Seoul stocks sink almost 1% on virus woes, China risk

South Korean stocks retreated nearly 1 percent Monday as investors remain cautious about the local resurgence of the new coronavirus and uncertainties from China's clampdown on tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 29.47 points, or 0.91 percent, to close at 3,224.95 points. Trading volume was moderate at about 813 million shares worth some 12 trillion won ($10.4 billion), with losers outnumbering gainers 662 to 212.

July 26, 2021

Krafton aims to expand globally via W4.31tr IPO

Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, said Monday that it looks to expand its foothold in the global market through its market debut on the nation’s main board Kospi early next month. “Our goal is to attain a leadership position preemptively in high-growth emerging markets such as India and the Middle East. Krafton’s strategy (for the goal) is expanding content to nongaming media and platforms by utilizing our intelle

July 26, 2021

Wadiz separates into two units to expand offline business

Crowdfunding platform Wadiz said Monday it has completed a organization overhaul by spliting the company into two entities in charge of financial and non-financial businesses to transform itself into a platform directly linking consumers and startups, both online and offline. Following the revamp, the parent company Wadiz Co Ltd. will be in charge of non-financial business while the subsidiary companies Wadiz Finance and Wadiz Partners will lead the financial business, the company said. &ldq

July 26, 2021

[ESG Talk] Enabling blockchain to be the foundational technology for ESG

Blockchain has been around for some time now, yet it still remains mysterious to many. Most people assume it is a disruptive technology to the current monetary system. However, in a vastly digitalized world where data is a valuable, fungible resource that brings endless innovations, blockchain tops the list as the game-changing technology. It can revolutionize nearly all industries such as finance, pharmaceuticals, and entertainment. Furthermore, blockchain can transform all company’s val

July 26, 2021

Banking groups post record H1 profits

Major banking groups here have been posting record earnings for the first half of the year amid ongoing COVID-19 woes, buoyed by lucrative earnings from their brokerages, insurers and card issuers, data released as of Monday showed. So far, four out of five major banking groups here – KB, Woori, Hana and NH – have announced robust net profits for the first six months of the year, eclipsing their stellar performances shown in the same period last year. KB’s net profit for th

July 26, 2021

Seoul stocks open lower amid COVID-19 concerns

South Korean stocks opened slightly lower Monday as investors remain cautious about the country's resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 2.02 points, or 0.06 percent, to 3,252.4 points in the first 15 minutes of trading. Stocks retreated after a two-day gain, as the spiking cases sapped demand for risky assets. On Friday, the government extended the highest Level 4 quarantine measures in the Seoul metropolitan area for another two wee

July 26, 2021

Eximbank to invest W100b into future mobility business

The state-run Export-Import Bank of Korea said Sunday it will invest 100 billion won ($87 million) in future mobility businesses to ensure local firms can gain an upper hand in those fields amid a rapidly changing global market. The areas it will allocate investments include electronic, hydrogen-fueled or automatic driving cars, urban air mobility, eco-friendly vessels and aerospace craft. The lender made the investment decision in line with the government-led Korean New Deal initiative, whic

July 25, 2021

[Feature] From cows to Rolex, young investors in Korea eye new alternative investment

High liquidity in the market has led some young retail investors on relatively small budgets to look into unconventional, and perhaps “fun,” ways of investing. By joining fractional investments in such areas as livestock and limited-edition Rolex watches, they expect somewhat stable returns, rather than entirely relying on volatile stock markets or cryptocurrencies that carry higher risks, according to industry insiders. What makes this new way of alternative investing possible are

July 25, 2021

Deferred loan payments for businesses total W108tr under COVID relief program

Deferred loan and interest payments owed by businesses hit by the COVID-19 pandemic in South Korea added up to an alarming 108 trillion won ($97 billion) this month, data showed Sunday. Since the launch of the deferral program in February last year, the combined amount of loans yet to be repaid totaled 99.7 trillion won as of Friday, data provided by the five major commercial banks here showed. Additionally, overdue payments set to be paid in installments amounted to 8.4 trillion won and overdu

July 25, 2021

Kakao looks to join W100tr club with financial subsidiaries’ IPOs

The combined market capitalization of Kakao and its affiliates is anticipated to reach 100 trillion won ($86.8 billion), as South Korea’s fifth-largest business group’s two financial subsidiaries ready themselves for initial public offerings. 　 As of Friday’s closing bell, the mobile messenger giant and its two listed affiliates Kakao Games and Neptune marked an aggregate market cap of 74.84 trillion won, according to the Korea Exchange on Sunday. Of that total, Kakao’s

July 25, 2021

Seoul stocks likely to tread on thin line next week amid earnings hope, virus woes

South Korean stocks are likely to face volatility next week as the virus resurgence continues to sap demand for risky assets, while optimism for robust earnings provides some relief. The benchmark Korea Composite Stock Price Index closed at 3,254.42 points Friday, down 0.69 percent from a week ago. The key stock index retreated in the first three sessions of this week, as daily virus cases again spiked, hitting a fresh high of 1,842 Thursday, despite the toughest virus curbs in the greater Se

July 24, 2021

Seoul stocks up for 2nd day on earnings hopes, ECB comments

South Korean stocks advanced for the second consecutive session Friday, largely as optimism for strong earnings and dovish signals from the European Central Bank (ECB) offset concerns over the extended virus curbs in greater Seoul. The Korean won strengthened against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.21 points, or 0.13 percent, to close at 3,254.42 points. Trading volume was moderate at about 761 million shares worth some 12.7 trillion won ($11 billi

July 23, 2021

Hyundai E&C to continue coal power project in Vietnam despite criticism

Climate activists on Friday blasted South Korean builder Hyundai Engineering & Construction for its decision to continue its 1,200-megawatt Quang Trach 1 coal power project along with Mitsubishi and Vietnam’s Construction Corp. Seoul-based not-for-profit organization Solutions for Our Climate said the failure to scrap what was proclaimed to be Hyundai E&C’s final coal project “directly contradicts the company’s own ESG vision” and neutralizes the impact of

July 23, 2021

Thrasio-like Korean startup raises seed funding

NextChapter, a South Korean startup designed to acquire small online native brands active on ecommerce platforms including Coupang, has raised a seed round equity funding to scale up its business largely inspired by a success of US unicorn Thrasio. Joining the round were domestic venture capital houses Klim Ventures and Fast Ventures, as well as foreign VCs BlueRun Ventures and Goodwater Capital. The amount of equity funding remains to be undisclosed. NextChapter said the company will use the

July 23, 2021

Tongyang Life sells entire stake in Woori Financial

Tongyang Life Insurance sold its entire stake in Woori Financial Group on Friday to secure more capital, in preparation for a stricter rule on local insurers’ fiscal soundness. According to a regulatory filing, the company had decided to sell all of its 3.74 percent stake (27.04 million shares) in the banking giant to some 60 domestic and foreign institutions, during its shareholders meeting held Thursday. The sale price was 301.5 billion won ($262 million), which accounts 9.7 percent

July 23, 2021

Seoul stocks open flat amid COVID-19 resurgence

South Korean stocks opened flat Friday as the country extended the toughest curbs for the greater Seoul area amid the resurgence of COVID-19. The benchmark Korea Composite Stock Price Index (Kospi) lost 0.1 point to 3,250.11 points in the first 15 minutes of trading. Stocks retreated as the fourth wave of the new coronavirus weakened investor sentiment, while strong earnings provided some relief. Earlier in the morning, the South Korean government extended the toughest virus restrictions in t

July 23, 2021

KakaoBank’s blockbuster IPO draws record-breaking bid

KakaoBank, South Korea’s largest internet-only bank, set a record Thursday in the initial public offering market history here, having attracted keen attention from investors both at home and abroad ahead of its market debut on the country’s main board Kospi next month. The banking arm of mobile giant Kakao wrapped up its book-building process Wednesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 1,667 domestic and offshore instituti

July 22, 2021

Seoul stocks snap 4-day losing streak on earnings hope

South Korean stocks snapped their four-day losing streak Thursday, as hopes for robust second-quarter earnings boosted investor sentiment despite the surge in new virus cases. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 34.3 points, or 1.07 percent, to close at 3,250.21 points. Trading volume was moderate at about 701 million shares worth some 12.8 trillion won ($11.1 billion), with gainers outnumbering losers 537 to 289. Foreigners

July 22, 2021

Authorities to tighten grip on unregistered overseas crypto exchanges

South Korea‘s top financial regulator is considering disciplinary measures against overseas cryptocurrency exchanges that are not registered with the nation’s anti-money laundering body, according to the National Assembly‘s National Policy Committee on Thursday. “Business activities carried out by overseas cryptocurrency exchanges targeting local customers without reporting to the Financial Intelligence Unit -- an anti-money laundering unit under the Financial Services C

July 22, 2021

Baemin Hyundai Card attracts 100,000 users

Baemin Hyundai Card, a food delivery-focused private label credit card product, has attracted over 100,000 users in eight months since the launch in November, card issuer Hyundai Card said Thursday. The cardusers are to redeem reward points in the form of “Baemin points,” which can be used like cash exclusively for food delivery orders through Baemin, South Korea‘s largest food delivery app. Baemin Hyundai Card users have food delivered through the Baemin app an average of 9

July 22, 2021