Seoul stocks likely to suffer extended loss next week on inflation fears

South Korean stocks are likely to suffer an extended slide next week following this week's retreat, as fears about early post-pandemic inflation continue to weigh on the market. The benchmark Korea Composite Stock Price Index closed at 3,153.32 points on Friday, down 1.37 percent from 3,197.2 points a week ago. On the back of disappointing US jobs data in April that eased woes over inflationary pressure, the local stock market startedwith an advance. However, the stock index slumped more th

May 15, 2021

Seoul stocks bounce back to gains on US rebound

South Korean stocks bounced back to gains Friday after the US stock market snapped a three-day plunge that stemmed from concerns about early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 31.21 points, or 1 percent, to close at 3,153.32 points. Trading volume was moderate at about 822 million shares worth some 14.2 trillion won ($12.6 billion), with gainers outnumbering losers 506 to 343. Foreigners sold a net 4

May 14, 2021

VIG Partners acquires hair & body care firm

South Korea’s buyout fund VIG Partners said Friday it had taken over a 100 percent stake in Seoul-based hair & body care product maker The Skin Factory, known for its flagship brand Kundal, for roughly over 150 billion won ($132.7 million). VIG Partners, overseeing 3.8 trillion won in assets, said it had named Roh Hyun-jun, senior director of overseas and export business at personal care manufacturer Yuhan-Kimberly, as the portfolio company’s new chief executive officer. The S

May 14, 2021

Koramco buys Coupang cold chain warehouse in Korea’s largest REIT deal

Koramco REITs & Trust said Friday its real estate investment trust has closed its acquisition of a cold chain logistics warehouse tenanted by Nasdaq-listed e-commerce giant Coupang for roughly 360 billion won ($318.5 million) in the western port city of Incheon. The deal marks the biggest single logistics asset to be purchased by a REIT in the country by transaction size so far, the real estate investing subsidiary of clothing firm LF said. The warehouse, TJ Logistics Center, is a seven-s

May 14, 2021

Seoul stocks open higher on Wall Street rebound

South Korean stocks opened higher Friday after the US index rebounded from a three-day plunge that stemmed from concerns about early post-pandemic inflation. The benchmark Korea Composite Stock Price Index (Kospi) rose 21 points, or 0.67 percent, to reach 3,143.11 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite advanced 0.72 percent, with the Dow Industrial Average and the S&P 500 up 1.29 percent and 1.22 percent, respectively. In Seoul, market bellwe

May 14, 2021

Foreign investors turn to net buyers of S. Korean stocks in April

Foreign investors turned to net buyers of South Korean stocks last month, ending their four-month selling spree, data showed Friday. Foreigners bought a net 672 billion won ($594 million) worth of local stocks in April, according to the data from the Financial Supervisory Service (FSS). Investors from Saudi Arabia purchased a net 56.8 billion won of stocks last month, while investors from the Cayman Islands sold a net 58.2 billion won of stocks, according to the FSS. As of end-April, local st

May 14, 2021

Global stock markets sink as inflation worries mount

BEIJING (AP) -- Stock markets in London and Tokyo tumbled 2.5% on Thursday and US futures were lower after a jump in American consumer prices fueled worries inflation might drag on an economic recovery. Shanghai, Frankfurt and Hong Kong also declined for a second day, following Wall Street lower. Overnight, Wall Street's benchmark S&P 500 index recorded its biggest one-day drop in three months after US prices, exceeding forecasts, rose in April at their fastest year-on-year pace in 13 year

May 13, 2021

Samsung shares fall despite Moon’s chip strategy

Market kingpin Samsung Electronics saw its shares retreat over 1 percent for the second day in a row Thursday and dropped below the 80,000-won ($70.83) mark, putting a damper on President Moon Jae-in’s ambitious drive to turn South Korea into a “chip-friendly country.” Shares of Samsung Electronics closed at 78,500 won -- down 1,500 won, or 1.88 percent, from the previous session’s close -- on both foreign and institutional investors’ sell-offs. It started off at

May 13, 2021

BOK seeks authority to monitor crypto transactions

The Bank of Korea is seeking the authority to monitor cryptocurrency transactions made through users’ real-name bank accounts, a document recently submitted to a lawmaker here by the central bank showed. “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts,” the document submitted to Rep. Choo Kyung-ho of the main opposition People Power Party on W

May 13, 2021

Samsung heir becomes richest Korean

Lee Jae-yong, the only son of the late Samsung Group Chairman Lee Kun-hee, has become the wealthiest entrepreneur in South Korea, according to Bloomberg Billionaires Index on Thursday. The index shows a ranking of 500 richest people around the world. The list of the world’s top billionaires, compiled by media firm Bloomberg, showed the junior Lee owns $12.6 billion of assets as of May 12 to take the 170th spot among the 500 richest people. He inherited shares of Samsung Group affiliat

May 13, 2021

Real estate investors drift away from Seoul, toward logistics

Real estate investors searching for deals in South Korea were seen shifting their attention away from the capital city of Seoul in the first quarter of 2021 as demand for logistics assets rose, data showed Thursday. Commercial property deals that closed in Seoul during the first quarter with tickets of over $10 million added up to $2.2 billion, down 25.8 percent on-year, while investment in other parts of Korea rose 3 percent to $2.6 billion, according to data from New York-based capital marke

May 13, 2021

[News Focus] Foreign ownership of Samsung Electronics hits 29-month low

SEJONG -- Foreign investors’ total stake in Samsung Electronics dipped to the lowest level in over two years Wednesday, with their daily trading of the nation’s flagship stock drawing close attention. The market’s interest comes as short selling -- which had been under a provisional ban for about 14 months -- has been allowed again in the local stock market since May 3. While most retail investors had called for the government not to lift the ban, or issue the ban perma

May 13, 2021

Seoul stocks open lower on Wall Street plunge

South Korean stocks opened lower Thursday, taking a cue from heavy losses on Wall Street that stemmed from quick inflation concerns. The benchmark Korea Composite Stock Price Index (Kospi) fell 37.33 points, or 1.18 percent, to 3,124.33 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite fell 2.67 percent as the US consumer prices expanded in April by the most since 2009, increasing investor worries that the US Federal Reserve's tapering may come sooner than e

May 13, 2021

Mirae Asset gets approval for entry into short-term financing market

South Korea’s financial regulator Financial Services Commission has allowed Mirae Asset Securities to issue short-term financing bills after a rigorous review, according to sources on Wednesday. With the final approval, the brokerage firm will have more financial leeway to manage bigger funds than a regular securities firm, launching it one step forward to becoming a so-called mega investment bank. A mega investment bank can issue promissory notes with a maximum limit of 200 percent of i

May 12, 2021

[Top Bankers] Shinhan Financial looking to acquire e-commerce platform for Gen Z

This is a part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the sixth installment. -- Ed. Shinhan Financial Group is in talks with a handful of e-commerce companies over a potential acquisition or strategic investment to create an online commerce space where consumers can shop for financial services like any other retail products. “The limitation of mobile finance apps is that they can

May 12, 2021

Woori donates $100,000 for COVID relief in India

South Korea’s Woori Financial Group said Wednesday that it was donating $100,000 to India to help the country win its battle to contain the COVID-19 pandemic. Joining forces with the Community Chest of Korea, the financial conglomerate will offer the donation to the United Way, a nonprofit organization. The donation will be used to procure medical supplies, including oxygen ventilators, build temporary hospitals, and provide food and daily necessities for communities in India. Woori Fina

May 12, 2021

Seoul stocks tumble on foreign sell-offs amid inflation concerns

South Korean stocks fell over 1 percent for the second straight session Wednesday as foreign investors dumped local shares amid growing worries over inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 47.77 points, or 1.49 percent, to close at 3,161.66 points. Trading volume was high at about 1.4 billion shares worth some 22.2 trillion won ($19.83 billion), with losers outnumbering gainers 705 to 178. Foreigners offloaded a net

May 12, 2021

Kakaobank lowers rates for mid-credit holders

Kakaobank, the country’s second internet-only bank, has cut interest rates for mid-range credit holders, the lender said on Wednesday, in the latest attempt to provide better services to customers with thin credit files. The banking arm of mobile giant Kakao said it has slashed rates by up to 1.2 percentage points for mid-range credit holders. The bank also expanded a loan limit from 50 million won ($44,518) to 70 million won for them while halving the limit for high creditors to 50 mil

May 12, 2021

Moody’s maintains S. Korea’s credit rating at Aa2

Global ratings firm Moody’s has kept the credit rating of South Korea at Aa2, affirming the outlook at stable, according to the Ministry of Economy and Finance on Wednesday. The US rating firm holds discussions with the ministry and the state-run Bank of Korea on a regular basis before annoucing a credit rating report for the nation The rating agency cited the nation’s strong economic fundamentals, and quick economic recovery from the coronavirus pandemic as some of the reasons

May 12, 2021

HMM, Hybe, SKC, GC Pharma join MSCI Korea index

Morgan Stanley Capital International announced Wednesday that it has added four South Korean stocks -- HMM, Hybe, SKC and GC Pharma -- to its global and regional equity index, as part of May rebalancing. The US company also removed seven listed firms -- Hyundai Marine & Fire Insurance, Hanwha, GS Retail, Samsung Card, Lotte Corp., Korea Gas Corporation and Ottogi -- from the MSCI Korea Index. As a result, the regional equity index’s constituents of large- and mid-cap stocks fell to

May 12, 2021