South Korea’s KB Kookmin Bank said Wednesday that it has acquired the remaining stake in Prasac Microfinance Institution, to wholly own Cambodia’s largest microfinance deposit-taking firm. KB Kookmin had acquired 70 percent stake in Prasac Microfinance for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings in April 2020, becoming the majority and largest shareholder of the institution. The price of the 30 percent stake which KB Kookmin recently acquired has yet t

The number of overseas stock accounts held by South Korean retail investors jumped 74 percent in the first half of the year from six months earlier amid their brisk investment in foreign shares, data showed Wednesday. Local individual investors held about 3.31 million overseas stock accounts as of end-June, up from some 1.89 million at the end of last year, according to the data submitted to the National Assembly for an annual parliamentary audit by the Financial Supervisory Service. The numbe

South Korea is considering temporarily lowering fuel taxes to ease consumer burden from surging gasoline prices, the country's top economic policymaker said Wednesday. Finance Minister Hong Nam-ki said the government will unveil relevant actions, including a fuel tax cut, as early as next week. "As the international oil prices are on the rise, driving up gasoline prices and putting upward pressure on consumer prices, we are considering such preemptive measures as a fuel tax cut," Hon

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.66 points, or 0.19 percent, to 3,034.7 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.71 percent to 15,129 points on hopes of strong corporate earnings, and the Dow Jones Industrial Average gained 0.56 percent to 35,457 points. South Korea's new virus cases stayed below 2,000 for the 12th consecutive day Wedn

South Korean brokerage houses have sharply lowered their third-quarter earnings outlook for major listed firms amid rising inflation and other negatives, a market tracker said Wednesday. The combined net profit forecast for 168 major listed firms came to 29.7 trillion won ($25.2 billion) for the July-September period as of Tuesday, up 4.3 percent from a year earlier, according to financial information provider FnGuide. Yet, it represents a 34 percent plunge from their estimate of 44.9 trillion

IMF cautious over monetary tightening here, welcomes aggressive fiscal policy, short selling resumption

Legally suggested brokerage fees were lowered around 50 percent starting Tuesday, over implementation of the related law revised to reduce burden on soaring housing prices. For those selling or buying a house worth more than 1 billion won, real estate agents can receive commissions up to 5 million won, 4 million won down from up to 9 million won, according to new guidelines. For “jeonse” and monthly rent contracts worth also over 1 billion won, agents can demand brokerage fees up to

South Korean stocks rebounded Tuesday on easing concerns about the new coronavirus and the volatility in the currency market. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.36 points, or 0.74 percent, to close at 3,029.04 points. Trading volume was moderate at about 833 million shares worth some 10 trillion won ($8.5 billion), with gainers outnumbering losers 449 to 381. Foreigners bought a net 146 billion won, while retail investors

Despite being most shorted stock and gloomy outlook on chip industry, over 6 million retail investors remain loyal

19% growth seen on-year in capital’s home prices

Virtual reality and augmented reality videos alongside designs on streets, walls and human bodies will be eligible to be registered as intellectual property in South Korea from Thursday, the nation’s IP office said Tuesday. According to the Korean Intellectual Patent Office, the newly revised law would protect digitally produced designs with various purposes including communication, medical and security. Previously, such designs were able to be filed as IP when they formed part of items.

The state-run Korea Development Bank (KDB) said Tuesday it has successfully issued $1.5 billion worth of bonds to foreign investors. The lender has sold 10-year bonds worth $300 million and 5 1/2-year bonds worth $500 million. The KDB has also issued $700 million worth of green bonds that will come due in three years and three months, which will be used to finance Green New Deal projects, such as rechargeable batteries and renewable energy. The state bank said its has floated those bonds at t

Foreign currency deposits at banks in South Korea rose sharply in September from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits came to $94.2 billion as of end-September, up $1.6 billion from the previous month, according to the Bank of Korea (BOK). It represents the second consecutive month of on-month increase. In August, they climbed by $470 million from the previous month. Residents inc

Sales of equity-linked securities (ELS) in South Korea plunged more than 30 percent in the third quarter from three months earlier amid the coronavirus pandemic, data showed Tuesday. The value of ELS products in Asia's fourth-largest economy stood at 11.6 trillion won ($9.8 billion) in the July-September period, down 30.8 percent from the second quarter, according to the data from the Korea Securities Depository. The figure, however, was up 17.8 percent from the 9.8 trillion won floated during

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street and eased concerns over the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.48 points, or 0.85 percent, to 3,032.16 in the first 15 minutes of trading. Stocks got off to a strong start on overnight gains on Wall Street and easing virus woes. Overnight, the tech-heavy Nasdaq composite added 0.84 percent to 15,022 points as investors monitor the inflation factors, while the Dow Jones