KB Securities wraps up sale of UK logistics facility

South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017. The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket ch

Jan. 27, 2021

Seoul stocks fall on foreign selling ahead of US Fed meeting

South Korean stocks slumped after a choppy session Wednesday, largely due to heavy foreign selling related to concerns over fiscal policy tightening in major financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.75 points, or 0.57 percent, to close at 3,122.56 points. Trading volume was moderate at about 905 million shares worth some 19.4 trillion won ($17.6 billion), with losers outnumbering gainers 574 to 293. Foreigner

Jan. 27, 2021

New Korean equity fund bets on ESG momentum

South Korean investment firm Truston Asset Management said Wednesday that it is establishing a fund to invest in companies that have room for improvement in their environmental, social and governance standards, and to make changes through shareholder activism if necessary. The company, which managed assets worth 9.3 trillion won ($8.4 billion) as of end-2020, aims to raise some 500 billion won from public distribution channels in the nation, where unorthodox family business succession plans to

Jan. 27, 2021

NPS chalks up gains from stock investments in 2020

South Korea’s state-run pension fund raked in over 58 trillion won ($52.6 billion) from stock investments last year amid a bullish run on the local stock market, data showed Wednesday. The total amount of shares that the National Pension Service holds in listed companies, of which it owns 5 percent or more, was worth nearly 181.3 trillion won as of Friday. The figure has soared over 57.68 billion won or 46.7 percent from the start of last year, according to corporate tracker CEO Score.

Jan. 27, 2021

Apartment price gap widens to record high amid overheated housing market

The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday.  Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartme

Jan. 27, 2021

Seoul stocks tread water ahead of US Fed meeting

South Korean stocks opened nearly flat Wednesday as investors waited for the results of the US Federal Reserve's policy meeting. The benchmark Korea Composite Stock Price Index fell 1.4 points, or 0.04 percent, to 3,138.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics lost 0.35 percent, while No. 2 chipmaker SK hynix shed 1.16 percent. Leading chemical firm LG Chem moved down 2.2 percent, but rechargeable battery maker Samsung SDI climbed 0.25 percent. Pharmaceuti

Jan. 27, 2021

Food delivery services cash in on eat-at-home trend　

Total payments made on food delivery platforms Baedal Minjok and Yogiyo jumped 75 percent on-year in 2020 to reach a whopping 12.2 trillion won ($11 billion), according to retail market data tracker Wiseapp on Tuesday. The stunning growth is attributed to strong demand for food delivery services in line with the South Korean government’s strict social distancing measures and lockdowns to slow down the spread of the coronavirus pandemic. The payment volume on the two platforms stood at

Jan. 26, 2021

Retail investors push Kosdaq above 1,000 for first time in 20 years

South Korea’s tech-heavy Kosdaq rose above 1,000 points Tuesday for the first time in 20 years, before wiping out earlier gains in the afternoon. The secondary index inched up as much as 8.10 points to 1,007.40 points in the morning, for the first time since Sept. 14, 2000, then turned negative to close at 994.00 points, 0.53 percent lower than the previous day. The Kosdaq began at 1,000 points on July 1, 1996 and rose as high as 2834.40 points on March 10, 2000 before plummeting to 99

Jan. 26, 2021

Seoul stocks slump over 2% on profit-taking

South Korean stocks dropped more than 2 percent Tuesday as foreign and institutional investors sought to cash in profits after the key stock index hit its all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 68.68 points, or 2.14 percent, to close at 3,140.31 points. Trading volume was high at about 860 million shares worth some 21.6 trillion won ($19.5 billion), with losers outnumbering gainers 639 to 239.

Jan. 26, 2021

Hyundai Heavy Industries to go public on Korean stock market this year

Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Tuesday it will raise 1 trillion won ($907 million) by listing its shares on the main bourse this year for its environment-friendly business. Hyundai Heavy said it will issue new shares equivalent to a 20 percent stake in the company to finance its eco-friendly business projects following the initial public offering on the Korea Exchange within this year. The shipbuilder said it plans to use the proceeds from the new share s

Jan. 26, 2021

KRX chief to reform short-selling regulations for ordinary investors

The chief of South Korea’s sole bourse operator on Tuesday pledged to strengthen pre-to-post management of short-selling -- a strategy of borrowing, selling and repurchasing stocks to return them to the lender -- and reform unfair systems and practices on the matter. The nation’s financial watchdog previously announced it would be resuming short-selling from March 16, after first introducing a temporary ban in March last year, as the pandemic impact rattled the stock market. Local p

Jan. 26, 2021

Bourse operator to boost consumer trust, short selling system: KRX chief

South Korea's bourse operator said Tuesday it is willing to raise financial consumers' trust by strengthening monitoring of suspicious trading transactions and improving short selling regulations. The increase in the number of investors has raised people's standard for the local market, requiring a higher level of protection and fairness, Korea Exchange (KRX) Chairman Sohn Byung-doo said in an online press conference held in Seoul. "We are open to hearing different voices to reasonably ov

Jan. 26, 2021

Flurry of IPOs on horizon to join stock rally

It will be another busy year for initial public offerings in South Korea as a slew of companies are rushing to debut on the local stock market amid a stock rally and strong appetite from retail investors, analysts said Tuesday. Companies ranging from bio, battery makers, fintech to games are set to go public in 2021, following a string of successful IPOs last year driven by ample liquidity. The IPO market in Asia's fourth-largest economy could raise a record amount of money this year, analysts

Jan. 26, 2021

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Tuesday as foreign and institutional investors sought to cash in profits after the key stock index hit its all-time high the previous session. The benchmark Korea Composite Stock Price Index lost 12.9 points, or 0.4 percent, to 3,196.09 points in the first 15 minutes of trading. Samsung Electronics shed 1.01 percent, and No. 2 chipmaker SK hynix retreated 2.59 percent. Leading chemical firm LG Chem fell 0.61 percent, while rechargeable battery maker Samsung SD

Jan. 26, 2021

Seoul stocks surpass 3,200 to hit all-time high

South Korean stocks surpassed the 3,200-point threshold to finish at an all-time high Monday, with a flurry of big-name firms set to report their fourth-quarter earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 68.36 points, or 2.18 percent, to close at 3,208.99 points. The index hit an intraday high of 3,212.22 points. Trading volume was high at about 1 billion shares worth some 20.8 trillion won ($18.9 billion), with gainers o

Jan. 25, 2021

Korean content popularity boosts related stocks

South Korean media content-related stocks have soared at a fast clip, backed by rising demand for streaming services and growing expectations for the local entertainment industry to strengthen its global foothold, data showed Monday. Studio Dragon, a major local TV drama production firm, saw its shares climb 17.17 percent this year, from 92,600 won ($83.85) marked at the closing of Dec. 30 to 108,500 won touched at Monday’s closing. The stock hit its second-highest closing of 109,200 won

Jan. 25, 2021

FSS set to order local banks compensate Lime fund customers

South Korea’s market watchdog Financial Supervisory Service is slated to order local banks that sold the problematic funds structured by Lime Asset Management to compensate investors who were victims in the massive fraud, officials said Monday. Lime Asset has been under an FSS probe since July 2019 for having concealed huge losses and inflated investment returns to keep its customer base. It suspended fund redemption worth an estimated 1.6 trillion won ($1.4 billion). The dispute arbit

Jan. 25, 2021

Seoul stocks open higher on vaccine, earnings hope

South Korean stocks opened higher Monday on strong individual buying ahead of the fourth-quarter corporate earnings season this week and hopes for vaccines against the new coronavirus. The benchmark Korea Composite Stock Price Index added 15.05 points, or 0.48 percent, to 3,155.68 points in the first 15 minutes of trading. Airline, chemical and bio large caps did well, while auto and insurance shares traded bearish. Top cap Samsung Electronics rose 0.23 percent, and No. 2 chipmaker SK hynix a

Jan. 25, 2021

S. Korean retail investors' Tesla holdings top $10b

South Korean retail investors' holdings of shares in electric vehicle leader Tesla Motors Inc. soared nearly 32 percent this year to cross the $10 billion mark, data showed Monday. Local individual investors owned $10.33 billion worth of Tesla shares as of Friday, up 31.9 percent from the end of last year, according to the data from the Korea Securities Depository. The figure also represents a 73 times increase from the end of 2019 and South Korean retail investors' most-bought issue among for

Jan. 25, 2021

Hyundai Capital launches AI-powered platform to suggest quality second-hand cars

Contactless services have also gone mainstream in the second-hand car market with used car dealers increasingly adopting mobile technology to offer credible information on used cars. Joining in on the trend, auto financing firm Hyundai Capital launched an artificial intelligence-powered mobile platform in September last year, which helps consumers avoid low-quality used cars -- often called lemons and picked peaches -- in their recommendations. The used car mobile platform, named Check, has

Jan. 24, 2021