South Korean stocks slumped for the fourth consecutive day Friday as investors remained concerned over coronavirus situation and the upcoming lifting of a ban on short selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.21 points, or 0.83 percent, to close at 3,147.86 points. Trading volume was moderate at about 1.3 billion shares worth some 18.7 trillion won ($16.8 billion), with losers outnumbering gainers 534 to 339. Foreigner

South Korean public firms' liabilities rose for the third straight year last year to hit a record high as they increased investment amid the pandemic, the finance ministry said Friday. Of 350 state-run companies, the combined debt of 347 firms reached 544.8 trillion won ($491.5 billion) at the end of last year, up 17.9 trillion won from the previous year, according to the Ministry of Economy and Finance. It marked the highest total for liabilities since 2005 when the government began compiling

South Korea's oceans ministry said Friday it has secured the right to catch 41,260 tons of fish in Russian waters this year, while fixing the fish fee unchanged for the third consecutive year. Under the agreement, South Korea can catch 28,400 tons of pollack and 5,050 tons of cod in the Russian exclusive economic zone (EEZ) this year, according to the Ministry of Oceans and Fisheries. The volume also includes 3,000 tons of Pacific saury and 4,000 tons of squid, the ministry said. The combined

South Korean stocks opened lower Thursday amid concerns of the spreading new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 5.82 points, or 0.18 percent, to 3,168.25 points in the first 15 minutes of trading. Stocks got off to a muted start as the country's social distancing scheme will be extended by three more weeks ahead of holidays next month. South Korea's industrial output increased 0.8 percent in March on-month, slowing from a 2.1 percent growth in F

South Korea's industrial output grew for the second straight month in March, data showed Friday, in the latest sign that Asia's fourth-largest economy is on a recovery path. The industrial output increased 0.8 percent in March from the previous month, slowing from a 2.1 percent on-month gain in February, according to the data compiled by Statistics Korea. From a year earlier, it also rose 5.8 percent. But output in the mining, manufacturing, gas and electricity industries declined 0.8 percen

South Korea’s amateur investors poured out record amounts of cash -- nearly 81 trillion won ($73.1 billion) -- to obtain new shares of SK ie technology, a wholly owned battery materials subsidiary under SK Innovation, in its two-day public subscription for an initial public offering. According to data compiled by underwriters, small domestic traders had placed some 80.9 trillion won in deposits by the deadline of 4 p.m. on Thursday, setting a record in stock market history here. SK Group

South Korean credit card issuer BC Card said Thursday that it has acquired a 100 percent stake of Vietnamese point of sale terminal firm Wirecard Vietnam in a bid to increase its foothold in the Southeast Asian market. The newly acquired company, the largest POS system supplier in Vietnam, offers payment terminals to 40 banks and payment services firms operating locally. As the company has software development units under its wing, it can offer tailored payment systems to its customers, whi

40-year mortgage loans to be introduced in H2 for young house buyers

South Korean stocks slumped for the third consecutive day Thursday as investors sold stocks to lock in gains despite the US Federal Reserve's soothing comments. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.4 points, or 0.23 percent, to close at 3,174.07 points. Trading volume was moderate at about 1.2 billion shares worth some 18.8 trillion won ($17 billion), with losers outnumbering gainers 472 to 381. Foreigners sold a net 14 bill

South Korea is set to partially lift a 14-month ban on short selling, the longest such ban in the world, on Monday, but on one condition -- obligating investors new to the trading strategy to take a half-hour online class and try simulated investments. The mini-lecture provided by the Korea Financial Investment Association informs would-be investors of the difference between a naked short and a covered short. It highlights that investors have limited returns from short sales but theoretically n

Less than two weeks after Kakao Bank submitted a listing application to the Korea Exchange, Kakao Pay, another finance arm of South Korean internet giant Kakao, followed suit earlier this week. Such a back-to-back announcement of their plans for initial public offerings and listing on Korea’s stock market highlights disruptive technologies that are going mainstream in the domestic financial industry and challenges that traditional banking groups here may face. Each company’s enterp

Children of the late Samsung chairman are set to receive massive loans from local lenders to pay more than 12 trillion won ($10.8 billion) in inheritance taxes, the largest-ever amount in the country’s history, according to industry sources on Thursday.  Two domestic commercial banks, which were not identified, will issue credit loans of hundreds of billions of won to the family of the late Samsung Group Chairman Lee Kun-hee, later in the day, they said.  The decisions were m

Amid the increasing intensity in the cryptocurrency markets, local exchanges are reintroducing offline customer centers. Coinone, one of the four largest cryptocurrency exchanges in the country, reopened its in-person customer center in Seoul, the company said Thursday. Coinone initially launched its customer center in September 2017, but closed its doors two years later to focus on other businesses. The recent surge in interest in cryptocurrency transactions and as well an influx of custome

New home permits in South Korea jumped nearly 35 percent in March from a year ago despite the coronavirus pandemic, the government said Thursday. Construction permits issued for new homes stood at 45,354 units last month, down 34.8 percent from a year ago, according to the Ministry of Land, Infrastructure and Transport. Construction permits spiked 44.9 percent from a year ago to 6,691 in the South Korean capital of Seoul in March. New home permits issued in the capital area, which includes th

South Korea's terms of trade rose for the 12th consecutive month in March, as exports have shown signs of a strong recovery, central bank data showed Thursday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- increased 3.6 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the 12th straight month of an on-year rise since April last year, when the trade terms logged the first on-year hike in over two years on