S. Korea’s debt grows at fastest pace in 2019: BIS data

The level of household debt in Asia’s fourth-largest economy rose at the fastest pace among major economies in 2019, data showed Sunday.  According to the data from the Bank for International Settlements, household debt in South Korea accounted for 95.5 percent of the country’s gross domestic product as of the fourth quarter last year, increased by 1.6 percentage points from a year earlier. The growth rate ranked first among 43 major economies alongside Hong Kong. Norway came

June 21, 2020

[News Focus] N. Korea’s liaison office demolition dampens cross-border projects of banks

Nearly two years ago, South Korean financial groups hurriedly launched special teams to pursue inter-Korean businesses on the back of a reconciliatory mood between Seoul and Pyongyang. But the mood quickly soured with the collapse of the second summit between US President Donald Trump and North Korean leader Kim Jong-un in February last year. Now, with North Korea blowing up an inter-Korean liaison office in the border town of Kaesong, the hostile mood has cast one of the darkest clouds yet o

June 21, 2020

[Weekender] As pandemic rages, funds test water with robo-investing

Since its inception in 2015, robo-investing has emerged as a tool with the potential to minimize the impact of market volatility in South Korea. The profitability of this investment method -- based on computerized data analysis, not human instinct -- has been questioned. But the time has come, unexpectedly, to prove who is correct. The catalyst is the coronavirus outbreak that has been rattling the stock market at home and abroad. According to market data tracker FnGuide, 17 robo-investing fu

June 20, 2020

Seoul stocks likely to stay range-bound next week amid virus fears

   South Korean shares are expected to move in a tight range next week, due to concerns over the further spread of the coronavirus and North Korea's additional provocations.     The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,141.32 points Friday, up 0.42 percent from a week ago.     In the face of growing concerns over a potential second wave of virus outbreaks and Pyongyang's aggressive actions, the KOSPI suffered a 4.76 perc

June 20, 2020

Biotech firm SillaJen faces review on possible delisting

The nation’s sole bourse operator announced Friday that it has decided to examine SillaJen’s listing eligibility. “We are set to decide whether to delist SillaJen or give it some more time for improvement after reviewing for 15 trading sessions,” said an official of Korea Exchange (KRX). “If the firm submits its improvement plan within the period, our review will be delayed by another 20 trading sessions.” Depending on KRX’s conclusion, SillaJen ma

June 19, 2020

Seoul stocks close higher amid slight decline in virus tally

South Korean stocks pared earlier losses to close a tad higher Friday, with investors weighing cautious optimism over the new coronavirus tally that is still high yet on a decline. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.84 points, or 0.37 percent, to close at 2,141.32. Trading volume was high at about 1.1 billion shares worth some 12.1 trillion won ($10 billion), with gainers outnumbering losers 432 to 423. The index started o

June 19, 2020

Seoul stocks open lower amid virus fears, NK risks

South Korean shares opened lower Friday amid concerns over a recent rise in new coronavirus infection cases here and abroad, with lingering inter-Korean tensions further spooking investors. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.06 points, or 0.38 percent, to 2,125.42 in the first 15 minutes of trading. The index's loss was largely attributed to the growing investor concerns over the high infection toll in major economies and at home, which countered economic recovery

June 19, 2020

Seoul stocks snap 2-day winning streak amid spreading coronavirus concerns

South Korean stocks closed lower Thursday, ending a two-session gaining streak, on investor concerns over a second wave of new coronavirus infections in the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.57 points, or 0.35 percent, to close at 2,133.48. Trading volume was moderate at about 754 million shares worth some 10.8 trillion won ($8.9 billion), with winners outnumbering losers 523 to 331. The dro

June 18, 2020

Hyundai Capital issues green bonds worth $316m

South Korean auto financing firm Hyundai Capital said Thursday that it has issued three-year Swiss franc-denominated green bonds worth 300 million francs ($316 million). The bonds are being issued by the subsidiary of Hyundai Motor Group for the automaker’s lease financing programs on its green car lineup. It is the firm’s third overseas green bond issuance since 2016. A green bond is specifically earmarked to be used for climate and environmental projects. The latest deal enabl

June 18, 2020

Amid continued selling spree, foreign investors eye Celltrion shares

Despite their continued selling spree of local stocks, foreign investors have grabbed 427 billion won ($351.4 million) worth shares of local biopharmaceutical firm Celltrion’s key affiliates, according to stock market data Thursday. The Korea Exchange noted that between June 1-17, Celltrion became the most purchased stock by offshore investors here, with net purchase of 291.1 billion won. Celltrion Pharm was first on the list of foreigners’ top-bought stocks in the tech-heavy Kos

June 18, 2020

Seoul stocks open lower on virus fears, inter-Korean tensions

South Korean shares opened lower Thursday amid growing investor concerns over the escalating tensions between the two Koreas and a resurgence in new coronavirus infection cases in major economies, including the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.57 points, or 0.73 percent, to 2,125.48 in the first 15 minutes of trading. The weak start came one day after North Korea again lashed out at the South, threatening to soon redeploy troops to two locations

June 18, 2020

KDB refuses to back SsangYong Motor with bailout fund

Korea Development Bank, South Korea’s policy lender, on Wednesday refused to support the liquidity-stricken SsangYong Motor using its bailout fund of 40 trillion won ($32.95 billion) created to extend a lifeline to local companies suffering from the fallout of the novel coronavirus. “Money is not necessarily everything for a company’s survival,” KDB Chairman Lee Dong-gull told reporters at a teleconference. “It takes money for a company to get through hardships, bu

June 17, 2020

Kakao Bank joins forces with stock brokerages

Kakao Bank said Wednesday its customers can now open KB Securities stock trading accounts via its platform. The local brokerage under KB Financial Group is the latest securities company to forge a partnership with the internet-only bank. As of May, Kakao Bank had ushered in some 2 million accounts for two brokerages -- Korea Investment & Securities and NH Investment & Securities. The company said its easy-to-use platform appeal to those in their 20s and 30s, who tend to prefer mobi

June 17, 2020

NH Investment seeks to build customer trust via cultural space

NH Investment & Securities said Wednesday it is seeking to build a broader customer base by offering a cultural space in Seoul’s fashion district Apgujeong. Located in the Apgujeong Rodeo area, Culture Salon, or Moonwha Dabang, is part of the brokerage firm’s brand awareness project aimed at presenting its corporate vision. To mark its 50th anniversary last year, the brokerage unit of South Korea’s NongHyup Financial Group set its corporate slogan as “investment c

June 17, 2020

Seoul stocks slightly up despite escalating inter-Korean tensions

South Korean shares finished a tad higher Wednesday as investors bet that the escalating tensions between two Koreas would have a limited impact on the financial markets. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 3.00 points, or 0.14 percent, to close at 2,141.05. Trading volume was high at about 915 million shares worth some 15.2 trillion won ($12.5 billion), with gainers outnumbering losers 495 to 356. For

June 17, 2020

Doosan Infracore rallies on hope for new investor

Shares in Doosan Infracore Co., the construction equipment affiliate of South Korea's cash-short Doosan Group, traded higher for a second day on Wednesday as its parent is seeking to sell a stake in the company. On Tuesday, Doosan Infracore soared by the daily permissible limit of 29.86 percent to close at 7,480 won ($6.16), hitting a 52-week high as retail investors bet that the stake sale will boost Doosan Infracore's value going forward. Doosan Group said earlier it will dispose of a 36.27

June 17, 2020

Posco, Hyundai Steel create W100b fund for smaller firms

Posco and Hyundai Steel, South Korea’s two largest steelmakers, have created a combined 100 billion-won ($82 million) fund to help smaller companies hit hard by the coronavirus, the Industry Ministry said Wednesday. The fund will be used to extend up to 1 billion won with low interest to each struggling smaller steel company, according to the ministry. Posco and Hyundai Steel chipped in 71.4 billion won and 28.6 billion won for the fund, respectively. The move could help ease a credit

June 17, 2020

Mr. Pizza to invite bids for controlling stake

MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, is seeking to sell a controlling stake through an open bidding process, its announcement showed Wednesday. Up for grabs will be a 48.92 percent stake in MP Group by founder and ex-chairman Jung Woo-hyun and owner families, as well as an undisclosed amount of new shares worth at least 20 billion won ($16.43 million). Proposals from potential buyers will be accepted until 5 p.m. on Ju

June 17, 2020

Interest rates fall to near zero for 6 in 10 savings accounts

Six out of 10 accounts offered at commercial banks in South Korea offer near-zero interest rates on their deposits following the central bank’s key rate cut in May. According to data released Wednesday by the Korea Federation of Banks, 31 out of 51 commercial banks’ 12-month deposit accounts provided their customers with yields of less than 0.5 percent as of June. This indicates that 6 out of 10 major banks’ deposit products do not even offer 1 percent interest a y

June 17, 2020

Seoul stocks open flat on escalating inter-Korean tensions

South Korean shares opened almost flat Wednesday amid escalating tensions between the two Koreas, bucking overnight Wall Street gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.25 points, or 0.06 percent, to 2,136.80 in the first 15 minutes of trading. The loss followed North Korea's announcement that it will redeploy troops to two inter-Korean business zones near the border and reinstall border guard posts. The communist regime destroyed the inter-Korean liaison office

June 17, 2020