Brokerages up target prices for Samsung Electronics on chip rebound

South Korean brokerage houses have raised their target prices of Samsung Electronics Co. on signs of a recovery in global chip demand, sources said Tuesday. Some analysts predict the share price of Samsung Electronics, the world's top memory chip maker, to rise as high as 90,000 won ($83) after reaching the 70,000 won range on hopes of a rebound in its semiconductor business. Samsung Electronics, also the No. 1 smartphone manufacturer in the world, finished at an all-time high of 72,900 won on

Dec. 8, 2020

Korea Exchange delays delisting decision for scandal-ridden Kolon TissueGene

South Korea's main bourse on Monday postponed its decision on whether to delist the scandal-ridden drugmaker Kolon TissueGene, Inc. as it needs more time to make a final decision on the company's delisting. The postponment is expected to provide tech-heavy KOSDAQ-listed Kolon TissueGene a chance to present another turnaround program to the KOSDAQ market committee under the main Korea Exchange (KRX). The main stock exchange said it will reopen the review meeting, without giving the timeframe.

Dec. 7, 2020

POBA to commit $100m to foreign listed REITs

The Public Officials Benefit Association said Monday it plans to commit $100 million indirectly to foreign real estate investment trusts listed on stock markets of developed countries. The South Korean institutional investor, overseeing 15.2 trillion won ($14 billion) worth of assets, added that it would select a new external partner based outside of Korea by January 2021. POBA‘s open-ended investment will be made in a separately managed account established by the partnering fund manag

Dec. 7, 2020

Seoul stocks up for 5th session on chip, pharmaceutical gains

The South Korean stock market extended its all-time high for a fifth consecutive session Monday, backed by chip and pharmaceutical gains amid the government's strengthened social distancing measures. The Korean won closed unchanged at a nearly 30-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.99 points, or 0.51 percent, to close at 2,745.44. Trading volume was high at about 1.5 billion shares worth some 17.7 trillion won ($16.4 billion), with

Dec. 7, 2020

Mr. Pizza operator’s shares plunge after market return in 40 months

Shares of MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, plunged over 21 percent at the close, after it resumed trading on the nation’s secondary bourse after some three years and four months. Shares of MP Group began trading at 1,920 won ($1.80), down 210 won or 9.86 percent, from the previous session’s close on July 25, 2017. The firm’s stock continued to fall sharply to close at 1,670 won. Its subsidiary MP

Dec. 7, 2020

IPO proceeds in Korean market exceed W5tr

Companies going public this year in South Korea have fetched more than a combined 5 trillion won ($4.6 billion) in proceeds from their initial public offerings on the local stock market, filings showed Monday, as they took advantage of windfalls from stock rallies throughout this year on high market liquidity. The combined IPO proceeds of 66 companies listed this year as of Monday came to 5.17 trillion won, excluding the special purpose acquisition companies, respective prospectuses showed. The

Dec. 7, 2020

Seoul stocks open tad higher on pharmaceutical, chip gains

South Korean stocks opened slightly higher Monday due to strong pharmaceuticals and chip gains, following the government's decision to toughen the quarantine measures against the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.65 points, or 0.13 percent, to 2,735.1 in the first 15 minutes of trading. Stocks lifted after closing at an all-time high Friday, as hopes of vaccine development and chip demands continued to run high in the financial markets. The gain

Dec. 7, 2020

Foreigners remain net buyers of S. Korean stocks in November

Foreign investors remained net buyers of South Korean stocks in November, extending their buying spree for a second straight month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 6.12 trillion won ($5.6 billion) worth of local stocks in November, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 2.2 trillion won worth of stocks, while American investors bought a net 989 billion won last month, according to the

Dec. 7, 2020

Upbit Developer Conference discusses future of blockchain, CBDC

Riding momentum recently created in the blockchain and cryptocurrency industries, cryptocoin exchange operator Dunamu held a five-day conference for domestic and global blockchain developers last week to discuss the future of the industry as central banks around the globe experiment with digital money. Due to the global pandemic, the third annual Upbit Developer Conference was organized as a free online event, broadcasting a series of sessions from Nov. 30 to Friday, but still drew over 3,000

Dec. 6, 2020

Seoul shares likely to move in tight range next week

South Korean stocks are likely to move in a tight range next week after a continued rally this week as investors take a breather. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index (KOSPI) closed at an all-time high of 2,633.45 points Friday, up 3.72 percent from a week ago. The KOSPI exceed the 2,700-point mark for the first time Friday on extended foreign buying, buoyed by vaccine hopes and expectations of better earnings for exporters, particularly the chipma

Dec. 5, 2020

Hyundai Card’s Dive culture app bags top mobile award

South Korean credit card issuer Hyundai Card announced Friday that Dive, Hyundai Card’s culture app, had won a high-profile app award two years in a row. Hosted by the Korea Internet Professionals Association, a nonprofit body that supports the local internet industry, the Smart App Award is one of the most prestigious contests for apps developed by local companies and government agencies. Its annual awards go to the best smartphone apps in six categories -- visual design, user interfa

Dec. 4, 2020

Kospi tops 2,700-point mark for the first time on foreign buying

South Korea’s main bourse, Kospi, topped the 2,700-point mark for the first time on Friday with a continued rally by giant chipmakers. The local currency’s value against the US greenback also rose further after reaching its highest point in 30 months a day earlier. As soon as trading began, the Kospi surpassed its previous record of 2,696.22 set a day earlier and soared to 2,705.34, up 9.12 points or 0.34 percent. Buoyed by foreign investors’ buying binge to the tune of 766.6

Dec. 4, 2020

S. Korea's currency again touches 30-month high on US stimulus talks

South Korea's currency rose to a fresh 30-month high against the US dollar on Friday, propelled by signs of progress in US stimulus talks and the development of coronavirus vaccines. The won closed at 1,082.10 won per US dollar, sharply up 14.9 won from the previous session's close. It marked the strongest level since June 14, 2018, when the won closed at 1,083.10 won per US dollar. The won's rally was encouraged by prospects over a big US economic stimulus measure and breakthroughs in COVID-

Dec. 4, 2020

Seoul stocks open higher on chip gains

South Korean stocks opened higher Friday on a continued rally by giant chipmakers, after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.61 points, or 0.91 percent, to 2,720.83 in the first 15 minutes of trading. Tech, financial and steel related shares performed strongly, backed by expectations that early COVID-19 vaccine development may quicken the export-intensive economy. Overnight, the Dow Jones Indust

Dec. 4, 2020

Seoul stocks finish record-high again on chip, auto gains; Korean won soars

South Korean stocks set another all-time high Thursday despite a resurgence in new coronavirus cases, led by strong advances by chip and auto heavyweights. The Korean won sharply rose to an almost 30-month high against the US greenback. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.32 points, or 0.76 percent, to close at 2,696.22. Stock trading hours were pushed back by 1 hour due to the nationwide college entrance exam. Trading volume was moderate at about 810 million shar

Dec. 3, 2020

Fiscal chief reiterates drive to nurture chips, biotech, fuel cell vehicles

Finance Minister Hong Nam-ki on Thursday reiterated his call to foster the non-memory semiconductor, fuel cell vehicle, and bio-health industries to create new growth in the post-coronavirus era. Presiding over a meeting with ministers for economic affairs in Seoul, Hong discussed strategies to nurture the so-called “big three” sectors and lead the global digitalization, among others. “The government and private sector should join forces to revitalize the coronavirus-hit econ

Dec. 3, 2020

Kospi rally continues as Samsung Electronics shares hit W70,000 mark

South Korea’s main bourse Kospi continued its bullish run on Thursday with shares of market bellwether Samsung Electronics touching the 70,000-won mark during the intraday trading. Kospi started off at 2,686.38, up 10.48 points, or 0.39 percent, from the previous session’s close. Buttressed by both retail investors and foreigners’ buying spree, the index set an all-time high record of 2,696.22, at the closing bell, breaking the previous record high of 2,675.90 set a day earlie

Dec. 3, 2020

K bank brings lending business back on track

South Korea‘s first mobile-only lender K bank has secured some 650,000 new users over the past five months as it showed signs of business normalization after it resumed its lending business in July, the company said Thursday. The news brought K bank’s accumulated number of bank accounts to over 2 million as of Wednesday, according to the company, which was founded in 2017. From July to November, K bank is estimated to have attracted an average of 130,000 new users each month,

Dec. 3, 2020

Scandal-ridden hedge fund asset transfer begins as regulator revokes license

The transfer of assets associated with scandal-ridden Seoul-based hedge fund manager Lime Asset Management began Thursday as South Korea’s financial regulator scrapped its license to operate in Korea the day before. In a long-awaited move, the bridge institution WellBridge Asset Management is expected to take over all 215 Lime funds to speed up the process of minimizing losses of the assets – most of which are believed to be nearly insolvent -- a key move to mitigate the financial d

Dec. 3, 2020

US stimulus talks, vaccines boost Korea's currency to 30-month high

South Korea's won currency surged to a 30-month high against the US dollar Thursday and broke a key psychological level, buoyed by optimism over US stimulus talks and developments of coronavirus vaccines. The won was quoted at 1,097.00 won per US dollar at Thursday's closing, up 3.8 won from the previous session's close. It was the strongest level since June 14, 2018, when the risk-sensitive currency closed at 1,083.10 won against the US dollar. The won also broke the key psychological leve

Dec. 3, 2020