Seoul stocks open lower on profit-taking

South Korean stocks opened lower Monday as investors attempted to take profits from recent stock rallies. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24 points, or 0.87 percent, to 2,726.26 points in the first 15 minutes of trading. Most large caps traded lower, led by institutional sell-offs. Top cap Samsung Electronics retreated 1.62 percent, and No. 2 chipmaker SK hynix lost 2.81 percent. Leading chemical firm LG Chem decreased 3.24 percent, and pharmaceutical giant Sa

Feb. 7, 2022

Financial firms to pay out record bonuses on upbeat earnings

Employees at South Korean financial firms will receive up to four times their monthly salary as their bonuses for 2021, backed by booming business, sources said Sunday. Woori Bank, one of the major commercial lenders here, has recently agreed with its union to hand its employees performance bonuses worth 300 percent of their monthly salaries plus some 1 million won ($830), according to industry sources. The nation’s No.1 commercial bank by performance, KB Kookmin Bank and its long-time

Feb. 6, 2022

The making of AI bankers at South Korean bank

Virtual staff members powered by artificial intelligence have increasingly become a fixture at South Korea’s retail banks. NH NongHyup Bank, one of Korea’s top five commercial banks, has added human elements to its so-called “AI bankers” to connect with Korean customers. According to NH NongHyup Bank, names of the two virtual staff members -- male staff Jeong Eden and female staff Lee RohWoon -- were given by staff and executives of the banks through open discussion.

Feb. 4, 2022

[KH Explains] Why do spinoff IPOs anger South Korean investors?

The market debut of LG Energy Solution last month was literally a festive event, with investors in and out of the country pouring in an astronomical sum of money to buy new shares of the company eyeing to be the world’s top battery maker. But shareholder rights activists in South Korea say that the mega deal was another case in which a split-off was done intentionally to take the battery subsidiary public, a process that undermined the interests of parent company shareholders.

Feb. 4, 2022

Seoul stocks surge more than 1% on tech gains

South Korean stocks climbed more than 1 percent on Friday, rising for a three-day winning streak, on the back of tech gains, analysts said. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) surged 42.44 points, or 1.57 percent, to close at 2,750.26 points. Trading volume was moderate at about 527 million shares worth some 11.1 trillion won ($9.3 billion), with gainers far outnumbering losers 767 to 122. Institutions and

Feb. 4, 2022

Seoul stocks open sharply higher despite Wall Street loss

South Korean stocks opened sharply higher Friday, despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 33.06 points, or 1.22 percent, to 2,740.88 points in the first 30 minutes of trading. On Thursday (local time), US stocks closed sharply lower, with the tech-heavy Nasdaq plunging 3.7 percent amid worries over tightening monetary policy. The Dow Jones Industrial Average dropped 1.5 percent, and the broad-based S&P 500 shed 2.4 percent.

Feb. 4, 2022

Tax probe launched over irregular asset transfers to children

SEJONG -- The nation’s tax authority said Thursday that it has launched a full-fledged investigation into people engaging in irregular transfers of assets to their children. The action is aimed at turning up the heat on people, who sought to evade gift taxes by transferring their homes to children at prices lower than those on the trading market, according to the National Tax Service. Over the past several years, more and more homeowners were found to have chosen to give their homes to t

Feb. 3, 2022

Seoul stocks open higher on US gains

S outh Korean stocks opened steeply higher Thursday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.77 points, or 1.76 percent, to trade at 2,710.11 points in the first 15 minutes of trading. The Kospi got off to a bullish start after a three-day holiday, as the tech-heavy Nasdaq composite added 0.5 percent and the Dow Jones Industrial Average advanced 0.63 percent Wednesday. In Seoul, market b

Feb. 3, 2022

Korea’s stock market cap falls fifth-fastest in Jan.

South Korea ranked fifth among 47 countries globally in the drop in stock market capitalization between December last year and January this year, amid US Fed rate hike worries, a local brokerage said Wednesday.　 The country’s benchmark Kospi and junior Kosdaq stood at about $1.9 trillion in market value on Jan. 26, down from $2.1 trillion on Dec. 31, 2021, in a 10 percent fall, according to Daishin Securities, which cited Bloomberg data. Russia saw the greatest drop at 16 percent, followe

Feb. 2, 2022

Stock funds' net assets suffer 1st shrink in 4 months in Jan. amid slump

The net asset value of stock funds in South Korea suffered a decline for the first time in four months in January, as the global stock market roiled amid major central banks' move to tighten policies, data showed Wednesday. The asset value of publicly placed stock funds stood at 82.7 trillion won ($68.4 billion) as of Thursday, down 8.37 trillion won, or 9.2 percent, from the previous month, according to the data compiled by the Korea Financial Investment Association (KOFIA). The monthly net

Feb. 2, 2022

Kyobo Life asks US accounting oversight board to punish Deloitte Anjin accountants

South Korea’s Kyobo Life Insurance has taken its battle with Deloitte Anjin to overseas, asking a US nonprofit audit watchdog to investigate and punish three accountants suspected of inflating the prices of a put option that one of its strategic investors exercised years earlier. One of the top life insurers here filed a complaint with the Public Company Accounting Oversight Board, requesting them to “take actions for a strong sanction” against the accountants, including the o

Jan. 28, 2022

Top financial regulator reassures investors over latest Kospi dip

South Korea’s top financial regulator attempted to calm local investors Friday over the latest dip in the Kospi following the US Federal Reserve’s March rate hike signal. “It is true that the Kospi dip has an excessive aspect to it,” Financial Services Commission Chairman Koh Seung-beom said in a meeting on the financial market. “It would not be appropriate for investors to be overly dampened or concerned,” he added. The nation’s benchmark Kospi f

Jan. 28, 2022

Seoul stocks open higher on bottom-fishing

South Korean stocks opened higher Friday as investors sought to buy oversold stocks after the key stock index's five-day losing streak. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.58 points, or 0.48 percent, to 2,627.07 points in the first 15 minutes of trading. Stocks came off to a volatile start after the key stock index closed at a 14-month low due to the US rate hike concerns and LG Energy Solution's crash upon its market debut. Market bellwether Samsung Electronic

Jan. 28, 2022

LG Energy Solution debuts as Korea’s No. 2 company

LG Energy Solution became South Korea’s second-most valuable company, as the electric vehicle battery maker began trading shares on the benchmark Kospi well above the initial public offering price of 300,000 won ($250) apiece on its debut Thursday. The shares closed at 505,000 won after hitting 598,000 won, falling short of reaching the daily price ceiling of 780,000 won.   But shares on the company’s market debut day put its market value at 118 trillion won, second only to Sam

Jan. 27, 2022

Currency, stocks lose amid Fed’s remarks on rate hike

SEJONG -- South Korea’s stock index plunged and the currency lost its ground versus the US dollar on Thursday, following US policymakers’ stance overnight signaling an interest rate hike in March. The weaker position in the financial indices comes after senior officials from the Finance Ministry and the Bank of Korea forecasted earlier in the day that the hawkish position of the US Federal Reserve on the local capital market would bring limited effects. Fed chair Jerome Powell clar

Jan. 27, 2022

KB, Hana, Shinhan recognized in 2022 Bloomberg Gender-Equality Index

South Korea’s top banking groups KB, Hana and Shinhan are included in this year’s Bloomberg Gender-Equality Index, which recognizes businesses committed to transparency in gender reporting and promoting women’s rights, the firms said Thursday. This marks KB and Shinhan’s fourth consecutive year, and Hana’s first time to be recognized by the GEI. The GEI was expanded in 2022 to represent 45 countries and regions, and 418 public companies across various sectors, inc

Jan. 27, 2022

Seoul stocks open steeply lower on FOMC results, Russia-Ukraine risk

South Korean stocks opened steeply lower Thursday as investors digest the US central bank's policy meeting results and the rising tensions between Russia and Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) retreated 26.94 points, or 0.99 percent, to 2,682.3 points as of 9:18 a.m. Stocks came off to a weak start after the US Federal Reserve chief signaled rate hikes in March. The escalating Russia-Ukraine political tensions also sapped the investor appetite for risky assets.

Jan. 27, 2022

Banking groups beef up auto financing to lure young drivers

South Korea’s banking groups have started upgrading their auto loan and financing services to the next level this year, aiming to go beyond their traditional business to attract mobile-first customers. KB Financial Group, the nation’s No. 1 banking group by total assets, has expanded its car financing services offered via online and mobile platforms, mostly through its leasing and installment financing unit KB Capital. On Jan. 4, KB Capital signed a deal with Volvo’s electri

Jan. 26, 2022

Daily FX turnover hits record high in 2021 amid brisk exports, stock investment

The daily foreign exchange (FX) trading by banks in South Korea hit a record high in 2021 amid increased demand from strong exports, imports and foreigners' investment in local financial markets, central bank data showed Wednesday. The daily FX turnover came to an average $58.31 billion last year, up 10.3 percent from $52.84 billion tallied a year earlier, according to the data from the Bank of Korea (BOK). The amount marked the largest since 2008, when relevant statistics started to be compil

Jan. 26, 2022

Seoul stocks open higher on technical rebound

South Korean stocks opened higher Wednesday as investors sought to buy oversold stocks after the recent stock plunge. The benchmark Korea Composite Stock Price Index (Kospi) rose 18.01 points, or 0.66 percent, to 2,738.4 in the first 15 minutes of trading. On Tuesday, the key stock index closed at an almost 14-month low amid lingering uncertainties about the ongoing US Federal Reserve meeting. Overnight, the tech-heavy Nasdaq composite plunged 2.58 percent amid expectations of the Fed's hawki

Jan. 26, 2022