Seoul shares open higher on eased banking woes

South Korean stocks opened higher Friday, tracking Wall Street gains overnight, as concerns about turmoil in the global banking sector have eased. The benchmark Korea Composite Stock Price Index added 7.12 points, or 0.29 percent, to 2,460.28 in the first 15 minutes of trading. Overnight, US shares rose as investors await the US inflation data to be released later in the day. The Dow Jones Industrial Average rose 0.43 percent, and the tech-heavy Nasdaq Composite grew 0.73 percent. In Seoul, top-

March 31, 2023

Global X Japan surpasses Y100b in AUM

Mirae Asset Global Investments announced on Thursday that Global X Japan, its joint investment venture in Japan, surpassed 100 billion yen ($756 million) in assets under management, just two years after launching its first product. Global X Japan is a joint venture established in September of 2019 by Global X Management – a New York-based fund management firm acquired by Mirae Asset Global Investments in 2018 – and Japanese investment company Daiwa Asset Management. It is the only ma

March 30, 2023

Seoul shares up for third day as bank fears fade

Seoul shares finished higher for a third straight session Thursday, as eased market jitters about the global banking sector have boosted investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 9.24 points, or 0.38 percent, to close at 2,453.16. Trading volume was moderate at about 579 million shares worth some 10.3 trillion won ($7.97 billion), with gainers far outnumbering losers 594 to 276. Institutions and retail investors offl

March 30, 2023

LG Energy Solution CEO purchases treasury shares worth W572m

LG Energy Solution CEO Kwon Young-soo has purchased 1,000 shares of the company’s stock, according to the firm's public disclosure on Thursday. The price for each share during the time of purchase was 572,800 won ($446), bringing the total value to 572.8 million won. The CEO in April last year purchased 1,000 company shares at 420,000 won each. “By consistently purchasing shares of our company, CEO Kwon is enhancing our shareholder value and demonstrating responsible management,

March 30, 2023

Seoul shares open almost flat amid eased woes over banking sector

Seoul shares opened flat on Thursday amid easing anxiety about the global banking system. The benchmark Korea Composite Stock Price Index moved slightly up 0.65 point, or 0.03 percent, to 2,444.57 in the first 15 minutes of trading. Overnight, US stocks closed up, led by tech gains amid improved sentiment about the global banking sector. The S&P 500 went up 1.42 percent, the Dow Jones Industrial Average added 1 percent, and the tech-heavy Nasdaq Composite rose 1.79 percent. In Seoul, most la

March 30, 2023

Seoul shares up for 2nd day amid eased global banking woes

Seoul shares finished higher for the second straight session Wednesday as investors' anxiety about the global banking system has eased. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 8.98 points, or 0.37 percent, to close at 2,443.92. Trading volume was moderate at about 487 million shares worth some 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 553 to 305. Institutions and foreigners bought a net 329 billion won and 6

March 29, 2023

Seoul shares up over 1% on easing banking risk

Seoul shares rebounded Tuesday from a two-day loss on the back of the eased banking crisis in the wake of tightening monetary policies in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 25.72 points, or 1.07 percent, to close at 2,434.94 points. Trading volume was moderate at about 516 million shares worth some 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 689 to 190. Institutions bought a net 322 billion wo

March 28, 2023

Seoul shares open higher on easing banking crisis

Seoul shares opened higher Tuesday due to the eased banking crisis in the wake of tightening monetary policies in major economies. The benchmark Korea Composite Stock Price Index moved up 11.89 points, or 0.49 percent, to 2,421.11 in the first 15 minutes of trading. The market has been bracing for a banking crisis sparked by unprecedented rate hikes in major economies. Most large caps traded higher in Seoul on Tuesday. Market bellwether Samsung Electronics added 0.32 percent, and SK hynix gained

March 28, 2023

[K-Financiers] ‘Vietnam’s rising middle class will drive growth of capital market’

This is the fourth installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Though Vietnam’s financial market has not yet matured, when it does, it will come out in full bloom, said Kim Jong-seok, CEO of NH Securities Vietnam, the Vietnamese arm of Seoul-based NH Investment & Securities. Over the past few years, Vietnam’s economy has been outpa

March 27, 2023

Seoul shares end lower amid recession worries

Seoul shares ended lower Monday as signs of trouble at the major European lender Deutsche Bank renewed concerns over the health of the global financial system. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 5.74 points, or 0.24 percent, to close at 2,409.22. Trading volume was moderate at 465.77 million shares worth 8.4 trillion won ($6.5 billion), with decliners outpacing gainers 555 to 313. Investors remain concerned over the risk of a re

March 27, 2023

S. Korean shares open lower amid recession worries

Seoul shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the US-based Silicon Valley Bank. The benchmark Korea Composite Stock Price Index fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics Co. fell 1.3 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped

March 27, 2023

Kakao’s SM acquisition nears completion

Kakao's plan to acquire leading K-pop agency SM Entertainment is nearing its final stage, with the music label's annual general meeting set to take place Friday. According to industry sources, the South Korean internet and portal giant's tender offer to buy a 35 percent stake of SM has won enough support from SM investors. Earlier this month, Kakao offered to buy off shares at 150,000 won ($115) each in a bid to become the largest shareholder of the K-pop powerhouse. The official

March 26, 2023

Former bank officials convicted for recruitment scandal

Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)

March 24, 2023

Seoul shares open lower amid rate concerns

South Korean stocks opened lower Friday, despite Wall Street gains overnight in hopes that the US Federal Reserve is nearing the end of its rate hike cycle. The benchmark Korea Composite Stock Price Index dropped 4.88 points, or 0.2 percent, to 2,419.6 in the first 15 minutes of trading. Overnight, US shares finished higher after traders placed their bets on the Fed possibly winding down its aggressive monetary tightening soon amid recession woes, after its nine consecutive rate hikes in the spa

March 24, 2023

Seoul shares up for third day after Fed rate hike; won at over 1-month high

South Korean stocks rose for a third day Thursday on big-cap tech gains after the US Federal Reserve raised the interest rates by a widely expected margin amid lingering concerns over a global banking turmoil, analysts said. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index rose 7.52 points, or 0.31 percent, to close at 2,424.48. Trading volume was moderate at 558.79 million shares worth 10.18 trillion won ($7.95 billion)

March 23, 2023

New Shinhan chairman wins shareholder approval

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

March 23, 2023

[Graphic News] Internet banking customers up 8.5% in 2022

The umber of customers who use internet banking in South Korea continued to grow in 2022, thanks to increased availability of online services and people’s preference to make transactions on the go, Bank of Korea data showed. Registered customers for mobile banking totaled some 207.04 million at the end of last year, up 8.5 percent from a year earlier, according to the data from the BOK. The figure includes customers who hold multiple accounts. The daily average transactions made through in

March 23, 2023

China, Singapore approve Hanwha's plan to take over Daewoo Shipbuilding

Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and

March 22, 2023

Dongwon's takeover bid for vaccine maker falls through

  South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have

March 22, 2023

Seoul shares open higher on eased banking crisis woes

South Korean stocks opened higher Wednesday, tracking US gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path. The benchmark Korea Composite Stock Price Index added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading. Overnight, US shares rose, as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of turmoil in the global

March 22, 2023