The US stock market rally with the presidential election still up in the air gave a boost to the South Korean stock market Thursday, particularly for tech shares. Extending gains that began earlier in the week, South Korea’s main bourse Kospi rose 2.4 percent, or 56.47 points, to close at 2,413.79 while the tech-heavy Kosdaq added 2.16 percent, or 17.83 points, to reach 844.8. Electric battery makers and biotechnology firms saw their stocks jump on the day. Battery producer SK Innovati

Market Nov. 5, 2020

The proportion of South Korean office workers taking a keen interest in stock investment has surged in recent months as retail investors began a buying boom, betting on gains from market volatility, a survey showed Tuesday. According to job portals Job Korea and Albamon, half of the 593 wage-earning respondents said they invested in stocks. The figure was 22.8 percentage points higher than two years ago, when the same survey was conducted.　 The survey also showed that 76.7 percent were investi

Market Nov. 3, 2020

Korea Exchange Chairman Jung Ji-won has been recommended as the sole candidate to take the helm at the General Insurance Association of Korea, an organization that represents domestic general insurance firms, according to news reports Monday. After reviewing four candidates, who also included Meritz Fire & Marine Insurance CEO Kang Young-gu and former Financial Supervisory Commission Vice Chairman Yoo Kwan-woo, an eight-member committee under the insurance association chose Jung. The com

Market Nov. 2, 2020

The average price for “jeonse,” one of the most common housing lease systems in Seoul, steeply increased, running counter to the government’s efforts to cool the heated real estate market and protect tenants. The average price of jeonse in the capital city rose by 7.5 percent from 510 million won ($449,000) in August to 536.7 million in October, according to KB Kookmin Bank’s real estate services platform Liiv On. Jeonse refers to a minimum two-year least contract wit

Market Nov. 2, 2020

COVID-19 has rattled the economies around the world and Korea is no exception.　 In light of the prolonged crisis, however, South Korea, an IT powerhouse, is seeking a paradigm shift in its finance sector. To gauge the impact of the virus on the financial and investment sectors and to discuss how to rejuvenate the coronavirus-hit economy with innovative ideas and technology, The Korea Herald, South Korea’s largest English newspaper, holds its first finance forum on Wednesday in Seoul. Un

Market Nov. 2, 2020

The monthslong coronavirus pandemic has affected much of South Korean society, and the sports sector is one of many that has felt the brunt of the crisis. Athletes in nearly all sports play in empty stadiums, while others have had their seasons canceled.  Aiming to reignite fans’ passion for volleyball amid the pandemic, the Hyundai Capital Skywalkers, owned by auto financing firm Hyundai Capital, recently organized an online event to show fans around the team’s locker room a

Market Oct. 29, 2020

Amid escalating market interests on a grand succession scenario of late chairman’s shares to his children, data showed on Tuesday that his family may have received some 3 trillion won ($2.7 billion) in dividends since 2014. According to data compiled by the financial regulator Financial Supervisory Service, the total dividend paid to the chairman and his family between 2014 and 2019 reached 2.8 trillion won. When dividends paid to the family this year are added, the figure is highly likel

Market Oct. 27, 2020

Stocks of Samsung Group’s key affiliates rallied Monday on expectations of a possible corporate governance revamp at South Korea’s largest conglomerate after the passing of Chairman Lee Kun-hee. Anticipation that the companies might increase dividend payouts to help the owner family secure funds to pay inheritance taxes also boosted the stock prices, according to market watchers. Construction firm Samsung C&T and Samsung Life Insurance, two of the companies that allow the Lee

Market Oct. 26, 2020

Retail traders, which have so far buttressed the pandemic-hit stock market, appear to have begun to unload shares, becoming net sellers in the market, data showed Sunday. According to the nation’s sole securities exchange operator Korea Exchange, they sold 1.27 trillion won ($1.13 billion) worth of stocks on Oct. 1-23. For the 14 trading days from Oct. 5-23, they sold 1.06 trillion won of shares in market kingpin Samsung Electronics, the most among large-cap companies. They sold off 269.

Market Oct. 25, 2020

The market capitalization of Samsung Group under the late Chairman Lee Kun-hee’s leadership of 27 years grew nearly 350 times, as the corporate empire he built turned into a global information technology powerhouse from a mere home appliance maker. The combined market value of the conglomerate’s affiliates -- including crown jewel Samsung Electronics and construction firm Samsung C&T -- reached 318.7 trillion won ($282.4 billion) in 2014, when the late chairman had a heart atta

Market Oct. 25, 2020

South Korea’s biggest institutional investor, the National Pension Service, has forged a partnership with Dutch retirement fund operator APG Asset Management to invest in European and Asian markets, according to the Korean fund operator. APG, which managed assets worth 538 billion euros ($637.4 billion) as of the end of 2019, invests in the private education, construction and energy sectors on behalf of Dutch state-run fund ABP. Before forging the partnership, APG and the NPS jointly in

Market Oct. 21, 2020

The prices of small to midsized apartments have increased precipitously in recent years, according to data from the office of Rep. Kim Sang-hoon. The lawmaker’s office received the data from the Korea Appraisal Board. Small to midsized apartments, measuring 40 to 62.8 square meters, have increased in price 65.9 percent, posting 245.2 million won on average, from May 2017 to July this year, the data showed. The lawmaker’s office classified apartments into four categories: Small apa

Market Oct. 21, 2020

Big name retail chains have been recently joining forces with card companies to analyze spending patterns and cater to diverse needs of consumers. Spearheading the trend, South Korea’s largest card company Shinhan Card inked a partnership with GS Retail, the operator of convenient store chain GS25, on Monday to develop new business models by analyzing data linked to items purchased and consumer behavior. By combining a wide range of data, including items sold at convenience stores and

Market Oct. 19, 2020

Car sharing firm Socar said Friday that it has newly attracted 60 billion won of funding from investors, achieving unicorn status with a corporate value of 1 trillion won ($872.6 million). With Socar’s latest addition to the unicorn list, South Korea now has 12 unicorn companies, including ecommerce firm Coupang, fintech company Viva Republica and accommodation booking services operator Yanolja. Socar is Korea’s first mobility unicorn. “As Socar has received a combined 6

Market Oct. 16, 2020

Share price of Big Hit Entertainment, an entertainment agency behind K-pop boy band BTS, slid for two straight days right after the high profile initial public offering Thursday. The company’s stock price traded 19.77 percent lower at 207,000 won ($180.6) in intraday trading Friday. After soaring by 30 percent to 351,000 won on its Thursday debut on the main bourse Kospi, the stock closed at 258,000 won, down 4.4 percent from the opening price of 270,000 won. BTS’ offering price s

Market Oct. 16, 2020