Fed’s tapering talk has limited impact on Korean market ‘for now’

The reports surrounding the US Federal Reserve’s plan to trim bond purchases over an extended period have had limited impact on the Korean market “for now,” First Vice Finance Minister Lee Eog-won said Tuesday. The remark follows some volatility observed in the nation’s main bourse in the events leading up to and after US Fed Chairman Jerome Powell’s speech at the Fed’s annual Jackson Hole gathering last week. The central bank may begin withdrawing some of i

Aug. 31, 2021

Blackstone seeks up to W320b in exit from handbag maker IPO

New York-based private equity firm Blackstone is attempting to cash in on its holdings in Simone Acc Collection for up to 320.7 billion won ($275.3 million) in a partial exit involving an initial public offering, a prospectus showed Tuesday. The IPO of luxury handbag maker Simone, which could fetch up to 400.9 billion won before its proposed October listing on the Korea Exchange‘s main board Kospi, will allow the world’s largest private equity investor to carry out an immediate exi

Aug. 31, 2021

Seoul stocks open lower amid virus woes

South Korean stocks opened lower Tuesday as investors took to the sidelines amid the country's protracted fight against its worst wave of the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03 points, or 0.13 percent, to trade at 3,140.16 points in the first 15 minutes of trading. South Korea's fight with the current wave of the pandemic weighed on investor sentiment as health authorities struggle to flatten the virus curve ahead of the Chuseok holiday next month. In

Aug. 31, 2021

Hahn & Co. sues Namyang Dairy for breach of contract

Seoul-based buyout firm Hahn & Co. has filed a lawsuit against Namyang Dairy Products shareholders for failing to abide by a binding contract to sell their controlling shares to them, the nation’s second-largest private equity fund said Monday. The lawsuit, submitted to the Seoul Central District Court on Aug. 23, is meant to urge shareholders, including Namyang Dairy Chairman Hong Won-sik, to implement the sales deal signed on May 27 as planned, Hahn & Co. said in a statement.

Aug. 30, 2021

Ruling on Woori chief signals clemency to CEOs for misselling scandal

A court ruling that nullified a penalty for Woori Financial Group Chairman and Chief Executive Officer Sohn Tae-seung signals clemency for other chiefs of banks and other financial institutions who have been blamed for their role in a series of private fund misselling scandals, industry sources said Monday. The ruling by the Seoul Administrative Court Friday was in favor of Sohn, rescinding a “reprimand” warning on the banking group chiefs by the Financial Supervisory Service. The

Aug. 30, 2021

Seoul stocks gain for 2nd day on US Fed's cautious signal

South Korean stocks gained for a second consecutive session Monday as investors remained optimistic about the US Federal Reserve's cautious stance on withdrawing its ultra-easing monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 10.29 points, or 0.33 percent, to close at 3,144.19 points. Trading volume was moderate at about 595 million shares worth some 11.6 trillion won ($9.9 billion), with gainers outnumbering losers

Aug. 30, 2021

Standard Chartered launches blockchain trade finance platform

Standard Chartered said Monday it has launched a blockchain-based digital trade finance platform through a joint venture with Chinese supply chain financial technology firm Linklogis. The platform named Olea will be operated by the joint venture headquartered in Singapore, with a goal of bringing together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing." Amelia Ng, an official from SC Ventures, the fintec

Aug. 30, 2021

Seoul stocks open higher on US Fed's cautious stance

South Korean stocks opened higher Monday as investors are relieved by the US Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading. The Kospi advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separatel

Aug. 30, 2021

Upbit cements market leadership in South Korea’s crypto trading scene

Amid controversial regulatory efforts being made to keep cryptocurrency trading in order, Upbit appears to have solidified its leadership in the market. Upbit retained its title as South Korea’s largest cryptocurrency exchange in terms of cash parked, and the number of subscribers and transactions, data showed Sunday. According to the data from Rep. Yoon Do-hyun of the People Power Party, a member of National Policy Committee, Upbit had 5.3 trillion won ($4.5 million) deposited its acc

Aug. 29, 2021

Seoul stocks to move in tight range this week after Fed chief's dovish comment

South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t

Aug. 29, 2021

Korea hails first REIT to hit stock market this year

South Korea on Friday saw its first public real estate investment trust debut on the domestic stock market this year, with more debutants headed for the listing soon. D&D Platform REIT, which holds office and industrial portfolios at home and abroad, started trading on the Korea Exchange‘s main board Kospi Friday. A REIT refers to a vehicle designed to offer dividend returns to its investors through investments in securitized real estate assets. The nation’s first multisector

Aug. 27, 2021

Seoul stocks slightly up ahead of Fed chair's speech

South Korean stocks finished higher Friday after a choppy session as investors await the comments from the chief of the US Federal Reserve about its tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.37 points, or 0.17 percent, to close at 3,133.9 points. Trading volume was low at about 512 million shares worth some 10.9 trillion won ($9.3 billion), with gainers outnumbering losers 586 to 259. Foreigners sold a ne

Aug. 27, 2021

KB Securities seeks approval to acquire Indonesian brokerage firm

South Korean banking giant KB Financial Group is ramping up its push to venture into the Indonesian financial industry, as its securities brokerage arm awaits a regulatory approval to set foot in the largest economy in Southeast Asia. KB Securities, a Seoul-based investment bank and brokerage house, said Friday it is poised to inject some 50 billion won ($42.8 million) in capital to become a new shareholder of an undisclosed midsized Indonesian firm dedicated to securities underwriting and bro

Aug. 27, 2021

Seoul stocks open lower on US tapering uncertainties

South Korean stocks opened steeply lower Friday as investors await the results of the meeting in Jackson Hole, Wyoming, for clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.65 points, or 0.31 percent, to trade at 3,118.88 points in the first 15 minutes of trading. The KOSPI and its global stock peers retreated amid concerns that the Fed could start rolling back its accommodative policies as early as later t

Aug. 27, 2021

Seoul stocks snap 3-day winning streak on BOK's rate hike

South Korean ended its three-day winning streak Thursday as the central bank delivered its first pandemic-era rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 18.28 points, or 0.58 percent, to close at 3,128.53 points. Trading volume was moderate at about 719 million shares worth some 13.2 trillion won ($11.3 billion), with losers outnumbering gainers 488 to 349. Foreigners sold a net 363 billion won, while retail investor

Aug. 26, 2021

Hyundai Card launches credit card with Naver

Hyundai Card announced Thursday it has launched a private label credit card in collaboration with IT giant Naver to bolster the credit card issuer’s online retail business. According to the company, the Naver Hyundai Card offers rewards and benefits to customers using online transaction and subscription services via Naver. A PLCC refers to a credit card rolled out by a credit card issuer, but which offers benefits from a specific retailer the issuer has partnered with. The credit card

Aug. 26, 2021

Korea becomes proving ground for global PEFs

The exit strategies of global private equity firms in South Korea indicate that Asia‘s fourth-largest economy is becoming a new proving ground for capital allocation in the Asia-Pacific region, according to market watchers on Thursday. The latest to do so was Bain Capital Private Equity, which inked a 1.7 trillion-won ($1.4 billion) deal to exit from listed botulinum toxin maker Hugel. Bain Capital Private Equity on Wednesday agreed to sell its 5.4 million shares and some 800,000 convert

Aug. 26, 2021

Netmarble offloads KakaoBank shares worth W113b ahead of casino game buy

Netmarble sold 133 billion won ($114 million) worth of shares in KakaoBank to secure liquidity, a regulatory filing showed on Thursday, ahead of the payment deadline for its acquisition of a social casino game company. This is the second time the mobile game company unloaded its holding in KakaoBank after it sold 6 million shares for 430 billion won on Aug. 10, just days after the internet-only bank successfully made its market debut on Aug. 6. After the two rounds of offloading, it still hol

Aug. 26, 2021

Seoul stocks open higher ahead of US Jackson Hole meeting

South Korean stocks opened higher Thursday ahead of the meeting in Jackson Hole, Wyoming, as investors seek clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.97 points, or 0.19 percent, to trade at 3,152.78 points in the first 20 minutes of trading. After a three-day winning streak, the KOSPI got off to a solid start as investors expect the Fed to not hurry its timeline to roll back its stimulus amid surging

Aug. 26, 2021