Asiana Airlines stocks rally on possible takeover by Hanjin Group

Stocks of Asiana Airlines’s key affiliates sharply rose Friday following news report saying Korea’s Hanjin Group, parent of the nation’s largest airline Korean Air Lines Co Ltd, is in talks with the state-run Korea Development Bank to acquire the cash-strapped airline.  Shares of Asiana Airlines, the country’s No. 2 carrier, rose by 19.1 percent to 4,745 won ($4.25) in the early morning trading session, while its low-cost carrier unit Air Busan jumped 16.1 percent t

Nov. 13, 2020

Seoul stocks open a tad higher on chip gains amid concerns over COVID-19

South Korean stocks opened a tad higher Friday on chip gains, despite concerns over the spread of the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.31 points, or 0.13 percent, to 2,478.93 in the first 15 minutes of trading. Stocks traded choppy, with investors paying keen attention to the COVID-19  circumstances in global financial markets, particularly in the United States. Federal Reserve Chair Jerome Powell said the world's largest economy is on

Nov. 13, 2020

Seoul stocks snap 8-day winning streak on lockdown concerns

South Korean shares snapped an 8-session winning streak Thursday, as growing lockdown concerns in major economies sapped investor sentiment. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) fell 10.25 points, or 0.41 percent, to close at 2,475.62. Trading volume was high at about 1.3 billion shares worth some 15.7 trillion won ($14.1 billion), with gainers outnumbering losers 443 to 402. Foreigners bought a net 490 bill

Nov. 12, 2020

Kasa Korea unveils first investment property in Seoul

Kasa Korea, a real estate investment platform operator, on Thursday unveiled the first property to be listed on its platform, offering retail investors relatively easy entry into the property investment market in the form of small-sum securities. The corresponding property is Yeoksam London Vill, a recently built eight-story commercial property located in Seoul’s Gangnam-gu. The building is currently occupied entirely by PCA Korea, the domestic branch of US-based private school Provid

Nov. 12, 2020

Chicken franchise Kyochon joins Kospi

Kyochon F&B, South Korea’s largest fried chicken franchise operator, made a market debut on the nation’s main bourse Kospi on Thursday, with its shares hitting the upper price limit of 29.98 percent at the closing bell. With the opening price set at 23,850 won ($21.40) per share, Kyochon F&B started off at 93.9 percent higher from its offering price of 12,300 won per share. The firm’s stock plunged by 14.68 percent to 20,350 won per share within five minutes of tradi

Nov. 12, 2020

Samsung’s financial arms going green

Financial affiliates of South Korea’s largest conglomerate Samsung Group announced Thursday that they would halt investment projects linked to coal-power businesses as part of their efforts to run operations in an environmentally responsible manner. Samsung’s insurance arms Samsung Life Insurance and Samsung Fire & Marine Insurance, among others, will stop investing in coal-fired power stations or lending money to operators of such power plants. They will also stop purchasing

Nov. 12, 2020

Incumbent KB Kookmin Bank CEO to serve third term

     Hur Yin, KB Kookmin Bank’ incumbent CEO, was officially tapped by board members to lead the lender for another year, the bank said Thursday. Earlier in October, KB Financial Group’s committee for CEO nominations had selected Hur as the sole candidate for the bank’s next leader. Hur is the first KB Kookmin chief to serve three consecutive terms. His third term will begin on Nov. 21. Since joining KB Kookmin Bank in 1998, the 59-year-old CEO has held key po

Nov. 12, 2020

Foreigners turn net buyers of S. Korean stocks in October

Foreign investors turned net buyers of South Korean equities in October, driven by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $1.38 billion worth of local stocks last month, compared with a net sale of $2.09 billion in September, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $230 million last month, it said. Meanwhile, volatility in South Korea's currency edged d

Nov. 12, 2020

Seoul stocks open lower on profit-taking, lockdown concerns

South Korean shares opened lower Thursday on profit-taking, after the benchmark index hit an over 2-year high the previous session over vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.48 points, or 0.34 percent, to 2,477.39 in the first 15 minutes of trading. Chip, auto and bio heavyweights retreated after a big advance the previous session amid toughened COVID-19 quarantine measures in major economies. Overnight, the Nasdaq Composite jumped 2.01 percent to 11,

Nov. 12, 2020

Former deputy prime minister to head KTCU

Former Deputy Prime Minister and Education Minister Kim Sang-gon will take the top post of the Korea Teachers’ Credit Union, the institution said Wednesday. Effective Thursday, Kim will serve as chairman of the KTCU, the state-sponsored credit union dedicated to Korean teachers’ financial welfare and benefits. Kim was selected as the final candidate to head the KTCU on Friday and subsequently gained the approval of Education Minister Yoo Eun-hae. Kim will serve his three-year term

Nov. 11, 2020

South Korea’s stock market cap hits record high

Buttressed by investors’ optimism about Pfizer’s COVID-19 vaccine, as well as improved exports, South Korea’s market capitalization has logged 2,032.38 trillion won ($1,827 billion), data from the nation’s sole bourse operator showed Wednesday. It was the first time for the market value to cross the 2,030 trillion-won mark, while exceeding 2,000 trillion won in value was previously recorded only three times throughout history. The largest figure observed previously was 2

Nov. 11, 2020

At least W436b to evaporate from Optimus hedge fund scam: FSS

The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month

Nov. 11, 2020

Kakao Bank’s IPO plan picks up speed

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a

Nov. 11, 2020

Ministers discuss steps to address housing crisis

Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee

Nov. 11, 2020

Seoul stocks at over 2-year high on vaccine hopes; Korean won at nearly 2-yr high

The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion

Nov. 11, 2020

SK’s bio, chemical units, Doosan Heavy join MSCI Korea Index

Morgan Stanley Capital International announced Wednesday that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipated by market watchers, the Geneva-based MSCI added the three, but didn’t invite the South Korean novel drugs developer Hanmi Science to the club. It also removed Amorepacific preferred, BNK

Nov. 11, 2020

Seoul stocks open higher on vaccine hopes, export increase

South Korean shares opened higher Wednesday, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved chip exports. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.05 points, or 0.53 percent, to 2,465.88 in the first 15 minutes of trading. Stocks came to a strong start after a straight seven-day gain. Investors remained optimistic about Pfizer's COVID-19 vaccine test results, backed by positive comments by top US infectious disease speciali

Nov. 11, 2020

Tourism, airline stocks soar on COVID vaccine breakthrough

Upon encouraging news on coronavirus vaccine testing in the US, stocks in travel, airline and retail sectors here surged, while stocks of contactless services providers and gold prices slid Tuesday. US pharmaceutical firm Pfizer announced Monday that its experimental COVID-19 vaccine, developed jointly with its German partner BioNTech, was more than 90 percent effective in preventing the virus in participants of its latest trial. Calling it a “great day for science and humanity,&rdquo

Nov. 10, 2020

Proxy advisers oppose KB's union-recommended outside directors

South Korea’s largest proxy adviser, alongside Institutional Shareholder Service and Glass Lewis, has urged KB Financial Group shareholders against the appointment of two outside directors apparently recommended by the firm’s labor union, industry sources said Tuesday. The Korea Corporate Governance Service has officially requested KB’s shareholders to vote against the appointment of Sustinvest CEO Ryu Young-jae and Seoul National University environmental studies professor Yun

Nov. 10, 2020

Seoul stocks up for 7th day on Dow's COVID-19 vaccine rally

The South Korean stock market extended its winning streak to a seventh session on Tuesday, as investor appetite for risk strengthened over better-than-expected efficacy of a COVID-19 vaccine by US pharmaceutical giant Pfizer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.63 points, or 0.23 percent, to close at 2,452.83. Trading volume was moderate at about 1.4 billion shares worth some 17.7 trillion won (US$15.9 billion), with gainer

Nov. 10, 2020