Seoul stocks open sharply higher on Wall Street gains

South Korean stocks opened sharply higher Monday, taking a cue from US stock rallies during the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) gained 19.48 points, or 0.85 percent, to 2,298.27 in the first 15 minutes of trading. Local stocks got off to a strong start, tracking strong advances by US tech giants such as Apple, Microsoft and Tesla. The tech-heavy Nasdaq Composite jumped 2.26 percent to 10,913.56 the previous session. The Dow Jones Industrial Average gained 1

Sept. 28, 2020

Korea Investment sells First Sentier’s infra fund

Korea Investment & Securities, a Seoul-based brokerage house, said Sunday that it has started selling a new product to indirectly invest in equities of global companies dedicated to infrastructure projects in developed countries. The new product is a feeder fund of the Global Listed Infrastructure Fund by Sydney-based First Sentier Investors. Local investment firm Kiwoom Asset Management is an underlying manager of the structured investment product. The product for South Korean end-inves

Sept. 27, 2020

KB Financial to halt financing of coal-fired power plants

KB Financial Group said Sunday it has decided to halt financing construction of coal-fired power plants and to expand investment in infrastructure projects aimed at improving and conserving environment. As part of its corporate roadmap to combat global climate change, the South Korean financial giant will no longer participate in financing of new thermal power plant construction in and out of the country, and instead, increase investment in new eco-related investment opportunities, such as gree

Sept. 27, 2020

KRX to offer English translation service for Kospi firms’ disclosures

South Korea’s sole bourse operator is slated to translate daily disclosures of 54 companies listed on the Kospi market in English starting Monday, according to officials Sunday. As of end-August, foreign investors held 35.3 percent stock ownership of Kospi-listed companies. The number of disclosures translated in English, however, was just 697 -- 5.9 percent of those published in Korean. To provide more information on Korean companies to foreign investors, the Korea Exchange’s Ko

Sept. 27, 2020

Eximbank, IFC team up to finance developing countries post-COVID-19

The Export and Import Bank of Korea and International Finance Corp. have agreed to expand their collaboration in developing countries and to link Korean firms with more opportunities overseas, the financial institutions said Sunday. The two signed a new memorandum of understanding on Friday to focus on creating new jobs, promoting smart cities and boosting health care, among other measures to identify and finance projects in countries largely in Southeast and Central Asia. The collaboration wi

Sept. 27, 2020

Seoul stocks close higher on hopes for new US economic stimulus

South Korean shares closed higher Friday, as investor sentiment was improved by hopes for a new stimulus package for the US economy. The Korean won rose against the US dollar. After trading in a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.09 points, or 0.27 percent, to close at 2,278.79. Trading volume was moderate at about 687 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 530 to 318. Foreigners sold a net 90 bil

Sept. 25, 2020

Copyright, design right violators to face up to threefold damage compensation: KIPO

South Korea will impose punitive statutory damages of up to three times upon breaches of trademark righs and design rights, starting in April 2021, in continued efforts to enhance knowledge-based intangible assets, the country’s intellectual property office said Friday. The revision bills of the Trademark Act, Design Protection Act and the Unfair Competition Prevention and Trade Secret Protection Act have been approved by the National Assembly, the Korean Intellectual Property Office s

Sept. 25, 2020

Lotte Insurance denies rumors of self-delisting plan

Lotte Insurance said Friday that it would not consider delisting itself from the country’s main bourse Kospi, refuting rumors by some local media reports. Followed by the nation’s sole bourse operator’s call for explanation on the delisting rumors, the insurance firm made its official announcement via DART -- the Financial Supervisory Service’s electronic disclosure board. “This is to confirm that we are not considering to be delisted from the local market,&rdquo

Sept. 25, 2020

Seoul stocks open higher on US tech rebound

South Korean shares opened higher Friday, tracking overnight gains on Wall Street helped by a US tech rebound.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.68 points, or 0.56 percent, to 2,285.38 in the first 15 minutes of trading. The index got off to a strong start after a 2.59 percent plunge the previous session. Stocks lifted despite uncertainties from the US presidential election in November, thanks to a rebound in tech heavyweights, such as Apple and Microsoft

Sept. 25, 2020

Standard Chartered CEO says S. Korea has potential to be Asia’s financial hub

London-based Standard Chartered Group CEO Bill Winters said South Korea has the potential to rise as Asia’s key financial hub in a meeting with the head of the financial regulator here, the lender’s Korean subsidiary said Thursday. “(Financial Services Commission Chairman Eun Sung-soo and Winters) agreed on the potential of Seoul as Asia’s financial hub given the size of the Korean economy and Korea’s presence in global trade,” Standard Chartered Bank Korea

Sept. 24, 2020

Korean lenders struggle with New York hotel-retail project investment

Major South Korean lenders’ decision to invest some $100 million in a hotel and retail project at 20 Times Square in New York in 2018 has come back to bite them two years later, with the property’s foreclosure last year continuing to wreak havoc amid the coronavirus pandemic, sources said Thursday. In 2018, French Bank Natixis syndicated to local banks KB Kookmin, Hana and NH Nonghyup -- three of the five major lenders here -- and other Korean institutional investors. Some combined

Sept. 24, 2020

Shin & Kim LLC augments international tax service

Shin & Kim LLC, South Korea’s fifth-largest law firm by number of lawyers, said Thursday that it has enhanced its international tax practice by hiring four leading experts. Sunny Kim, a senior foreign attorney and expert in international tax and cross-border mergers and acquisitions, was named head of the international tax practice, the company said in a release. Kim frequently serves as a consulting expert for the Korean government on issues such as consolidated tax regime, partn

Sept. 24, 2020

Proptech startup Kasa Korea attracts W9.2b in pre-series B funding

Kasa Korea, a property technology startup, said Thursday it has raised some 9.2 billion won ($7.8 million) in a pre-series B funding round. The latest funding was led by the state-run Korea Development Bank. Silicon Valley venture capitals and domestic investment firms, including Northern Light Venture Capital, and Kona I Partners, participated in the fundraising round as financial investors and interior firm Kukbo Design was involved as a strategic partner. The proptech startup has so far

Sept. 24, 2020

Seoul stocks tumble to over 1-month low on withering global

South Korean shares plunged to a more than one-month low on Thursday, as investors turned risk-averse following overnight Wall Street decline over withering hopes of a quick economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 60.54 points, or 2.59 percent, to close at 2,272.7. Trading volume was moderate at about 706 million shares worth some 12.3 trillion won ($10.5 billion), with losers outnumbering gainers 831 to 68. Fo

Sept. 24, 2020

K-Sure, LH join hands to secure overseas development projects

The Korea Trade Insurance Corporation said Thursday that it had signed a memorandum of understanding with the Korea Land and Housing Corporation to help South Korean companies secure more overseas construction projects. Under the deal, the state-run trade insurance firm will provide overseas business financing insurance and various trade insurance products to LH and partner companies bidding for overseas construction orders, which will help the builders minimize losses from offshore investments

Sept. 24, 2020

Kakao Bank makes IPO plans official

South Korea’s leading internet-only bank, Kakao Bank, made its market debut plans official as it decided to apply for auditor designation and select an underwriter by the end of this year, the company said Thursday. But the company has not yet decided when or where to list its shares -- on the main bourse, Kospi, or the tech-heavy Kosdaq -- or on the size of the offering. The company is expected to become the first online-only bank to be listed in the local stock market, and the second

Sept. 24, 2020

BTS agency begins IPO demand forecasting for institutions

Big Hit Entertainment, the management agency for K-pop super group BTS, was to start demand forecasting for domestic and overseas institutions Thursday in the runup to its initial public offering (IPO). Big Hit Entertainment will determine the initial offering price following the two-day forecasting session as one of the largest talent agencies is slated to debut on the country's main stock market next month. General subscription for its shares is scheduled for Oct. 5 and 6 amid keen interest

Sept. 24, 2020

Seoul stocks open sharply lower on Wall Street plunge

South Korean shares opened sharply lower Thursday, taking a cue from a plunge in tech stocks on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 33.58 points, or 1.44 percent, to 2,299.66 in the first 15 minutes of trading. Investor sentiment worsened as key US stock indexes tumbled, with tech shares leading the market slump. The tech-laden Nasdaq Composite plummeted 3.02 percent to 10,632.99 on Wednesday (New York time). The Dow Jones Industrial Average dropped 1.

Sept. 24, 2020

Seoul stocks slightly up on bargain-hunting

South Korean shares snapped a two-day losing streak to inch higher Wednesday on the back of retail investors' massive bargain-hunting. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 0.65 point, or 0.03 percent, to close at 2,333.24. In the previous session, the index fell 2.38 percent. Trading volume was moderate at about 725 million shares worth some 13.4 trillion won ($11.5 billion), with losers outnumbering gaine

Sept. 23, 2020

Tesla’s lukewarm Battery Day disappoints Korean market

Electric vehicle maker Tesla’s promises of a $25,000 electric car and affordable batteries were good enough to receive honks from its fans seated in EVs at the annual Battery Day conference and shareholder meeting. They, however, fell short of exciting investors as the company‘s stock price dropped. The disappointment among global investors also dragged down stock prices of Korean companies in the electric vehicle segment. Many Korean firms in the EV battery industry, including LG

Sept. 23, 2020