South Korea’s main stock market index Kospi closed above 2,500 on Monday for the first time in history.The Kospi finished the day at 2,501.93 Monday, up 0.21 percent from Friday, extending the record run for the second straight day. The index recorded an all-time intraday high of 2,513.87 in early morning trade. Samsung Electronics and chipmaker SK hynix, both market bellwethers, jumped 1.8 percent.Both individual investors and foreign investors net purchased stocks worth over 250 billion

Market Oct. 30, 2017

Hyundai Steel, South Korea‘s second-largest steelmaker by market cap, has “sought coexistence” through a tech expo held Oct. 24-26 to promote local small and medium-sized enterprises in the steel industry. Participants view a component at a tech expo held at the Hyundai Steel Dangjin steel mill on Oct. 24. (Hyundai Steel)The three-day event presented promotion booths of some 60 partnering SMEs at home and abroad. The annual event took place at the Dangjin steel mill owned by the steelmaking arm

Industry Oct. 30, 2017

This is the 44th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdIn its seven years of operation, Pearl Abyss has produced just one game -- “Black Desert Online” – but after a weak debut last month its shares have risen 30 percent. Debuting on Sept. 14 on the second-tier Kosdaq, the game developer, based in Anyang, Gyeonggi Province, has been on a tear in the market for the last two weeks. Pearl Abyss shares gained 28.7 percent the

Market Oct. 29, 2017

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the 3rd installment. -- Ed. The culture of crowdfunding is belatedly, yet significantly permeating through venture startups in South Korea, as the number of patient investors begin to increase, looking for a sense of accomplishment beyond immediate profits. Behind the trend is Korea’s longest-standing crowdfunding platform Wadiz, whose chief executive says the link that had been missing -

Technology Oct. 29, 2017

The South Korean government on Thursday expressed its intention to join a bid to build nuclear power plants in Saudi Arabia, the world’s top oil exporter, which is seeking to adopt its first such commercial reactors. The country is reportedly reaching out to potential bidders in France, China, Russia, Japan and Korea.Paik Un-gyu, Korea’s minister of trade, industry and energy, expressed the intent to bid in the tender to Adel bin Muhammad Fakeih, the Saudi Arabian minister of economy and plannin

Industry Oct. 26, 2017

The latest set of measures to strengthen South Korean mortgage borrowers’ debt repayment obligations was within market expectation and has defused uncertainties on the stock market, analysts said Wednesday. The toughened mortgage rules, unveiled Tuesday to curb snowballing national household debt, would help local banks and builders on the stock market benefit from abated uncertainties, the stock analysts said. “The Tuesday measure indicated the government’s moves have been and

Market Oct. 25, 2017

Newly designed walls have been created in an underground tunnel that connects a subway station and a shopping mall in Seoul, according to Daewoo Engineering & Construction on Tuesday.The underpass, which connects Hapjeong Station on Subway Lines No. 2 and No. 6 and the shopping center Delight Square, features shelves filled with replicas of books. Daewoo E&C, which built Delight Square, has dubbed it a “book tunnel.”  An interior view of an underground tunnel between Delight Square and Hapjeong

Industry Oct. 24, 2017

Jung Ji-won, chief executive officer of Korea Securities Finance Corp., was named Tuesday as the single candidate for the new chairman of the Korea Exchange, the operator of the Kospi and Kosdaq.  The Busan-based KRX announced Jung had become the sole candidate after interviewing Jung and his contender Choi Bang-gil, former chief executive at Shinhan BNP Paribas Asset Management.The announcement came about two months after former Chairman Jeong Chan-woo offered to step down from the post on

Market Oct. 24, 2017

Lawmakers of the ruling Democratic Party of Korea said Friday that South Korea’s state-run Korea Electric Power Corp. omitted key clauses in its contract last year to operate nuclear reactors in the United Arab Emirates.Rep. Kim Byung-kwan said that based on the board of directors’ meeting minutes he received from Kepco, the company conceded many of its previous positions in sealing a deal with its UAE counterpart Emirates Nuclear Energy Corp. last year.The electricity provider has coalesced wit

Industry Oct. 20, 2017

South Korea has been offering permanent residencies to foreigners who buy and keep real estate in designated areas as part of its push to foster nonmetropolitan zones, but it has so far benefited only a handful of popular destinations, lawmakers said during a parliamentary audit this week.Since 2010, under the former Lee Myung-bak administration, the government has allowed investors to buy land and build facilities for tourist accommodations in 10 authorized zones including Jeju Island.Over 99 p

Market Oct. 20, 2017

Record market rallies in South Korea, mainly spurred by large-cap stocks such as Samsung Electronics on their upbeat earnings forecast, have highlighted that investors are less drawn to small cap stocks -- relatively more exposed to potential risks -- even in their attempt to unwind from overweight tech sectors here.  The main bourse index Kospi rose 3.4 percent for the past seven trading days until Wednesday, while scaling the record earlier this week, according to data by the Korea Exchan

Market Oct. 19, 2017

The state-run Korea Development Bank unveiled Thursday plans to partner with Korea Venture Business Association to enhance investments in venture firms. KDB will finance venture firms recommended by the association, according to the plan. In addition, the nation’s largest state-run bank will seek ways to stimulate the emergence of local unicorns, or startups valued at over $1 billion, and ramp up investor relations programs for local startups. KDB called the partnership an acceleration of

Market Oct. 19, 2017

LIG Nex1, the third-largest defense company in South Korea by market cap, has showcased its tactical assets ranging from guided missiles to radars and robots at the biannual Seoul International Aerospace & Defense Exhibition 2017, which started Tuesday.LIG Nex1 presented outdoors the low-cost 2.75-inch guided rocket Logir, or “Bigung” in Korean, for which the firm embarked on a mass production project in January, as well as anti-artillery radars, one of which LIG Nex1 completed an upgrade for in

Industry Oct. 18, 2017

Asiana Airlines, South Korea’s second-largest carrier by market cap, has supplied multimedia equipment for classrooms in a Chinese primary school and provided lessons on what it is like to become a flight attendant, according to the firm Wednesday. The classroom equipment, including 10 computers, found its way on Tuesday to Wenhua Street Primary School, located in the northeastern Inner Mongolia autonomous region in China. Some 900 students are expected to benefit from the program, according to

Industry Oct. 18, 2017

Entertainment stocks in South Korea, long trapped under China‘s alleged ban on Korean artists performing in the country, rallied on anticipation of an easing of the Korea-China relationship after a renewed won-yuan currency swap deal last week. Shares of firms devoted to the Korean popular culture industry, ranging from K-pop music to TV series and films, have largely contributed to gains of the second-tier Kosdaq index Tuesday by 1.68 percent. Many entertainment stocks in Korea are listed

Market Oct. 17, 2017