Demand for personal credit loans surges amid stricter mortgage rules

Korean banks’ personal credit loans extended to individuals have continued to soar in August, as the government tightened mortgage loan regulations to stabilize the overheated housing market, data showed Monday. Outstanding balance of personal credit loans at five major lenders here -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Bank -- came to nearly 121 trillion won ($102 billion won) as of Thursday, up 1.28 trillion won from the previous month. Following the largest-

Aug. 17, 2020

Kakao founder becomes second-richest S. Korean stockholder, bumping Samsung heir

Kakao founder Kim Beom-su snagged the No. 2 spot on the list of South Korea’s wealthiest businesspeople, with his stock assets rising by some 5 trillion won ($4.2 billion), industry data showed Monday. This puts him ahead of Samsung Electronics Vice Chairman Lee Jae-yong, and second only to Samsung Group Chairman Lee Kun-hee. Kim, who currently holds a 14.51 percent stake in Kakao, saw the value of his stock assets surpass 9 trillion won as of Friday, up 136.16 percent from 3.84 trillio

Aug. 17, 2020

[67th Anniversary Special] Amid contactless boom, Korea steps into cashless society

Cashless stores, digital payment and contactless banking all existed before the pandemic swept South Korea’s retail markets. What’s different now is that walletless services have gained dominance as a payment method, accelerating the nation’s shift to a cashless society. Concerned about the new coronavirus, people are increasingly using mobile services to order food and other necessities online instead of dining out or buying their clothes at brick-and-mortar stores. During t

Aug. 15, 2020

Citibank, Standard Chartered Bank post mixed Q2 earnings in Korea

Citibank and Standard Chartered Bank’s Korean subsidiaries posted mixed earnings in the second quarter, as per their disclosures Friday. The New York-based lender’s subsidiary bit the dust amid the coronavirus pandemic, with its net profit plummeting 72.4 percent on-year to 30.3 billion won ($25.5 million). This was mostly due to provisions set aside for coronavirus risks coupled with dissipated effects from the sell-off of its landmark headquarters tower last year. Its net profi

Aug. 14, 2020

Banks to adjust loan payments, ATM fees for temporary holiday

For the temporary national holiday slated for Monday, South Korean lenders and financial authorities said Friday that loan payments, ATM fees and other services would be adjusted for the time being. According to the Financial Services Commission, loan payments due Monday will be automatically delayed to Tuesday. Late fees will be waived, but some loans -- including those that could require early payoff fees, charged when customers pay off their principal balance early -- may require consulting

Aug. 14, 2020

Seoul stocks snap winning streak on profit-taking

South Korean shares ended their nine-session winning streak Friday, as investors attempted to cash in part of recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 30.04 points, or 1.23 percent, to close at 2,407.49. Trading volume was high at about 956 million shares worth some 16.4 trillion won ($13.8 billion), with losers outnumbering gainers 531 to 337. Foreigners sold a net 462 billion won, while retail investors purchased a

Aug. 14, 2020

Hannam The Hill holds the fort as top-priced apartment in S. Korea

Hannam The Hill, a premium residence located in central Seoul’s Hannam-dong, continued to stand as the most expensive apartment in South Korea, extending its record for five consecutive years, data showed Friday. According to data compiled by the Ministry of Land, Infrastructure and Transport, one unit of the apartment with an exclusive use area of 240.305 square meters was valued at 7.3 billion won ($6.16 million) in April this year. The latest amount was up 200 million won from the

Aug. 14, 2020

Seoul stocks open tad lower on profit-taking

South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec

Aug. 14, 2020

Kospi’s record run could continue to year-end

Despite dark clouds over the performance of South Korea’s stock market this year, the main bourse Kospi is bucking the regional trend and appears to be recovering quickly. It is now largely driven by the subdued virus impact here, quantitative easing policies around the world and hopes for COVID-19 vaccines. Local stock brokers even predicted that the recent market rally would continue until the end of 2020. Hyundai Motor Investment Securities is one of the brokerage firms that have

Aug. 13, 2020

MSCI index adds 3 Korean biotech stocks

Morgan Stanley Capital International announced Wednesday it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock price. 　 Alteogen, Seegene and Shin Poong Pharma have been added to the index, replacing Daewoo Engineering & Construction, Helixmith and Hyundai Department Store. Seegene is Korea’s leading ex

Aug. 13, 2020

Korean banks’ H1 net profit dips

The combined net profit of South Korean banks for the first half of this year dipped 17.5 percent on-year due to increased loan-loss provisions amid the coronavirus pandemic, data released by the Financial Supervisory Service showed Thursday.  According to the financial watchdog, the combined net profit of local banks for the January-June period preliminarily came to 6.9 trillion won ($ 5.82 billion), down 1.5 trillion won from the same period last year. The decline in net income came a

Aug. 13, 2020

LG Chem, Samsung Biologics close in on SK hynix market cap

The market capitalizations of biopharmaceutical company Samsung Biologics and chemical-to-battery firm LG Chem have soared over the past six months, reflecting market interest in IT and bio sectors amid the coronavirus pandemic. Samsung Biologics’ market cap came to 55.7 trillion won ($47 billion) as of Wednesday, the third-largest in Korea‘s main stock bourse Kospi, data by the Korea Exchange showed Wednesday. This was followed by the fourth-largest LG Chem, whose market cap stood

Aug. 12, 2020

Korea to strengthen inspection of illegal property transactions

The South Korean government said Wednesday that it will soon announce the results of its inspections into illegal transactions involving expensive real estate in Seoul and the surrounding areas. “Having tracked transactions of expensive houses reported earlier this year, state agencies found some irregularities, and the government will announce the final results in August,” said Deputy Prime Minister and Finance Minister Hong Nam-ki at a meeting with related ministers. “The

Aug. 12, 2020

Seoul stocks up for 8th consecutive session on hopes for vaccine, economic rebound

South Korean stocks extended their gaining streak to an eighth session on Wednesday on hopes for COVID-19 vaccines and optimism for a quick economic rebound from the impacts of the new coronavirus pandemic. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 13.68 points, or 0.57 percent, to close at 2,432.35. Trading volume was high at about 753 million shares worth some 16.4 trillion won ($13.8 billion), with losers

Aug. 12, 2020

Seoul stocks open tad higher on pharmaceutical, financial gains

South Korean stocks opened a tad higher Wednesday, led by an advance by pharmaceutical and financial heavyweights. The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.20 percent, to 2,423.52 in the first 15 minutes of trading. Pharmaceutical giants led the gain, with leading pharmaceutical firm Samsung Biologics jumping 3.73 percent on expectations of rising overseas orders. SK Biopharmaceuticals gained 1.83 percent. Among financial large caps, Hana Financial Group added

Aug. 12, 2020

Gen2 Partners fund freeze headache for Korean brokerages, banks

South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later on. Brokerage firms here that sold Gen2 Partners’ funds, invested in the funds or issued derivative-linked securities based on the funds have moved to seek redress by lodging a complaint with the Hong Kong’s Securities and Futures Commission against Gen2 Partners over its alleged

Aug. 11, 2020

Kospi surpasses 2,400-mark after 26 months

South Korea’s main bourse Kospi on Tuesday crossed the 2,400-point mark in nearly 26 months, on retail and foreign investors’ buying spree. The bourse got off to a strong start at 2,396.11 -- up 9.73 points, or 0.41 percent -- from the previous session’s close and sharply gained 22.50 points, or 0.94 percent to reach 2,408.88 in early morning trading, extending its winning streak for the sixth consecutive session. It was the first time the index has moved above the 2,400-po

Aug. 11, 2020

Seoul stocks open sharply higher on gains in techs, chemicals

South Korean shares opened sharply higher Tuesday, led by an advance by major tech firms and chemicals makers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.80 points, or 0.87 percent, to 2,355.11 in the first 15 minutes of trading, heading toward a rise for the seventh consecutive trading session. Market heavyweights traded mixed. Market bellwether Samsung Electronics gained 1.04 percent, but No. 2 chipmaker SK hynix retreated 0.25 percent. Top pharmaceutical firm Samsun

Aug. 11, 2020

Patriotism-fueled equity fund beat stock market

NH-Amundi Victorious Korea Equity Fund has recorded a 56.1 percent return for retail investors in a year, its parent company said Monday. The public fund which is managed by NH-Amundi Asset Management -- with the most noteworthy investor being South Korean President Moon Jae-in -- was launched on Aug. 14, 2019. It has overrun the depressed stock market trend. Korea’s main bourse Kospi rose 22.1 percent over the cited period. The trust fund manages 123 billion won ($103.7 million) worth o

Aug. 10, 2020

Foreign investors return to Korean equities despite pandemic

Foreign investors were net buyers of stocks and bonds in July, as the local currency is stabilizing and retail investors are showing more interest, data showed Monday They returned to the South Korean stock market, net buying 582 billion won ($490.6 million) worth of listed shares in a turnaround from net sales for five consecutive months, according to data by the Financial Supervisory Service. This is in sharp contrast to the February-June period, when they net sold a combined 26.58 trillion

Aug. 10, 2020