Foreign currency deposits dip for 2nd month in Jan.

Foreign currency deposits at banks in South Korea dropped for the second straight month in January due mainly to decreased corporate deposits, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $93.17 billion as of end-January, down $4.1 billion from the previous month, according to the data from the Bank of Korea (BOK). It represents the second consecutive month of on-month decline. In December, the country's foreign currency deposits decreased

Feb. 21, 2022

Seoul stocks open sharply lower on Ukraine risk

South Korean stocks opened sharply lower Monday, as investors took to the sidelines over the Ukraine risk, which stemmed from concerns about Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) lost 43.15 points, or 1.57 percent, to 2,701.37 points as of 9:18 a.m. Most large caps traded lower in Seoul due to foreign and institutional sell-offs, with tech and chemical sectors leading the KOSPI's retreat. Market bellwether Samsung Electronics decreased 2.

Feb. 21, 2022

[Weekender] Investing in the metaverse: Look before you leap

Touted as the next big thing, the metaverse has been undeniably the talk of the global town since last year. The metaverse frenzy accelerated further when Facebook changed its name to Meta in October. Hoping to take the lead in the new online virtual world, all sectors regardless of their specializations have jumped on the metaverse bandwagon. This has led to lofty projections luring individual investors. The global metaverse market is forecast to reach $829 billion (993 trillion won) in 202

Feb. 19, 2022

SillaJen granted second grace period amid calls against delisting

SillaJen, a local biotech company that was given a one-year grace period and avoided delisting in November 2020 over embezzlement accusations involving its key executives, will be put on another six-month grace period, the Korea Exchange said Friday. A 22-month trading halt that began in May 2020 will remain in place. The KRX, which decided to take the firm off from the junior Kosdaq board a month ago after the initial grace period had ended, said SillaJen will be required to prove to have live

Feb. 18, 2022

Seoul stocks edge up on expectations of US-Russia talks

South Korean stocks edged up on Friday after choppy trading amid expectations of a US-Russia meeting next week about the standoff over Ukraine. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.43 point, or 0.02 percent, to close at 2,744.52 points. Trading volume was moderate at about 506 million shares worth some 8.4 trillion won ($7 billion), with gainers outnumbering losers 622 to 225. Institutions bought a net 103 billion won and reta

Feb. 18, 2022

Seoul stocks open steeply lower on rising Ukraine tensions

South Korean stocks opened steeply lower Friday, tracking a plunge on Wall Street that stemmed from the elevating US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.86 points, or 0.91 percent, to 2,719.23 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.88 percent and the Dow Jones Industrial Average retreated 1.78 percent, due to the US top officials' comments about the heightening possibilit

Feb. 18, 2022

KRX to review delisting Osstem Implant

The Korea Exchange said Thursday that it has put Osstem Implant under review to determine whether to delist the company amid a probe into a massive embezzlement scandal.  A review committee will convene a meeting in March to make a decision on whether to allow the implant maker to continue trading or grant it a one-year grace period. Listed companies are suspended from trading and face delisting if they report embezzlement exceeding 5 percent of their equity. Osstem Implant was

Feb. 17, 2022

Seoul stocks up for 2nd day on eased Fed uncertainties

South Korean stocks advanced for a second straight session Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 14.41 points, or 0.53 percent, to close at 2,744.09 points. Trading volume was moderate at about 602 million shares worth some 11.7 trillion won ($9.8 billion), with gainers outnumbering losers 464 to 372. Foreigners bought a

Feb. 17, 2022

[Market Eye] MSCI upgrade for South Korea: How much does it really matter?

Finance Minister Hong Nam-ki was supremely confident in November last year when he said the government would consult index provider Morgan Stanley Capital International on having the country reclassified as a developed market from its current emerging market status. The government’s drive to receive MSCI’s highest recognition is not new, as it has been pursuing it for the last 14 years. Seoul first floated the idea in 2008 to remove underlying market volatility of Asia’s four

Feb. 17, 2022

SC Bank Korea partners with Posco Chemical, L&F for sustainable financing

Standard Chartered Bank Korea said Thursday it signed an environmental, social and governance-related supply chain financing deal worth a combined $180 million with local electric-vehicle battery material suppliers. The lender’s new partnership with Posco Chemical and L&F will provide the EV battery material suppliers with financing in the form of trade receivable discounting. Trade receivable discounting or TRD is a type of factoring in which a supplier provides its products to the

Feb. 17, 2022

Seoul stocks open higher after Fed minutes released

South Korean stocks opened higher Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.44 points, or 0.53 percent, to 2,744.12 points in the first 15 minutes of trading. According to the Fed's minute, the officials reiterated their stance that they would soon start raising the key interest rates to rein in price pressure. The January document did not include the impacts from the U

Feb. 17, 2022

Seoul stocks surge nearly 2% higher on eased Ukraine tensions

South Korean stocks rebounded nearly two percent Wednesday, snapping a three-day losing streak, as Ukraine tensions eased. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) surged 53.14 points, or 1.99 percent, to close at 2,729.68 points. Trading volume was moderate at about 415 million shares worth some 8.3 trillion won ($6.9 billion), with losers far outnumbering gainers 832 to 64 Foreign and retailer investors sold a net 43.1 billion won

Feb. 16, 2022

Brother of Seoul envoy to Beijing suspended for misselling of funds

South Korea’s financial regulator on Wednesday decided to suspend Jang Ha-won, the chief executive of Discovery Asset Management from his duty, and fine the state-run Industrial Bank of Korea for misselling of funds with frozen assets amounting to 256.2 billion won ($214 million). Jang is the younger brother of South Korea’s incumbent ambassador to China, Jang Ha-sung. The Financial Services Commission upheld the watchdog Financial Supervisory Service’s earlier ruling to &l

Feb. 16, 2022

Hana signals start of HQ transfer to Incheon

South Korea’s Hana Financial Group marked the transfer of its headquarters from Seoul to Incheon with a groundbreaking ceremony, the firm said Wednesday. The groundbreaking ceremony for the planned 22-level building with seven underground floors was held Tuesday at Cheongna International City, which is part of the Incheon Free Economic Zone. Hana Financial and five of its affiliates –- flagship commercial bank Hana Bank, brokerage Hana Financial Investment, credit card issuer Hana

Feb. 16, 2022

[Feature] A boom with a view: Prices of riverside apartments soar

Nicknamed “celebrity town,” Seoul Forest Trimage is a luxurious apartment complex in eastern Seoul’s Seongsu-dong, known to be the home of K-pop stars, actors, athletes and other public figures. With a four-room unit measuring 152 square meters last quoted at 5.5 billion won ($4.59 million), the housing complex built in 2017 near Seoul Forest consists of two 47-story buildings that overlook the Han River, which bisects the capital. High-rise apartments with views of Seoul la

Feb. 16, 2022

Seoul stocks open sharply higher on eased Ukraine tensions

South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street that stemmed from eased Ukraine tensions. The benchmark Korea Composite Stock Price Index (Kospi) rose 40.21 points, or 1.5 percent, to trade at 2,716.75 points in the first 15 minutes of trading. Overnight, US stocks rallied, snapping a three-day losing streak, on the back of overall gains in tech shares amid eased tensions over Russia's possible invasion of Ukraine. The Dow Jones Industrial Average

Feb. 16, 2022

KakaoBank to launch AI mortgage service

Korea’s largest internet-only lender KakaoBank will launch a mobile mortgage loan service powered by an artificial intelligence-based chatbot this month, allowing for a user-friendly and convenient loan application process, the firm said Tuesday. “Most of the mobile mortgage loans in the country require customers to swipe left and right on a phone screen to go through a complicated process of loan application. But KakaoBank’s mortgage loan service provides much more seamless

Feb. 15, 2022

No breakthrough in talks to turn post offices into banking branches

South Korea’s financial regulator’s plan to allow nationwide post offices to work as brick-and-mortar branches for commercial banks here continues to face major hurdles as the plan has been stalled for nearly two years. On Monday, the Financial Services Commission mentioned its plans to review post offices and other similar institutions that could partner up with lenders in offering offline banking services, in its 2022 annual plan. The plan is part of its efforts to narrow the gap

Feb. 15, 2022

Seoul stocks open nearly flat amid Ukraine risk

South Korean stocks opened nearly flat Tuesday, as investors took to the sidelines amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) edged up 0.79 point, or 0.03 percent, to 2,705.27 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed unchanged and the Dow Jones Industrial Average lost 0.49 percent. In Seoul, market bellwether Samsung Electronics added 0.27 percent,

Feb. 15, 2022

Goldman Sachs expects market index upgrade for S. Korea in 2024

Morgan Stanley Capital International, the world’s largest index provider, could reclassify South Korea as a developed market from the current emerging market status as early as 2024, if Seoul works to internationalize currency markets, Goldman Sachs said Monday in a report. “If Korea addresses MSCI market accessibility concerns, it could be placed on the annual review watchlist this June,” the report said, referring to a necessary step before Korea can be officially included i

Feb. 14, 2022