South Korea's corporate direct financing gained 10.8 percent on year in 2020 as the coronavirus pandemic prompted more companies to tap the bond market to raise funds, data showed Wednesday. Local companies raised a combined 194.4 trillion won ($175.6 billion) by selling stocks and bonds last year, up 18.9 trillion won from 2019, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales more than doubled to 10.9 trillion won, with the value of initial public off

South Korea's consumer sentiment improved in January as a third wave of coronavirus infections showed signs of slowing down amid hopes for vaccine rollouts, central bank data showed Wednesday. The composite consumer sentiment index (CCSI) came in at 95.4 for January, up 4.2 points from the previous month, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The latest reading marks the first on-month gain following a drop in December, w

The International Monetary Fund has raised its growth outlook for South Korea this year to 3.1 percent from the earlier figure of 2.9 percent estimated in October last year, the Ministry of Economy and Finance said Tuesday. The nation’s economic growth projection improved largely thanks to the government’s aggressive policy responses to the COVID-19 crisis, including economic stimulus packages as well as strict quarantine measures, according to a report released by the ministry on

Total payments made on food delivery platforms Baedal Minjok and Yogiyo jumped 75 percent on-year in 2020 to reach a whopping 12.2 trillion won ($11 billion), according to retail market data tracker Wiseapp on Tuesday. The stunning growth is attributed to strong demand for food delivery services in line with the South Korean government’s strict social distancing measures and lockdowns to slow down the spread of the coronavirus pandemic. The payment volume on the two platforms stood at

South Korea’s tech-heavy Kosdaq rose above 1,000 points Tuesday for the first time in 20 years, before wiping out earlier gains in the afternoon. The secondary index inched up as much as 8.10 points to 1,007.40 points in the morning, for the first time since Sept. 14, 2000, then turned negative to close at 994.00 points, 0.53 percent lower than the previous day. The Kosdaq began at 1,000 points on July 1, 1996 and rose as high as 2834.40 points on March 10, 2000 before plummeting to 99

South Korean stocks dropped more than 2 percent Tuesday as foreign and institutional investors sought to cash in profits after the key stock index hit its all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 68.68 points, or 2.14 percent, to close at 3,140.31 points. Trading volume was high at about 860 million shares worth some 21.6 trillion won ($19.5 billion), with losers outnumbering gainers 639 to 239.

Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Tuesday it will raise 1 trillion won ($907 million) by listing its shares on the main bourse this year for its environment-friendly business. Hyundai Heavy said it will issue new shares equivalent to a 20 percent stake in the company to finance its eco-friendly business projects following the initial public offering on the Korea Exchange within this year. The shipbuilder said it plans to use the proceeds from the new share s

Asia’s fourth-largest economy contracts for the first time in 22 years, amid COVID-19 pandemic, but rebound is anticipated for 2021

The chief of South Korea’s sole bourse operator on Tuesday pledged to strengthen pre-to-post management of short-selling -- a strategy of borrowing, selling and repurchasing stocks to return them to the lender -- and reform unfair systems and practices on the matter. The nation’s financial watchdog previously announced it would be resuming short-selling from March 16, after first introducing a temporary ban in March last year, as the pandemic impact rattled the stock market. Local p

The number of South Koreans who moved to different parts of the country hit a five-year high last year as housing transactions increased amid rising home prices, data showed Tuesday. The number of people who changed their residences gained 8.9 percent on-year to 7.74 million in 2020, according to the data compiled by Statistics Korea. It marked the largest since 2015, when the number of such people came to 7.76 million. It also represented the fastest on-year increase since 1999. The populati

South Korea's bourse operator said Tuesday it is willing to raise financial consumers' trust by strengthening monitoring of suspicious trading transactions and improving short selling regulations. The increase in the number of investors has raised people's standard for the local market, requiring a higher level of protection and fairness, Korea Exchange (KRX) Chairman Sohn Byung-doo said in an online press conference held in Seoul. "We are open to hearing different voices to reasonably ov

Sales of imported commercial vehicles in South Korea fell 6.9 percent in 2020 from a year earlier on lower demand amid the coronavirus pandemic, an industry association said Tuesday. The number of newly registered imported commercial vehicles fell to 4,482 units last year from 4,812 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. KAIDA expects the COVID-19 pandemic to continue to weigh on consumer sentiment this year. Imported commercial ca

South Korea posted a trade surplus of more than $60 billion with its free trade agreement (FTA) partners last year amid the pandemic, data showed Tuesday. The country's exports to FTA partners fell 3.9 percent on-year to $383.1 billion and imports declined 1.3 percent to $323 billion, according to the data compiled by the Korea Customs Service. This resulted in a trade surplus of $60.3 billion last year, down 15.7 percent from a year earlier. In contrast, South Korea posted a trade deficit of

It will be another busy year for initial public offerings in South Korea as a slew of companies are rushing to debut on the local stock market amid a stock rally and strong appetite from retail investors, analysts said Tuesday. Companies ranging from bio, battery makers, fintech to games are set to go public in 2021, following a string of successful IPOs last year driven by ample liquidity. The IPO market in Asia's fourth-largest economy could raise a record amount of money this year, analysts

South Korea said Tuesday it will temporarily remove tariffs on imported egg products this week in an effort to ease a supply shortage caused by the outbreak of bird flu here. The Cabinet approved a revised regulation that will allow local firms to import a total of 50,000 tons of fresh eggs and seven other types of egg products without tariffs until June 30. The move will be effective starting Wednesday. Currently, duties of 8-30 percent are levied on imported egg products. The move came as t