[KH Finance Forum] NPS looks to exercise institutional power in Korea’s ESG push

The National Pension Service, the world’s third-largest pension fund which is based in South Korea, has stressed its unwavering stance in the adoption of environmental, social and governance factors across its investments. Kim Yong-jin, chairman and chief executive officer of the NPS, pledged to motivate companies it has invested in and external partners, to which NPS deploys capital, to adapt to NPS’ responsible investing strategies. The move will allow companies to get ahead of t

Sept. 28, 2021

Seoul stocks up on drop in virus cases

South Korean stocks rebounded Monday amid easing concerns about the country's new coronavirus cases and the China Evergrande Group's debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.4 points, or 0.27 percent, to close at 3,133.64 points. Trading volume was moderate at about 872 million shares worth some 12.1 trillion won ($10.3 billion), with gainers outnumbering losers 492 to 373. Foreigners bought a net 337 billion won,

Sept. 27, 2021

Small media stocks surge on ‘Squid Game’ bonanza

Small-cap stocks related to the local media and entertainment business are on a bull run, as traders hoped to piggyback on the success of the Netflix megahit “Squid Game.” Content production firm Bucket Studio saw its stock price nearly double over the course of three trading days, since the stock market reopened Thursday following the national Chuseok holiday. Last week, Bucket Studio hit the price ceiling on both Thursday and Friday, and rose 2 percent Monday. Its market cap appr

Sept. 27, 2021

Seoul stocks little changed as investors take wait-and-see mode amid spreading virus

South Korean stocks opened nearly flat Monday as investors took a wait-and-see mode amid the country's spiking new coronavirus cases and concerns over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.23 points, or 0.01 percent, to 3,125.01 points in the first 15 minutes of trading. Stocks got off to a muted start amid spikes in South Korea's daily COVID-19 cases. On Monday, South Korea reported 2,383 new COVID-19 cases. Daily cases have

Sept. 27, 2021

29 crypto exchanges meet registration deadline, but face challenges

Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s

Sept. 26, 2021

SC Bank Korea offers gold, gift certificates for dollar funds, savings accounts

Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner

Sept. 26, 2021

Parked money in search of new investments hits new high: data

The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr

Sept. 26, 2021

Seoul stocks likely to move in tight range over Evergrande woes, virus concerns

South Korean stocks are likely to move in a tight range next week amid uncertainties from a Chinese developer's debt crisis and the local surge of new coronavirus cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,125.24 points Friday, down 0.49 percent from a week ago. Stock markets were closed Monday through Wednesday this week for the Chuseok holiday. The losses came as investors digested the U.S. FOMC meeting results that said the Fed could b

Sept. 25, 2021

China's central bank rules all crypto transactions are illegal

BEIJING (AFP) -- China's central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies. The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering. "Virtual currency-related business activities are illegal financial acti

Sept. 24, 2021

Kakao Pay delays IPO plan on heightened consumer safeguards

South Korean mobile payment app operator Kakao Pay said Friday it has delayed its plan to go public yet again amid toughened consumer protection regulations in the domestic market. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, has revised its prospectus to carry out its initial public offering process by three weeks. Its IPO size, at up to 1.53 trillion won ($1.3 billion) via 17 million new shares, will remain unchanged. According to the latest fi

Sept. 24, 2021

Lotte Chemical to commit W49b to new ESG fund

Lotte Chemical said Friday it planned to commit 49 billion won ($41.7 million) worth of capital to a new fund dedicated to tackling environmental, social and governance issues. The money will go into a new 50 billion-won ESG fund, the course of four years, according to a disclosure submitted to the Financial Supervisory Service Friday. The fund will be managed by retail-to-chemical Lotte conglomerate’s early-stage investment arm Lotte Ventures, formerly known as Lotte Accelerator. Lotte

Sept. 24, 2021

[Newsmaker] Mergepoint saga sparks flood of complaints in Aug.

Amid the snowballing fiasco of prepaid discount service Mergepoint that played out in August, the number of consumer requested consultations regarding the scandal marked more than 16,000, according to data provided by the Korea Consumer Agency and Korea National Council of Consumer Organizations Friday. The consumer consultation center operated by South Korea’s Fair Trade Commission received 16,188 inquiries from consumers requiring consultations about their complaints and damages over t

Sept. 24, 2021

Seoul stocks down for 2nd day amid virus woes, Evergrande uncertainties

South Korean stocks slumped for a second straight session Friday after the country's daily COVID-19 cases hit a record high, erasing gains from easing fears over China Evergrande Group's debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 2.34 points, or 0.07 percent, to close at 3,125.24 points. Trading volume was moderate at about 738 million shares worth some 12.3 trillion won ($10.4 billion), with gainers outnumbering lo

Sept. 24, 2021

Seoul stocks open higher as China Evergrande fears ease

South Korean stocks opened higher Friday on overnight US rebound that stemmed from easing fears over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.37 points, or 0.36 percent, to 3,138.95 points in the first 15 minutes of trading. Stocks came off to a solid start as investors are monitoring the risks from the massive $310 billion debt of China's Evergrande Group. Market fears eased somewhat after the giant property developer announced t

Sept. 24, 2021

Seoul stocks down on Powell's tapering comments, Evergrande scare

South Korean stocks retreated Thursday after the three-day Chuseok holiday in the face of comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November, as well as growing woes over a default of a giant Chinese real estate developer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.93 points, or 0.41 percent, to close at 3,127.58 points. Trading volume was moderate at about 612 million shares

Sept. 23, 2021

4 out of 10 Seoul apartments bought by 20s, 30s

On the back of soaring housing prices, a growing number of South Koreans in their 20s and 30s have rushed to buying apartments, with nearly 4 out of 10 Seoul apartments being purchased by those young buyers, data showed Thursday. According to data from the Korea Real Estate Board, people in their 30s bought a total of 12,550 homes in the capital city between January and July, which accounted for 36.9 percent of the total 34,045 properties that changed hands in the given period. Those aged 20-29

Sept. 23, 2021

Seoul stocks open lower on Fed chief's tapering comment, Evergrande fallout

South Korean stocks opened steeply lower Thursday after the three-day Chuseok holiday, following comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November and growing woes over a default of a giant Chinese real estate developer. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.83 points, or 0.57 percent, to 3,122.68 points in the first 15 minutes of trading. The key stock index plunged as investors digest the overnight US FOMC mee

Sept. 23, 2021

Top financial regulator urges market monitoring over Evergrande concerns

South Korea's top financial regulator on Wednesday called for strengthening the monitoring of financial markets on concerns about a potential default by debt-laden property developer China Evergrande Group. Global financial markets were rattled this week over concerns that Evergrande may default on its debt. The debt-stricken developer said Wednesday it has agreed to a deal with local bondholders to settle interest payments, which helped ease fears about an imminent possible default by the grou

Sept. 22, 2021

[Newsmaker] Kakao Pay faces renewed scrutiny ahead of IPO

Ant Group-backed financial technology firm Kakao Pay is facing renewed scrutiny ahead of its upcoming initial public offering as South Korea’s tech crackdown shows no signs of abating. Regulators’ tightening grip on online financial platforms puts Kakao Pay, known for its mobile payment app interoperable with Korea’s popular messenger app KakaoTalk, under mounting pressure to revise its prospectus again to scale down its fintech service. The stock market debut of Kakao Pay,

Sept. 22, 2021

Eximbank to provide over $300m to Egypt for railway project

The Export-Import Bank of Korea said Wednesday it will offer more than $300 million in loans to the Egyptian government’s railway modernization project. The state-run policy lender plans to supply a combined $312.2 million for the African nation through the “Economic Development Cooperation Fund” as well as the “Economic Development Promotion Facility.”  Launched in 1987, the EDCF is aimed at helping poor and less developed countries by providing low-inter

Sept. 22, 2021