Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Tuesday, as investors sought to buy oversold stocks after the key index's recent plunge. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.16 points, or 0.51 percent, to 2,978.16 in the first 15 minutes of trading. Stocks started strong after the stock index dipped nearly 2 percent the previous session over the global spreading of the omicron variant of the new coronavirus. Most large caps rebounded in Seoul. Top cap Samsung Electronics adde

Dec. 21, 2021

Mirae Asset Securities chief named ‘person of the year’ by KRX

Mirae Asset Securities Chairman Choi Hyun-man was named person of the year by the Korea Exchange, Korea’s sole bourse operator, for his contribution to the local capital market, officials said Monday. “Chairman Choi heads a leading brokerage company that helped 21 firms go public this year, including game maker Krafton, in what was the biggest initial public offering in 2021,” the Korea Exchange said. The exchange credited its first awardee Choi for becoming the first non-fa

Dec. 20, 2021

Seoul stocks sink to 3-month low amid virus scare

South Korean stocks plunged nearly 2 percent Monday morning amid spreading virus concern. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 54.73 points, or 1.81 percent, to close at 2,963 points, the lowest closing since Dec. 2. Trading volume was low at about 371 million shares worth some 8.5 trillion won ($7.1 billion), with losers outnumbering gainers 785 to 117. Foreigners offloaded a net 552 billion won, and institutions

Dec. 20, 2021

Seoul stocks open lower on US stock losses

South Korean stocks opened steeply lower Monday, tracking last week's fall on Wall Street stemming from virus concerns. The benchmark Korea Composite Stock Price Index (KOSPI) declined 29.65 points, or 0.98 percent, to 2,988.08 points in the first 15 minutes of trading. Most large caps traded lower in Seoul. Top cap Samsung Electronics shed 0.9 percent, and No. 2 chipmaker SK hynix decreased 0.41 percent. Internet portal operator Naver retreated 1.95 percent, leading chemical firm LG Chem fe

Dec. 20, 2021

Market winners and losers in 2021: Fintech soars while drugmakers suffer

In 2021, South Korea’s two biggest financial technology firms, Naver and Kakao, saw their market capitalization expand on-year, while drugmakers faced a dip in market value. As of last week, Naver, the country’s largest internet portal, had seen a 36 percent jump in its market cap at 63 trillion won ($53 billion), while the market value for Kakao, which runs the country’s largest messenger app for smartphones, almost tripled at 115 trillion won. The hike mainly came from Kaka

Dec. 19, 2021

Challenging big tech, banks enter delivery service market

South Korea’s commercial banks are rushing into the delivery service market, challenging the country’s big tech and retail companies that have blurred boundaries between finance and tech industries. According to Shinhan Bank, it will start its food delivery beta service Wednesday. The delivery app, dubbed “Ddaeng-gyoeyo,” is a separate app from the bank’s all-in-one mobile app “Shinhan SOL.” The service will also be operated through a third-party deli

Dec. 19, 2021

Seoul stocks to gain ground next week on eased uncertainty over US monetary policy: analysts

South Korean stocks are expected to gain momentum next week, as investor sentiment will be buoyed by eased uncertainty about the US monetary policy, analysts said Saturday. The benchmark Kospi closed at 3,017.73 points Friday, little changed from 3,010.23 points a week ago. The key stock index retreated on Monday and Tuesday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting. But local stocks rebounded for three straight sessions to Friday, as the outcome of t

Dec. 18, 2021

Top green bond seller in Korea plans debt boost abroad

South Korea is among the world’s biggest seller of green bonds, and one of its top issuers is planning to tap the global debt market more aggressively next year to provide sustainable funds to local companies operating abroad. Export-Import Bank of Korea, the nation’s second-largest issuer of green notes, plans to sell about $12 billion to $12.5 billion of bonds offshore in 2022, compared with around $11 billion this year, said Lee Dong-hoon, the treasurer of the bank. It expects ab

Dec. 18, 2021

Seoul stocks rise for 3rd day on foreign buying

South Korean stocks rose for a third straight session on Friday, as foreign investors snapped up local stocks on eased uncertainty about the US monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 11.32 points, or 0.38 percent, to close at 3,017.73 points. Trading volume was moderate at about 438 million shares worth some 11.2 trillion won ($9.5 billion), with gainers outnumbering losers 510 to 344. Foreigners bought a n

Dec. 17, 2021

Seoul metropolitan area still leads home price growth

SEJONG -- The growth in housing prices in the Seoul metropolitan area -- Seoul, Gyeonggi Province and Incheon -- continued to outpace that of the nationwide average as of last month, government data showed Friday. According to the recent economic trends, published by the Ministry of Economy and Finance, the average trading price of homes in the area of Seoul, Gyeonggi and Incheon climbed by 0.76 percent in November, compared to the previous month. This outstripped a 0.63 percent increase acro

Dec. 17, 2021

Seoul stocks open lower on US tech fall

South Korean stocks opened lower Friday, tracking an overnight stock plunge on Wall Street as investors digest the US Fed's recent monetary policy decision. The benchmark Korea Composite Stock Price Index (Kospi) declined 4.92 points, or 0.16 percent, to 3,001.49 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite shed 2.47 percent over the Fed's move to double the pace of its stimulus withdrawal and projections of three rate hikes next year. The Dow Jones Ind

Dec. 17, 2021

Fed’s move to have limited impact on Korean market: officials

SEJONG -- The local financial market will not face a high-level volatility despite the news that US monetary policymakers will accelerate their exit from quantitative-easing, Korea’s senior officials expected Thursday. At a meeting for macro economy and finance in Seoul, officials clarified that their prediction was based on Korea’s preemptive measures, involving hikes in the benchmark interest rate earlier this year. First Vice Finance Minister Lee Eog-weon said that the possibil

Dec. 16, 2021

[GBF] ‘Metaverse stands as biggest challenge for finance sector’

Integrating the world of finance and the virtual space of metaverse is currently the biggest challenge for the global finance sector, among other tasks in the path towards digital transformation, the chief strategist for Shinhan Financial Group’s digitalization said Wednesday. “The biggest issue at hand for the global finance sector is metaverse,” said Sunny Yi, chief digital officer of Shinhan Financial Group, at The Korea Herald’s Eurasian Economic & Cult

Dec. 16, 2021

Seoul stocks advance for 2nd session on eased FOMC uncertainties

South Korean stocks advanced for a second straight session Thursday amid eased uncertainties from the FOMC meeting results. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 17.02 points, or 0.57 percent, to close at 3,006.41 points. Trading volume was moderate at about 397 million shares worth some 8.4 trillion won ($7.1 billion), with losers outnumbering gainers 416 to 406. Foreigners bought a net 183 billion won, while institutions sold

Dec. 16, 2021

Dabang launches non-contact real estate contract service

South Korean mobile realtor app operator Dabang said Thursday it has unveiled a contact-free signing service for real estate contracts, accelerating innovation in the country’s property technology industry. According to the property technology company, the mobile signing service, Dabang Sign, offers users the ability to sign real estate contracts via Dabang’s app. If landlords request to register their houses or apartments with Dabang Sign, the company’s inspection team chec

Dec. 16, 2021

[Global Business Forum] ESG, metaverse key to sustainable capitalism: Mirae Asset

Expanding environmental, social and governance investment and building digital businesses make capitalism sustainable, the research chief of Mirae Asset Securities said Wednesday. “It’s all about quality, not quantity, when it comes to growth in capitalism. ESG offers a fresh perspective, while metaverse makes possible a digital world built on private property and a free market, which is the essence of capitalism,” said Seo Cheol-soo, head of research at South Korea’s la

Dec. 16, 2021

Seoul stocks open higher on eased FOMC uncertainties

South Korean stocks opened steeply higher Thursday, backed by eased uncertainties from the FOMC meeting results. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.88 points, or 0.87 percent, to 3,015.27 points in the first 15 minutes of trading. Stocks advanced, largely as the FOMC results, particularly the Fed's stimulus withdrawal and interest rate hike, stayed within the market expectation. The Fed said it would double the speed of its tapering of bond purchasing program and

Dec. 16, 2021

S. Korea's $60b currency swap deal with US to expire on Dec. 31: BOK

South Korea's $60 billion currency swap contract with the United States will expire as scheduled later this month as financial and economic situations at home and abroad remain stable, Seoul's central bank said Thursday. The Bank of Korea (BOK) and the US Federal Reserve signed the currency swap contract in March 2020 to ease financial anxiety caused by the coronavirus pandemic and had since extended the deal three times. It is set to expire on Dec. 31. "The temporary currency swap will e

Dec. 16, 2021

Outcome of Fed meeting to have limited impact on S. Korean market: official

The US Federal Reserve's announcement of plans to accelerate the tapering of its asset purchases is expected to have a limited impact on the South Korean financial market as the outcome was in line with market expectations, a senior government official said Thursday. After a two-day policy meeting, the Federal Reserve said Wednesday (US time) it will double the pace of tapering its bond purchases and likely end them in March. The US central bank signaled three rate hikes by the end of 2022 amid

Dec. 16, 2021

Seoul index ends higher as tech stocks gain ahead of Fed meeting

South Korea's main stock index ended higher Wednesday, aided by technology stocks, but investors remain cautious ahead of the Federal Reserve's rate decision later in the global day. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.44 points, or 0.05 percent, to close at 2,989.39 points, snapping a three-session losing streak. Investors are waiting on cues from the two-day Fed's meeting, which ends Wednesday, to reorganize their p

Dec. 15, 2021