ... We highly recommend investors to buy the stock before the trading suspension” ahead of the spinoff, Ahn Jae-min, a

Oct. 25, 2021

Seoul stocks snap 3-day losing streak on earnings hope

South Korean stocks snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The Korean won rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.38 points, or 0.48 percent, to close at 3,020.54 points. Trading volume was moderate at about 782 million shares worth some 10.3 trillion won ($881 billion), with gainers outnumbering losers 552 to 286. Foreigners bought a net 36 billion won, while retail investors sol

Oct. 25, 2021

Kakao Pay to speed up global expansion after IPO: CEO

Kakao Pay, the fintech arm of mobile giant Kakao Corp., plans to accelerate its global expansion drive after its market debut slated for Nov. 3, the company’s CEO said Monday. “In five years, overseas businesses will become an important part of Kakao Pay,” Ryu Young-joon said during an online press conference Monday, adding that his company plans to target both the cross-border payment industry and other opportunities in finance in the overseas market after the initial publ

Oct. 25, 2021

After sell-off failure, Citibank Korea to phase out consumer banking

   Citibank Korea, the South Korean unit of Citigroup, said Monday that it has decided to shut down its consumer banking operations in phases, instead of selling them off as planned.  Citing constraints in finding potential buyers with intentions to buy the units in one piece, the bank said plan B is to minimize customer inconvenience and protect employees’ jobs. The announcement, however, has drawn strong opposition from unionized workers who say the envisioned closure

Oct. 25, 2021

Seoul stocks open lower on inflation woes

South Korean stocks opened lower Monday amid concerns about the rising inflation pressure and oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 20.1 points, or 0.67 percent, to 2,986.06 in the first 15 minutes of trading. Stocks fell amid foreign and institutional sell-offs, largely in the wake of the Fed's signal that the present high-price pressure may not subside soon. Investor wariness grew as oil prices remained at a record-high level. Most stocks traded l

Oct. 25, 2021

[Market Eye] Record-breaking year expected for banking groups; financial stocks, maybe

Bank stocks in South Korea have long been regarded as an unappealing option for investors, but analysts say it may be their time to shine as the economy makes progress toward normalization and interest rates are no longer at record lows. The country’s big four banking groups -- KB Financial, Hana Financial, Shinhan Financial and Woori Financial -- are expected to see their combined profits grow by double digits in the quarter that ended in September, according to FnGuide, a financial inf

Oct. 24, 2021

IPO market growing weak over market volatility

South Korea‘s initial public offering market that hit a record high in the first half has been suffering plunging profit rates since July, market insiders said Sunday. According to Korea Exchange, the country’s stock market operator, stocks of 40 companies sold through public subscriptions saw an average of 27.5 percent in profit from July through Friday. The figure has nearly shed half compared to the 53.8 percent average profit rate of 52 companies’ stocks that went public

Oct. 24, 2021

Bumpy road lies ahead of top bidder to take over SsangYong Motor

A new shareholder group led by South Korea’s electric bus manufacturer Edison Motors has unveiled its capital procurement plan for its proposed acquisition of India-based Mahindra & Mahindra‘s embattled South Korean arm SsangYong Motor. But the plan was later countered by the state-run lender, Korea Development Bank, one of the major creditors of the ailing sports utility vehicle maker, signaling a rocky road ahead of the top bidder. On Friday, KDB said it is “inappropr

Oct. 24, 2021

Kakao Pay’s IPO price set at top end of 90,000 won

South Korean mobile payment app operator Kakao Pay has priced its initial public offering at 90,000 won ($76.60) per share, at the top end of its indicative price range of 60,000-90,000 won, the company said in a regulatory filing Friday. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, wrapped up its book building on Thursday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 1,545 domestic and overseas insti

Oct. 22, 2021

Dear U aims to launch K-pop metaverse platform via IPO

Dear U, a company under S.M. Entertainment that provides a platform service connecting K-pop stars and their fans, is looking to launch a metaverse platform with funds to be raised through its initial public offering. “We are looking forward to establishing a solid foothold as the No. 1 global communication platform provider through listing on the country’s secondary Kosdaq market. We are planning on expanding our services such as a metaverse platform,” Dear U Vice President L

Oct. 22, 2021

Seoul stocks close with little change amid China's Evergrande risk

South Korean stocks closed nearly flat Friday as investors took a wait-and-see mode over the debt crisis of Evergrande Group, a leading Chinese property developer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.17 points, or 0.04 percent, to close at 3,006.16 points. Trading volume was moderate at about 684 million shares worth some 8.9 trillion won ($7.6 billion), with losers outnumbering gainers 546 to 296. Foreigners sold a net 107

Oct. 22, 2021

‘Jeonse’ loans taken out by those in 20s, 30s soar W60tr

The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outstanding balance of jeonse loans at five major lenders here -- KB Kookmin Bank, Shin

Oct. 22, 2021

Seoul stocks open tad lower on China's Evergrande risk

South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62

Oct. 22, 2021

KB Financial‘s Q3 profit hits record high

South Korea’s KB Financial Group said Thursday its net profit in the January-September period came to 3.7 trillion won ($3.14 billion), eclipsing last year’s annual net profit. KB’s net profit in the first nine months of the year jumped 31.1 percent on-year and surpassed last year’s annual net profit of 3.4 trillion won, hitting a record high for the cited period. Onlookers said that the banking group is likely to see a record high for fiscal 2021 as well, likely surpas

Oct. 21, 2021

Blackstone-backed Simone Acc Collection pulls IPO plan

Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm. According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Securities and Mirae Asset Securities. The news came after its two-day book building targeting in

Oct. 21, 2021

Bitcoin inches closer to record high amid ETF launches

The world’s largest and best-known cryptocurrency, Bitcoin hit 80 million won ($67,900) on Thursday in Korea, inching closer to a historical high, following the much-anticipated listing of a Bitcoin exchange-traded fund in the US.  Bitcoin briefly touched 81.2 million won at around midnight, according to the largest crypto exchange Upbit on Thursday. On April 14, Bitcoin’s price reached its record high of 81.48 million won. As of 1:50 p.m, Bitcoin was trading at 79 million won

Oct. 21, 2021

Seoul stocks down for 2nd day over inflation woes

South Korean stocks closed lower Thursday after a choppy session, as the hopes for economic recovery is balanced against concerns about fast inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.8 points, or 0.19 percent, to close at 3,007.33 points. Trading volume was moderate at about 871 million shares worth some 10.3 trillion won ($8.7 billion), with loser outnumbering gainers 563 to 297. Foreigners bought a net 42 billion won

Oct. 21, 2021