Financial authorities plan to review mortgage loans with a maximum term of 40 years to help young people buy their first homes, officials said Tuesday. Financial Services Commission (FSC) Chairman Eun Sung-soo unveiled the plan at a time when surging home prices make it more difficult for young people to buy homes. This year, the FSC will study the plan to offer 30-year or 40-year mortgage loans and seek to begin a "trial" offering to sell such products, Eun said. The plan is aimed

South Korea's trade ministry vowed Tuesday to make more progress in expanding trade pacts with counterparts from Central and South America this year, in line with its efforts to diversify its export portfolio amid the growing protectionism around the globe. "It is important that we set a trade strategy for the Central and South American regions amid the growing uncertainties led by the launch of a new US administration and the rising protectionism," the Ministry of Trade, Industry and

South Korea will closely monitor a potential increase in volatility of the financial markets as the yield spread between short and long-term state bonds is increasing, the vice finance minister said Tuesday. First Vice Finance Minister Kim Yong-beom also said rising US Treasury yields are serving as the main factor that has recently driven the dollar higher against major currencies. Yields on 10-year government bonds recently jumped on anticipation for an economic recovery and expected bond sa

South Korean stocks opened higher Tuesday on strong advances by auto-related shares. The benchmark Korea Composite Stock Price Index rose 10.02 points, or 0.33 percent, to 3,023.95 in the first 15 minutes of trading. The KOSPI rebounded on foreign and institutional buying. The key index slumped over 4 percent in total in the previous two sessions. Top automaker Hyundai Motor jumped 4.56 percent, with its smaller affiliates Kia Motors and Hyundai Mobis hiking 4.9 percent and 4.95 percent, resp

South Korea's data industry expanded more than 14 percent in 2020 from a year earlier to exceed the 19 trillion won level, a survey showed Tuesday. The local market for data stood at 19.3 trillion won ($17.4 billion) last year, up 14.3 percent from a year earlier, according to the survey by the Ministry of Science and ICT and the Korea Data Agency. Last year's growth rate was much higher than the 8.3 percent on-year increase posted a year earlier. Data sales and provision accounted for the la

South Korean exports to Japan shrank nearly 12 percent in 2020 from a year earlier due to the fallout of the coronavirus pandemic, data showed Tuesday. Overseas shipments to the neighboring country came to $25.09 billion last year, down 11.7 percent from a year earlier, according to the data from the Korea International Trade Association (KITA). Japan thus accounted for 4.9 percent of South Korea's overall exports last year, dropping below the 5 percent level for the first time in three years.

South Korea’s stock market was dealt a further blow following a conviction of Samsung group heir apparent Lee Jae-yong on Monday, with large-cap stocks posting bigger losses. This comes as a recent rally, largely driven by massive retail investor participation since late 2020, has been followed by a stock market correction in the last two trading days. 　 The Korea Exchange’s main board Kospi closed at 3,013.93 points, down 2.3 percent from Friday, despite retail investors’ c

Stocks in carmaker Hyundai Motor and its auto parts-making affiliate Hyundai Mobis that Hyundai Motor Group Chairman Chung Euisun bought during the peak of the coronavirus crisis last year have tripled in value, according to data on Monday. When Hyundai Motor Group stocks hit the rock bottom in March last year, Chung purchased stocks valued more than 80 billion won. The purchase price of a Hyundai Motor share was 69,793 won and 135,294 won for a share in Hyundai Mobis. Based on the closing pri

Relative deprivation, changes in investment platform push retail investors to study, bet on markets night and day

South Korean stocks tumbled more than 2 percent Monday amid strong profit-taking sell-offs and a plunge in Samsung affiliates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 71.97 points, or 2.33 percent, to close at 3,013.93 points. Trading volume was high at about 1.5 billion shares worth around 22.8 trillion won ($20.7 billion), with losers outnumbering gainers 715 to 164. Foreigners sold a net 220 billion won, while retail investo

Prestige Biopharma, a Singapore biopharmaceutical firm dedicated to biosimilars and new antibody therapeutic developments, said Monday it is looking to raise as much as 490.9 billion won ($444.5 million) in an initial public offering on the Korean main bourse early next month. It plans to issue some 15.34 million depository receipts in a price band of 25,000-32,000 won. The exact share price will be set through the two-day book building that is set to wrap up Wednesday. Retail investors’

Foreign currency deposits at banks in South Korea hit a new high in December last year on increased retail holdings of the US dollar deposits, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.2 billion as of end-December, up $590 million from the previous month, according to the data from the Bank of Korea (BOK). Residents' foreign currency deposits renewed their record for the third consecutive month after plunging by $3.1 bi

South Korean stocks opened steeply lower Monday as foreign and retail investors sold local stocks to take profits. The benchmark Korea Composite Stock Price Index lost 42.26 points, or 1.37 percent, to 3,043.64 points in the first 15 minutes of trading. Samsung Electronics shed 1.93 percent, and No. 2 chipmaker SK hynix retreated 1.18 percent. Leading chemical firm LG Chem dipped 2.25 percent, and rechargeable battery maker Samsung SDI slumped 2.99 percent. Internet portal operator Naver fel

The amount of funds entrusted to South Korea’s three leading robo-adviser firms exceeded 1 trillion won ($906 million), highlighting the fast growth of non-face-to-face investment services during the coronavirus crisis, according to market data on Sunday. Robo-adviser or automated asset management companies Fount, AIM and December & Company currently manage a total of 1.25 trillion won, up 402.9 percent from 247.9 billion won a year ago. Robo-advisers offer highly tailored asset mana

Investment banks keeping close eye on Yogiyo ‘megadeal’