South Korean stocks opened flat Friday as the country extended the toughest curbs for the greater Seoul area amid the resurgence of COVID-19. The benchmark Korea Composite Stock Price Index (Kospi) lost 0.1 point to 3,250.11 points in the first 15 minutes of trading. Stocks retreated as the fourth wave of the new coronavirus weakened investor sentiment, while strong earnings provided some relief. Earlier in the morning, the South Korean government extended the toughest virus restrictions in t

Price rise may slow down amid proliferation of virus infections

But looming regulations on crypto assets might change landscape, experts say at webinar co-hosted by The Investor and ANN

KakaoBank, South Korea’s largest internet-only bank, set a record Thursday in the initial public offering market history here, having attracted keen attention from investors both at home and abroad ahead of its market debut on the country’s main board Kospi next month. The banking arm of mobile giant Kakao wrapped up its book-building process Wednesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 1,667 domestic and offshore instituti

South Korean stocks snapped their four-day losing streak Thursday, as hopes for robust second-quarter earnings boosted investor sentiment despite the surge in new virus cases. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 34.3 points, or 1.07 percent, to close at 3,250.21 points. Trading volume was moderate at about 701 million shares worth some 12.8 trillion won ($11.1 billion), with gainers outnumbering losers 537 to 289. Foreigners

South Korea‘s top financial regulator is considering disciplinary measures against overseas cryptocurrency exchanges that are not registered with the nation’s anti-money laundering body, according to the National Assembly‘s National Policy Committee on Thursday. “Business activities carried out by overseas cryptocurrency exchanges targeting local customers without reporting to the Financial Intelligence Unit -- an anti-money laundering unit under the Financial Services C

South Korea's overall wealth grew at a slightly slower pace in 2020 on-year, central bank data showed Thursday, amid the COVID-19 pandemic that took a heavy toll on the nation's economy. The country's national assets came to 17,772.2 trillion won ($15.45 trillion) as of the end of last year, up 6.6 percent from a year earlier, according to the national balance sheet from the Bank of Korea (BOK). The rise marks a slight slowdown from a 6.7 percent on-year increase in 2019. The sluggish growth

Baemin Hyundai Card, a food delivery-focused private label credit card product, has attracted over 100,000 users in eight months since the launch in November, card issuer Hyundai Card said Thursday. The cardusers are to redeem reward points in the form of “Baemin points,” which can be used like cash exclusively for food delivery orders through Baemin, South Korea‘s largest food delivery app. Baemin Hyundai Card users have food delivered through the Baemin app an average of 9

Major South Korean lender Nonghyup Bank said Thursday it has issued $600 million in social bonds to overseas investors to help support the vulnerable. The bank said it has floated $300 million worth of three-year bonds with an annual interest rate of 0.926 percent, with the remaining $300 million maturing in five years and carrying an interest of 1.325 percent. Nonghyup Bank said the lender has been able to reduce the spread by 0.25-0.3 percentage point as it has attracted bids worth $2.2 bill

SEJONG -- Finance Minister Hong Nam-ki said Thursday the government will provide financial and taxation support for key technologies in semiconductors, batteries and vaccines. Unveiling a list of 65 technologies in the three industrial sectors, Hong said the government will funnel 2 trillion won ($1.7 billion) in funds by 2023 to help companies develop such technologies. The government will hike taxation support if companies spend money to build facilities for such technologies, Hong said. Ea

South Korea's antitrust regulator said Thursday it extended the deadline for the sale of Delivery Hero's food delivery affiliate here, Yogiyo, until Jan. 2 next year, as the German company is facing difficulty in finding a potential investor. In December last year, the Korea Fair Trade Commission (KFTC) ordered Delivery Hero to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. Delivery Hero had been required to

Global credit appraiser Fitch Ratings said Thursday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and modest fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population. The str

South Korean stocks opened higher Thursday as hopes for robust corporate earnings in the second quarter boosted investor sentiment. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.74 points, or 0.83 percent, to 3,242.65 points in the first 15 minutes of trading. Stocks rebounded after the Kospi retreated 2.14 percent in the past four sessions amid the fourth wave of the new coronavirus in the country. Tech, financial and auto gains led the KOSPI's hike, while bio slumped. Market

South Korea's top internet portal operator Naver Corp. said Thursday its net profit jumped nearly six times in the second quarter from a year earlier largely due to a stellar performance of its fintech and commerce businesses amid the new coronavirus pandemic. Net profit reached 540.6 billion won ($468.5 million) in the April-June period, compared with a profit of 90.7 billion won a year earlier, the company said in a press release. Operating income reached a quarterly high of 335.6 billion wo

South Korean stocks retreated for a fourth consecutive session Wednesday, as the resurgence of the new coronavirus weakened investor sentiment for risk. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.79 points, or 0.52 percent, to close at 3,215.91 points. Trading volume was moderate at about 973 million shares worth some 14.7 trillion won ($12.7 billion), with losers outnumbering gainers 283 to 562. Foreigners sold a net 511 bil