NK-related stocks set to fly on Vietnam summit

With the US-North Korea summit scheduled to take place in Hanoi this week, North Korea-related stocks have been buoyed by the latest conciliatory mood, and a rally is forecast into the future. Shares of South Korean resort operator Ananti, an operator of a resort at Kumgangsan in the North, was among the most traded shares on the Kosdaq bourse last week, with its weekly transactions amounting to nearly 705.3 billion won ($626.9 million), according to the Korea Exchange. The firm’s shares c

Feb. 24, 2019

Fintech app Banksalad sees no. of monthly active users triple to 1.5m

Banksalad, South Korea’s leading mobile app for personal finance management, said Friday that the number of its monthly active users had reached 1.5 million, marking a threefold increase from its average for last year.Founded in 2012 by local startup Rainist, Banksalad pools a user’s financial information from different banks and finance companies into a single platform. This consolidates data for bank accounts, investments, savings bonds and more. Upon analyzing a user’s finan

Feb. 22, 2019

Korea’s producer price index drops to 12-month low in January

South Korea’s wholesale prices hit a 12-month low in January, affected by a decline in crude oil prices, the Bank of Korea said Friday.The central bank said the producer price index, an economic indicator that tracks the prices of goods sold in a country before they reach consumers, had reached 103.75 last month, down 0.2 percent from a month earlier. The index was seen continuing its downward streak for a fourth consecutive month and hitting its lowest point since January 2018, when

Feb. 22, 2019

[News Focus] US’ decision on Bitcoin ETF to set mood for Korea‘s cryptocurrency market

The bearish global cryptocurrency market has prompted investors to turn their attention to “safer” bitcoin exchange-traded funds. But South Korean institutions have kept a tight leash on the whole cryptocurrency industry, instead observing the US’ steps for the time being.“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market -- which is why we are observin

Feb. 20, 2019

Woori Financial kick-starts nonbanking M&A push with bid for Hi Asset Management

Woori Financial Group has set out to acquire Hi Asset Management, marking the first step in its stated moves to expand its nonbanking business through strategic mergers and acquisitions and strengthen its holding company structure.Woori Financial was among those that joined the preliminary bidding process for Hi Asset Management on Monday, alongside Kiwoom Securities and a number of private equity funds from Korea and abroad, according to an industry report. Hi Asset Management, a subsidiary of

Feb. 19, 2019

Hana Financial partners with SKT, Kiwoom Securities seek to form internet bank

Hana Financial Group, South Korea’s third-largest banking group, said Tuesday that it has partnered with SK Telecom and Kiwoom Securities to take aim at forming a new internet-only bank here.The three companies have formed a consortium with Kiwoom Securities holding the biggest stake. Together, they are embarking on preparations to apply for a government-issued license to operate an online-only bank here, according to Hana Financial. The move comes as the firms seek to further embrace the

Feb. 19, 2019

Woori Financial seeks to buy asset management company

Woori Financial Group Inc. expressed its intent to buy an asset management company on Monday, industry sources said, as the financial group seeks to diversify its revenue sources.Woori submitted a letter of intent to buy HI Asset Management to Deloitte Anjin, a sales manager, according to the sources. HI Asset Management is an affiliate of HI Investment & Securities Co. which came under DGB Financial Group's wing last September.Woori Financial Group has vowed to proactively seek mergers

Feb. 18, 2019

5G services to impact telecom stocks

South Korea’s telecom stocks have been underperforming this year, and analysts point out that the commercialization of 5G network services, likely to start in March, will impact their price.According to the Korea Exchange, the nation’s top mobile operator SK Telecom’s share price plunged 5.2 percent since the beginning of the year, as of Friday’s closing. KT and LG Uplus shares dropped 4.2 percent and 15 percent, respectively, in the same period.  Foreign investors,

Feb. 18, 2019

Foreign investors net purchase W3.73tr in Korea-listed stocks

Foreign investors in South Korea continued to purchase more locally listed stocks while offloading bonds last month, the latest data on foreign investors’ stock and bond ownership by the Financial Supervisory Service showed Monday.Foreign investors net purchased some 3.73 trillion won ($3.32 billion) in locally listed stocks during January, continuing the transition to net buying observed in December last year, according to the FSS.By region, Europe net purchased 1.7 trillion won in stocks

Feb. 18, 2019

Korea in need of independent securities research body: KIF

South Korea should encourage the establishment of an independent research body that produces unbiased securities reports to guide investors, suggests a latest report by the Korea Institute of Finance.According to a KIF report Sunday, the proportion of “sell” opinions for Korean companies that were adopted by local securities companies between September 2017 to September 2018 stood at a mere 0.1 percent.During the same period, the proportion of “sell” opinions adopted by f

Feb. 17, 2019

Seoul shares expected to remain sluggish next week

South Korean stocks are unlikely to to gain ground next week amid gloomy corporate estimates and looming signs of economic slowdown, analysts said Saturday.The Korea Composite Stock Price Index (KOSPI) rose 19.04 points, or 0.87 percent, to 2,196.09 on Friday, from 2,177.05 points a week ago. The index rallied for the first four days of the week on rising expectations that a trade deal could be forged between Washington and Beijing.It jumped nearly 25 points to hit a four-month high on Thur

Feb. 16, 2019

[Photo News] Tech trend talk with Ted

Feb. 14, 2019

[News Focus] Korean banking giants accelerate steps for M&As in nonbanking sectors

South Korea’s major banking groups are actively seeking mergers and acquisitions to expand their nonbanking business, in an effort to diversify incomes in light of volatilities in the main banking sector.Faced with the government’s efforts to lower lending rates, banks here have been turning their attention to diversifying their portfolio, focusing on acquiring nonbanking finance firms, such as loan service providers and credit card firms.The latest move was made by KB Financial

Feb. 14, 2019

Nonghyup Financial logs record-high profit in 2018

Nonghyup Financial Group Inc. said Thursday its net profit reached an all-time high last year, surpassing the 1 trillion won ($888.9 million) mark for the first time.Net profit of the financial group reached 1.22 trillion won in 2018, up 41.8 percent from a year earlier, the group said in a statement.The best-ever performance since the group's establishment in 2012 is attributable to the growth in interest income and commission fees and lower loan-loss provisions. Its interest income rose 9.9 pe

Feb. 14, 2019

Foreign investors turn attention to Kosdaq

South Korea’s tech-heavy secondary bourse Kosdaq has been buoyed in recent weeks by foreign investors’ increased interest in the nation’s biotech and pharmaceutical sectors. According to the nation’s sole stock exchange operator Korea Exchange on Wednesday, overseas investors’ net buying of local shares on the Kosdaq, from Jan. 23 to Monday, amounted to 490.5 billion won ($437.6 million), a stark contrast to their decision to net sell stocks worth 606.1 billion won

Feb. 13, 2019

Visa to open innovation center in Korea as part of global fintech push

Global credit card giant Visa is planning to open a new innovation center in South Korea as it seeks to expand partnerships with local financial technology startups to develop the next generation of payment solutions.“Korea is considered an epicenter of fintech innovation. To pursue a more meaningful fintech-big tech collaborative business model, we are planning to establish an innovation center here,” said Patrick Yoon, country manager for Visa International Asia Pacific Korea, duri

Feb. 13, 2019

Korea's 4 major banking groups log record net profit in 2018

South Korea’s four major banking groups logged record net profits in 2018 on the back of robust interest income, with Shinhan Financial Group retaking its position as the country’s No. 1 banking group with the best earnings performance.Shinhan Financial posted a net profit of 3.16 trillion won ($2.89 billion) in 2018, up 8.2 percent from the previous year. It is the highest net profit recorded by the group to date, led by big gains from Shinhan Bank.According to Shinhan Financial, it

Feb. 12, 2019

NPS pressure to expand dividends draws mixed reactions

With the National Pension Service apparently determined to pressure companies with “stingy” dividend policies to change their ways, investors are viewing it as an opportunity to seek out new targets with the potential for high payouts, while businesses are concerned on excessive management intervention. Signs of change were spotted as the NPS began exerting its shareholder rights through the stewardship code over Hanjin KAL on Feb. 1, followed by its demand for Namyang Dairy to incre

Feb. 12, 2019

S. Korea seeks to build legal frame for fast-growing P2P lending market

South Korea’s financial authorities are hastening to build a legal framework for the fast-growing peer-to-peer lending market, seeking to encourage investment by raising the ceiling while enhancing protective measures for investors, officials said Monday.The Financial Services Commission, the Financial Supervisory Service and the Korea Institute of Finance jointly held a public hearing at the Korea Federation of Banks, inviting industry officials and scholars to lay the groundwork for a P2

Feb. 11, 2019

Shinhan Group partners with Toss for internet-only bank foray

Shinhan Financial Group has decided to form a consortium with Viva Republica, the operator of the popular mobile payment app Toss, to enter South Korea’s internet-only bank business, the financial holding firm said Monday. The consortium will place a bid for a preliminary license to clinch the right to operate the nation’s third internet-only bank, it said. The Financial Supervisory Service is slated to accept applications March 26-27. Shinhan said its decision to team up with T

Feb. 11, 2019