Top 10 conglomerates’ market cap exceeds W1,000tr

The recent spate of records in South Korea’s stock market on hopes of a global coronavirus containment has brought the market capitalization of the 10 largest business groups’ listed affiliates to fresh highs, data showed Wednesday. As of Monday, the market cap of all 102 listed affiliates of the 10 largest business groups came to 1,069 trillion won ($964.3 billion), topping 1,000 trillion won for the first time in history, according to data from financial market tracker FnGuide.

Nov. 25, 2020

South Korean supplier to Tesla eyes December IPO on Kospi

South Korean midsized automotive parts maker Myoung Shin Industry said Wednesday it is looking to raise as much as 91.2 billion won ($82.3 million) from its initial public offering on the nation’s benchmark Kospi early next month. “We are looking forward to raise our overseas sales from the current 30 percent to 70 percent to become the No. 1 global green car automotive parts maker,” said Park Bong-kun, president of the company to be listed as Myoung Shin Ind., in a press bri

Nov. 25, 2020

Seoul stocks snap 5-session winning streak on profit-taking

South Korean stocks ended a five-session winning streak Wednesday after hitting an all-time high the previous session, as investors dumped local stocks to lock in gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.22 points, or 0.62 percent, to close at 2,601.54. Trading volume was high at about 1.4 billion shares worth some 21.3 trillion won ($19.2 billion), with losers outnumbering gainers 653 to 210. Foreigners sold a net 135

Nov. 25, 2020

Woori Financial sets up infrastructure fund to promote New Deal project

Woori Financial Group said Wednesday that it has set up a 200 billion won ($180 million) fund to invest in social infrastructure projects, called the “Woori Global Infra New Deal Fund.”  In September the government announced its New Deal Fund, a state-led fund worth 20 trillion won aimed at investing in tech and green sectors, including artificial intelligence, renewable energy and hydrogen vehicles, through money pooled from government agencies, private financial institutions

Nov. 25, 2020

Seoul stocks open higher on Dow's record gain, vaccine hopes

South Korean stocks opened higher Wednesday, taking a cue from record gains on Wall Street, as US political uncertainty receded with U.S. President-elect Joe Biden starting his White House transition. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.11 points, or 0.65 percent, to 2,634.87 in the first 15 minutes of trading. Also, investor sentiment ran high in the global financial markets, amid growing optimism that continued progress in COVID-19 vaccine development and transit

Nov. 25, 2020

Market value of top 10 group firms soars 22% on stock rally

Listed firms of South Korea's top 10 business groups saw their market capitalization jump nearly 22 percent this year amid a strong stock market rally, data showed Wednesday. The combined market value of those 102 listed firms came to 1,069.5 trillion won ($960 billion) as of Monday, up 22.3 percent from the end of last year, according to the data from financial information provider FnGuide. Four groups -- Samsung, SK, LG and Hyundai Motor -- had a market value of more than 100 trillion won. T

Nov. 25, 2020

Seoul stocks close at all-time high on extended foreign buying

South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the US dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76. Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won ($14.9 billion), with gainers outnumbering losers 528 to 299. Foreigne

Nov. 24, 2020

Kospi’s record-high rally continues on COVID-19 vaccine, recovery hopes

South Korea’s main bourse extended record-setting rallies for the second consecutive session Tuesday, setting a fresh high on hopes of an economic recovery and new coronavirus vaccine developments. The Kospi closed at 2,617.76, up 15.17 points, or 0.58 percent, from the previous session’s close, which itself was an all-time closing number. It even surpassed the intraday record of 2,607.10 marked on Jan. 29, 2018 in morning trading. The index started off at 2,616.28 and gained thro

Nov. 24, 2020

NH Financial chief set to resign to lead federation of Korean banks

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday. On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, rep

Nov. 24, 2020

Seoul stocks open higher on recovery hopes

South Korean stocks opened higher Tuesday after hitting an all-time high the previous session on hopes of an economic recovery and new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.01 points, or 0.27 percent, to 2,609.6 in the first 15 minutes of trading. Investor sentiment ran high in the global financial markets, as progress in COVID-19 vaccine development fueled optimism that the economy and trade would normalize down the road. Overnight,

Nov. 24, 2020

Seoul stocks near all-time high on foreigners' buying spree

South Korean stocks rose for a fourth consecutive day to near an all-time high Monday on massive foreign buying, backed by hopes for a quick economic recovery, shrugging off concerns over a resurgence of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.09 points, or 1.92 percent, to close at 2,602.59 points, after reaching as high as 2,605.58 points at one point. Monday's closing price is just shy of the index's a

Nov. 23, 2020

ESR-controlled industrial REIT gears up for W357.3b IPO

South Korea’s real estate investment trust, indirectly controlled by Hong Kong-listed real estate platform ESR, said Monday that it is gearing up for an initial public offering that will raise 357.3 billion won ($321.3 million) before a listing on the main stock bourse, Kospi, to attract retail investors to its industrial portfolio. The new REIT, dubbed ESR Kendall Square REIT, will become the first listed REIT dedicated to logistics properties in Korea if the IPO goes ahead as planned l

Nov. 23, 2020

Lotte Card issues ESG bonds for those affected by COVID-19

South Korean credit card issuer Lotte Card has issued social bonds worth 150 billion won ($135 million), the company said Monday. The newly issued bonds, a type of environment, social and governance investment, are aimed at supporting the socioeconomically vulnerable population and creating jobs. Funds raised from the bond issuance will be used to pay settlement costs in advance for mom-and-pop stores and small businesses, which have been bearing the brunt of the ongoing coronavirus crisis.

Nov. 23, 2020

Late Samsung chairman’s stocks rise further in value

Since the passing of the late Samsung Group Chairman Lee Kun-hee on Oct. 25, stocks of the conglomerate’s seven affiliates, including Samsung Electronics and Samsung C&T, rose 13.8 percent on average, according to data released Monday. The increase is thought to be driven by expectations of an economic recovery as well as increased dividend payouts to help late Samsung chairman’s heirs pay inheritance taxes. Samsung Electronics, the crown jewel of the nation’s largest co

Nov. 23, 2020

Driven by foreign buying, Kospi hits all-time closing high

Buoyed by a foreign investors’ buying spree that continued into a 13th consecutive session, South Korea’s benchmark Kospi reached a fresh all-time closing high on Monday, amid growing expectations by local brokerage houses that the main bourse could rise further next year. The main bourse rose 49.09 points, or 1.92 percent, to end at 2,602.59, eclipsing the 2,598.19-point mark reached Jan. 29, 2018. The index is now also only 4.51 points off an intraday high of 2,607.10 seen Jan. 29

Nov. 23, 2020

S. Korea's financial markets to open 1 hour later on college entrance exam

South Korea's financial markets will start trading an hour later than usual on Dec. 3 due to the nationwide college entrance exam, the bourse operator said Monday. Trading of stocks, as well as the exchange traded fund (ETF) and bond markets, will begin at 10 a.m. and close at 4:30 p.m., the Korea Exchange (KRX) said in a statement. Trading of derivatives will run from 10 a.m. to 16:45 p.m. Among commodities, trading of gold will begin an hour late at 10 a.m. and close at the usual 3:30 p.m

Nov. 23, 2020

Seoul stocks open higher on tech, bio gains

South Korean stocks opened higher Monday, backed by strong advances by tech and bio heavyweights amid the resurgent coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.42 points, or 0.41 percent, to 2,563.92 in the first 15 minutes of trading. The KOSPI got off to a mild gain on foreign buying as large caps traded higher amid signs of economic recovery, including an 11.1 percent on-year jump in South Korean export in the first 20 days of November. Bio share

Nov. 23, 2020

Shares of major Samsung units surge following chief's death

Shares in major units of South Korea's top conglomerate, Samsung Group, have risen at double-digit rates since the death of its chief a month ago on hopes for an economic recovery and more dividends from them, data showed Monday. Share prices of Samsung Electronics and six other major subsidiaries jumped an average 13.8 percent between Oct. 25, when Lee Kun-hee died after being bedridden following a heart attack in 2014, and Friday, according to the data from the Korea Exchange. Shares in Sams

Nov. 23, 2020

S. Korea should improve fintech regulations for sustainable growth: BCCK

In order to drive the sustainable growth of the fintech industry in the post-coronavirus era, South Korea needs to improve its regulatory frame, the British Chamber of Commerce in Korea has said. The BCCK’s fintech committee, which kicked off in December last year, has released its first white paper to highlight how the current COVID-19 pandemic is accelerating the digital transition across the world, officials said Sunday. Outlining the best practices and policy suggestions on the lates

Nov. 23, 2020

Bumpy road ahead of KAL-Asiana tie-up

Controversy escalated Sunday over the proposed business integration plan of South Korea’s two flag carriers -- Korean Air Lines and Asiana Airlines -- as to whether the fundraising plan of Korean Air’s parent company Hanjin KAL to achieve the tie-up is legally viable. State-run lender and creditor Korea Development Bank has addressed concerns over the possibility of an injunction court order that might kill its plan of providing 800 billion won ($716 million) to Hanjin KAL in retur

Nov. 22, 2020