Seoul stocks open slightly higher on Wall Street rebound

South Korean shares opened slightly higher Wednesday, tracking an overnight rebound on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.41 points, or 0.23 percent, to 2,338.0 in the first 15 minutes of trading. The index got off to a strong start after a 2.38 percent plunge the previous session. Tech shares advanced, taking a cue from an upturn in US tech heavyweights. The tech-laden Nasdaq composite rose 1.71 percent to 10,963.64 on Tuesday (New York time). The

Sept. 23, 2020

Standard Chartered CEO cements partnership with S. Korean fintech leaders

After completing a two-week self-quarantine period in South Korea, London-based Standard Chartered Bank CEO Bill Winters has been traveling back and forth between South Korea’s capital Seoul and Pangyo, touted as the nation’s Silicon Valley, meeting with a number of high-profile figures in the domestic financial technology industry in recent days, according to sources Tuesday. Winters was initially granted a quarantine exemption upon his arrival in the country on Aug. 30, but decide

Sept. 22, 2020

Seoul stocks plunge more than 2% on virus fears

South Korean stocks dipped more than 2 percent on Tuesday, as investor sentiment worsened over dimming hopes for recovery from the coronavirus pandemic in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.8 points, or 2.38 percent, to close at 2,332.59. Trading volume was high at about 1 billion shares worth some 17.5 trillion won ($15 billion), with losers outnumbering gainers 816 to 80. The KOSPI plunged after losi

Sept. 22, 2020

Shinhan Card joins forces with Visa to offer data consulting services

South Korea’s leading card issuer, Shinhan Card, is ratcheting up its efforts to tap into global markets. As part of its recent global expansion scheme, it has joined hands with global credit card giant Visa to offer joint consulting services based on data analysis. The two firms plan to deploy their data analysis capacities to provide consulting services for local and global governments and companies. The partners will also try to develop solutions to monitor global payment and consump

Sept. 22, 2020

[Decoding Shareholders] Woori Financial Group on long road to privatization

This is a part of a series exploring the governance structure of financial giants in South Korea and examining diversity and transparency in boardrooms. -- Ed. It was a 12.7 trillion won ($10.6 billion) government bailout that saved Woori Financial Group, then known as Hanvit Bank, in 1998 when it was reeling from the 1997 Asian financial crisis. For more than 20 years, the lender survived and kept its status as one of South Korea’s financial giants. But the remaining presence of state fu

Sept. 22, 2020

FSS stresses need for environment monitoring system in financial sector

The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles.  “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon Suk-heun, governor of the Financial Supervisory

Sept. 22, 2020

NPS joins hands with Keppel Capital for Asia infrastructure investment

The National Pension Service, South Korea‘s public pension fund, has entered into a strategic cooperation with Singapore-based Keppel Capital to beef up private infrastructure investment in Asia. According to the investment arm of offshore rig builder and shipbuilder Keppel, the strategic cooperation is meant to foster capabilities to manage energy and environmental infrastructure assets, including renewables and related technology solutions, urban development and connectivity solutions.

Sept. 22, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Tuesday, taking a cue from overnight losses on Wall Street over the new coronavirus concerns. The benchmark Korea Composite Stock Price Index fell 15.13 points, or 0.63 percent, to 2,374.26 in the first 15 minutes of trading. Investor sentiment worsened after US Federal Reserve Chairman Jerome Powell said a full recovery from the pandemic will take a considerably long time.  In a related move, former Food and Drug Administration Commissioner Scott Gottl

Sept. 22, 2020

Hanwha Solutions stocks plunge as Nikola doubt deepens

Shares of Hanwha Solutions plunged Monday immediately after electric vehicle developer Nikola announced a leadership shakeup, as it faces a heap of fraud allegations and an upcoming probe. Hanwha Solutions common shares retreated 7.4 percent Monday, while its preferred stocks dipped 10 percent. Hanwha Solutions, a Seoul-based petrochemical arm of the Hanwha conglomerate, indirectly controls a minority stake in Nikola. Nikola fetched a combined $100 million of funding evenly from Hanwha Ene

Sept. 21, 2020

[Market Close-up] W520b per BTS member? Market worth of K-pop stars in limelight as agency IPO nears

With a mere estimate of the market value of Big Hit Entertainment, the label behind BTS, reaching nearly 4.6 trillion won ($3.97 billion) after listing, eyes are on the seven-member boy band that generates most of the company’s revenue. The K-pop agency is scheduled to make its market debut on South Korea’s main bourse, Kospi, in October, offering 7.13 million shares at a price between 105,000 won and 135,000 won per share. Its market capitalization is anticipated to reach nearly

Sept. 21, 2020

Litigations pile pressure on Mirae Asset Group

Korean investment banking group Mirae Asset Group is being swamped by litigations at home and abroad, including one against China’s Dajia Insurance Group surrounding high-profile hotel deals in the United States, filings showed Monday. As of the end of June, the total litigation costs incurred to brokerage house Mirae Asset Daewoo and its affiliates could exceed 7 trillion won ($6 billion) if the group loses all 35 lawsuits in which it is involved. The cost has gone up from 68.8 billion

Sept. 21, 2020

Apartment transactions dive amid lingering market anxiety

Confusion in South Korea‘s real estate market has continued with the transaction volume of Seoul apartments taking a dive while a buying drive by 30-somethings concerned over further price hikes remained strong last month, data showed Monday. According to data released by the state-run Korea Appraisal Board, a total of 6,880 apartment units changed hands in Seoul last month, down 57 percent from 16,002 in July. Apartment transactions reached a fever pitch in 2019 with the sales volume

Sept. 21, 2020

Hyundai Motor Group's market value recovers to 100 tr won

The market value of South Korean auto giant Hyundai Motor Group has recovered to the 100 trillion-won ($85.9 billion) level after more than 28 months thanks to brisk sales of hydrogen and electric vehicles, data showed Monday. The total market capitalization of Hyundai Motor Co. and 11 other listed subsidiaries came to 100.2 trillion won as of Thursday, according to the data from the Korea Exchange. South Korea's leading automaker was valued at 39.3 trillion won, with No. 1 auto parts manufac

Sept. 21, 2020

Seoul stocks dip almost 1% amid valuation pressure

South Korean shares fell below the 2,400 mark on Monday, as lingering valuation pressure drove down the key index. The Korean won rose against the U.S. dollar to the highest level in eight months. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.01 points, or 0.95 percent, to close at 2,389.39. Trading volume was high at about 1 billion shares worth some 14 trillion won ($12.1 billion), with losers outnumbering gainers 694 to 168. Foreigners sold a net 77 billion won, while re

Sept. 21, 2020

Hyundai Motor Group returns to W100tr club

The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday.  As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first time in 28 months, according to the Korea Exchange. Of the total, the combined market va

Sept. 21, 2020

Seoul stocks open tad higher on chip, auto gains

South Korean shares opened a tad higher Monday, led by chip and auto gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 5.67 points, or 0.24 percent, to 2,418.07 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.51 percent, with No. 2 chipmaker SK hynix advancing 0.84 percent. Hyundai Motor, the country's largest automaker, jumped 3.59 percent, and its smaller affiliate Kia Motors leaped 3.97 percent. Internet portal giant Naver ga

Sept. 21, 2020

[Herald Interview] Korea Investment & Securities pioneers AI-powered stock analysis

Customer service chatbots and investment robo-advisers have been in place for a while in South Korea, but Korea Investment & Securities recently kicked finance’s use of artificial intelligence up a notch with automatically generated reports for investors. The leading brokerage launched “AIR” or AI Research -- the first local AI-based investment reports -- in July. It is a service Yun Hee-do, head of research at KIS, thinks will help keep the firm competitive by enabling

Sept. 20, 2020

Banks’ credit loans see sudden drop amid authorities’ warnings

Major South Korean banks are on the path of tightening their extension of personal unsecured loans, apparently responding to the financial authorities continued efforts to curb “excessive lending.” Outstanding personal loans extended by five major lenders here -- KB Kookmin, Shinhan, KEB Hana, Woori and NH NongHyup -- fell to 126.9 trillion won as of Thursday, down 243.6 billion won ($209.3 million) from the previous day, data showed Sunday. This marked a sharp turn from the extend

Sept. 20, 2020

[Market Close-up] Retail investor power brings stock market back to life

Six months after plunging to a record low amid the COVID-19 pandemic, South Korea’s stock indicators are apparently experiencing a full recovery, hitting fresh yearly highs mostly on the back of retail investors. According to the country’s bourse operator, the Korea Exchange, the benchmark Kospi as of Friday marked a 65.50 percent rise from the record-low 1,457.64 observed six months earlier. The secondary Kosdaq soared 107.51 percent from 428.35 during the same period. Buttressi

Sept. 20, 2020

Seoul stocks advance 65% over past 6 months led by bio, tech

South Korea's stock market advanced a whopping 65 percent over the past six-month period despite the global virus pandemic, on the back of pharmaceutical and technology shares, data showed Sunday. The benchmark Korea Composite Stock Price Index (KOSPI) on Friday ended at 2,412.40 points, up 65.5 percent from six months ago, according to the main bourse operator Korea Exchange (KRX). The country's stock rally marked the second-highest rise among G-20 countries, following Argentina's 87 percent

Sept. 20, 2020