LG Energy Solution seeks mega IPO on Kospi in H2

South Korean battery maker LG Energy Solution is speeding up to make a stock market debut on the nation’s main bourse Kospi in the second half of this year, according to investment banking sources Wednesday. The company submitted a preliminary application for an IPO to the Korea Exchange on Tuesday. Market insiders say the firm may begin the share sale as early as September in line with its timetable. While KB Securities and Morgan Stanley are underwriting the IPO deal, the size of the

June 9, 2021

Seoul stocks open lower on inflation worries

South Korean stocks opened lower Wednesday as the central bank revised up the country's gross domestic product, stoking market concerns of early inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.43 points, or 0.2 percent, to 3,241.4 points in the first 15 minutes of trading. Investor appetite for risk assets decreased, following the Bank of Korea's report that South Korea's economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point hig

June 9, 2021

FSC set to decide fate of Toss Bank, Kakao’s insurance unit

South Korea’s market regulator, the Financial Services Commission, is set to decide on Wednesday whether to approve the operations of banking and insurance units developed by financial technology companies, amid mixed expectations for their impact on a market long dominated by traditional institutions. At its monthly meeting, FSC will decide whether to approve Toss Bank and Kakao Pay’s digital-only insurance subsidiary. If approved, Toss Bank will become Korea’s third mobile

June 8, 2021

AMC, Doosan Heavy, HMM: Meme stocks rise in Korea

Retail investors in South Korea who are seeking short-term profit are increasingly investing in so-called meme stocks, those that see a spike in trading volume based on social media hype rather than the company’s performance. Data compiled by securities information portal SEIBro, operated by the Korea Securities Depository, showed Tuesday that small domestic investors traded US movie theater chain AMC shares the most in the overseas stock market last week. The value of AMC stock traded

June 8, 2021

[#WeFACE] Right investment can save ocean: IFC

Asia has been the epicenter of the plastic crisis, as the source of the bulk of the plastic waste in the oceans. But the right investments can help reduce plastic waste -- and South Korea, Asia’s fourth-largest economy, can take a leading role, according to Alfonso Garcia Mora, the International Finance Corp.’s regional vice president, Asia & Pacific. “Korea’s shift to a net-zero economy is likely to generate a range of innovative ideas and technologies,” Gar

June 8, 2021

Seoul stocks close lower under valuation pressure

South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points. Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376. Foreigners sold a net 206 billion won, while institutions bo

June 8, 2021

S. Korean asset managers log record net profit in Q1

South Korean asset management companies collectively earned record net profit in the first three months, according to data released by the state watchdog Financial Supervisory Service on Tuesday. The combined net profit of the 328 domestic asset management firms came in at 615 billion won ($551.74 million), up 424.7 percent from the same period last year. The growth is partly attributable to reduced operational costs, the FSS said. The figure broke the previous record of 457.5 billion won p

June 8, 2021

Indonesian shareholder drops $1.5b charge against KB Kookmin over Bank Bukopin acquisition

Seoul-based KB Kookmin Bank has steered clear of litigation in controlling Indonesian subsidiary Bank Bukopin, as its minority shareholder in Indonesia dropped all charges against South Korea‘s largest commercial bank, a filing showed Tuesday. Bosowa Corporindo, which was holding a 11.6 percent stake in the Indonesian midsized bank, has reached an out-of-court settlement for the 20.8 trillion-Indonesian-rupiah ($1.5 billion) charges against the bank‘s new controlling shareholder an

June 8, 2021

Seoul stocks open slightly lower amid valuation pressure

South Korean stocks opened slightly lower Tuesday on increased valuation pressure after the key stock index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (Kospi) fell 3.08 points, or 0.09 percent, to reach 3,249.04 points as of 9:17 a.m. The Kospi got off to choppy start after it finished the previous session at a record high of 3,252.12 points. Stock prices fluctuated as investors take a wait-and-see mode, seeking more clues to fathom the ou

June 8, 2021

Kospi notches record high closing above 3,250

South Korea’s key stock index Kospi set an all-time record high at Monday’s closing, nearly a month after the benchmark logged the previous closing high, backed by institutions and retail investors’ net purchases. The benchmark advanced 0.37 percent to close at 3,252.12 points, breaking its previous record of 3,249.3 points from May 10. It started off at 3,244.59 points and got as high as 3,264.41 in the early morning trade. The index erased some earlier gains to trad

June 7, 2021

Jeonse price soars 44 percent since Moon’s presidency: data

Two-year apartment leases, known locally as jeonse, have jumped by some 44 percent in Seoul since the beginning of the current Moon Jae-in administration, data showed Monday. The average price of a two-year refundable lease on a high-rise apartment came in at 426.2 million won ($384,000) when the Moon administration began in May 2017, but the price had risen 44.2 percent to 614.5 million won as of last month. During the same period, the average jeonse price per square meter soared 43 percen

June 7, 2021

Seoul stocks close at fresh all-time high on eased tapering jitters

South Korea's stock market closed at an all-time high Monday as weaker-than-expected US jobs data helped ease concerns over the potential rollback of the country's expansive monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.04 points, or 0.37 percent, to close at 3,252.12 points, marking the highest closing ever. Trading volume was high at about 1.7 billion shares worth some 18.8 trillion won ($16.9 billion), with lo

June 7, 2021

Mirae Asset pools W10tr for retirement schemes

South Korean asset management firm Mirae Asset Global Investments said Monday its assets under management for retirement schemes have surpassed the 10 trillion-won ($9 billion) mark for the first time among Korean peers. As of June 1, assets pooled for Mirae Asset’s retirement schemes came to a total of 10.1 trillion won. The asset management unit of Mirae Asset Group pooled nearly 2 trillion won during the first five months of 2021. Since 2011, the figure has jumped more than eightfold

June 7, 2021

Seoul stocks open higher on US jobs report

South Korean stocks opened higher Monday as investor sentiment was boosted by slower-than-expected US jobs data that partially eased concerns of early inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.48 points, or 0.54 percent, to reach 3,257.56 points in the first 15 minutes of trading. The KOSPI got off to a bullish start as investors are relieved that the increase in US non-agricultural jobs in May turned out to be slower than the market consensus. The key stock i

June 7, 2021

[Herald Interview] AI for stock picking, and beyond

Every financial services company yearns for benefits from artificial intelligence, but oftentimes, the technology itself does not necessarily bring success. Amid the intensifying technology race, a local AI solution provider behind the actively-managed equity exchange-traded funds listed on the New York Stock Exchange is seeking to prove its effectiveness.  “AI-enhanced ETFs’ track record is a testament to the thesis that AI can be an efficient tool to the entire financial in

June 6, 2021

Concerns over real estate speculation rise in S. Korea

In recent years South Korea has seen a surge in real estate investment deals that were thought to be speculative, but some market watchers say the country still lacks effective measures to prevent property speculation and the resulting price hikes. Data compiled by the Ministry of Land, Infrastructure and Transport showed that foreign individuals owned 21.35 million square meters of land in the nation in 2020, up 78 percent from 11.99 million square meters in 2016. Separate data from real es

June 6, 2021

Financial workers, employers agree on paid vaccination leave

The Korean Financial Industry Union and the Finance Industry User Council have agreed that workers who get vaccinated for COVID-19 are entitled to up to three days of paid leave, officials said Sunday. Under the agreement, which will take effect Monday, employees of 22 financial institutions registered with the Korea Federation of Banks -- a body that represents commercial banks -- will receive two days off work, the day of the vaccination and the day after.  Those who show signs of ad

June 6, 2021

Virtual golf booms while crowded driving ranges suffer due to COVID-19

Despite the prolonged COVID-19 pandemic and social distancing rules in place, some indoor golf facilities featuring simulators and golf courses have been enjoying increased popularity, thanks largely to their relatively less crowded environments, a report said Sunday.  According to the report published by research firm KB Financial Group Research Institute, Golfzon, the nation’s leading virtual golf simulator company, saw its total sales increase more than 20 percent on-year in 202

June 6, 2021

Citibank Korea’s retail biz sell-off faces rocky road

Multiple financial companies have expressed interest in acquiring Citibank Korea’s retail business by submitting letters of intent, but they have taken a negative stance toward retaining all employees, the lender recently said. It has also put a complete pull-out of its retail business “in phases” as a viable option on the table as well, hinting that it would rather pursue an exit than carry out a subpar deal. In an email sent to reporters, Citibank Korea said its “e

June 4, 2021

Seoul stocks snap 5-day winning streak on profit-taking

South Korean stocks snapped a five-day winning streak Friday, as investors took to the sidelines to lock in gains amid increased valuation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.35 points, or 0.23 percent, to close at 3,240.08 points. Trading volume was moderate at about 1.4 billion shares worth some 15.8 trillion won ($14.2 billion), with losers outnumbering gainers 483 to 371. Foreigners bought a net 162 billi

June 4, 2021