KSFC head Jung Ji-won to helm sole market operator

South Korea’s sole market operator, the Korea Exchange, announced Tuesday that Jung Ji-won, chief executive officer of Korea Securities Finance Corp., will take the helm of the firm starting Thursday. The KRX also announced Won Jong-seok, chief executive officer and director of Shinyoung Securities, will become a non-executive director starting Thursday.Jung and Won will serve for three years.The KRX experienced a monthlong leadership vacuum, after former chairman Jeong Chan-woo left the K

Oct. 31, 2017

Blockchain commercialized for security of Korean brokerages

Brokerages in South Korea have commercialized blockchain technology to build a more secured infrastructure to benefit both users and the firms, according to the Korea Financial Investment Association Tuesday.This marked the first time in the world that financial investment firms have offered customers a decentralized platform for authentication, Kofia Chairman Hwang Young-key said in an opening speech. Through the service dubbed “Chain ID,” based on the Kofia-led consortium’s o

Oct. 31, 2017

Seoul stocks hit fresh record high on Samsung, automakers

South Korean stocks extended their gains to a third day to finish at a fresh all-time high Tuesday, as investors scooped up market heavyweights, such as Samsung Electronics and automakers, market analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 21.50 points, or 0.86 percent, to close at 2,523.43.Trade volume was moderate at 310 million shares worth 7.61 trillion won ($6.79 billion), with gainers outnumbering losers 459 to 333.The local

Oct. 31, 2017

Korean stocks edge up late Tuesday morning

South Korean stocks traded higher Tuesday morning on the back of gains in tech and auto stocks.The benchmark Korea Composite Stock Price Index rose 8.9 points, or 0.36 percent, to 2,510.83 as of 11:15 a.m.Market kingpin Samsung Electronics was up 1.89 percent, and SK hynix, a major chipmaker, advanced 1 percent. Hyundai Motor, the No. 1 automaker, gained 1.28 percent, and the largest auto-parts maker, Hyundai Mobis, jumped 5.31 percent.In contrast, Naver, the country's top Internet portal operat

Oct. 31, 2017

Samsung to expand dividend payments to shareholders through 2020

Samsung Electronics Co. said Tuesday it plans to double dividend payments from 2018 to 2020, in line with steps to give more to shareholders in the wake of its record-breaking earning reports.The South Korean tech giant said it plans to allocate 9.6 trillion won ($8.5 billion) as dividends next year and maintain the amount for 2019 and 2020 as well. The combined dividend figure for this year is estimated at 4.8 trillion won, up 20 percent from a year earlier.The total dividends for the 2018-2020

Oct. 31, 2017

Stocks open slightly down on overnight US losses

South Korean stocks opened slightly lower Tuesday, taking a cue from overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index fell 2.03 points, or 0.08 percent, to 2,499.90 in the first 15 minutes of trading. Market kingpin Samsung Electronics remained unchanged, and SK hynix, a major chipmaker, fell 0.63 percent.Hyundai Motor, the No. 1 automaker, moved up 1.28 percent, and AmorePacific, the leading cosmetics maker, also shed 2.3 percent.POSCO, the steelmaker, declined 0.

Oct. 31, 2017

Kospi breaks record, again

South Korea’s main stock market index Kospi closed above 2,500 on Monday for the first time in history.The Kospi finished the day at 2,501.93 Monday, up 0.21 percent from Friday, extending the record run for the second straight day. The index recorded an all-time intraday high of 2,513.87 in early morning trade. Samsung Electronics and chipmaker SK hynix, both market bellwethers, jumped 1.8 percent.Both individual investors and foreign investors net purchased stocks worth over 250 billion

Oct. 30, 2017

Seoul shares set new record on tech gains

South Korean stocks closed at a fresh all-time high Monday, helped by gains in techs such as Samsung Electronics, analysts said. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index climbed 5.3 points, or 0.21 percent, to 2,501.93. Trade volume was moderate at 338 million shares worth 6.9 trillion won ($6.15 billion), with losers outnumbering gainers at 419 to 373.It marked the first time the main bourse has closed above the 2,500-point mark.Analysts said t

Oct. 30, 2017

Financial regulator hints at levying taxes on Samsung chairman’s assets

Financial authorities will check whether rules were followed in the handling of assets worth 4.4 trillion won ($3.9 billion) owned by Samsung Group Chairman Lee Kun-hee, the top financial regulator said Monday. During a parliamentary audit, Financial Services Chairman Choi Jong-ku also indicated that authorities could levy taxes on capital gains earned by Lee from the assets that may have been in borrowed-name accounts.The public scrutiny of Lee's assets again put the spotlight on the 2008 inves

Oct. 30, 2017

Korean stocks up 0.23% Monday morning

South Korean stocks traded higher late Monday morning taking a cue from overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index gained 5.75 points, or 0.23 percent, to 2,502.38 as of 11:20 a.m.Tech shares continued to gain ground, with Samsung Electronics moving up 1.81 percent and SK hynix increasing 2.68 percent. Samsung Electro-Mechanics added 4.42 percent.SK Innovation advanced 2.18 percent, and top mobile messenger operator Kakao increased by 1.39 percent.The local cu

Oct. 30, 2017

[Kosdaq Star] ‘Black Desert’ developer Pearl Abyss goes uptrend after weak debut

This is the 44th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdIn its seven years of operation, Pearl Abyss has produced just one game -- “Black Desert Online” – but after a weak debut last month its shares have risen 30 percent. Debuting on Sept. 14 on the second-tier Kosdaq, the game developer, based in Anyang, Gyeonggi Province, has been on a tear in the market for the last two weeks. Pearl Abyss shares gained 28.7 percent the

Oct. 29, 2017

Seoul stocks at fresh record high on bargain hunting

South Korean stocks ended at a fresh all-time high Friday on bargain hunting. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index gained 16.00 points, or 0.64 percent, to close at 2,496.63. Trade volume was moderate at 504.56 million shares worth 6.25 trillion won ($5.5 billion), with gainers outnumbering decliners 554 to 245.Foreigners bought 96 billion won worth of stocks, offsetting the same value of stocks sold by institutions.  Tech and steel stock

Oct. 27, 2017

Seoul stocks extend gains late Friday morning

South Korean stocks extended gains late Friday morning as investors scooped up blue-chip stocks on bargain hunting.The benchmark Korea Composite Stock Price Index rose 11.97 points, or 0.48 percent, to 2,492.60 as of 11:15 a.m. Tech and steel stocks led gains, with market bellwether Samsung Electronics Co. rising 0.80 percent and leading steelmaker POSCO advancing 2.56 percent.  Among other gainers, Naver Corp., the country's leading online portal operator, climbed 3.93 percent and No. 1 ch

Oct. 27, 2017

[Advertorial] KDB Foundation holds 10th-anniversary celebration

The KDB Foundation held a ceremony to mark the 10th anniversary of its operation at the Korea Development Bank headquarters in Seoul on Wednesday, the company said Thursday.The ceremony was attended by some 80 people from partner organizations including the Korea Association of Social Welfare Centers and Social Solidarity Bank, along with KDB scholarship recipients and company officials.  The foundation was created in August 2007. It has engaged in over 20 projects and injected approximatel

Oct. 26, 2017

[Monitor] Investors from tax havens take up nearly 20%

Out of some 700 trillion won ($622 billion) worth of stocks and bonds held by foreign investors, nearly 20 percent originates from regions deemed as tax havens, raising concerns over the heightening volatility of the local financial market.According to data released by Rep. Park Kwang-on of the Democratic Party of Korea, registered foreign investors reached 40,141 from 127 countries as of the end of August. Most investors came from the US, followed by Japan, Cayman Islands, Canada, the UK and Lu

Oct. 26, 2017

Seoul stocks end lower on profit-taking

South Korean stocks ended down Thursday as investors sold stocks on profit-taking. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 11.87 points, or 0.48 percent, to close at 2,480.63. The drop came after the main index rose 0.8 percent over the past four sessions. Trade volume was moderate at 638.07 million shares worth 7.05 trillion won ($6.3 billion), with decliners outnumbering advancers 454 to 358.Foreigners and individuals sold a combined 61.7

Oct. 26, 2017

Stocks open lower as foreigners turn net sellers

South Korean stocks opened higher Thursday as foreigners turned net sellers on profit taking ahead of major companies' earnings releases this week.The benchmark Korea Composite Stock Price Index fell 2.25 points, or 0.09 percent, to 2,490.25 in the first 15 minutes of trading.Foreign and retail investors sold a combined 13.4 billion won ($12 million) worth of stocks, offsetting 15 billion won bought by institutions. On Wednesday, foreigners bought 111.9 billion won worth of stocks, helping

Oct. 26, 2017

[News Focus] New mortgage rules defuse uncertainties in stock market

The latest set of measures to strengthen South Korean mortgage borrowers’ debt repayment obligations was within market expectation and has defused uncertainties on the stock market, analysts said Wednesday. The toughened mortgage rules, unveiled Tuesday to curb snowballing national household debt, would help local banks and builders on the stock market benefit from abated uncertainties, the stock analysts said. “The Tuesday measure indicated the government’s moves have been and

Oct. 25, 2017

Seoul stocks hit fresh record high on financials

South Korean stocks finished at a fresh all-time high Wednesday, as investors scooped up market heavyweights, such as banking stocks, market analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index rose 2.01 points, or 0.08 percent, to close at 2,492.50.Trade volume was moderate at 592 million shares worth 5.03 trillion won ($4.46 billion), with gainers outnumbering losers 422 to 367.The local stock market opened higher on overnight gains in Wall S

Oct. 25, 2017

Seoul stocks turn lower late Wednesday morning

South Korean stocks turned lower Wednesday morning as institutions offloaded stocks on profit taking ahead of major companies' earnings releases from this week. The benchmark Korea Composite Stock Price Index fell 0.92 points, or 0.04 percent, to 2,489.57 as of 11:15 a.m. Institutions extended their net selling to 115 billion won ($102 million), offsetting 117 billion won stocks purchased by foreigners and individuals. Large-cap stocks were mixed across the board, with market bellwether Samsung

Oct. 25, 2017