Seoul stocks likely to face volatility next week on virus woes

South Korean stocks are likely to face increased volatility next week as hopes for strong corporate earnings square off against escalating virus woes.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,217.95 points on Friday, down 1.94 percent from a week ago.    The key stock index started this week with gains, thanks to upbeat outlook for corporate earnings in the April-June period.    But stock prices plunged in the last three sessions,

July 10, 2021

Seoul stocks dip 1% over escalating virus woes

South Korean stocks slumped for the third day in a row Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus, to rein in the fast spreading COVID-19. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 34.73 points, or 1.07 percent, to close at 3,217.95 points. Trading volume was moderate at about 1.3 billion shares worth some 16.2 trillion won ($14.1 billion

July 9, 2021

Banks to shorten business hours amid COVID-19 resurgence

Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials said. The recent move came after the government announced it will implement Level 4 guidelines in Se

July 9, 2021

Seoul stocks open lower amid virus resurgence

South Korean stocks opened lower Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) fell 23.3 points, or 0.72 percent, to trade at 3,229.38 points in the first 15 minutes of trading. The Kospi came off to a lackluster start, as the country decided to raise its virus restrictions in the wider Seoul area to the highest level. The announcement came after t

July 9, 2021

Seoul stocks slump nearly 1% amid virus resurgence

South Korean stocks plunged nearly 1 percent Thursday as investors turned risk-averse amid a surge in new coronavirus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 32.66 points, or 0.99 percent, to close at 3,252.68 points. The figures mark the steepest daily fall since May 13. Trading volume was moderate at about 1.5 billion shares worth some 16.5 trillion won ($14.4 billion), with losers outnumbering gainers 777 to 106. F

July 8, 2021

Financial authority puts brake on banks’ co-investing in art

Local lenders have decided to stop providing access to customers looking for fractional art ownership via a mobile application after facing regulatory hurdles, according to sources Thursday. 　 Shinhan Bank recently notified customers that it will terminate its service partnership with Seoul Auction Blue, an online auction house that sells contemporary paintings, art toys and luxury goods, from July 30. Since January, the lender had offered online access to co-investing in art by embedding the

July 8, 2021

S. Korea delays launch of comprehensive data service

The scheduled launch of South Korea’s comprehensive data service project next month has been delayed, financial authorities said Thursday, with the COVID-19 pandemic stalling its development. The government-led MyData project, when launched, will allow licensed service providers to collect and analyze personal data scattered across the finance sector. The service providers must collect consumers’ consent before they can access their data, currently held separately by different finan

July 8, 2021

Bithumb stops accepting new foreign users

  Bithumb, one of South Korean major cryptocurrency exchanges, will stop accepting registrations of overseas users and block access from traders in four more countries that have been added to a money-laundering watch list. The cryptocurrency exchange will no longer receive applications for trading from overseas users starting 3 p.m. on Aug. 13. The same rule will be applied to foreign citizens in South Korea who do not have an alien registration card, it said. Both registrations and t

July 8, 2021

DoubleDown Interactive picks new IPO underwriter for Nasdaq listing

South Korean social casino game developer and publisher DoubleDown Interactive has accelerated an initial public offering push to debut on the tech-heavy Nasdaq bourse in the US by picking an additional lead manager, its parent company DoubleU Games said Thursday. According to the officials, DoubleDown Interactive chose B. Riley Securities as its new joint underwriter for the IPO along with the previously selected Macquarie Capital. The update on the underwriting company has been made through

July 8, 2021

More than 30 firms newly have market value of over W1tr in Q2

The number of South Korea's listed firms with a market capitalization of 1 trillion won ($875 million) or more rose by more than 30 in the second quarter amid a stock market rally, a corporate tracker said Thursday. A total of 274 listed companies were worth 1 trillion won or more as of end-June, up 32 from three months earlier, according to a survey of 2,357 corporations by CXO Institute. The total market capitalization of the companies came to 2,604 trillion won as of the end of June, up 8 p

July 8, 2021

Surging apartment prices prompt exodus from Seoul

With apartment prices soaring in the South Korean capital of Seoul, a growing number of residents are leaving the city for its surrounding areas, data showed Thursday.  According to data from Statistics Korea, from January to May, an average of 8,823 people moved out of the city each month. The agency forecast that the total net outflow for 2021 would reach 100,000. This contributed to overall changes in population. While Seoul‘s population declined 102,475 in the last six months,

July 8, 2021

Seoul stocks open higher on easing tapering woes

South Korean stocks opened higher Thursday as the US Federal Reserve's minutes signaled that the world's largest economy would not hurry its timeframe for tapering its asset purchasing program. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.43 points, or 0.23 percent, to trade at 3,292.77 points as of 9:15 a.m. Overnight, the Dow Jones Industrial Average advanced 0.3 percent, with the tech-heavy Nasdaq Composite and the S&P 500 adding 0.01 percent and 0.34 percent, respecti

July 8, 2021

Hyundai Card rolls out credit card for Genesis owners

South Korean credit card issuer Hyundai Card said Wednesday it has launched new credit cards which offer ultimate rewards, exclusively for owners of Hyundai Motor’s premium luxury sedan Genesis. Branded as Genesis Card edition, it is subdivided into two types -- mobility service and electric vehicle service. Depending on their car models, the Genesis owners can choose which card to use.  Cardholders, who are registered at Hyundai Motor‘s membership program called Blue Member

July 7, 2021

Busan tests potential as blockchain industry hub

BUSAN -- Blockchain experts gathered in Busan -- a city designated as a blockchain special zone -- on Wednesday to assess the city’s potential to become the center of a global digital information ecosystem. Introducing the city’s blockchain projects that are taking place here, Shin Chang-ho, director of the Future Industry Bureau of Busan Metropolitan City, said the blockchain technology has paved the way for the nation’s port city to transform into a financial hub and a glo

July 7, 2021

Seoul stocks dip amid virus woes, Kosdaq at another high

South Korean stocks closed lower Wednesday after hitting an all-time high the previous session amid growing concerns over a surge in new COVID-19 cases. The Korean won sharply fell against the US dollar on risk-averse sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.87 points, or 0.6 percent, to close at 3,285.34 points. Trading volume was moderate at about 1.1 billion shares worth some 14.3 trillion won ($12.7 billion), with losers outnumbering gainers 663 to 202. F

July 7, 2021

Seoul stocks open lower amid growing virus woes

South Korean stocks opened lower Wednesday as a surge in new coronavirus cases weighed down investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.92 points, or 0.45 percent, to trade at 3,290.29 points in the first 15 minutes of trading. South Korean stocks got off to a weak start after health authorities said the daily virus caseload topped 1,200 to reach a record high for this year. Market kingpin Samsung Electronics, which earlier estimated better-than-expecte

July 7, 2021

China deepens crypto crackdown with central bank warning

BEIJING (AFP) -- China's central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions. Beijing has turned a sharp eye on cryptocurrency in recent months as it widens its regulatory crackdown on the tech sector. Cryptocurrency trading is banned in China, and authorities have recently closed mines and warned banks to halt related transactions. On Tuesday, a Beijing office

July 6, 2021

Kospi renews record high closing above 3,305 points

South Korea’s benchmark stock index refreshed its record high closing on Tuesday, backed by foreigners and institutional investors’ extending buying sprees for two days. The Kospi index closed at 3,305.21, up 12 points or 0.36 percent, from the previous session’s close. It broke the previous record of 3,302.84 from June 25 but failed to reach as high as its all-time high of 3,316.08 set during intraday trading on the same day. Offshore investors and institutions purchased a

July 6, 2021

Kospi at renewed record high amid earnings hope

South Korean stocks advanced for the second consecutive day to close at a fresh record high Tuesday as hopes for strong second-quarter corporate earnings drove up tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 12 points, or 0.36 percent, to close at 3,305.21 points. Trading volume was moderate at about 1 billion shares worth some 14.5 trillion won ($12.8 billion), with gainers outnumbering losers 476 to 344. Foreigners

July 6, 2021

Brazilian fintech used for KakaoBank, Kakao Pay's value evaluation

KakaoBank and Kakao Pay, which are set to go public only seven days apart, each compared themselves to a Brazilian financial technology firm for their valuations, their initial public offering applications showed Tuesday. The companies last week submitted their applications to Korea Exchange, the country’s stock market operator. KakaoBank said it plans to go public on Aug. 5 while Kakao Pay set its IPO date for Aug. 12. In their IPO applications, KakaoBank compared itself to four over

July 6, 2021