Samsung heir becomes Korea's richest man in stock value

Samsung Electronics Vice Chairman Lee Jae-yong has become South Korea’s richest stakeholder, replacing his father’s name that held the title for decades, data showed Wednesday. The vice chairman’s stock value stood at 9.07 trillion won ($8.35 billion) as of Tuesday, nearly 2 trillion won more than last year, according to CEO Score, a local corporate researcher. Stock ownership of the 49-year-old heir to the world‘s largest chipmaker is set to grow, as he and his famil

Dec. 30, 2020

Pandemic sinks FSC plan for 2020 Woori stake sale

A plan to sell some of the government’s stake in Woori Financial Group this year foundered due to the high market volatility triggered by the COVID-19 pandemic, the financial regulator said Wednesday. Earlier this year, a sub-committee of the Financial Service Commission, which controls the sale of state-owned firms and shares, said it would start selling off Korea Deposit Insurance Corp.’s stake in the bank in the first half of 2020.  The plan was to sell the entire stake in

Dec. 30, 2020

Seoul stocks open lower in final session of 2020

South Korean stocks opened lower Wednesday, the last trading session this year, as investors sought to lock in gains after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.17 percent, to 2,815.76 in the first 15 minutes of trading. Local stocks got off to a weak start, led by financial, tech and bio losses. The KOSPI closed at a record high for a third straight day Tuesday. Market bellwether Sam

Dec. 30, 2020

[Market Close-up] Housing price rally likely to continue next year over supply shortage

South Korea’s housing price rally, sparked by a supply shortage and tightened regulations throughout the year, is likely to continue next year, stoking concerns about housing market instability.　 According to KB Financial Group in a report, housing prices across the country will see an upward march overall next year while two-year rentals requiring a refundable lump-sum deposit in lieu of monthly rent, called “jeonse,” will also be more expensive. The report, based on a surve

Dec. 29, 2020

Saemaul Geumgo launched in Laos

The Korean Federation of Community Credit Cooperatives said Tuesday it has launched Saemaul Geumgo, a community based financial institution supervised by the KFCC, in a rural village in Laos.  In partnership with the Lao government, the KFCC has helped residents of Km52 village located in Phonhong district of the captial city Vientiane establish Saemaul Geumgo in the region by offering management support of its financial systems as well as business models. Officials from the Lao governmen

Dec. 29, 2020

Kospi hits fresh high, Kosdaq gains 3% on ex-dividend date

Buttressed by retail investors’ optimism over continual stock rallies in the South Korean stock market, the nation’s main bourse, the Kospi, logged an all-time closing high for the third consecutive session Tuesday, the ex-dividend date. The Kospi began trading at 2,810.55, up 1.95 points or 0.07 percent from the previous session’s close. It fluctuated up and down, hovering around the 2,800 mark until closer to the end of trading. After the sudden upward move, the index close

Dec. 29, 2020

Shinhan Bank to accept passports as ID method for contactless services

Shinhan Bank will accept passports when verifying the personal identification of its mobile customers, as part of its efforts to expand access to the bank’s contactless services to foreign and younger customers, officials said Tuesday. Customers had been required to present ID cards or driver’s licenses to access financial services, including opening a bank account or subscribing to savings products. With passports added to the list, younger customers and foreign customers will als

Dec. 29, 2020

Seoul stocks open higher on ex-dividend day

South Korean stocks opened higher Tuesday on the ex-dividend day, largely due to investors' optimism for a further hike in stock prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 point, or 8.92 percent, to 2,817.52 in the first 15 minutes of trading. The gain came after a choppy start on the ex-dividend day. Investors were obliged to hold on to their shares until the previous session for year-end dividends. Market bellwether Samsung Electronics edged up 0.13 percent,

Dec. 29, 2020

Bitcoin rally continues after hitting all-time high

Cryptocurrency Bitcoin remained on an upward trend Monday, after crossing the 30 million-won ($27,300) mark for the first time in the South Korean market over the weekend. Hitting a high of 30.59 million won, the digital coin traded above the level of 30 million won throughout morning trading, according to Upbit, a cryptocurrency exchange run by financial technology firm Dunamu. The price of one bitcoin came in at an all-time high of 31.8 million won on Sunday. Early this year, the digital c

Dec. 29, 2020

Samsung Electronics’ record run continues over optimism for foundry biz

The share price of Samsung Electronics on South Korea’s stock market has reached an unprecedented high yet again, surpassing 80,000 won ($73) during intraday trading Monday. Hitting 80,100 won per share in the early morning trade, Samsung Electronics rose 1.2 percent to close at 78,700 won -- the highest closing price since a 50-to-1 stock split in 2018 -- bringing its market cap to a new high of 469.8 trillion won. This accounted for over 24 percent of all 906 constituents of the Kospi,

Dec. 28, 2020

Seoul stocks hit new high on US stimulus deal, eased Brexit uncertainties

South Korean stocks set a new record high Monday, backed by a fresh US stimulus deal and eased uncertainties from Brexit. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.74 points, or 0.06 percent, to close at 2,808.6. Trading volume was high at about 978 million shares worth some 23.6 trillion won ($21.5 billion), with losers outnumbering gainers 530 to 315. The index extended its all-time high for a second straight session on strong

Dec. 28, 2020

[Photo News] BTS stars in KB Kookmin's ad for Indonesia

K-pop boy band BTS stars in KB Kookmin Bank’s advertisement for Indonesia, with its megahit song “Dynamite” playing in the background, in this screen capture of the commercial released by the lender on Monday.  BTS has been KB Kookmin's global ambassador since 2018. KB Kookmin has been expanding its presence in Indonesia in recent years and has so far acquired a 67 percent stake in Bank Bukopin, making it the largest shareholder. By Jung Min-kyung (mkjung@heraldcorp.com)

Dec. 28, 2020

Asian shares, credit bonds to outperform in 2021: SC Bank

Asian stocks and credit bonds are forecast to remain bullish next year amid a recovering global economy due to the COVID-19 vaccine progress, according to a Standard Chartered Bank Korea report Monday.  “Global economic activity, which has been halted by the COVID-19 pandemic, will normalize next year thanks to the vaccine distribution,” the bank‘s report said in regards to 2021 financial market prospects.  “As the global economy is expected to rebound, risky

Dec. 28, 2020

Investment advisory firms swing to profit in H1 on stock rally

Investment advisory firms in South Korea swung to a profit in the first half of fiscal 2020 as the local stock market remained bullish, data showed Monday. The 215 investment advisers reported a combined net profit of 128.3 billion won ($117 million) in the April-September period, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 22.7 billion won recorded during the previous six months. The financial watchdog attributed th

Dec. 28, 2020

Seoul stocks open higher on chip gains

South Korean stocks opened higher Monday, backed by strong advances by major tech firms. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.87 points, or 0.6 percent, to 2,823.73 in the first 15 minutes of trading. Stocks traded bullish after finishing at an all-time high the previous session, led by chip and bio advances. The gain came amid investors' optimism over whether the United States, one of South Korea's largest trading partners, would finalize a coronavirus stimulus pac

Dec. 28, 2020

S. Korea needs to brace for spread of China’s digital currency: experts

As China accelerates the development of its sovereign digital currency, South Korea should prepare for looming changes that the new form of money may bring about to its largest trading partner, experts had said as of Sunday. China has been intensifying its efforts to introduce the digital yuan, known officially as the Digital Currency Electronic Payment, with the second round of its pilot program launched earlier this month for testing on major e-commerce platforms like JD.com, the country&rsq

Dec. 27, 2020

Samsung Group market capitalization rises above W700tr for first time

Boosted by the surge in stock prices of key affiliates, the combined market capitalization of Samsung Group’s listed firms exceeded 700 trillion won ($636 billion) for the first time, data from the Korea Exchange showed Sunday. As of Thursday, the market cap of 23 listed stocks of the nation’s telecom-to-chemicals conglomerate came to 719.13 trillion won, soaring over 200 trillion won within the year. It is also the first time that a local group’s total market valuation has to

Dec. 27, 2020

Chicken franchises entered 2020 on a high on strong demand for delivery

Fried chicken franchises marked the largest on-year sales increase last year on growing demand for takeout and delivery, data showed Thursday. According to Statistics Korea, fried chicken franchises saw their sales jumping 21.7 percent in 2019, with each branch selling about 200 million won of products and services on average. “Increased chicken prices, along with the inclusion of delivery fees in chicken prices, have boosted the overall revenue in the segment,” said Lee Jin-seok

Dec. 27, 2020

Kospi crosses 2,800 mark on chip rally

South Korea‘s stock market hit a new all-time high Thursday as the Korea Exchange’s main board Kospi crossed the 2,800 mark on massive institutional buying of chip shares. The Kospi rose 1.7 percent to 2,806.86 on Thursday, pushing its total market cap to reach 1,936.5 trillion won ($1.8 trillion). Kospi crossing the 2,800 mark came three weeks after it passed the previous threshold of 2,700 on Dec. 4, which was then a fresh high. Institutions net purchased 628.2 billion won worth

Dec. 24, 2020

S. Korean stocks break 2,800 ceiling to fresh high on vaccine deals

South Korean stocks broke the 2,800 mark for the first time Thursday to close at an all-time high, as the country's additional deals to purchase COVID-19 vaccines boosted hopes for a faster-than-expected economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.04 points, or 1.7 percent, to close at 2,806.86. Trading volume was moderate at about 1 billion shares worth some 20 trillion won ($18.1 billion), with gainers outnumbe

Dec. 24, 2020