S. Korean stocks log higher return than real estate, gold investments in H1

On expectations of a quick economic recovery from the pandemic, South Korean stock markets continued their rally during the first half of this year to hand investors higher returns than relatively low-risk investing products such as real estate and gold. The main bourse Kospi marked the eighth consecutive on-month rise and surged past 3,000 points for the first time in January. The index topped the 3,300 point-mark for the first time in June and set a record high closing of 3,302.84 Friday. Th

June 27, 2021

Banks ask not to be held accountable for crypto fraud

Banks in South Korea have asked the financial authorities not to hold them responsible for money laundering or other fraud involving digital coins, at a time when they are under pressure to screen the digital exchanges for authenticity amid high volatility. The banks apparently remain reluctant to issue real-name accounts for local cryptocurrency exchanges’ virtual asset customers. A recent amendment to the Act on Reporting and Using Specified Financial Transaction Information requires t

June 27, 2021

Kospi ends at fresh high on recovery hopes

South Korea's stock market reached an all-time high for the second consecutive day Friday, in sync with a global stock rally that stemmed from hopes of a quick economic rebound and a massive US stimulus package. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.74 points, or 0.51 percent, to close at 3,302.84 points. Trading volume was moderate at about 1.2 billion shares worth some 18.4 trillion won ($16.3 billion), with gainers outnumb

June 25, 2021

Banks’ dividend cap to be lifted from July

South Korea’s top financial regulator said Friday it will lift the current 20 percent dividend cap imposed on local lenders and financial holding firms on July 1, raising the possibility of interim dividends in the second quarter.  The decision came as most of Korea’s major banks and financial holding companies were found to have maintained financial soundness amid the prolonged COVID-19 pandemic. They passed the authority’s latest stress test, conducted between May and

June 25, 2021

Kospi hits 3,300 points on US infrastructure plan

South Korea‘s first-tier stock bourse index Kospi hit an all-time high Friday to close at over 3,300 points, maintaining a winning streak for the fourth consecutive day. This is the first time the composite benchmark index representing the Korea Exchange’s main board exceeded 3,300 points since its birth in 1980. The Kospi closed at 3,302.84 points on Friday, up 0.5 percent from the previous day. Its 808 listed companies‘ combined market cap stood at 2,311.6 trillion won ($2

June 25, 2021

Kospi hits record high on hopes of economic recovery

Fueled by hopes of a fast economic recovery, South Korea’s benchmark Kospi topped the 3,280-point mark for the first time at Thursday’s closing. It also hit a new high during intraday trading, attempting to touch the 3,300-point threshold. Extending its winning streak to a third consecutive session, the Kospi gained 0.3 percent to close at 3,286.10, replacing the previous closing high of 3,278.68 set June 16. The key stock index once touched as high as 3,292.27 in the morning trade

June 24, 2021

FSC allows provincial banks to start MyData business

South Korea’s top financial regulator said Thursday that it had granted approval to two regional banks -- Jeonbuk Bank and Daegu Bank -- to offer MyData services. It was a move to foster the burgeoning data-driven business segment, whereby the country’s major commercial banks have already begun procedures to launch related services.  The policymaking Financial Services Commission granted preliminary MyData licenses to six financial firms, officials said. The others are KB Cap

June 24, 2021

Hanon Systems acquisition talks offset overvaluation concern: analyst

South Korean auto parts maker Hanon Systems’ overvaluation concern due to foreign clients‘ delay in production is being offset by acquisition talks, analysts said Thursday. This comes as a major shareholder of Hanon Systems, private equity firm Hahn & Co., is considering selling a controlling stake in the thermal management automotive supplier. Hahn & Co. has named Morgan Stanley and Evercore as the deal manager, six years after it took over control of the company with Hank

June 24, 2021

Kospi hits new intraday high on hopes of fast economic rebound

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th

June 24, 2021

Korea looks to new era as market value nears W3,000tr

Amid continued rallies and a series of blockbuster initial public offerings, the value of South Korea’s stock market is anticipated to reach 3,000 trillion won ($2.65 trillion) soon, raising hope for the market’s advancement on par with other global players. According to Korea Exchange, the combined valuation of the local stock market stood at 2,719 trillion won -- 2,294 trillion won worth of main bourse Kospi market and 425 trillion won worth of tech-heavy Kosdaq market -- as of We

June 23, 2021

Seoul stocks up for 2nd day on Fed chief's soothing comments

South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine

June 23, 2021

Gap in market cap between Kakao, SK hynix narrows

Kakao, the operator of South Korean messenger app KakaoTalk, is on a record run on the domestic stock market Wednesday, narrowing the gap in terms of market capitalization with the incumbent No. 2 chipmaker SK hynix. Kakao rose 6.6 percent in closing from the previous day, bringing its total market capitalization to an all-time high of around 75.2 trillion won ($66.1 billion). This solidified Kakao’s position as a No. 3 by market cap on the Korea Exchange after electronics goods maker Sa

June 23, 2021

More Canadian investors betting on Korean real estate market

South Korea is the fastest-growing property investment destination for Canadian investors among the Asia-Pacific countries, data showed Wednesday. Canadian investors’ real estate transactions in Korea from 2016 to 2020, excluding deals smaller than $10 million, came to $3.5 billion, according to data from market intelligence firm Real Capital Analytics. The figure was 12.4 times higher than it was during the previous five-year period, from 2011 to 2015, showing the sharpest uptrend among

June 23, 2021

Toss operator mulls IPO in 2025, possibly in US

Viva Republica, operator of financial technology app Toss with more than 20 million registered users, said Wednesday it is considering an initial public offering in 2025, hinting at a possible market debut in the US. “We‘re not in a hurry and we will consider an IPO in earnest three years down the road, and could go public around 2025,“ said Lee Seung-gun, founder and CEO of Viva Republica, adding that the IPO could take place either in Korea or overseas. The company expe

June 23, 2021

KRX’s overseas ETFs boost trading of foreign securities

Responding to South Korean investors’ growing interest in direct trading of foreign securities, the nation‘s bourse operator Korea Exchange has listed a wide range of popular overseas exchange-traded funds as well as exchange-traded notes, according to the KRX Wednesday.  As of May this year, a total of 257 overseas exchange-traded funds and exchange-traded notes are listed on the KRX, officials said.  Local investors trading ETFs and ETNs listed on the KRX are not subjec

June 23, 2021

Seoul stocks open higher on Fed's reassuring comments

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street that stemmed from the Fed's comments that support its accommodative policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Stocks got off to a strong start, following Fed Chairman Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely stabilize. Overnight, the

June 23, 2021

South Korea excluded from MSCI World Index again

South Korea’s entry to the Morgan Stanley Capital Investment World Index fell through again, casting a cloud over its market ambition to gain global status and further expansion, reports said Tuesday. US finance firm MSCI decided to stay put with Korea’s listing as an emerging market in its regular meeting held on June 10. Asia’s fourth-largest economy has kept its position in the MSCI EM Index since 2014, as it has failed to overcome certain hurdles. Although Korea ranked No

June 22, 2021

Seoul stocks rebound on hopes of gradual tapering

South Korean stocks rebounded Tuesday as investors speculate that the Fed's tapering timeline may be slower than expected. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 23.09 points, or 0.71 percent, to close at 3,263.88 points. Trading volume was moderate at about 1.6 billion shares worth some 15.2 trillion won ($13.4 billion), with gainers outnumbering losers 582 to 270. Foreigners bought a net 319 billion won, while retail inves

June 22, 2021

Ex-President Park Geun-hye’s house to be auctioned off

Impeached former President Park Geun-hye’s house in Naegok-dong, southern Seoul, will be put up for sale in August at a public auction, according to local real estate auction information provider GG Auction on Tuesday. The state-run Korea Asset Management Corp. will kick off the first round of bidding on Aug. 9. If the property does not sell during the three-day bidding period, Kamco will lower the price by 10 percent and hold a second round of bidding the following week, officials sai

June 22, 2021

Moody’s ups NH NongHyup Bank’s rating from stable to positive

Global ratings firm Moody’s on Tuesday raised its rating outlook for South Korean lender NH NongHyup Bank from stable to positive, while maintaining the firm’s ratings at A1.  “The upgrade reflects our expectation that the bank’s asset soundness and capital adequacy as well as improved profitability will remain solid over the next 12-18 months,” Moody’s said in a statement.  Meanwhile, Moody’s revised up the ratings of NH Investment & S

June 22, 2021