The South Korean stock market extended its all-time high for a fifth consecutive session Monday, backed by chip and pharmaceutical gains amid the government's strengthened social distancing measures. The Korean won closed unchanged at a nearly 30-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.99 points, or 0.51 percent, to close at 2,745.44. Trading volume was high at about 1.5 billion shares worth some 17.7 trillion won ($16.4 billion), with

Shares of MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, plunged over 21 percent at the close, after it resumed trading on the nation’s secondary bourse after some three years and four months. Shares of MP Group began trading at 1,920 won ($1.80), down 210 won or 9.86 percent, from the previous session’s close on July 25, 2017. The firm’s stock continued to fall sharply to close at 1,670 won. Its subsidiary MP

Companies going public this year in South Korea have fetched more than a combined 5 trillion won ($4.6 billion) in proceeds from their initial public offerings on the local stock market, filings showed Monday, as they took advantage of windfalls from stock rallies throughout this year on high market liquidity. The combined IPO proceeds of 66 companies listed this year as of Monday came to 5.17 trillion won, excluding the special purpose acquisition companies, respective prospectuses showed. The

South Korean brokerage firms saw their combined net profit rise 19.3 percent in the third quarter from three months earlier due mainly to a robust gain in commission fees, data showed Monday. The combined net profit of 56 brokerages stood at 2.16 trillion won ($1.9 billion) in the July-September period, compared with 1.81 trillion won, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 3.7 trillion won in the third quarter, compared with 3.2 tri

South Korea's economic recovery momentum is slowing down due largely to a resurgence in new coronavirus cases, despite improving exports, a state-run think tank said Monday. The country's manufacturing sector sustained a moderate recovery on improving exports, but the service sector remained sluggish due to a flare-up in COVID-19 cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Despite a recovery in the manufacturing industry owed to impr

Foreign investment banks (IBs) have slightly upgraded their forecasts for South Korea's economic growth for this year on growing hopes of a recovery, a report showed Monday. However, economic uncertainties are high over a third wave of coronavirus infections, with the country reporting more than 600 daily new cases for the second straight day. As of end-November, nine major global IBs, including Barclays and Goldman Sachs, projected Asia's fourth-largest economy to shrink 1.1 percent this ye

More than one out of four instructors at private institutes lost their jobs during the course of the new coronavirus pandemic, predominantly without unemployment benefits, a survey showed Monday. In an online survey on the effect of COVID-19 on 500 instructors released by Gabjil 119, a workers' advocacy group, 27 percent of the respondents said they experienced unemployment in the past 10 months since the virus outbreak. Commissioned by Gabjil 119, the survey was conducted from Nov. 20-24 on

South Korean stocks opened slightly higher Monday due to strong pharmaceuticals and chip gains, following the government's decision to toughen the quarantine measures against the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.65 points, or 0.13 percent, to 2,735.1 in the first 15 minutes of trading. Stocks lifted after closing at an all-time high Friday, as hopes of vaccine development and chip demands continued to run high in the financial markets. The gain

Gold prices in South Korea have been on the skids in recent months amid a soaring local stock market, data showed Monday. A gram of gold changed hands at 64,320 won ($59.23) on the domestic market Friday, down 0.80 percent from the previous session, according to the Korea Exchange. The closing prices were down 19.7 percent from an all-time high of 80,100 won per gram recorded on July 28 this year. International prices of the yellow metal have also dropped to the $1,800 range per ounce from th

South Korea's imports of Japanese beer spiked in October from a year earlier due to stepped-up marketing activities amid a weaker local boycott of goods from the neighboring country, data showed Monday. Seoul brought in $370,000 worth of Japanese beer in October, up a whopping 873.7 percent from the same month last year when the boycott was in full swing, according to the data from the Korea Customs Service and the liquor industry. Imports of Japanese beer had been on the upswing in recent mon

Foreign investors remained net buyers of South Korean stocks in November, extending their buying spree for a second straight month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 6.12 trillion won ($5.6 billion) worth of local stocks in November, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 2.2 trillion won worth of stocks, while American investors bought a net 989 billion won last month, according to the

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. In the face of the unprecedented pandemic crisis, improved gender equality is no long

Annual forum hosted by South Korea‘s Dunamu touches on cryptocurrency thrust amid prolonged pandemic

The high-income group should spend more to revive South Korea's public consumption amid the COVID-19 pandemic, a report said Sunday. Public consumption has recovered slightly from the second quarter of the year, but it is still lackluster compared with before the new coronavirus pandemic occurred, said the report by the Korea Institute of Finance (KIF). According to data from the Bank of Korea (BOK), private consumption rose an average 0.7 percent from 2017 to 2019. But the first quarter o

South Korea's economy is predicted to recover from the downturn caused by the COVID-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday. But the report by the Hyundai Research Institute said the South Korean economy is expected to face another downturn in the first quarter of next year if the pandemic resurges. A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed till the first half of 2022, the repor