Seoul stocks down for 2nd day on profit-taking

South Korean stocks slumped for the second consecutive session Tuesday, as investors sought to cash in part of recent gains amid spiking virus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.38 points, or 0.19 percent, to close at 2,756.82, with construction and bio sectors having led the KOSPI's retreat. Trading volume was moderate at about 1.1 billion shares worth some 15.3 trillion won ($14.5 billion), with gainers outnumberin

Dec. 15, 2020

Housing affordability at worst level on record

The Korea-housing affordability index, or K-HAI, which measures median household income relative to the income needed to buy a median-priced house, in Seoul reached a record high in 11 years in the July-October period this year. The index increased 1.7 points from the previous quarter to 144.5—the highest since the figure came to 150.8 in the fourth quarter of 2009. A value of 100 means that a family would have to put 25 percent of their income toward paying off the mortgage. A higher r

Dec. 15, 2020

S. Korea's money supply gains at faster pace in October

South Korea's money supply continued to grow quickly in October on increased loans to households and firms amid the coronavirus pandemic, central bank data showed Tuesday. The country's M2 stood at 3,150.5 trillion won ($2.87 trillion) as of end-October, up 1.1 percent, or 34.7 trillion won, from September, according to preliminary data by the Bank of Korea (BOK). October's gain marked the second-highest monthly growth since May this year, when M2 grew by 35.4 trillion won, according to the B

Dec. 15, 2020

Seoul stocks open lower amid lockdown concerns

South Korean shares opened lower Tuesday tracking overnight Wall Street gains, as lockdown concerns in major economies offset optimism over the emergency launch of Pfizer's coronavirus vaccinations in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.22 points, or 0.48 percent, to 2,748.98 in the first 15 minutes of trading. Local large caps dipped on foreign and institutional selling, as well as on aggravating the pandemic toll in the US, Europe and Asia. So

Dec. 15, 2020

Citibank to pay partial compensation in KIKO derivative dispute

Citibank Korea on Monday said it would pay partial indemnities to local businesses that signed currency-linked derivatives sold by the bank more than a decade ago. The decision was made during a board meeting held in an apparent response to the financial watchdog’s arbitrary recommendation last year to compensate the firms that had faced losses from KIKO -- or “knock-in, knock-out” -- contracts. “Citibank Korea has been reviewing compensation for firms that have been

Dec. 14, 2020

FSC chief says too early to discuss expanding access to short-selling

South Korea’s top financial regulator said Monday it is premature to discuss plans on opening individual investors‘ access to short-selling activities of Korean shares, stressing the danger of small investors taking potentially massive risks. “Considering potential financial damage from short-selling, I personally hope ordinary retail investors don’t participate in it,” said the FSC Chairman Eun Sung-soo during a press conference held online due to the COVID-19 r

Dec. 14, 2020

UK becomes biggest net buyer in S. Korean stock market in Nov.

Investors from the UK became the biggest net buyers in the South Korean stock market, as they bought shares worth 2.2 trillion won ($2.02 billion) in November, which accounted for nearly 36 percent of stocks purchased by foreign investors in the month, according to data Monday. The data from the nation’s watchdog Financial Supervisory Service showed that foreign investors net purchased shares worth some 6.1 trillion won in November, the highest monthly purchase since September 2013, whe

Dec. 14, 2020

Seoul stocks slump amid spiking COVID-19 cases

South Korean stocks finished lower Monday as investors remained wary of the country's spiking new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.86 points, or 0.28 percent, to close at 2,762.2 points. Trading volume was moderate at about 1.1 billion shares worth some 16.8 trillion won ($15.4 billion), with losers outnumbering gainers 577 to 276. Foreigners sold a net 360 billion won, while retail investors

Dec. 14, 2020

Retail investors rush to buy soaring Samsung Electronics shares

South Korean retail investors last week injected over 1.2 trillion won ($1.1 billion) to buy Samsung Electronics shares that touched the 70,000 won mark for the first time earlier this month, data showed Monday. During the five trading sessions, small domestic investors scooped up nearly 1.26 trillion won of the blue chip shares, while foreign and institutional investors offloaded a net 1.07 trillion won and 286.4 billion won worth of the shares, respectively, according to the Korea Exchange da

Dec. 14, 2020

NH-Amundi's ESG-oriented equity fund raises W100b

NH-Amundi Asset Management said Monday that its equity fund dedicated to environmental, social and governance factors in investment decisions has surpassed 100 billion won ($91.7 million) by the size of assets it was managing, indicating South Korean retail investors’ appetite for the green theme. The product, dubbed NH-Amundi Century Enterprise Green Korea Equity Fund, was launched on Sept. 3. It has attracted 60 billion won worth of retail investment, while 40 billion won stemmed from

Dec. 14, 2020

'Decentralization to unfold in Seoul office market'

South Korea is expected to witness a decentralization of the office market in its capital city Seoul over the next few years as major tenants are planning to relocate and new submarkets emerge, a report showed Monday. Chaebol tenants such as Samsung, Doosan, Hyundai Heavy, LG are planning relocations within the Greater Seoul area, while banking group Hana Financial Group and public institutions are considering moving out of Seoul, leading to a “great reshuffling” of the Seoul offic

Dec. 14, 2020

Woori Bank ditches postal notification service to go paperless

Major South Korean lender Woori Bank said Monday it is set to launch a mobile-based notification service on Tuesday to replace its current postal delivery of documents regarding customer banking activities. After completing a personal identification process in the bank’s mobile application, its users will receive e-notifications of 21 pieces of banking information on deposits or loans, including repayment due dates, which previously have been mailed to their home address.  Marking

Dec. 14, 2020

Seoul stocks open tad higher on tech gains amid COVID-19 concerns

South Korean stocks opened slightly higher Monday on the back of strong tech and pharmaceutical gains, but investors remain wary of the country's spiking new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.96 points, or 0.14 percent, to 2,774.02 in the first 15 minutes of trading. Contact-free shares, such as giant chipmakers, drugmakers and online platform operators, advanced as South Korea's daily new COVID-19 cases broke the 1,000 mark for the first tim

Dec. 14, 2020

Retail investors swoop on Samsung Electronics amid price surge

South Korean retail investors loaded up on shares of top-cap Samsung Electronics Co. last week amid a surge in its share price, data showed Monday. Individual investors bought a net 1.26 trillion won ($1.15 billion) worth of Samsung from Monday to Friday, their top pick among local companies, according to the data from the Korea Exchange. In contrast, foreign investors and local institutions sold a net 1.29 trillion won worth of Samsung shares during the five-session period. Individuals' stro

Dec. 14, 2020

Foreigners' net buying of Korean stocks hits nearly 7-year high in Nov.

Foreign investors' net purchase of South Korean stocks reached a near seven-year high in November, with Britons emerging as the biggest buyers, data showed Monday. Foreigners bought a net 6.1 trillion won ($5.6 billion) worth of local stocks in November, the largest monthly net tally since September 2013, according to the data from the Financial Supervisory Service (FSS). Britons were the biggest net buyers of South Korean equities with 2.2 trillion won last month, which accounted for 36 perce

Dec. 14, 2020

[Women in Finance 3] Women who broke the glass ceiling

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared with other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, will reflect on changes being made and will explore ways to boost inclusion in the sector. -- Ed. Looking back at her 41-year career in South Korea’s finance sector, Soh

Dec. 13, 2020

Seoul shares likely to further advance next week; vaccinations in focus

South Korean stocks are likely to further rise next week despite some correction, as investors pin high hopes on a quick economic recovery from the pandemic's fallout. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index closed at an all-time high of 2,770.06 points Friday, up 1.41 percent from a week ago. The KOSPI moved like roller coaster on vaccination reports, rising more than 2 percent Wednesday on the world's first mass COVID-19 vaccination in Britain. The

Dec. 12, 2020

Mirae Asset's Korean New Deal-themed ETFs top W700b in NAV

Mirae Asset Global Investments said Friday its five exchange-traded funds investing in stocks dedicated to batteries, biotechnology, internet and gaming sectors have topped 700 billion won ($642 million) in their combined net asset value as of Thursday, two months after their listing. The ETFs are its signature Tiger suite of products -- Tiger KRX BBIG K-New Deal ETF, Tiger KRX Bio K-New Deal ETF, Tiger KRX Secondary Battery K-New Deal ETF, Tiger KRX Internet K-New Deal ETF and Tiger KRX Game

Dec. 11, 2020

Fidelity unloads W111b Hyundai Marine & Fire stocks since Oct.

US-based investor Fidelity Management & Research has offloaded common shares of Hyundai Marine & Fire Insurance worth 111.6 billion won ($102.2 million) on the local stock exchange since October, filings showed Friday. Before the transactions, Fidelity was the third-largest shareholder of Hyundai Marine & Fire, listed on South Korea‘s main stock bourse Kospi, holding 11 percent of its voting rights. That followed Chairman Chung Mong-yoon’s 24.65 percent and the National

Dec. 11, 2020

Seoul stocks jump almost 1% to another record high on vaccine hopes

South Korean stocks gained nearly 1 percent to a fresh all-time high Friday, as hopes for new coronavirus vaccinations boosted investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.6 points, or 0.86 percent, to close at 2,770.06. Trading volume was high at about 1.1 billion shares worth some 18 trillion won ($16.5 billion), with gainers outnumbering losers 659 to 192. Foreigners bought a net 163 billion won, while retail

Dec. 11, 2020