Seoul stocks fall on valuation pressure, dollar appreciation

South Korean stocks retreated Wednesday on the increase in the value of US currency and the valuation pressure of local stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.58 points, or 0.28 percent, to close at 3,061.42 points. Trading volume was moderate at about 1.1 billion shares worth some 14.2 trillion won ($12.5 billion), with gainers outnumbering losers 476 to 378. Foreigners sold a net 297 billion won, while retail investo

March 31, 2021

Wall Street's crypto endorsement pushes Bitcoin

The booming adoption of digital coins by institutional players pushed the price of a bitcoin to new heights Wednesday. Bitcoin soared to a record high of 71.6 million won ($63,200) in the morning Wednesday, according to Upbit, a South Korean cryptocurrency exchange that trades 184 coins. Wednesday’s rally came after a series of institutional endorsements from big players in various industries that began earlier this year. On Tuesday, PayPal, which has 375 million users, launched a

March 31, 2021

Dual-class share system needed for unicorns’ local IPOs: KRX chief

The head of South Korea’s sole stock bourse operator on Wednesday said that allowing a dual-class share system in the country would help more unicorns -- privately held startups valued at 1 trillion won ($884 million) or higher -- to consider listing in the local market. “Both the country’s ruling and the main opposition parties have discussed matters related to adopting dual-class voting rights. If the government allows the system, we believe that it will likely attract (pro

March 31, 2021

Bourse operator to look into measures to improve short-selling scheme before May enforcement

The South Korean bourse operator said Wednesday that it will check on its regulations on stock short selling, a trading technique that has been temporarily banned here since March last year, before its resumption in May. The Financial Services Commission (FSC) banned short selling of stocks from March 16 for a six-month period, in a move to ease a market rout caused by the COVID-19 pandemic. The temporary ban was extended twice until May 2, and short selling is set to resume on May 3. "W

March 31, 2021

Korean multistrategy hedge fund is APAC's top performer of 2020: Preqin

A multistrategy hedge fund by a South Korean manager logged the highest annual net return for 2020 in the Asia-Pacific region, data showed Wednesday. The hedge fund, Gudo TAO Fund 1, net returned 124.99 percent, topping the list of Asia-Pacific-based multistrategy hedge funds through 2020, according to data from international market data tracker Preqin. The fund outperformed peers managed by Singapore’s Caygan Capital as well as Hong Kong‘s Factorial Management and BRIC Neutron A

March 31, 2021

KB Asset fetches W3tr for ESG-themed funds

The combined value of KB Asset Management’s environmental, social and corporate governance funds exceeded 3 trillion won ($2.7 billion), the South Korean company said Wednesday. Its ESG-themed funds pooled investments worth some 600 billion won during the first quarter alone, added the Seoul-based asset management firm. In terms of the assets under its management, funds targeting alternative assets came to 2.1 trillion won, while those dedicated to equities and exchange-traded funds at

March 31, 2021

Seoul stocks open tad higher on recovery hopes

South Korean stocks opened slightly higher Wednesday on market optimism for a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 3.36 points, or 0.11 percent, to 3,073.36 points in the first 15 minutes of trading. Top cap Samsung Electronics traded flat, while No. 2 chipmaker SK hynix shed 0.37 percent. Giant internet portal operator Naver increased 0.93 percent, with its rival Kakao moving up 0.41 percent. Pharmaceutical giant Samsung Biol

March 31, 2021

Korean investors consider buying more real estate in 2021

South Korean investors are willing to acquire more real estate assets this year than last year, as the market shows signs of recovery from the coronavirus pandemic with the expansion of vaccination programs, according to a report released by global commercial real estate services firm CBRE on Tuesday. A survey of 492 investors in the Asia-Pacific region, including 40 from Korea, showed that 53 percent of Korean investors said they would purchase more real estate this year than in 2020. The figu

March 30, 2021

Samsung Card issues asset-backed securities for ESG

South Korean credit card company Samsung Card said Tuesday that it had issued foreign currency asset-backed securities linked to environment, social and governance projects. The new securities with an average of five-year maturity total $300 million in value. French banking firm BNP Paribas is one of the main investors. Capital raised through the latest securities issuance will be utilized to beef up ESG-based business operations, the card issuer said. The card business arm of Samsung Group h

March 30, 2021

Bill Hwang: Pioneer of Wall Street's Asia investing and culprit behind Archegos blowup

Bill Hwang, the Korean American trader behind US market unrest involving lossmaking trades of New York-based Archegos Capital Management, was said to be one of the first Wall Street trailblazers in equity investing in East Asia including South Korea, until his fall from grace. The South Korean-born hedge fund trader is said to have played a role in bringing his mentor and investment guru Julian Robertson’s attention to the crisis-battered East Asian market in the late 1990s, including his

March 30, 2021

Bitcoin price resurges despite coin delisting risks

Bitcoin is reaching 70 million-won mark again Tuesday amid a global credit company’s digital coin endorsement. According to local crypto exchange Upbit, Bitcoin price rose above 69 million won ($60,860) as of 1:50 p.m., after falling as low as 62 million won on March 25. Tuesday’s Bitcoin rally came after Visa Card announced Monday that it would accept cryptocurrencies for credit card bills. In its pilot program, Visa Card will allow settlement of transactions in USD Coin, a st

March 30, 2021

Seoul stocks advance on hopes of global economic rebound

South Korean stocks advanced more than 1 percent Tuesday on strong foreign and institutional buying, aided by expectations of a quick global economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.96 points, or 1.12 percent, to close at 3,070.0 points. Trading volume was moderate at about 1 billion shares worth some 13.9 trillion won ($12.3 billion), with gainers outnumbering losers 531 to 307. Foreigners

March 30, 2021

Seoul stocks open higher on hopes of global economic rebound

South Korean stocks opened higher Tuesday, tracking the Dow's overnight gains that stemmed from expectations of a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 14.74 points, or 0.49 percent, to 3,050.78 points in the first 15 minutes of trading. Investor sentiment was boosted after the Dow Jones Industrial Average set another record overnight over the progress in the US vaccine rollout. Advances by auto and financial shares led the KOSP

March 30, 2021

IMM PE to exit from Taihan Electric Wire for W251.8b

IMM Private Equity has agreed to sell a 40 percent stake in Taihan Electric Wire to Hoban E&C for 251.8 billion won ($222.2 million) to exit from the industrial wire maker, a filing showed Monday. This will mark the first exit announced this year by South Korea’s third-largest private equity firm that has $5.4 billion-worth of assets under management. The deal involving Taihan’s 342.6 million common shares is scheduled to close on May 31. Hoban E&C will become Taihan&rsquo

March 29, 2021

NH Investment offers simulated stock shopping

Brokerage firm NH Investment & Securities said Monday it is looking to build closer ties with young customers by opening a pop-up store at Seoul’s newest department store, the Hyundai Seoul. Named NH Super Stock Market, the pop-up store is part of the brokerage house’s brand awareness project aimed at presenting its corporate vision and targeting the so-called MZ generation. The term, a combination of millennials and Generation Z, refers to those born between 1980 and the early

March 29, 2021

Toss to launch public administration services

Viva Republica, operator of the fintech app Toss, said on Monday that it will be launching public administration services in collaboration with the government to provide information on COVID-19 vaccination and fines for violating traffic rules. Starting from Thursday, users can check their turns for getting the shots from the service named “the Public Secretary,” Toss said. It also plans to offer vaccine-related information such as where to get vaccinated and updates on the vaccine

March 29, 2021

Kyobo Life Insurance establishes new leadership with 3 CEOs

South Korean insurer Kyobo Life Insurance said Monday that the company would be led by three CEOs by adding a new chief to lead digital transformation. Pyun Jung-beom, the newly appointed co-CEO, is a sales and strategy development expert who climbed the corporate ladder in Kyobo since 1988. The new chief will be in charge of leading projects to accelerate digitalization at the company and to enhance the company’s capability for marketing and sales, officials said. Co-CEO and Chairman

March 29, 2021

[Feature] Not just window shopping: Young generation dives into art market

Appreciating art at galleries and exhibitions is a pure joy for Jeong Hye-young, a 35-year-old office worker in Seoul, not just because it takes her mind off her stress-filled work life but also because she sees how the works increase in value. “I don’t think art is only for the rich. After starting to buy paintings, I feel like I know more about the artists and truly enjoy the artworks,” said Jeong, who collects paintings by contemporary artists including Oh Chi-gyun, best

March 29, 2021

Kakao’s Klaytn to offer nonfungible tokens on OpenSea

Klaytn, the blockchain project of Korea’s Internet giant, Kakao, said on Monday that it has partnered with OpenSea, the fast-emerging marketplace for nonfungible tokens. Klaytn, which is developed by Ground X, will begin to support Klaytn-based NFTs on OpenSea by the end of June. OpenSea is the largest NFT marketplace for user-owned digital goods, which include collectibles, gaming items, domain names, digital art, and other assets backed by a blockchain. Unlike fungible cryptocurrenci

March 29, 2021

S. Korea’s e-payment up 32% to daily average of W700b

Electronic payments in South Korea increased 32.7 percent on-year in 2020, hitting a record high of 705.5 billion won ($624 million), in terms of daily average transactions, amid the COVID-19 pandemic, central bank data showed Monday. “The social distancing measures implemented due to the spread of the COVID-19 has led to a continued expansion of contactless online transactions,” the Bank of Korea said in a statement. The reading marked the highest amount since the BOK started col

March 29, 2021