Seoul stocks to gain ground next week on eased uncertainty over US monetary policy: analysts

South Korean stocks are expected to gain momentum next week, as investor sentiment will be buoyed by eased uncertainty about the US monetary policy, analysts said Saturday. The benchmark Kospi closed at 3,017.73 points Friday, little changed from 3,010.23 points a week ago. The key stock index retreated on Monday and Tuesday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting. But local stocks rebounded for three straight sessions to Friday, as the outcome of t

Dec. 18, 2021

Top green bond seller in Korea plans debt boost abroad

South Korea is among the world’s biggest seller of green bonds, and one of its top issuers is planning to tap the global debt market more aggressively next year to provide sustainable funds to local companies operating abroad. Export-Import Bank of Korea, the nation’s second-largest issuer of green notes, plans to sell about $12 billion to $12.5 billion of bonds offshore in 2022, compared with around $11 billion this year, said Lee Dong-hoon, the treasurer of the bank. It expects ab

Dec. 18, 2021

Seoul stocks rise for 3rd day on foreign buying

South Korean stocks rose for a third straight session on Friday, as foreign investors snapped up local stocks on eased uncertainty about the US monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 11.32 points, or 0.38 percent, to close at 3,017.73 points. Trading volume was moderate at about 438 million shares worth some 11.2 trillion won ($9.5 billion), with gainers outnumbering losers 510 to 344. Foreigners bought a n

Dec. 17, 2021

Seoul metropolitan area still leads home price growth

SEJONG -- The growth in housing prices in the Seoul metropolitan area -- Seoul, Gyeonggi Province and Incheon -- continued to outpace that of the nationwide average as of last month, government data showed Friday. According to the recent economic trends, published by the Ministry of Economy and Finance, the average trading price of homes in the area of Seoul, Gyeonggi and Incheon climbed by 0.76 percent in November, compared to the previous month. This outstripped a 0.63 percent increase acro

Dec. 17, 2021

Seoul stocks open lower on US tech fall

South Korean stocks opened lower Friday, tracking an overnight stock plunge on Wall Street as investors digest the US Fed's recent monetary policy decision. The benchmark Korea Composite Stock Price Index (Kospi) declined 4.92 points, or 0.16 percent, to 3,001.49 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite shed 2.47 percent over the Fed's move to double the pace of its stimulus withdrawal and projections of three rate hikes next year. The Dow Jones Ind

Dec. 17, 2021

Fed’s move to have limited impact on Korean market: officials

SEJONG -- The local financial market will not face a high-level volatility despite the news that US monetary policymakers will accelerate their exit from quantitative-easing, Korea’s senior officials expected Thursday. At a meeting for macro economy and finance in Seoul, officials clarified that their prediction was based on Korea’s preemptive measures, involving hikes in the benchmark interest rate earlier this year. First Vice Finance Minister Lee Eog-weon said that the possibil

Dec. 16, 2021

[GBF] ‘Metaverse stands as biggest challenge for finance sector’

Integrating the world of finance and the virtual space of metaverse is currently the biggest challenge for the global finance sector, among other tasks in the path towards digital transformation, the chief strategist for Shinhan Financial Group’s digitalization said Wednesday. “The biggest issue at hand for the global finance sector is metaverse,” said Sunny Yi, chief digital officer of Shinhan Financial Group, at The Korea Herald’s Eurasian Economic & Cult

Dec. 16, 2021

Seoul stocks advance for 2nd session on eased FOMC uncertainties

South Korean stocks advanced for a second straight session Thursday amid eased uncertainties from the FOMC meeting results. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 17.02 points, or 0.57 percent, to close at 3,006.41 points. Trading volume was moderate at about 397 million shares worth some 8.4 trillion won ($7.1 billion), with losers outnumbering gainers 416 to 406. Foreigners bought a net 183 billion won, while institutions sold

Dec. 16, 2021

Dabang launches non-contact real estate contract service

South Korean mobile realtor app operator Dabang said Thursday it has unveiled a contact-free signing service for real estate contracts, accelerating innovation in the country’s property technology industry. According to the property technology company, the mobile signing service, Dabang Sign, offers users the ability to sign real estate contracts via Dabang’s app. If landlords request to register their houses or apartments with Dabang Sign, the company’s inspection team chec

Dec. 16, 2021

[Global Business Forum] ESG, metaverse key to sustainable capitalism: Mirae Asset

Expanding environmental, social and governance investment and building digital businesses make capitalism sustainable, the research chief of Mirae Asset Securities said Wednesday. “It’s all about quality, not quantity, when it comes to growth in capitalism. ESG offers a fresh perspective, while metaverse makes possible a digital world built on private property and a free market, which is the essence of capitalism,” said Seo Cheol-soo, head of research at South Korea’s la

Dec. 16, 2021

Seoul stocks open higher on eased FOMC uncertainties

South Korean stocks opened steeply higher Thursday, backed by eased uncertainties from the FOMC meeting results. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.88 points, or 0.87 percent, to 3,015.27 points in the first 15 minutes of trading. Stocks advanced, largely as the FOMC results, particularly the Fed's stimulus withdrawal and interest rate hike, stayed within the market expectation. The Fed said it would double the speed of its tapering of bond purchasing program and

Dec. 16, 2021

S. Korea's $60b currency swap deal with US to expire on Dec. 31: BOK

South Korea's $60 billion currency swap contract with the United States will expire as scheduled later this month as financial and economic situations at home and abroad remain stable, Seoul's central bank said Thursday. The Bank of Korea (BOK) and the US Federal Reserve signed the currency swap contract in March 2020 to ease financial anxiety caused by the coronavirus pandemic and had since extended the deal three times. It is set to expire on Dec. 31. "The temporary currency swap will e

Dec. 16, 2021

Outcome of Fed meeting to have limited impact on S. Korean market: official

The US Federal Reserve's announcement of plans to accelerate the tapering of its asset purchases is expected to have a limited impact on the South Korean financial market as the outcome was in line with market expectations, a senior government official said Thursday. After a two-day policy meeting, the Federal Reserve said Wednesday (US time) it will double the pace of tapering its bond purchases and likely end them in March. The US central bank signaled three rate hikes by the end of 2022 amid

Dec. 16, 2021

Seoul index ends higher as tech stocks gain ahead of Fed meeting

South Korea's main stock index ended higher Wednesday, aided by technology stocks, but investors remain cautious ahead of the Federal Reserve's rate decision later in the global day. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.44 points, or 0.05 percent, to close at 2,989.39 points, snapping a three-session losing streak. Investors are waiting on cues from the two-day Fed's meeting, which ends Wednesday, to reorganize their p

Dec. 15, 2021

Big tech‘s financial services fall under the same rule: top regulator

South Korea’s top financial regulator on Wednesday told tech firms here that their financial services are to operate under and comply with existing financial regulations. The remark came amid concerns of tech giants Naver and Kakao’s fast-growing online and mobile financial services as related regulations on their customer protection and data use remain unclear. “Big Tech’s foray into the finance sector will be carried out under the same financial regulations and custom

Dec. 15, 2021

Seoul shares open lower ahead of Fed meeting

Seoul shares opened lower Wednesday, tracking losses on Wall Street, as investors eyed the Federal Reserve's rate decision this week.  The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.40 points, or 0.3 percent, to 2,978.55 points in the first 15 minutes of trading. On Tuesday (US time), the Dow Jones Industrial Average dropped 0.3 percent to 35,544.18, while the tech-heavy Nasdaq composite slid 1.1 percent to 15,237.64. Investors are waiting on cues from the two-day Fed me

Dec. 15, 2021

KB chairman vows to cooperate with ASEAN banks for carbon neutrality

South Korea’s KB Financial Group Chairman Yoon Jong-kyoo vowed to cooperate with ASEAN banks in achieving carbon neutrality at a leadership meeting of the UN-convened Net-Zero Banking Alliance, the firm said Tuesday. “As a representative of Asia in this meeting, KB will focus on spreading and supporting net-zero initiatives in ASEAN nations where we have a vast network of businesses,” Yoon said at the NZBA Steering Group Principals Meeting held via video conference on Monday.

Dec. 14, 2021

Seoul stocks down for 3rd day amid FOMC uncertainties

South Korean stocks retreated for a third consecutive session Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Trading volume was moderate at about 566 million shares worth some 9.2 trillion won (US$7.8 billion), with losers outnumbering gainers 574 to 284. Foreigners

Dec. 14, 2021

Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh

Dec. 14, 2021

Seoul stocks retreat for 2nd day ahead of FOMC meeting

South Korean stocks retreated for a second straight session Monday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.57 points, or 0.28 percent, to close at 3,001.66 points. Trading volume was moderate at about 368 million shares worth some 8.5 trillion won ($7.2 billion), with losers outnumbering gainers 495 to 347. Foreigners sold a

Dec. 13, 2021