Bithumb bans trading from countries with no anti-money laundering measures

Bithumb, a South Korean cryptocurrency exchange operator, said Tuesday that it has put restrictions on crypto trading accounts held by users staying in regions that have not adopted anti-money laundering measures. A total of 21 nations are currently on the watchlist for failing to implement anti-money laundering measures issued by the Financial Action Task Force, an intergovernmental body that sets international standards to prevent global money laundering and the financing of terrorism. Iran

March 9, 2021

FSC extends eased liquidity rules for banks amid pandemic

South Korea’s financial regulator said Tuesday it has decided to further ease local lenders’ obligations to pile up liquid assets until September, in a move to encourage them to prop up the real economy reeling from the prolonged COVID-19 pandemic.  The liquid coverage ratio, or LCR, is the proportion of necessary assets held by financial institutions, which serves as a key indicator for a bank’s financial soundness.  Under the current LCR regulation designed to c

March 9, 2021

Seoul stocks down for 4th day on inflation concerns

South Korean stocks slumped for a fourth consecutive session Tuesday amid growing concerns over post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.99 points, or 0.67 percent, to close at 2,976.12 points. Trading volume was moderate at about 1.5 billion shares worth around 18 trillion won ($15.8 billion), with losers outnumbering gainers 570 to 276. Foreigners sold a net 642 billion won, while retail investors pur

March 9, 2021

Korea's final coal power project faces renewed scrutiny

South Korea’s last coal power project in Gangwon Province is facing renewed scrutiny as civic activists called for a state audit against Korean financial institutions for allegedly overlooking and condoning risk factors in financing the private-led project, dubbed Samcheok Blue Power Plant.  The targets are seven financial companies, including the Korea Development Bank, the Industrial Bank of Korea and the National Agricultural Cooperative Federation, according to Korea’s civi

March 9, 2021

Korea floats W12.9tr ESG bonds in first 2 months

South Korean companies have issued a combined 12.9 trillion won ($11.3 billion) worth of green, social and sustainability bonds from January to February, data showed Tuesday. In the first two months of 2021, social bonds accounted for nearly two-thirds of the total issuance of bonds aligned with ESG factors, followed by green bonds and sustainability bonds -- a hybrid of green and social -- according to data by the Korea Financial Investment Association. In February alone, Korean firms floate

March 9, 2021

Bond issuance soars in Feb.

Bond issuance in South Korea rose by more than 11 trillion won in February from the previous month due mainly to increased state and corporate debt sales, industry data showed Tuesday. The value of bonds sold in Asia's fourth-largest economy stood at 75.2 trillion won ($65.9 billion) last month, up 11.3 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of government bonds increased by 5.5 trillion won, and the issuance of corporate

March 9, 2021

Market volatility may increase amid rising bond yields: official

South Korea's financial markets are likely to undergo further volatility as bond yields and inflation risks are rising amid hopes for an economic recovery, a vice finance minister said Tuesday. First Vice Finance Minister Kim Yong-beom warned that if US bond rates continue to rise, asset prices may suffer a decline, after their bull run caused by ample liquidity. "If US bond yields continue to rise, investors could turn risk-averse, which could spark a fall in asset prices and capital out

March 9, 2021

Seoul stocks open lower on inflation concerns

South Korean stocks opened lower Tuesday, tracking overnight tech losses on Wall Street that stemmed from concerns over post-pandemic inflation. The benchmark Korea Composite Stock Price Index fell 3.7 points, or 0.12 percent, to 2,992.41 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.41 percent, as yields of the US benchmark 10-year Treasury rebounded and finished just shy of 1.6 percent. In Seoul, top cap Samsung Electronics lost 0.61 percent,

March 9, 2021

Competition heats up over SK Bioscience’s book building

As COVID-19 vaccination campaigns have picked up pace around the globe, South Korean drugmaker SK Bioscience has garnered keen attention from investors at home and abroad ahead of its market debut. The vaccines unit of the nation’s No. 3 conglomerate SK Group wrapped up its two-day book building Friday. While institutional investors placed bids to obtain new shares for the initial public offering, a total of 1,464 domestic and foreign institutions participated, according to investment ba

March 8, 2021

Seoul stocks fall under 3,000 amid renewed inflation concerns

South Korean stocks fell under the 3,000-point threshold on Monday, as improved Chinese economic data and higher US bond yields stoked renewed concerns over rising inflationary pressure. The Korean won weakened against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.15 points, or 1 percent, to close at 2,996.11 points. Trading volume was moderate at about 1.9 billion shares worth some 15.5 trillion won ($13.7 billion), with losers outnumbering gainers 551 to 302.

March 8, 2021

Korean Air raises W3.3tr by issuing new shares

South Korea’s largest airline, Korean Air, said Monday that it had successfully raised 3.3 trillion won ($2.9 billion) by issuing new shares. Of the funds raised through the latest capital increase, some 1.5 trillion won will be used to acquire domestic rival Asiana Airlines, according to the carrier. In the funding round, which ran from March 4 to 5, the right to buy the newly issued shares was given only to the firm’s existing shareholders and members of the employee stock owne

March 8, 2021

Tesla tumble disappoints Korean stockholders

Korean investors holding some $8 billion worth of stocks in US electric vehicle maker Tesla appear to be unnerved after its recent stock price fall. According to the latest data from the Korea Securities Depository, Tesla was Korea‘s favorite foreign stock, holding a combined $8.1 billion worth of shares as of March 2. This was followed by US tech giants Apple, Amazon and Alphabet, the holding company of Google. In the past two months, Korean investors net bought $1.36 billion worth of

March 8, 2021

Seoul stocks open higher on strong Chinese data

South Korean stocks opened higher Monday on improved Chinese economic data and slowing bond yield hikes in the United States. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.31 percent, to 3,035.65 points in the first 15 minutes. Steel, financial and tech stocks led the KOSPI's hike, while retail and insurance traded bearish. Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix advanced 0.36 percent. Leading chemical firm LG Chem retreated 1.11 perce

March 8, 2021

Foreign investors' stock sell-offs extended in Feb.

Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Monday. Foreigners sold a net 3.24 trillion won ($2.87 billion) worth of local stocks in February, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.37 trillion won of stocks last month, while investors from the Cayman Islands net purchased 840 billion won worth of stocks, according to the FSS. As o

March 8, 2021

Woori Financial Group joins first movers list of ESG bonds

Woori Financial Group plans to issue environmental, social and governance hybrid bonds in South Korean won after gaining top credentials, the company said Sunday, joining a growing list of investment firms tapping into the fast-growing market. The financial company said it plans to issue ESG bonds in the form of hybrid securities after acquiring ST1, the highest grade for sustainable financing in a five-tier grading system, from Korea Ratings, a credit rating company. Woori plans to decide the

March 7, 2021

Korean golf courses pricier than ever for investors

South Korea‘s golf courses are carrying heftier price tags as investment destinations than ever, and their transactions are becoming more and more active, as the coronavirus pandemic since last year has opened doors to more golfing activities and investors are scrambling for more attractive options for their real asset investments, data showed Sunday. The total investment transaction volume of Korean golf facilities in 2020 reached an all-time-high, rising twofold year-on-year to 1.43 tri

March 7, 2021

S. Korea’s number of ultra-high net worth individuals up 6.3%

South Korea marked the eighth-highest rate of growth in the number of individuals with ultrahigh net worth, recent data compiled by a global property consultancy showed Sunday. The number of ultrawealthy people in Korea -- those with net assets worth $30 million or more -- increased by 6.3 percent on-year to 7,354 in 2020, according to the annual wealth report released by Knight Frank. The number of people around the globe at the same standard of net wealth rose by 2.4 percent on-year to 521,6

March 7, 2021

Stocks narrow losses as strong retail trading offset bond yield woes

South Korea‘s stock market narrowed down losses in the early morning session on Friday as retail trading has nearly offset lingering bond yield concerns in the United States. The Korea Exchange’s main board Kospi shed 0.6 percent to close at 3,026.26 points, as Kospi was down 2 percent in early morning trade. The development board Kosdaq inched down 0.3 percent in closing, reducing from 2 percent in the morning. Retail investors here continued to be active in trading. On Friday, l

March 5, 2021

Seoul stocks open lower on inflation concerns

South Korean stocks opened lower Friday on overnight Wall Street losses, as investors were disappointed by the absence of comments from the US Federal Reserve to help stave off inflation concerns. The benchmark Korea Composite Stock Price Index fell 39.41 points, or 1.29 percent, to 3,004.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.11 percent as yields of the US benchmark 10-year Treasury surged above the 1.5-percent threshold. In Seoul, t

March 5, 2021

SK Group expected to launch REIT this month

South Korean conglomerate SK Group will set up a company to run a real estate investment trust, or REIT, this month, according to reports Thursday. A REIT owns or finances real estate property to generate income, and allows investors to partially own valuable real estate and receive dividends. SK Holdings, the holding company of SK Group, is expected to obtain approval to establish the REIT later this month. After setting up a new subsidiary as early as this month, it will likely launch a RE

March 4, 2021