NPS reserve fund tops W900tr in H1

The National Pension Service had a reserve fund of 908.3 trillion won ($777.7 billion) as of end-June, logging a 7.49 percent financial gain over the past six months, a preliminary estimate showed Wednesday. The world‘s third-largest pension fund has generated 74.5 trillion won in investment returns from January to June, as its stock holdings at home and abroad outperformed their benchmarks. This beat the earlier projection in 2020 where the NPS assets under management will stand at ju

Aug. 25, 2021

Hanwha Asset buys shares in brokerage arm from group affiliates

Hanwha Asset Management said Wednesday it has bought shares in Hanwha Group’s brokerage arm, Hanwha Investment & Securities, from other nonfinancial group affiliates. The asset management firm acquired a combined 56.8 million common shares -- or a 26.46 percent stake -- in the brokerage house for 320.1 billion won ($274 million). Their sellers were auto parts maker Hanwha Global Asset, leisure service provider Hanwha Hotels & Resorts and department store operator Hanwha Galleria T

Aug. 25, 2021

Seoul stocks gain for 3rd day amid tapering uncertainties

South Korean stocks advanced for a third consecutive day Wednesday amid increased investor caution over US tapering uncertainties. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.51 points, or 0.27 percent, to close at 3,146.81 points. Trading volume was moderate at about 558 million shares worth some 12.7 trillion won ($10.9 billion), with gainers outnumbering losers 571 to 281. Foreigners bought a net 30 billion won, and institutions

Aug. 25, 2021

Hyundai Card’s ratings unaffected by Fubon’s acquisition: Fitch

Global credit appraiser Fitch Ratings said Wednesday that Hyundai Card’s ratings will remain unchanged, even after Fubon Life Insurance and Fubon Commercial Bank‘s acquisition of 20 percent shares in the credit card operator.　 According to Fitch, Hyundai Card will maintain its current rating as BBB (stable) because it will receive all necessary support from its parent company, Hyundai Motor Group. Fitch Ratings said it expects Hyundai Motor Group to continue to have strong control

Aug. 25, 2021

FSC chief nominee: 'cryptocurrencies are not real'

  Financial Services Commission Chairman nominee Koh Seung-beom expressed skepticism on Wednesday over the value of cryptocurrency as a financial asset, confirming his tone in line with the regulator’s move to tighten its grip on local crypto exchanges. “International organizations, including the Group of 20 and the International Monetary Fund, as well as a lot of market experts, find it difficult to consider virtual currencies as a financial asset, and think they could not f

Aug. 25, 2021

KRX aims to make South Korea’s ETF market global

South Korea’s exchange-traded fund market has witnessed a major change this month with the number of funds available on the market surpassing 500 for the first time, marking a quantum leap from its beginning 19 years ago when it had only four products. Following an increase in the number of products available, the daily turnover of the country’s ETFs has surged to become the third-largest in the world, according to the Korea Exchange. The bourse operator aims to make the locally li

Aug. 25, 2021

Seoul stocks open higher on US gains

South Korean stocks opened higher Wednesday, taking a cue from overnight gains on Wall Street that were largely generated by easing concerns about the US Federal Reserve's tapering timeline. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.68 points, or 0.37 percent, to trade at 3,149.98 points in the first 15 minutes of trading. The Kospi got off to a solid start after rallying for the past two sessions. The tech-heavy Nasdaq composite advanced 0.52 percent as investors are op

Aug. 25, 2021

[News Focus] Home prices in Seoul up 10% since January

SEJONG -- Housing prices in Seoul, Gyeonggi Province and Incheon have continued to spike in recent months, with mixed prospects on whether the surge could be tamed with government-led property regulations such as tighter mortgage rules. Real estate figures in the three areas act as a barometer for home prices nationwide. As of July, 50.3 percent of South Korea’s 51.67 million population were residing in the capital-centered metropolitan area. The average trading price of homes in Seoul

Aug. 24, 2021

[Herald Interview] ‘Chaebol need sincere communication to fend off takeover attempts’

South Korean chaebol have been facing growing legal challenges from shareholders questioning the opaque influence exercised by members of their controlling families. With the market pressure to improve transparency in governance and management, the chaebol families need to communicate with the public with sincerity and take concrete actions, a seasoned lawyer said. “A majority shareholder who is not willing to communicate will inevitably be exposed to risks in management and will be co

Aug. 24, 2021

Seoul stocks soar over 1.5% on eased US tapering woes

South Korean stocks advanced more than 1.5 percent Tuesday to extend their gains for a second day in a row on strong tech gains, as investors' woes eased over the upcoming discussions about US tapering. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 48.09 points, or 1.56 percent, to close at 3,138.3 points. Trading volume was moderate at about 578 million shares worth some 14.7 trillion won ($12.6 billion), with gainers outnumbering l

Aug. 24, 2021

Fintech firms urge smooth passage of e-payment law over Mergeplus fiasco

The Korea Fintech Industry Association said Tuesday that lawmakers must move forward with the critical Electronic Financial Transactions Act, which has been at an impasse at the National Assembly for several months, joining earlier calls from some politicians and the central bank in the wake of the Mergeplus fiasco. The association, which represents 330 fintech companies, said that the Mergeplus incident was “predictable.” Without the revision of the EFTA -- which had not under

Aug. 24, 2021

Is Korean IPO market losing steam?

After retail investors’ strong appetite for IPO shares early on, 2021 looked to be a record year, with a series of companies seeking to go public. But most blockbuster IPOs have fallen short of market expectations amid growing concerns over companies being overvalued. Of mega IPOs that made debuts this year, only SK Bioscience opened trading at double its IPO price, as determined between 8:30 a.m. and 9 a.m. in the first trading session. The stock was also the only one that surged by

Aug. 24, 2021

Citibank Korea postpones decision on exit plan for second time

Citibank Korea has decided for the second time to delay confirming its retail business exit plan, after apparently failing to agree on sales terms with potential buyers, industry sources said Tuesday. Following Citigroup’s decision in April to exit the consumer banking business in 13 global markets, including South Korea, local subsidiary Citibank Korea initially planned to confirm the exit plan in July. The firm then postponed the confirmation until a board meeting scheduled for Tuesday

Aug. 24, 2021

Seoul stocks open steeply higher on US stock rally

South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading. The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers. Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and

Aug. 24, 2021

Citibank Korea again delays decision on exit plan

Citibank Korea Inc. has again postponed a decision on the exit plan for its retail banking unit amid differences over sale terms, industry sources said Tuesday. Citibank Korea, the South Korean unit of Citigroup Inc., had originally planned to hold a board meeting on Aug. 26 to determine how to sell the retail banking division. But the lender has decided not to put its exit plan on the meeting's agenda, putting off its decision until September, according to the sources. It marks the second p

Aug. 24, 2021

Seoul stocks rise nearly 1% on strong exports, eased tapering woes

South Korean stocks steeply rebounded Monday, rising nearly 1 percent, helped by robust economic data and easing concerns about the US Fed's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 29.7 points, or 0.97 percent, to close at 3,090.21 points. Trading volume was moderate at about 564 million shares worth some 13.2 trillion won ($11.2 billion), with gainers outnumbering losers 788 to 94. Foreigners sold a net 31 bi

Aug. 23, 2021

Market in wait-and-see mode over BOK’s rate-setting, US Fed meeting

With South Korea’s benchmark Kospi plunging below the 3,100-point level last week over the US tapering jitters, the market is closely watching the outcomes of the upcoming monetary meetings at the Korean central bank and the US Federal Reserve this week. The Bank of Korea is widely expected to raise its key rate by 25 basis points to 0.75 percent after its upcoming rate-setting meeting on Thursday. The decision will be undertaken in an effort by the central bank to maintain financial stab

Aug. 23, 2021

S. Korea receives additional reserve assets from IMF under SDRs allocation

South Korea said Monday it has received Special Drawing Rights (SDRs) worth of some $11.7 billion from the International Monetary Fund (IMF) in line with the international organization's move to allocate its new asset reserves to member countries. In early August, the board of IMF governors approved a $650 billion expansion of its reserve assets, called SDRs, to allocate to IMF member countries in accordance with their existing quotas. The move is aimed at helping countries cope with the fallo

Aug. 23, 2021

PH129 claims most expensive apartment in S. Korea

The most expensive apartment sold this year was in The Penthouse Cheongdam, a luxurious residence also known as PH129, data from the Ministry of Land, Infrastructure and Transport showed on Monday. One unit with an exclusive use area of 273.96 square meters on the 14th floor of the 20-floor building was sold for 11.5 billion won ($9.79 million) in March. Another unit of the same size on the sixth floor was traded at 10 billion won. The apartment, located in southern Seoul‘s Gangnam Dis

Aug. 23, 2021

Un-real estate: Young Koreans look to make real money from virtual land

Park Seol-min, 28, half-jokingly tells his friends that he bought a 10-square-meter plot in the wealthy Gangnam area of Seoul for less than 40,000 won ($34). As you might expect, given that apartments in the area trade for more than 30 million won per square meter, there’s a catch: The plot only exists in a virtual, computerized world.  Park is one of a growing number of “virtual homeowners,” who spend real money on real estate in metaverse platforms such as Earth 2, w

Aug. 23, 2021