Local brokerage firms benefited from recent stock market rallies after a March plunge in 2020 as the companies’ profits jumped sharply, data showed Monday. The combined operating profit of South Korea’s 20 local stock brokers, including Mirae Asset Daewoo and Korea Investment & Securities came in at 7.85 trillion won ($7.1 billion) last year, up 36.7 percent from 5.74 trillion won posted in the previous year, according to data compiled by state regulator Financial Supervisory S

South Korean stocks jumped 1.5 percent Monday on strong advances by tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.42 points to close at 3,147.0 points. Trading volume was moderate at about 1.6 billion shares worth some 16.6 trillion won ($15.1 billion), with gainers outnumbering losers 569 to 278. Foreigners bought a net 728 billion won, while retail investors sold a net 347 billion won. Institutions offloaded a net 421

South Korea‘s fund manager KB Asset Management said Monday it has launched an equity fund to target companies at home and abroad dedicated to hydrogen supply chain. The instrument will become the first fund product publicly sold to investors in Korea’s fund management industry to bet on the growth of the global hydrogen mobility ecosystem. The equity fund will invest in companies devoted to production, storage, transportation and distribution of hydrogen, as well as hydrogen-power

South Korean listed companies that have business ties with Coupang have seen their shares spike, backed by expectations of benefits from the local e-commerce giant’s mega US initial public offering. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its shares jump by a daily permissible limit of 29.99 percent to reach 9,970 won ($9.03) at the closing bell on Monday. After the shares gained for the fourth straight session on the nation’s benchmark Kospi

South Korea’s property tax rate compared with its gross domestic product was the third highest among 37 Organization for Economic Cooperation and Development members in 2018, data showed Monday. The data compiled by Rep. Yoo Gyeong-joon of the main opposition People Power Party came amid growing concerns that the Moon Jae-in administration’s set of real estate measures -- focused on tightening loan regulations and levying heavier taxes on multiple homeowners -- failed to cool down t

The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday. Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook. Kim called for tra

South Korea's auto exports jumped 29.5 percent on year in January, as global demand showed signs of modest recovery from the coronavirus pandemic, data showed Monday. The nation's auto production and domestic sales rose 24.9 percent and 18.4 percent on year in January, respectively, according to the data from the Ministry of Trade, Industry and Energy. It was the first time since September last year that auto exports, output and domestic sales all gained. By region, exports to North America j

South Korean stocks opened higher Monday on strong advances by tech stocks. The benchmark Korea Composite Stock Price Index rose 35.91 points, or 1.16 percent, to 3,136.49 points in the first 15 minutes of trading. The KOSPI came to a strong start on foreign and institutional buying. Improved exports and eased social distancing measures against the new coronavirus also boosted hopes for a quick economic rebound. Top cap Samsung Electronics gained 2.45 percent, and No. 2 chipmaker SK hynix ad

South Korea's exports jumped 69.1 percent on-year in the first 10 days of February on strong shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $18 billion in the Feb. 1-10 period, compared with $10.6 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 71.9 percent on-year to $20.4 billion, resulting in a trade deficit of $2.46 billion, the data showed. By sector, outbound shipments of

South Korean restaurants' business sentiment sank to an all-time low in the fourth quarter of 2020 amid a surge in COVID-19 infections in the country, a state food distribution firm said Monday. The business survey index for the country's restaurant industry came to 59.33 for the October-December period, according to the Korea Agro-Fisheries & Food Trade Corp. It was the lowest quarterly tally since the state-run company began compiling the index in 2011. The fourth-quarter number was low

South Korea's consumer prices grew at the fastest pace in 10 years in 2021 due to surging energy costs and high prices of farm products, data showed Friday, indicating a build-up in inflationary pressure for Asia's fourth-largest economy. Consumer prices rose 2.5 percent this year from a year earlier, accelerating from a 0.5 percent on-year gain in 2020, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 2011, when consumer inflation spiked 4 percent.

South Korea's job market is expected to recover modestly from the coronavirus pandemic as it will take more time for the number of people employed to recover to a pre-crisis level than to decline, according to a recent report by the Bank of Korea (BOK). South Korea has rolled out about 280 trillion won ($251 billion) worth of stimulus measures to cushion the impact of the pandemic, but companies have hired fewer workers than expected amid persistent uncertainties over the global health crisis.

US listing will help CEO Kim Bom-seok keep control over e-commerce firm, market watchers say

More than half of South Koreans are in favor of raising taxes for high income earners to mitigate the polarization that has deepened during the pandemic, a poll showed Sunday. In the survey of 1,000 South Koreans aged 18 or older conducted last week, 57.4 percent of respondents agreed to a tax hike on high earners in the face of a widening income gap, while 39.3 percent disagreed, according to Realmeter. Nearly 83 percent of the respondents said the polarization has worsened during the COVID-1

Woori Bank’s Indonesian unit has received a higher grade in capital requirement imposed by the Southeast Asian country’s market watchdog, bringing it one step forward in expanding its business portfolio in the region, officials said Sunday. As of December last year, Bank Woori Saudara raised a combined capital of 5.2 trillion rupiah, or approximately 413 billion won, which falls under a BUKU3 rating, the third-highest in Otoritas Jasa Keuangan’s four-tier bank capital class