South Korean institutions' investment in foreign securities touched a new all-time high in 2021 amid bullish overseas stock markets, central bank data showed Wednesday. The outstanding value of foreign securities held by local institutional investors stood at $402.72 billion as of end-December last year, up $29.97 billion, or 8 percent, from a year earlier, according to the data from the Bank of Korea (BOK). The on-year increase, however, slowed from the $42.09 billion gain reported for the prev

South Korean public institutions plan to increase their investment this year to a record high of 67 trillion won ($55.6 billion) in an effort to support the economic recovery, a senior government official said Wednesday. The amount will be higher than the 64.7 trillion-won investment made last year, according to Second Vice Finance Minister Ahn Do-geol. He said they plan to invest more than 35.5 trillion won, or 53 percent of the total amount, in the first half. The government said public firms'

South Korean stocks opened lower Wednesday amid continued Ukraine tensions. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.98 points, or 0.18 percent, to 2,694.2 points in the first 15 minutes of trading. The key stock index traded bearish as investors remained cautious amid the Ukraine tensions. Overnight, the tech-heavy Nasdaq composite lost 1.59 percent and the Dow Jones Industrial Average declined 1.76 percent, largely on concerns that the war in Ukraine may push up the

Two-thirds of South Korea's listed firms have sharply increased their 2021 dividends in an apparent bid to appease shareholders amid a bearish stock market, a corporate tracker said Wednesday. About 67 percent of 853 companies, which have announced their 2021 dividends as of Monday, have decided to raise their payouts from a year earlier, according to CEO Score. The ratio is up 20.4 percent points from 46.2 percent recorded in the 2020 fiscal year. The increase comes as the local bourse has been

South Korea’s crypto assets market has grown to 55.2 trillion won ($45.9 billion) as of end-2021, with the number of users amounting to nearly 5.58 million, according to a recent study by the nation’s top financial regulator on Tuesday. The Financial Service Commission conducted the study, a first of its kind, based on data compiled from a total of 24 licensed crypto currency exchange operators here. Daily transactions through the 24 exchanges reached 11.3 trillion won on average,

Growth also seen in shipments to Ukraine, Russia

South Korea’s Hana Financial Group has appointed its first female CEO for an affiliate, under an executive reshuffle carried out in line with the nomination of its new Chairman Ham Young-joo. On Monday, Hana said it had tapped Roe Yu-joung, executive director at its flagship commercial lender Hana Bank, to lead its fund accounting arm Hana Investors Services. Roe entered Hana Bank in 1992 and climbed her way up the corporate ladder, becoming the lender’s executive director in Janu

SEJONG -- The nation is projected to see the fiscal deficit sharply increase this year in the wake of allocation of the supplementary budget worth 16.9 trillion won ($14 billion), state data showed Monday. In addition, there is a possibility that the fiscal deficit will further increase, as two major presidential candidates have pledged to draw up new supplementary budgets amid growing uncertainty over the economy due to external factors as well as the ongoing pandemic. According to the Minist

South Korean stocks closed higher Monday after choppy trading, backed by reports that Ukraine and Russia have agreed to talks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.42 points, or 0.84 percent, to close at 2,699.18 points. Trading volume was moderate at about 604 million shares worth some 12.7 trillion won ($10.5 billion), with gainers outnumbering losers 631 to 240. Foreigners bought a net 89 billion won and retail investors p

South Korea will seek close consultations with the United States to receive an exemption from Washington's recently expanded sanctions against Russia to minimize the impact of the restrictions on local firms and the economy, the country's top trade official said Monday. Last week, the US government announced the Foreign Direct Product Rule (FDPR) for "all of Russia" as part of sweeping export controls over its recent invasion of Ukraine, which requires companies to receive a license f

South Korea’s KB Kookmin Bank said Monday it has snapped up a combined 543 billion won ($450 million) commitment to a private fund to finance a 100-megawatt wind turbine project on the southern resort island of Jeju. The private fund, which marks the largest here in terms of those tied to renewable energy, will target 18 offshore wind turbines on Jeju Island, generating a combined 100 megawatts. The value of the total project amounts to 630.3 billion won and the construction of the offsho

South Koreans' overseas card spending swelled nearly 19 percent in 2021 amid a strong local currency against the US dollar, central bank data showed Monday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, came to $12.23 billion last year, up 18.6 percent from a year earlier, according to the data by the Bank of Korea (BOK). The 2021 tally represents a sharp turnaround from a 46.1 percent on-year tumble recorded a year earlier. Last year's surge w

South Korea's dependency on Japanese materials and parts fell to an all-time low last year following Tokyo's control of exports of key products bound for Seoul, the industry ministry said Monday. Imports of Japanese materials, parts and equipment came to $39.5 billion in 2021, accounting for 15.9 percent of South Korea's overall purchase of those goods, according to the data from the industry and trade ministry. The figure was down 1.3 percentage points from the previous year and the lowest sinc

South Korean stocks opened lower Monday, as investors remained cautious amid the Ukraine tensions. The benchmark Korea Composite Stock Price Index (Kospi) retreated 9.61 points, or 0.36 percent, to 2,667.15 points in the first 15 minutes of trading. Stocks dropped as investors digest a new set of sanctions by the United States and Western nations on Russia over the Kremlin's attack on Ukraine. Most stocks retreated in Seoul, led by foreign and institutional sell-offs. Market bellwether Samsung E

Home transactions in South Korea tumbled more than 50 percent in January amid tough lending curbs and rising interest rates, government data showed Monday. The number of homes changing hands nationwide stood at 41,709 units last month, down 54 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Compared with the previous month, the January tally was down 22.4 percent. The number of home transactions in the greater Seoul area, which includes