BGF shares hit price ceiling on takeover of engineering plastic maker Kopla

Convenience store chain operator BGF has confirmed Friday its plan to acquire a stake in engineering plastic resin maker Kopla for at least 180.8 billion won ($152.6 million), in a strategic move to enter into a new business, sending its shares jumping nearly 30 percent at some point. According to filings with the Financial Supervisory Service, BGF is poised to acquire 11 million common shares of Kopla from Kopla President Han Sang-yong and his affiliated parties and through a new rights offer

Nov. 5, 2021

Seoul stocks open lower on financial, bio losses

South Korean stocks opened lower Friday, largely amid losses in the financial and bio stocks. The benchmark Korea Composite Stock Price Index (KospiI) fell 10.23 points, or 0.34 percent, to 2,972.99 points in the first 15 minutes of trading. Market bellwether Samsung Electronics increased 0.57 percent to 71,000 won, No. 2 chipmaker SK hynix advanced 1.42 percent to 107,500 won, and Hyundai Motor, the country's largest carmaker, moved up 0.7 percent to 215,500 won. Among losers, pharmaceutical

Nov. 5, 2021

Desire for digital interaction defines where finance is headed: KakaoBank CEO

Human desire for constant, convenient and unique interactions in digital spaces defines where the future of finance, as well as KakaoBank, is headed, the CEO of South Korea’s largest online lender said Wednesday. “People say the ‘uncontact’ phenomenon has triggered digitalization of industries under the pandemic, but they still love to contact, they just want to do it in a digital space. And we are going to see how such human desire will reshape the future of industrie

Nov. 4, 2021

DP presidential candidate vows to push for MSCI World Index inclusion

The presidential candidate of the ruling Democratic Party of Korea said Thursday that he would push for winning a developed market status for South Korea from Morgan Stanley Capital International to revive the undervalued stock market here, if elected. “The price-earnings ratio in the domestic stock market is about one-third compared to other advanced economies. We must mitigate the so-called ‘Korea discount,’” Lee Jae-myung said during a conference with a group of repo

Nov. 4, 2021

Shinhan Financial chief highlights net-zero goals at COP26

Shinhan Financial Group Chairman Cho Yong-byoung vowed to contribute to South Korea’s swift transition into a carbon neutral society with the financial giant‘s net-zero goals at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, the firm said Thursday. The chief of Korea’s second-largest banking group by total assets on late Wednesday introduced Shinhan Financial’s own plans to achieve carbon neutrality in finance dubbed the “zero carbon drive

Nov. 4, 2021

BTS agency teams up with Korean crypto exchange to venture into NFT market

Hybe, the K-pop powerhouse behind BTS, said Thursday that it has teamed up with South Korea’s top cryptocurrency exchange operator to establish a joint venture to branch out into the nonfungible token marketplace. The music agency is poised to acquire a 2.48 percent stake in Dunamu for 500 billion won ($423.7 million), as the operator of cryptocurrency exchange Upbit plans to issue 861,004 ordinary shares for third-party rights, offering to invite Hybe as a new shareholder. Dunamu also

Nov. 4, 2021

Seoul stocks advance on Fed's comments over tapering

South Korean stocks advanced Thursday, as the US Federal Reserve signaled "patience" in raising interest rates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.25 percent, to close at 2,983.22 points. Trading volume was moderate at about 759 million shares worth some 14.4 trillion won ($12.2 billion), with losers outnumbering gainers 580 to 295. Foreigners bought a net 326 billion won, while retail investors s

Nov. 4, 2021

Korean investors commit 90m euros to coinvest with BlackRock's infra fund

South Korean institutional investors have allocated a combined 90 million euros ($104 million) of commitment to a separately structured coinvestment vehicle of a fourth flagship fund by BlackRock Infrastructure Solutions, industry sources said Thursday. Seoul-based investment house IPM Asset Management said Thursday it has created the vehicle for Korean investors, allowing them to implement a coinvestment strategy alongside BlackRock’s fund, dubbed Global Infrastructure Solutions 4. Thr

Nov. 4, 2021

Blockchain firm AMAXG enters NFT business

Blockchain company AMAXG said on Thursday it has entered the nonfungible token platform business to trade unique and noninterchangeable data stored on digital ledgers. AMAXG said it recently opened a digital asset NFT transaction platform named BIZA-UVIT, and built strategic partnerships with the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association. FACO plans to di

Nov. 4, 2021

Seoul stocks open steeply higher over Fed's tapering

South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the

Nov. 4, 2021

Mirae Asset appoints younger leaders in reshuffle

In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo

Nov. 3, 2021

Seoul stocks shed over 1% ahead of US Fed meeting

South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners

Nov. 3, 2021

Kakao Pay debuts as 14th in market cap

Kakao Pay, the fintech arm of mobile giant Kakao Corp., became Korea’s 14th-largest stock by market capitalization upon its market debut on the country’s stock market Wednesday, after its opening price doubled from its IPO price. The mobile payment service provider, which offered shares at 90,000 won ($76) for its IPO, began trading at 180,000 won on the main Kospi board and rose to 230,000 won before closing at 193,000 won. If the company remains within the top 50 on the Kosp

Nov. 3, 2021

Regulators vow deregulation for new growth engines in finance

The chiefs of South Korea’s two main financial regulators -- the policymaking Financial Services Commission and the market watchdog Financial Supervisory Service -- have met with the heads of major insurance companies and banking groups here to discuss policy initiatives to support the growth of market players through deregulation, the two said Wednesday. “The rapid digital transformation of finance and the growth of online platform businesses are rapidly changing the nation’s

Nov. 3, 2021

Kakao Pay off to solid start on stock market debut

South Korean mobile payment service Kakao Pay came off to a solid start on its debut Wednesday, trading higher than its initial public offering (IPO) price. The payment arm of Kakao Corp., South Korea's top messenger app, exchanged hands at 185,000 won as of 9:20 a.m., up 2.78 percent from its opening price of 180,000 won. Kakao Pay has set the IPO price at 90,000 won per share, seeking to raise 1.53 trillion won through the IPO. The firm's market capitalization stood at 24.1 won, the 14th la

Nov. 3, 2021

Seoul stocks open lower ahead of US Fed meeting results

South Korean stocks opened lower Wednesday ahead of the US Federal Reserve meeting as investors seek a clue from the timeline for the interest rate hike. The benchmark Korea Composite Stock Price Index (Kospi) retreated 11.17 points, or 0.37 percent, to 3,002.32 in the first 15 minutes of trading. The Fed is set to reveal its meeting results Wednesday (New York time). Market bellwether Samsung Electronics lost 0.28 percent to 71,300 won, while No. 2 chipmaker SK hynix advanced 0.47 percent to

Nov. 3, 2021

[Newsmaker] Despite regulatory moves, KakaoBank sees third quarter net profit rise

KakaoBank, the country’s largest internet-only lender by user base, on Tuesday said its net profit in the first three quarters rose 96.6 percent from a year prior, despite growing regulatory moves on household debts that slowed the lender’s growth in the third quarter. In its first quarterly report that reflects its post-IPO performance, the banking arm of mobile giant Kakao Corp., said it recorded 52 billion won ($44.3 million) in net profit in the third quarter of this year, a 28

Nov. 2, 2021

Korea to renew push for inclusion on MSCI World Index: minister

The South Korean government will make a fresh attempt to get its stock market included in the top grade of global market indices, the country’s top economic policymaker told global investors Tuesday. Considering the global status and recognition of the Korean economy by foreign investors, it is “justifiable” for the Korea equity market to be upgraded to “developed” status from current “emerging” status by New York-based index provider Morgan Stanley C

Nov. 2, 2021

Squid Game Coin collapses after scammers vanish with investors’ money

Squid Game Coin, a digital token based on the popular Netflix original Korean drama series of the same name, collapsed to zero on Monday after its creators took off with the approximately 2.5 billion won ($2.13 million) invested in the coin, according to news reports. The crypto coin once surged to as high as 3.4 million won before its unexpected but eventual collapse Monday, according to Coin Market Cap, a global cryptocurrency tracker. Ten minutes after it reached its peak, the cash invested

Nov. 2, 2021

Seoul stocks spike over 1% amid hope for improving market conditions

South Korean stocks closed higher for the second straight day Tuesday, as investor sentiment was buoyed by positive outlooks on global supply bottlenecks and other key economic issues. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 34.55 points, or 1.16 percent, to close at 3,013.49 points. Trading volume was moderate at about 513 million shares worth some 9.5 trillion won ($8.08 billion), with gainers outnumbering losers 657 to 187. F

Nov. 2, 2021