Seoul stocks close higher on economic recovery hopes

South Korean shares closed higher Friday on hopes of economic recovery buoyed by better-than-anticipated economic indicators from major economies, including the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.04 points, or 0.80 percent, to close at 2,152.41. Trading volume was moderate at about 754 million shares worth some 8.5 trillion won ($7.1 billion), with gainers outnumbering losers 529 to 307. The gains were led

July 3, 2020

SK Biopharmaceuticals shares spike for 2nd day in row

SK Biopharmaceuticals, the largest initial public offering of this year so far, continued to perform strong Friday, soaring to a daily limit of 30 percent in the second trading session. The bio unit of South Korean conglomerate SK Group began trading at 127,000 won ($105.75) per share, then spiked 38,000 won, or 29.92 percent, to reach 165,000 won in early trading hours. Throughout the trading day, the stock price continuously maintained, while marking its market capitalization of more than

July 3, 2020

Seoul stocks open tad higher on US jobs data

South Korean shares opened slightly higher Friday, tracking overnight gains on Wall Street led by estimate-beating US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.76 points, or 0.22 percent, to 2,140.13 in the first 15 minutes of trading. Major US stock indices closed higher on surprising US jobs data. The NASDAQ Composite gained 0.52 percent to a fresh record high of 10,207.63 on Thursday (New York time), following reports that the US jobless rate in June fe

July 3, 2020

Seoul stocks close higher on recovery hopes

South Korean shares closed sharply higher Thursday on hopes of an economic recovery fueled by improved US economic indicators. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.67 points, or 1.36 percent, to close at 2,135.37. Trading volume was high at about 1.1 billion shares worth some 10.4 trillion won ($8.7 billion), with gainers outnumbering losers 671 to 176. Foreigners sold a net 13 billion won, extending their latest selling

July 2, 2020

Regulator to crack down on pooled funds to restore investor trust

The Financial Services Commission, South Korea‘s top financial regulator, said Thursday it would carry out an all-out inspection of all privately-pooled investment schemes in a preemptive measure to protect financial consumers from exposure to unanticipated risks. The target of the scrutiny will be 10,304 pooled funds and 233 investment houses dedicated to privately pooled funds as of the end of May. The total inspection is scheduled to be completed by September, while investment firms w

July 2, 2020

As largest IPO of year, SK Biopharmaceuticals makes strong market debut

In the largest market debut of the year, SK Biopharmaceuticals was listed on the nation’s main bourse Kospi on Thursday, with its share price soaring to a daily limit in the first trading session. Buoyed by the growing market interest in the bio industry as well as increased capital flow to the local stock market, the initial public offering of the SK subsidiary marked the highest offering deal since the 1 trillion-won market debut of Celltrion Healthcare in 2017. SK Biopharmaceuticals

July 2, 2020

Seoul to set up online data platform to fight viruses

The government said Thursday it plans to establish a so-called “bio data station” -- an online data platform for biotechnology -- in a bid to accelerate research and development in the emerging sector. Minister of Economy and Finance Hong Nam-ki mapped out the plan for the biotech platform at an emergency economic meeting in Seoul. All the data linked to results of state-run research projects will be registered at the online hub for drug development and research projects including

July 2, 2020

Seoul stocks open higher on pharmaceutical gains

South Korean shares opened higher Thursday, led by pharmaceuticals. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.86 points, or 0.61 percent, to 2,119.56 in the first 15 minutes of trading. SK Biopharmaceuticals Co. Ltd., the largest IPO offering of the year so far, spiked 29.59 percent on the day of its debut. Top pharmaceutical firm Samsung BioLogics surged 4.26 percent, with Celltrion spiking 3.87 percent. Most large caps were in positive terrain. Market bellwether

July 2, 2020

With low interest rates and nowhere to invest, more opt to simply hold money

Major banks in South Korea saw their time deposits decline from a month earlier in June, while their money market deposits jumped sharply, apparently suggesting more people were hoping to invest their money amid record low interest rates but were unable to do so amid a coronavirus-caused slump, data showed Thursday. According to the data from five major local lenders, the combined outstanding time deposits at the banks came to 633.1 trillion won ($526 billion) as of end-June, down more than 10

July 2, 2020

Kakao Pay Securities highlights fun factor in stock trading

Riding the wave of contactless service, Kakao Pay Securities, a brokerage backed by mobile messenger operator Kakao, said Wednesday that it would take the stock trading scene to the next level by adding a dab of fun to investment activities and launching easy-to-use services. “Because of high barriers in the investment and financial sectors for the public, there are even new terms being coined, such as geum-al-mot in Korean, to describe financially illiterate people despite high digital

July 1, 2020

Seoul stocks edge down over Hong Kong security law

South Korean shares closed a tad lower Wednesday, erasing earlier gains amid rising US-China tensions over a new security law in Hong Kong imposed by China's central government. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.63 points, or 0.08 percent, to close at 2,106.70. Trading volume was moderate at about 1.1 billion shares worth some 10.1 trillion won ($8.4 billion), with losers outnumbering gainers 482 to 356. Foreigners sold a

July 1, 2020

Watchdog urges full compensation for damages from ponzi-involved Lime fund

South Korea’s financial watchdog Financial Supervisory Service on Wednesday urged 10 financial institutions to fully compensate for investors’ losses, holding them accountable for their inadvertent decision to draw investments in the disgraced Lime Asset Management’s trade finance fund. In an unprecedented move, financial institutions -- including seven banks and three brokerage houses -- will be forced to reimburse a total of 161.1 billion won ($133.8 million) in principal of

July 1, 2020

Korean PEF inches closer to KDB Life acquisition

Korean private equity firm JC Partners has become a preferred bidder to buy a controlling stake in KDB Life Insurance, in policy lender Korea Development Bank’s move to exit from a troubled financial institution that has strived to turn around amid restructuring. JC Partners was the sole participant in the open bidding process to sell KDB Life Insurance, whose 92.73 percent stake is jointly controlled by KDB and investment house Consus Private Equity, according to KDB on Wednesday. The bi

July 1, 2020

[Exclusive] S. Korea’s drive to develop pan-Asia stock index ends in failure

South Korea’s drive to launch the first pan-Asian benchmark comprising major blue chip stocks in the region appears to have fallen apart, thanks to political differences and a lack of interest from larger markets. The project, led by the nation’s bourse operator Korea Exchange (KRX), was designed to attract more foreign capital in the stock market, and was hoped to be a precursor of becoming a new financial hub in Asia. Tentatively named the Asia Index, it was modeled after the Eu

July 1, 2020

Seoul stocks open higher on Wall Street

South Korean shares opened higher Wednesday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.21 points, or 0.86 percent, to 2,126.54 in the first 15 minutes of trading. The strong start came after major US stock indices closed higher on growing hopes of an economic recovery. The Dow Jones Industrial Average added 0.85 percent to end at 25,812.88 on Tuesday (New York time), with the tech-laden NASDAQ soaring 1.87 percent. In

July 1, 2020

Secured bonds safe haven during pandemic: Barings

Amid the lingering business uncertainties from continued COVID-19 crisis, bond investors would be able to avert risks of companies’ default in case they have invested in secured high-yield bonds, a top Barings Asset Management official said on Tuesday. “(Secured bonds) are on top of the capital structure and tend to recover better,” said David Mihalick, head of US public fixed income at Barings, in a teleconference. “Secured bonds are attractive because of the extent th

June 30, 2020

NPS to invest W800b through private equity firms

South Korea’s National Pension Service said Tuesday it has selected five private equity firms as external partners to invest a combined 800 billion won ($665.28 million) in private equities. According to the world’s third-largest public pension fund, it will commit 160 billion won each to Glenwood Private Equity, Macquarie Asset Management Korea, SkyLake Investment, IMM Investment and JKL Partners. The firms will be responsible for managing funds with a 10-year maturity. Investmen

June 30, 2020

Seoul stocks close higher on economic rebound hopes

South Korean shares closed higher Tuesday on hopes of an economic recovery that offset renewed concerns over political tensions between the world's two largest economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.85 points, or 0.71 percent, to close at 2,108.33. Trading volume was moderate at about 700 million shares worth some 11.6 trillion won ($9.7 billion), with gainers outnumbering losers 594 to 252. Foreigners sold a net 7

June 30, 2020

FSS finds no proof on alleged hacking attempts of Toss: sources

South Korea’s financial authorities have tentatively concluded that unauthorized payments made on fintech platform Toss were not caused by any security breach, according to sources Tuesday. The Financial Supervisory Services found no proof on alleged hacking attempts, they were quoted by Yonhap News Agency. Adding that illegally obtained personal information may have been used to access Toss and make payments without permission of the account holders. According to the fintech firm, a to

June 30, 2020

FSC urges lenders to build capital buffer for prolonged pandemic

South Korea’s top financial regulator Tuesday called on local lenders to build up their capital conservation buffer to absorb losses in preparation for the prolonged COVID-19 crisis. “(The FSC) urges banks to strengthen their loss-absorbing capacity through measures such as increasing allowances for bad debts, while continuing to help lending in the real economy amid the pandemic,” Financial Services Commission Vice Chairman Sohn Byung-doo told a meeting of senior financial p

June 30, 2020