Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Job creation lowest on record among under-30s
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Top market cap firms expand presence amid IT, bio boom
The combined market cap value of South Korea’s 10 largest companies account for almost 45 percent of the entire market, as IT and bio companies gained popularity amid the continued COVID-19 pandemic, data showed Sunday. According to the country’s bourse operator Korea Exchange, out of the 789 listed companies on the main bourse Kospi, the top 10 companies accounted for 44.7 percent in market cap as of Friday. The figure was up 2.6 percentage point from Jan. 2 this year -- before
May 31, 2020
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Big guns to revive Korea’s lackluster IPO market
South Korea’s lackluster initial public offering market is regaining momentum as a number of big players are set to go public this year, according to investment banking sources Sunday. Fifteen firms have submitted preliminary applications for IPOs to the Korea Exchange in May, up 36.3 percent from a year earlier, nearly four times higher than in March -- when the local stock indexes plunged amid the escalating coronavirus pandemic. The recent surge in aspiring IPOs was seen as reflect
May 31, 2020
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S. Koreans held 3.9 credit cards on average in 2019: data
South Korean held 3.9 credit cards on average last year, data showed Sunday, as credit card holdings in the country continue to increase as more people use credit cards as their preferred payment method. There were 110.98 million credit cards in South Korea as of end-2019, up 5.92 million from a year earlier, according to the Credit Finance Association. South Korea's economically active population, or the number of people aged 15 years or older who are willing to work, held 3.9 credit cards
May 31, 2020
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Seoul stocks end higher on finance minister's FX intervention comments
Seoul stocks ended slightly higher Friday, after South Korea's finance minister hinted at possible intervention in case of volatility in the local currency markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.06 points, or 0.05 percent, to close at 2,029.60. Trading volume was moderate at about 1.08 billion shares worth some 13.8 trillion won ($11.2 billion), with losers outnumbering gainers 461 to 384. Foreigners sold a net 204.
May 29, 2020
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[Newsmaker] BTS label Big Hit gears for IPO
The South Korean music label behind K-pop sensation BTS has filed for a preliminary review for an initial public offering, according to the nation’s stock market operator Korea Exchange (KRX) on Friday. Founded in 2005 by music producer Bang Si-hyuk, Big Hit Entertainment houses BTS and other K-pop singers and bands, including Lee Hyun and Tomorrow X Together. Bang, who serves as the entertainment firm’s chairman, currently holds 45.1 percent stake, while mobile gaming firm Netma
May 29, 2020
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S. Korea hints at intervention in FX market
SEJONG -- South Korea's finance minister said Friday the government will act boldly if volatility rises in the foreign exchange market. Finance Minister Hong Nam-ki said "herd behavior" has been seen recently in the foreign exchange market and speculative trading has caused some moves in the Korean currency, referring to a one-sided movement. "The government will act boldly with its market stabilization measures if herd behavior becomes excessive in the foreign exchange market,
May 29, 2020
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid rising Sino-American tensions over China's passing of a new national security law on Hong Kong. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.80 points, or 0.53 percent, to 2,017.74 in the first 15 minutes of trading. The fall was largely attributed to the latest development in the Sino-American dispute on China's passing of the new national security law that could severely restrict c
May 29, 2020
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BTS agency Big Hit applies for preliminary review for listing
Big Hit Entertainment, the management agency of K-pop mega group BTS, has filed for a preliminary review to be listed, the bourse operator here said Thursday. NH Investment & Securities, Korea Investment & Securities and JP Morgan will handle the offer, according to the Korea Exchange (KRX). Big Hit, established in 2005, manages K-pop singers BTS, Tomorrow X Together and Lee Hyun. Founder and co-CEO Bang Si-hyuk currently holds a 45.1 percent stake in the label. In 2019, Big Hit lo
May 28, 2020
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WeWork Korea modifies floor layouts for safety amid coronavirus crisis
WeWork Korea has modified floor layouts of its offices as part of efforts to prevent COVID-19 infection, the company said Thursday. It has also installed more digital signage devices to notify members of the maximum number of people allowed in meeting rooms and to show the walking direction of one-way paths in hallways, it added. These are follow-up preventative measures taken since earlier this year as the company has been measuring body temperature across all locations along with a wide r
May 28, 2020
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Seoul stocks close lower on coronavirus cluster infections
South Korean shares closed lower Thursday, snapping a three-day winning streak, on the largest number of daily infections of the new coronavirus in nearly two months. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.66 points, or 0.13 percent, to close at 2,028.54. Trading volume was high at about 1.15 billion shares worth some 14.2 trillion won ($11.5 billion), with losers outnumbering gainers 689 to 177. Foreigners bought a net 42.8 b
May 28, 2020
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Gold, silver funds shine as investors seek low-risk assets
Gold and silver funds in South Korea are shining on rising demand for safe investments amid lingering uncertainties in markets over the pandemic and renewed Sino-US conflict, data showed Thursday. The annual average return rate of 12 local gold funds with assets of 1 billion won ($808,000) or more came to 43.41 percent as of Wednesday. The figure outpaced the median return rate of 1.07 percent for domestic stock funds in the cited period, according to data compiled by FN Guide. As investors s
May 28, 2020
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Thursday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.77 points, or 0.68 percent, to 2,044.97 in the first 15 minutes of trading. The gains were led by the US tech stock rally overnight, triggered by global chipmaker Micron Technology Inc.'s estimate-beating earnings guidance, analysts said. The Dow Jones Industrial Average jumped 553.16 points, or 2.21 percent, to close at 25,548.27 on Th
May 28, 2020
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KIC’s investment in marijuana producers not questionable, says experts
With South Korea’s sovereign wealth fund sparking a media debate over its investment in marijuana producers, some experts here said Wednesday that the case can hardly be seen as breaching its commitment to socially and environmentally responsible investing. Marijuana production itself cannot be the target of criticism, although it carries a heavy social stigma in Korea where the recreational use of marijuana is banned. Even if the investment was made by sovereign wealth fund Korea Investm
May 28, 2020
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[Market Close-up] S. Korean stock market recovers faster than its global peers
Buttressed by the buying spree of retail investors and expansion of liquidity, South Korea’s stock market recovered to the psychologically important 2,000-point mark, rebounding faster than other major stock markets around the world. According to the Korea Exchange, the Kospi reached 2,029.78 points at Tuesday’s close, 12 weeks after last posting above the 2,000-mark on March 6, when it closed at 2,040.22. The index plunged to a yearly low of 1,457.64 on March 19, but rose sharply
May 27, 2020
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Mirae Asset fined for illegal internal trading, but avoids prosecutorial probe
South Korean financial giant Mirae Asset Group is likely to resume its drive to launch a mega-sized investment bank as authorities on Wednesday decided not to request a prosecutorial probe for conducting illegal intra-unit trading and instead chose to slap a light penalty. The nation’s antitrust watchdog Fair Trade Commission said it has imposed a fine of 4.39 billion won ($3.6 million) on financial conglomerate Mirae Asset Financial Group and its affiliates for violating rules that ban
May 27, 2020
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Seoul stocks extend gains to third session on hopes of recovery
South Korean stocks finished a tad higher Wednesday despite escalating tension between the United States and China, as investors sought to scoop up bargains amid growing hopes of an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.42 points, or 0.07 percent, to close at 2,031.20, extending its winning streak to a third consecutive session. Trading volume was high at about 1.16 billion shares worth some 12.5 trillion w
May 27, 2020
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One Equity Partners to unload Celltrion Healthcare stake at discount
One Equity Partners, a spinoff of JPMorgan dedicated to middle market investment, is reportedly looking to unload part of its stake in South Korea’s drug distributor Celltrion Healthcare through a block trade for roughly 350 billion won ($283.6 million). The price of some 4 million Celltrion Healthcare shares, a 2.6 percent stake, was set at between 85,000 won and 87,000 won per share after the market closed Tuesday, according to news reports. The price was lower than the Tuesd
May 27, 2020
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Banks' lending rates further drop in April on aid package
Lending rates on fresh loans extended by banks in South Korea dropped sharply from a month earlier in April, central bank data showed Wednesday, apparently due to stimulus measures that supplied massive funds to businesses hit by the new coronavirus outbreak. The average interest rate on fresh bank loans came to 2.8 percent in the month, down 11 basis points from 2.91 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK slashed the base interest rate
May 27, 2020
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Seoul stocks open slightly lower on escalating US-China tensions
South Korean stocks opened lower Wednesday on souring Sino-American relations, bucking overnight gains on Wall Street amid hopes of economic reopening. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.49 points, or 0.32 percent, to 2,023.29 in the first 15 minutes of trading. The weak start came after a news report suggested the US Treasury Department could freeze assets of Chinese officials and businesses in retaliation for China's new national security law. The US and China a
May 27, 2020
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Shinhan, KB Kookmin Card handle nearly half of relief funds
Nearly half of the South Korean government’s emergency disaster relief funds were distributed by two major credit card issuers, Shinhan Card and KB Kookmin Card, according to news reports on Tuesday. The government started receiving applications for the relief program from May 11, doling out the funds from May 13, in the form of cash, prepaid cards or money-like points that can be used with credit or debit cards. The total relief funds provided to coronavirus-hit households exceeded 12
May 26, 2020