Buyers’ sentiment high despite tightening measures

Buyers’ sentiment for Seoul apartments hit its highest point in five months this week, despite the government’s tightening measures, data showed Friday. According to the Korea Real Estate Board, an index gauging the balance between supply and demand for homes surged by 0.3 point this week, from 107.6 to 107.9. When the index exceeds 100, demand for homes is stronger than the supply available in the market. The data suggests that the market is defying the government’s attemp

Aug. 6, 2021

Seoul stocks down for 2nd day on virus concerns

South Korean stocks retreated Friday for a second straight session as investor sentiment weakened over concerns about the spreading new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 5.77 points, or 0.18 percent, to close at 3,270.36 points. Trading volume was moderate at about 931 million shares worth some 15.2 trillion won ($13.3 billion), with losers outnumbering gainers 464 to 355. Foreigners bought a net 55.6 billion w

Aug. 6, 2021

Kakao Pay’s brokerage arm secures 5 million subscribers

The number of subscribers to Kakao Pay Securities, the brokerage arm of mobile messenger giant Kakao, surpassed the 5 million mark as of July, 17 months since its inception, the company said Friday. The number is equivalent to one-fifth of the 28 million South Koreans who are economically active, it added. According to the Korea Financial Investment Association, the number of accounts used for public offering funds via Kakao Pay Securities surpassed 2.1 million as of June. The number of sub

Aug. 6, 2021

KakaoBank becomes S. Korea’s top financial firm with market debut

KakaoBank became the largest financial company in South Korea by market capitalization with its market debut Friday, although its share price failed to meet expectations of hitting the daily upper limit. Shares of the country’s biggest mobile-only bank began trading at 53,700 won ($46.98), 37.7 percent higher than its initial public offering price of 39,000 won. It later rose a further 26 percent to 68,000 won during the morning trade, far less than the market expectation of reaching t

Aug. 6, 2021

Seoul stocks open higher on US gains

South Korean stocks opened higher Friday, tracking overnight rallies on Wall Street that stemmed from optimism over jobless data. The benchmark Korea Composite Stock Price Index (Kospi) rose 6.6 points, or 0.2 percent, to trade at 3,282.73 points in the first 15 minutes of trading. The Kospi got off to a solid start on bio and financial gains. Overnight, the S&P 500 gained 0.6 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite both

Aug. 6, 2021

[Newsmaker] Jackpot or bubble? KakaoBank IPO sizzles

South Korea’s largest mobile-only bank, KakaoBank, will have its much-anticipated initial public offering Friday, seeking to raise 2.55 trillion won ($2.23 billion) on the country’s main bourse. Its market debut has been drawing excitement from investors who expect the mobile banking arm of Kakao to hit the jackpot, but skeptics warn of risks that there will be “too many” stocks available right after its IPO, as well as its heavy reliance on retail banking in a heavily re

Aug. 5, 2021

Seoul stocks snap 3-day winning streak on bio, tech losses

South Korean stocks snapped a three-day winning streak Thursday on investors attempted to lock in profits from the recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 4.25 points, or 0.13 percent, to close at 3,276.13 points. Trading volume was moderate at about 671 million shares worth some 11.7 trillion won ($10.2 billion), with gainers outnumbering losers 518 to 308. Foreigners bought a net 70 billion won, while retail in

Aug. 5, 2021

Insurance companies roll out products targeting young Koreans

Insurance companies, typically some of the most conservative firms in finance, are rolling out subscription services and setting reasonable payment terms to meet the needs of young Koreans in a bid to secure future customers. Hanwha Life Insurance said Thursday it has launched three subscription insurance products. Unlike other insurance products that dole out money only when customers are deceased, injured or hospitalized, the company offers benefits related to daily consumption. “The

Aug. 5, 2021

SK REIT gears up Kospi market debut in September

SK REIT, the first real estate investment trust from South Korea’s third-largest conglomerate SK Group, said Thursday that it has begun the process for an initial public offering on the country’s benchmark Kospi in September. The REIT obtained approval on its registration statement from the Financial Service Commission. The REIT aims to raise 232.6 billion won ($203.7 million) from the IPO by floating around 46.5 million new shares at 5,000 won apiece.  Book building for ins

Aug. 5, 2021

Online lender Kakao set to debut on stock market

South Korean internet-only bank is slated to debut on the country's main stock market this week in one of this year's mega initial public offerings. Kakao Bank will make its debut on the KOSPI market Friday, with its public offering price set at 39,000 won ($34.1). Kakao Bank, the larger of South Korea's two online lenders, hopes to raise 2.55 trillion won via its listing on the main bourse. Its IPO has drawn a rather tepid response from retail investors with the subscription rate standing at

Aug. 5, 2021

Seoul stocks open higher on bio gains

South Korean stocks opened higher Thursday, backed by strong advances in major bio stocks. The benchmark Korea Composite Stock Price Index (Kospi) added 6.83 points, or 0.21 percent, to trade at 3,287.21 in the first 15 minutes of trading. Bio stocks jumped as the country's daily new coronavirus cases sharply increased to the 1,700s on Wednesday despite the strongest virus restrictions. Giant pharmaceutical firm Samsung Biologics jumped 3.1 percent, with Celltrion advancing 1.67 percent. SK B

Aug. 5, 2021

Financial firms need ESG-oriented business strategy: report

Seoul-based consulting firm KPMG Samjong on Wednesday urged local financial firms to accelerate their sustainable corporate management through business strategies focused on environmental, social and governance factors, or ESG.  “To enhance corporate values, local financial institutions should integrate ESG values into their business processes, ranging from strategy making to risk management,” KPMG Samjong said in its report.  “For instance, while improving gover

Aug. 4, 2021

Seoul stocks spike over 1% on tech gains

South Korean stocks rallied by more than 1 percent Wednesday, mostly led by strong tech gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 43.24 points, or 1.34 percent, to close at 3,280.38 points. The figure marks the largest daily gain since May 10. Trading volume was moderate at about 621 million shares worth some 12.2 trillion won (US$10.7 billion), with gainers outnumbering losers 713 to 149. Foreigners bought a net 908 billion

Aug. 4, 2021

Hyundai Motor chief logs huge gains from bargain share buys in pandemic

Among South Korean CEOs taking advantage of low share prices in the initial phase of the pandemic, Hyundai Motor Group Chairman Chung Euisun was the most active purchaser, and also generated the largest gains, data showed Wednesday. Of 852 former and incumbent CEOs of the country’s top 500 listed companies in terms of market capitalization, 144 purchased shares in their companies between January last year and July 30 this year, according to local corporate tracker CEO Score. The CEOs bo

Aug. 4, 2021

Dutch pension fund urges Seoul to scrap domestic coal power projects

Amsterdam-based APG Asset Management, a subsidiary of Dutch pension fund administrator APG, warned in a letter to the South Korean government that its failure to scrap a plan to build coal-fired power plants here will constitute a “significant risk factor” to its investment in Korea. The letter, disclosed by Seoul-based nonprofit Solutions for Our Climate Wednesday, involves three plants with a combined power capacity of 6.3 gigawatts under construction in Gangwon Province. The pri

Aug. 4, 2021

NH NongHyup asks Bithumb, Coinone to halt deposit, withdrawal services

South Korea’s NH NongHyup Bank, which issues real-name accounts for two major cryptocurrency exchanges here – Bithumb and Coinone – asked them to halt deposit and withdrawal services until they adopt stronger money laundering regulations, reports said Wednesday. The commercial lender has reportedly requested the two exchanges to quicken its pace in adopting the “travel rule,” a global standard that requires virtual asset service providers to share the identities of

Aug. 4, 2021

Seoul stocks open higher on Wall Street rallies

South Korean stocks opened higher Wednesday, tracking overnight rallies on Wall Street over optimism for strong corporate earnings. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.51 points, or 0.2 percent, to trade at 3,243.65 points in the first 15 minutes of trading. The KOSPI got off to a strong start on foreign buying, led by tech gains. The S&P 500 gained 0.82 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite

Aug. 4, 2021

Krafton’s IPO subscription draws lukewarm response from retail investors

Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, has drawn lower-than-expected interest from retail investors for its initial public offering, with deposits for the stock offering at 5.04 trillion won ($4.38 billion) by its two-day public subscriptions’ deadline at 4 p.m. Tuesday, according to data compiled by its underwriters. The amount for the accumulated subscriptions was far less than SK ie technology (80.9 trillion won) and SK Bioscie

Aug. 3, 2021

Centroid eyes TaylorMade Golf IPO after $1.9b buyout deal

An investor consortium led by the Seoul-based equity firm Centroid Investment Partners has closed a $1.87 billion deal to buy a 100 percent stake in TaylorMade Golf from US private equity firm KPS Capital Partners, Centroid said Tuesday. The buyout deal will lay the groundwork for the US-based golf equipment and clothing maker to go public in the future, the Korean investor said. When TaylorMade does go public, the investor consortium will have enough room to seek a “considerable amount

Aug. 3, 2021

Seoul stocks up for 2nd day on tech gains after choppy trading

South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil

Aug. 3, 2021