Seoul stocks open steeply lower amid COVID-19 resurgence

South Korean stocks opened steeply lower Monday amid concerns of the resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 32.26 points, or 0.98 percent, to 3,244.65 points in the first 15 minutes of trading. Stocks retreated as the fourth wave of the new COVID-19 at home weakened investor sentiment for risky assets. The infection of 247 South Korean sailors in waters off Africa -- the worst mass infection case in the virus' recent resurgence --

July 19, 2021

[Top Bankers] Woori Bank seeks out-of-box business strategies for digital innovation

The prospect of big tech firms taking over the realm of retail banking has been setting off alarm bells in traditional banks in South Korea including Woori, one of the big five lenders that has dominated the industry for decades. But Hwang Weon-cheol, Woori’s chief digital officer who has been leading the bank’s digital transformation, believes the bank still has strengths that the newcomers don’t have. The growth of big tech firms like Kakao, operator of the country&rsquo

July 19, 2021

Dunamu and FnGuide announce top 5 digital assets

Dunamu, operator of the country’s largest cryptocurrency exchange, announced on Sunday its top five digital asset index with financial market tracker FnGuide, amid a growing interest in cryptocurrency investment. The index is based on Dunamu’s real time transaction data of digital assets in the Korean won market, while FnGuide analyzes that data to rank the top five cryptocurrencies by market capitalization. The top two cryptocurrencies on Friday were Bitcoin and Ethereum, the ind

July 18, 2021

Financial watchdog ramps up drive against overvalued IPO

South Korean companies seeking to go public are being sent back to the drawing board time and again, as the Financial Supervisory Service insists on clearer grounds for proposed share prices in its attempt to prevent overvaluation. Whether intended or not, this often leads to the downward revision of the price band by companies seeking initial public offerings, according to market observers, who stress growing macroeconomic uncertainties in the liquidity-driven market and a lack of consistency

July 18, 2021

Majority of cryptocurrencies plummet in value

The majority of cryptocurrencies, which enjoyed records highs only three months ago, are on the downswing, with many of them halving, market data showed Sunday. Out of 102 digital coins listed on Upbit, South Korea’s largest cryptocurrency exchange, only one coin was up since April. Among the 101 coins that lost value, 84 of them plummeted more than 50 percent from three months ago. AXS, developed by Axie Infinity, was the only digital coin that bucked the trend, rising more than 150

July 18, 2021

Investors flock to unlisted stock markets amid IPO competition

After witnessing a string of successful initial public offerings this year, retail investors in South Korea are rushing to trade unlisted shares ahead of their grand market debuts, pinning hopes on large profit-taking. Over-the-counter trading platforms show an upward trend in the prices of unlisted stocks seeking to go public soon due to investors’ stronger demand over early investments on unicorns. According to OTC platform U-stockplus on Friday, game maker Krafton traded at 580,000 wo

July 18, 2021

Kakao Pay likely to delay IPO schedule due to problem with prospectus

Kakao Pay, the financial technology arm of mobile giant Kakao, is likely to push back its initial public offering schedule as South Korea’s financial authority asked the company to make some corrections to its prospectus Friday. According to DART, the Financial Supervisory Service’s electronic disclosure board, Kakao Pay was ordered to either add or clarify important information on a prospectus it filed on July 2 as part of the registration process to go public. The FSS issues su

July 16, 2021

Seoul stocks retreat on concerns about early inflation, virus

South Korean stocks closed lower Friday amid concerns about faster-than-expected inflation in the United States and the spreading new coronavirus pandemic at home. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.31 points, or 0.28 percent, to close at 3,276.91 points. Trading volume was moderate at about 1.1 billion shares worth some 14.6 trillion won ($12.8 billion), with gainers outnumbering losers 489 to 354. Foreigners sold a net 8

July 16, 2021

Citibank Korea delays reveal of consumer banking exit plan to August

Citibank Korea’s planned announcement concerning details of its consumer banking business exit strategy was delayed by nearly a month on Friday, indicating that it may be facing more hurdles in the sell-off process. The firm previously said it would reveal the details of its exit plan -- whether it would sell off the entire retail banking business or in parts -- in July. A complete pull-out of the business in phases has been mentioned as a viable option as well. Citibank Korea CEO Yoo

July 16, 2021

Seoul stocks open lower on inflation worries

South Korean stocks opened lower Friday, tracking US stock losses over concerns of faster-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.17 points, or 0.4 percent, to 3,273.05 points in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell said the US central bank would support an accommodative stance as the current inflation is expected to wane. But the comment fell short of reducing the tapering jitters in the financial markets. Ove

July 16, 2021

Yanolja snaps up $1.7b funding as SoftBank ramps up Korea tech bet

Travel and leisure platform operator Yanolja completed a $1.7 billion investment round by sole investor SoftBank Vision Fund 2, the company said on Thursday. Yanolja said the company will use the proceeds to scale digital transformation of the global travel and hospitality industry and expand its technology offerings in new markets. The company plans to build and operate an advanced global travel platform by enhancing its automated solutions using artificial intelligence and personalized offe

July 15, 2021

BlackRock Real Assets to back Korean offshore wind farm project

BlackRock Real Assets said Thursday it has closed its first investment in South Korea’s offshore wind sector, in line with the country’s renewable energy transition initiative. The New York-based asset managing arm dedicated to real estate and infrastructure investment acquired a 100 percent equity stake in renewables developer Korea Renewable Energy Development & Operation Holdings, formerly known as Igis Private Equity. The transaction price was not disclosed. BlackRock Real

July 15, 2021

COVID-19 redefines how to value Korean private companies

The COVID-19 pandemic has been a catalyst for changing the way of assessing the value of a privately-owned company in the private capital market in South Korea, said a veteran investment professional on Thursday. The pandemic has accelerated both the demand and supply of services and products associated with the digital transformation and energy transition. This phenomenon triggers a bipolarization of target company valuation, Chai Jin-ho, executive managing partner at STIC Investments, said i

July 15, 2021

Eximbank extends $600 million to Tunisia for digital infra project

The state-run Export-Import Bank of Korea said Thursday it had agreed to extend a $600 million loan to Tunisia to support the North African country’s digital infrastructure development projects. Tunisia plans to use the fund to digitize some 4.5 million maps and land-related documents to build a database and develop a comprehensive land information management system there. “We expect that our support for Tunisia’s land management infrastructure innovation, which is the cou

July 15, 2021

Seoul stocks up on Fed's comments, improved China data

South Korean stocks rebounded Thursday morning as investors are relieved by the US Federal Reserve's reiteration of its dovish stance, with China's economic indicators signaling that the global recovery is on track. The Korean won rose against the US dollar The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.41 points, or 0.66 percent, to close at 3,286.22 points. Trading volume was moderate at about 1.2 billion shares worth some 13.4 trillion won ($11.7 billion), with gainers outn

July 15, 2021

Toss Securities launches service for gifting stock like coffee

Toss Securities, the brokerage arm of fintech company Viva Republica, on Thursday said that it launched a stock gifting service to make investing easier. The new service allows users to give away their stocks to others, just by submitting a real name and phone number, like they do to virtually send coffee or other presents via mobile messenger service KakaoTalk. The company said the new service is part of the company‘s efforts to expand market access for new investors. Earlier this

July 15, 2021

Fintech platforms become major banking tool for young Koreans: survey

More than 90 percent of young Koreans in their 20s and 30s use fintech platforms for money transfers instead of going to bank branches, a survey showed Monday. According to the survey conducted by the Korea Fintech Industry Association, about 96 percent of respondents said they use a financial technology platform developed by nonfinancial companies such as Kakao, Naver and Toss, while 60 percent said they use banking apps. The survey asked 2,000 people in their 20s and 30s who use payment ser

July 15, 2021

Seoul stocks open higher on Fed's reassuring comments

South Korean stocks opened higher Thursday, tracking gains on Wall Street as investors are relieved by the US Federal Reserve's reiteration of its dovish stance. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.48 points, or 0.2 percent, to 3,271.29 points in the first 15 minutes of trading. Stocks traded higher, taking a cue from Fed Chairman Jerome Powell's reassurance that that the time is not ripe for an early tapering of accommodative policies. Overnight, the Dow Jones I

July 15, 2021

IMM PE to acquire stake in Korea’s top furniture company

IMM Private Equity, the third-largest private equity firm in Seoul, with $5.4 billion assets under management, is in talks to become the largest shareholder of South Korea’s largest kitchen and interior furniture goods manufacturer Hanssem, a filing showed Wednesday. The proposed strategic investor and the seller group has signed a memorandum of understanding regarding the transaction. Hanssem did not disclose the proposed acquisition price. This gives IMM PE the exclusive rights to nego

July 14, 2021

Seoul stocks snap two-day winning streak on inflation woes

South Korean stocks edged down Wednesday, snapping a two-day winning streak as US losses amid renewed inflationary pressure weakened investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) dropped 6.57 points, or 0.2 percent, to close at 3,264.81 points. Trading volume was moderate at about 896 million shares worth some 12.8 trillion won ($11.1 billion), with losers outnumbering gainers 514 to 334. Foreigners sold a net 273 billio

July 14, 2021