Overseas stock transactions hit all-time high amid meme stock fad

South Koreans’ transactions of foreign shares reached a new high in 2021 as retail investors rushed to trade meme stocks, data showed Wednesday. Domestic investors’ trading of overseas shares was valued at $277.1 billion from the beginning of the year to Sept. 16, according to data compiled by the Korea Securities Depository. The figure was up by 39.7 percent from last year’s accumulated trading volume of $198.3 billion, having already exceeded the 2020 total on June 21, the

Sept. 22, 2021

[Feature] How fans are turning favorite K-pop songs into investments

K-pop fans have found a new way to support their favorite idols that could also fatten their wallets at the same time. A growing number of fans are experimenting with new investment methods by investing in shares of copyrights to songs by idols. This new combination of Korean culture and investing comes as K-pop fans seek alternative and meaningful ways to show support for their stars.  For instance, Music Cow, a platform for investing in K-pop songs, allows fans to buy shares to own par

Sept. 21, 2021

NPS exposure to Japanese ‘war crimes companies’ reaches W1.57tr: lawmaker

The National Pension Service, Korea‘s largest public pension scheme, has 1.57 trillion won ($1.33 billion) exposure to stocks of what was labeled as “war crimes companies” during the World War 2, data showed Sunday. NPS was directly investing some 880 billion won in companies suspected to have contributed to Japanese ruling of the Korean Peninsula during Korea’s colonial era as of February, according to data compiled by the ruling Democratic Party of Korea‘s lawma

Sept. 19, 2021

FSS to appeal against court decision favoring Woori chairman

The Financial Supervisory Service said Friday it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, Sohn

Sept. 17, 2021

[Newsmaker] More than 30 crypto exchanges expected to announce shutdown on Friday

Time ran out Friday for cryptocurrency exchanges to announce the closure of their services if they would not be operable after Sept. 24, marking a critical time that will decide the fate of many cryptocurrency exchanges in the country. More than 30 cryptocurrency exchanges were expected to give notice for a service shutdown by the end of Friday, as 24 exchanges have not applied for the Information Security Management System and 10 failed to acquire a certificate, according to industry source

Sept. 17, 2021

Shinhan acquires stake in ICT solutions provider for online corporate banking platform

Shinhan Bank said Friday that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform. Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data. Shinhan and Douzone Bizon ha

Sept. 17, 2021

Seoul stocks rebound ahead of Chuseok holiday

South Korean stocks closed higher Friday ahead of a three-day holiday as investors weighed the pace of the economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.42 points, or 0.33 percent, to close at 3,140.51 points. Trading volume was moderate at about 575 million shares worth some 14.6 trillion won ($12.4 billion), with losers outnumbering gainers 491 to 380. Foreigners bought a net 46 billion won, while

Sept. 17, 2021

BOK provides less money ahead of Chuseok

The Bank of Korea (BOK) said Friday it has injected a smaller amount of bank notes into circulation this year than a year earlier ahead of the Chuseok fall harvest holiday as private consumption has slumped amid the COVID-19 pandemic. The BOK provided a net 4.8 trillion won ($4.08 billion) worth of bills to financial institutions during the 10 working days before the holiday, down 4.8 percent compared with the same period last year. This year's Chuseok holiday, the Korean equivalent of Thanksgiv

Sept. 17, 2021

Stock trading soars 70.5% in 2020 amid investment craze

Stock transactions in South Korea spiked more than 70 percent in 2020 amid an investment craze among retail investors, data showed Friday. The value of stock trading in Asia's fourth-largest economy stood at 35,397.3 trillion won ($30.2 trillion) last year, up 70.5 percent from a year earlier, according to the data from the Financial Supervisory Service. The on-year growth rate is much higher than the 6 percent increase recorded the previous year. In the first six months of the year alone, stock

Sept. 17, 2021

Seoul stocks open lower as investors test waters

South Korean stocks opened lower Friday ahead of the holiday as investors weigh the pace of an economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) fell 14.08 points, or 0.45 percent, to 3,116.01 points in the first 15 minutes of trading. Stocks retreated as investors took to the sidelines to digest mixed US economic indicators, such as weak price and strong retail sales in August, and their impact on the global economy. Overnight, the Dow Jones Industrial

Sept. 17, 2021

OK Savings Bank’s ‘Pak Se-ri tournament’ to kick-off Friday

Female golfers will gather Friday to play in a Korea Ladies Professional Golf Association tournament hosted by OK Savings Bank, which returned this year after being canceled in 2020 due to the COVID-19 pandemic. The KLPGA’s OK Savings Bank Pak Se-ri Invitational – which takes its name after the legendary South Korean golfer – is scheduled from Friday to Sunday at Sejong Silkriver Country Club & Gallery in the city of Cheongju, North Chungcheong Province. Some 120 playe

Sept. 16, 2021

[Market Eye] Hyundai Motor’s succession plan a headache to Hyundai Card

With the independence of Hyundai Motor Group’s financial arms looking increasingly likely, concerns are growing that they will face higher debt financing costs as a result. The prospects have been raised amid signs of governance restructuring for Hyundai Motor Group to allow a full-fledged family succession that would consolidate Chairman Chung Euisun’s control. A carve-out of financial arms is essential to Hyundai Motor Group’s transformation into a holding firm under Korea

Sept. 16, 2021

KB-Shinhan green fund to finance renewable energy project in Sweden

  A green fund jointly invested in by two South Korean banking giants -- KB and Shinhan-- will partly finance a renewable energy project in Sweden, officials said Thursday.  The financial holding firms invested a combined 80 billion won ($68.4 million) in the Global Green Energy Partnership Fund set up in April last year. Korea Midland Power, Korea Hydro & Nuclear Power and Sprott Korea Investment also joined the fund designed to facilitate development of renewable energy across

Sept. 16, 2021

Seoul stocks open flat

South Korean stocks opened flat Thursday amid easing concerns about a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.84 points, or 0.06 percent, to trade at 3,151.56 points in the first 15 minutes of trading. In Seoul, market bellwether Samsung Electronics declined 0.26 percent, with No. 2 chipmaker SK hynix losing 1.86 percent. Internet portal operator Naver added 1.5 percent, but giant pharmaceutical firm Samsung Biologics decreased 1.6 percent.

Sept. 16, 2021

Cyworld, Hancom form strategic partnership for metaverse project

Cyworld, the once-popular social networking service, signed a strategic partnership with Hancom, an office suite software developer in South Korea, according to both companies on Wednesday. The partnership comes as Cyworld gears up to jump into the market with its metaverse-powered service Cyworld Z. The metaverse refers to a virtual world in which individuals can interact as avatars through different kinds of virtual technology such as augmented reality and virtual reality. The partnershi

Sept. 15, 2021

Seoul stocks up for 4th day on foreign buying

South Korean stocks advanced for a fourth session Wednesday, supported by foreign buying, as some investors sought to digest the weak inflation data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.57 points, or 0.15 percent, to close at 3,153.4 points. Trading volume was moderate at about 605 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 531 to 322. Foreigners bought a n

Sept. 15, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Wednesday as bargain hunters sought oversold stocks on expectations of future price hikes. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.09 points, or 0.13 percent, to 3,152.92 points in the first 15 minutes of trading. Bio and bank gains led the Kospi's rise, while chemical and auto shares got off to a weak start. Market kingpin Samsung Electronics added 0.26 percent, but No. 2 chipmaker SK hynix retreated 1.4 percent. Internet portal operator

Sept. 15, 2021

[Exclusive] Hyundai Card says it has 'no plan' for IPO

Fubon-backed Hyundai Card said Wednesday that it has “no plan” to carry out an initial public offering, despite heated market anticipation for the firm’s market debut over the last two years. “We do not have a plan to carry out an IPO,” a Hyundai Card official told The Korea Herald. "Regarding the Fubon-Affinity deal, it was made without an IPO in mind, it was a different alternative." The credit card firm was under an IPO mandate stipulated in a contra

Sept. 15, 2021

Foreign investors prefer Korean stocks with high growth potential: data

Foreign investors put more value on high growth potential rather than stability when choosing which domestic stocks to purchase, a report showed Tuesday. According to a report from Korea Economic Research Institute, foreigners tended to buy more shares when the firm showed an improvement in business growth. On the contrary, they reduced the volume of net purchases when the firm stabilized its business. The report also showed that offshore investors’ net purchase trends had a strong tie

Sept. 14, 2021

Seoul stocks up for 3rd day ahead of US inflation data release

South Korean stocks advanced for the third straight session Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 20.97 points, or 0.67 percent, to close at 3,148.83 points. Trading volume was moderate at about 700 million shares worth some 15.4 trillion won ($13.2 billion), with gainers outnumbering losers 607 to

Sept. 14, 2021