70% of Signiel penthouses owned by corporations

Over 70 percent of those who own lavish penthouses at Signiel Seoul – an upscale residence located throughout the 42nd to 71st floors of Korea’s tallest building, Lotte World Tower – were revealed to be corporations, according to a news report by the Herald Business on Monday. The Signiel Seoul, which was completed in April of 2017, has a total of 223 housing units, including seven penthouses and 11 duplex-type sub-penthouses. Based on real estate registrations, the Herald Busi

June 7, 2023

S. Korean stock market's turnover falls sharply in May amid Ponzi scheme

Turnover of South Korea's main and secondary bourses dropped sharply last month as investor sentiment was dampened by a recent Ponzi scheme that has rocked the local financial market, data showed Tuesday. The average daily turnover of the main Kospi and tech-heavy Kosdaq markets stood at 18 trillion won ($13.8 billion) in May, down 31.7 percent from the previous month's 26.4 trillion won, according to the data from the Korea Stock Exchange. The average daily transactions of the Kospi m

June 6, 2023

Seoul shares end higher on Fed's rate-hike pause hopes

Seoul shares ended higher Monday amid hopes that the US Federal Reserve may not raise interest rates this month due to signs of slackening in the US labor market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.05 points, or 0.54 percent, to close at 2,615.41. The main index continued to close at above 2,600 after surpassing the 2,600 level on Friday for the first time since June 9, 2022. Trading volume was moderate at 537.16 million sha

June 5, 2023

Imported car sales fall 9.2% in May on lack of supply volumes

Sales of imported vehicles in South Korea fell 9.2 percent last month from a year earlier due mainly to lack of supplies in some brands, an industry association said Monday. The number of newly registered imported vehicles came to 21,339 units in May, down from 23,512 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were BMW's 520 sedan, Lexus' ES300h sedan, and Mercedes-Benz's E 35

June 5, 2023

Seoul shares open higher amid Fed's rate pause hopes

Seoul shares opened higher Monday, tracking Wall Street gains, as investors expect the US Federal Reserve will not raise interest rates this month due to signs of US labor market slackening. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.51 percent, to 2,614.70 in the first 15 minutes of trading. On June 2, the Dow Jones Industrial Average jumped 2.1 percent to 33,762.76, and the Nasdaq Composite gained 1 percent to 13,240.77. The May US jobs report cemented bets for the

June 5, 2023

Foreign reserves down in May on strong dollar

South Korea's foreign reserves fell in May as the dollar's ascent cut the conversion value of holdings in other currencies, central bank data showed Monday. The country's foreign reserves came to $420.98 billion as of end-May, down $5.7 billion from the previous month, according to the data from the Bank of Korea. The dollar's rise last month boosted the converted value of holdings denominated in other currencies, the Bank of Korea explained. The dollar index that gauges the

June 5, 2023

K-pop stock rally proves strong despite BTS hiatus

With strong global demand for K-pop, share prices of major entertainment agencies are on a robust rally this year. The added market value of the four major K-pop agencies -- Hybe, JYP Entertainment, YG Entertainment and SM Entertainment -- has increased by some 8 trillion ($6.16 billion) won this year, nearing 20 trillion won. Shares of Hybe, the K-pop company behind the global boy group BTS, closed at 270,000 won on Friday. Though it is lower than the peak of 303,000 won on May 3, it marks a st

June 4, 2023

Shinhan Card to expand presence in Kazakhstan

Shinhan Card looks to expand its business in Kazakhstan through its affiliate Shinhan Finance, joining hands with the local automobile dealership industry and stepping up its digital transformation efforts. Since its founding in November 2014, Shinhan Finance, Shinhan Card's subsidiary in Kazakhstan, has been focusing on microfinance products such as auto loans and credit loans. Shinhan Card CEO Moon Dong-kwon, who took office earlier this year, recently visited Kazakhstan to meet with th

June 4, 2023

Seoul shares at 1-year high on hopes Fed pauses rate hikes

South Korean stocks closed at a one-year high Friday, led by large-cap tech gains, on hopes the Federal Reserve will pause its aggressive monetary tightening and the United States' debt ceiling deal will pass. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 32.19 points, or 1.25 percent, to close at 2,601.36. It was the first time for the index to surpass the 2,600 level since June 9, 2022. Trading volume was moderate at 559.56 million sh

June 2, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Friday, led by big-cap tech shares, as investors welcomed the progress in the United States' debt ceiling deal. The benchmark Korea Composite Stock Price Index added 18.7 points, or 0.73 percent, to 2,587.87 in the first 15 minutes of trading. Overnight, US stocks closed higher as the House of Representatives passed a debt ceiling bill to avoid a federal default. The Dow Jones Industrial Average rose 0.47 percent, and the tech-heavy Nasdaq Composite jumped

June 2, 2023

Seoul shares down for 2nd day amid eased US debt ceiling woes

South Korean stocks fell for a second straight session Thursday, as a consecutive fall in exports weighed down major tech and auto stocks, while the passage of a US debt ceiling deal by the House gave relief to investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 7.95 points, or 0.31 percent, to 2,569.17. Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering ga

June 1, 2023

Hana Financial, Mirae Asset join hands for digital finance innovation

Hana Financial Group and Mirae Asset Securities said Thursday that they have signed a joint deal for business cooperation in Web3 and security tokens in efforts to lead the way into the future of digital finance. “Through our solid partnership, we will actively take up opportunities for change and lead the way for innovation in digital finance by providing new values and experiences,” Hana Financial Group Chairman Ham Young-joo said. Web3 is a new version of the internet incorporatin

June 1, 2023

Seoul shares open nearly flat ahead of US debt ceiling vote

South Korean stocks opened marginally lower Thursday before soon turning to positive terrain, as investors kept a close eye on the planned vote by US Congress on lifting the federal debt ceiling. After starting lower at the opening bell, the benchmark Korea Composite Stock Price Index added 1.56 points, or 0.06 percent, to 2,578.68 in the first 15 minutes of trading. US stocks closed lower Wednesday as the House of Representatives was set to vote on a bill to raise the $31.4 trillion debt limit

June 1, 2023

Kia to suspend one domestic plant in H2 for EV preparations

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will suspend the operation of one of its eight domestic plants during the second half of this year in preparation for electric vehicle production. Kia, a smaller affiliate of Hyundai Motor Co., will begin the construction Thursday to change the No. 1 Gwangmyeong plant, just south of Seoul, into an EV plant by the end of December, the company said in a regulatory filing. It may take time for the plant to begin EV productio

May 31, 2023

Seoul shares close lower amid US debt ceiling saga

South Korean stocks ended lower Wednesday as investors attempted to cash in recent gains while weighing the odds of a debt ceiling deal passing US Congress. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 8.4 points, or 0.32 percent, to close at 2,577.12, ending its two-day winning streak, which had been fueled by an AI chip boom. Trading volume was moderate at 670.12 million shares worth 14.61 trillion won ($11.01 billion), with losers outpaci

May 31, 2023

Seoul shares open higher despite heightened N. Korea tension

Despite North Korea's failed satellite launch attempt in the morning, Seoul shares remained relatively stable on Wednesday. The local stock market opened higher backed by foreigners’ buying spree, but closed lower as a newly released figure showed that China’s economic recovery has lost steam. North Korea's launch attempt did not have much impact on the market, as it had repeatedly signaled its intention to launch its first military spy satellite over the past few days.

May 31, 2023

Seoul shares open higher amid eased US debt ceiling woes

South Korean stocks opened higher Wednesday, as investors see the likelihood of a debt ceiling deal passing US Congress. The benchmark Korea Composite Stock Price Index added 9.35 points, or 0.36 percent, to 2,594.87 in the first 15 minutes of trading. Overnight, Wall Street closed mixed as the debt ceiling deal reached between US President Joe Biden and House Speaker Kevin McCarthy went to Congress. The deal now needs to receive enough bipartisan support before the June 5 deadline to avert a po

May 31, 2023

Seoul shares close up as US debt jitters ease

South Korean stocks ended sharply higher Tuesday on a breakthrough in US debt ceiling negotiations. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 26.71 points, or 1.04 percent, to close at 2,585.52. Trading volume was moderate at 631.71 million shares worth 10.75 trillion won ($8.11 billion), with winners outpacing losers 454 to 410. Offshore investors picked up a net 673.03 billion won worth of shares, while retail and institutional investo

May 30, 2023

Seoul shares open higher as US debt jitters ease

South Korean stocks opened higher Tuesday on a breakthrough in US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 17.36 points, or 0.68 percent, to 2,576.17 in the first 15 minutes of trading. Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy agreed to raise the nation's debt ceiling. Now, the deal would need to get enough bipartisan support in Congress before the June 5 deadline to avert a potentially devastating federal default. Sou

May 30, 2023

Foreign purchases of tech, auto stocks amount to over W16t this year

Foreign purchases of South Korean tech and auto stocks have reached over 16 trillion won ($12 billion) so far this year, according to the Korea Exchange on Monday. Foreigners bought 16.45 trillion won worth of Samsung Electronics Co., Hyundai Motor Co. and other related stocks this year through May 26, according to the main bourse. In the first five months, foreigners bought 9.78 trillion won worth of Samsung Electronics stocks, followed by 1.26 trillion won worth of Hyundai Motor shares, 1.1 tr

May 29, 2023