South Korean pension funds logged a record-long selling spree of local stocks, extending net selloffs to a 42nd consecutive session. While the unloading trend extended during a recent market correction period, experts predict their selling will likely to continue at least until June this year. The combined net sales of the pension funds came to 12.98 trillion won ($11.57 billion) so far this year. In February, they sold a net 4.58 trillion won -- 4.32 trillion won on the main bourse Kospi an

The Bank of Korea said Monday it has agreed with Switzerland’s central bank to extend their bilateral currency swap arrangements for another five years, as part of a move to further bolster financial cooperation. The currency swap deal totaling at 11.2 trillion won ($10.1 billion), which was set to end on Monday, will last until March 2026, according to the BOK. “The extension of the currency swap deal aims to enhance bilateral relations in the area of finance and to strengthen f

HONG KONG (AFP) -- Equities rose in Asia on Monday as investors took a breather following last week's heavy selling, with a drop in US Treasury yields giving markets some much-needed stability, while the passage of Joe Biden's stimulus through the House provided some cheer. However, observers warned that trading floors were still gripped by fears the expected global economic recovery will fuel inflation and force a hike in interest rates earlier than previously thought, removing a key pillar of

South Korea's exports rose 9.5 percent in February from a year earlier to extend their gains for the fourth consecutive month on robust shipments of chips, autos and other key products, data showed Monday. Exports came to $44.8 billion last month, compared with $40.9 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 13.9 percent to $42.1 billion, resulting in a trade surplus of $2.71 billion. It marked the 10th consecutive month

South Korea and Switzerland have agreed to extend their bilateral currency swap deal that helps expand financial exchanges between the two countries, Seoul's central bank said Monday. The 11.2 trillion-won ($10.1 billion) currency swap, which had been scheduled to expire today, will be put in place for another 5 years, the Bank of Korea (BOK) said in a statement. The swap agreement enables Korean won and Swiss francs to be purchased and repurchased between the two central banks under a limit

Amid lingering market uncertainties alongside rising US Treasury yields, local institutional investors seem to have started betting against the equity market, investing in inverse exchange traded funds. Inverse ETFs are designed to make money when target stocks or underlying indexes decline in value. According to data compiled by the nation’s sole securities exchange operator Korea Exchange, investment companies, including stock brokers, bought some 200 billion-won ($177.6 million) wor

Demand for apartments in Seoul inched down last week, data showed, after the government rolled out a series of supply measures Feb. 4. According to data collected by the state-run Korea Appraisal Board, an index that gauges supply and demand for apartments dropped by 0.8 points to 109.8 last week, compared with 110.6 marked in the previous week. A rating above 100 means demand exceeds supply. After seeing bouts of fluctuations, the index had risen for 10 straight weeks since the last week o

The combined assets under management by South Korea’s real estate investment trusts came to 65.3 trillion won ($58 billion) as of end-January, preliminary data showed Sunday. The total volume rose 26 percent from the previous year, indicating a moderately growing market, according to the Korea Association of Real Estate Investment Trusts. A REIT refers to a company designed to offer annual dividend returns to its investors in return for investment in securitized real estate. By asset t

South Korea could be home to international financial behemoths if the government avoids regulatory overlap and takes a more flexible approach to operational issues faced by foreign banks in the rulemaking process, the head of BNP Paribas South Korea said.  In an interview with The Korea Herald, Philippe Noirot, head of territory for BNP Paribas South Korea, said “overlapping regulations” may pose hurdles for foreign financial institutions’ to enter into the South Korean m

South Korea’s retail investors have bought a combined net 99.2 trillion won ($88 billion) on the domestic stock markets since January 2020, Korea Exchange data showed Sunday, as the bourse faces a market correction on a surge in bond yield. The figure is a combination of individuals’ net buying on the main board Kospi and the development board Kosdaq, both operated by the KRX, from January 2020 until February this year. In the first two months of 2021, individual investors net pu

South Korea's financial regulator will unveil a plan next month to further slow the growth of household debt, an official said Sunday. Household credit had reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 trillion won from three months earlier. Banks have been required to implement stricter screening rules for mortgage loans to better manage growing household debt. The debt service ratio (DSR), a barometer of risky household loans, measures ho

South Korean stocks are likely to face choppy trading next week following this week's highly volatile trading, as concerns about a US Treasury yields hike may continue to fuel heavy selling by foreign investors here. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,012.95 points Friday, down 3.05 percent from a week ago. Foreigners dumped a net 2.1 trillion won ($1.9 billion) at the main bourse this week as the yields of benchmark 10-year US Treasury fueled inflation worri

Bitcoin declined Friday, falling below 53 million won ($48,100) in the week that the largest cryptocurrency is suffering its worst pullback in a year.   　 The digital currency fell to as low as 52.88 million won in the afternoon, plunging almost 20 percent from Sunday’s record high of 65.84 million won.  Bitcoin’s volatility coincided with a slump in stock markets with investors wary over a sharp rise in US bond yields, hurting steep valuations of tech companies. The te

South Korea’s financial authorities plan to launch an industry-wide probe into insurers selling foreign currency insurance -- which has been gaining popularity here in recent years -- next month, on allegations of possible misselling of the high-risk products, sources said Friday. When customers subscribe to foreign currency insurance in Korea, they pay an insurance premium with foreign currency, the most popular being the US dollar, and receive payments with the same currency. The natio

The South Korean key stock index dipped nearly 3 percent Friday, just managing to stay above 3,000 points. Affected by US inflation woes, foreign and institutional investors accelerated their selloffs of local shares. The main bourse Kospi began trading lower at 3,089.49 points then continuously moved downward throughout the day to close at 3,012.95 points, falling 2.8 percent from the previous session’s close. The index retreated below the 3,000-point threshold until around 3 p.m., but s