Policymakers perplexed over lack of market stimulus effect

South Korean shares closed higher Monday, snapping a three-day losing streak, as stimulus steps in major economies boosted investors' appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.42 points, or 0.79 percent, to close at 2,217.86. Trading volume was high at about 918 million shares worth some 9.3 trillion won ($11.7 billion), with gainers outnumbering losers 561 to 284. Foreigners bought a net 156 billion won, with

South Korean firm Koramco REITs Management & Trust said Monday it plans to raise 106.6 billion won ($89.04 million) from retail investors for its market debut on the nation’s main bourse Kospi next month.　 Koramco Energy Plus REIT is designed to directly invest in the 187 gas station sites, including the land, buildings, tanks and pipelines. Spanning an area 316,621 square meters, the land and buildings were valued at nearly 1.13 trillion won as of May 31 this year, Koramco REITs Man

South Korea’s online-only lender K bank said Monday it plans to launch a new untact -- non face-to-face -- loan balance transfer service in the second half of this year, the first of its kind in the industry.  Customers will have digital signatures registered to its own electronic system, so it can lend money instead of having to go through paper work needed to verify the authenticity of one’s seal certificate. A loan balance transfer is a service that allows borrowers to

South Korean shares opened higher on Monday on hopes for stimulus measures in major economies, bucking concerns over escalating tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.70 percent, to 2,215.81 in the first 15 minutes of trading. Investor sentiment improved in Seoul, following reports that US Republicans were set to roll out a $1 trillion COVID-19 aid package early this week, with support from the White House.

Korea Investment Corp., South Korea's $157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company's top executive has said, in what could be its latest alternative investments. "We are considering making investments one each in Europe and in China," KIC Chairman and CEO Choi Hee-nam said in a recent interview with Yonhap News Agency. Still, Choi declined to give any further details, citing possible negative effects on negotiations wit

South Korea’s housing prices were 2.64 times that of the gross domestic product in 2019, as the property market spiked, central bank data showed Sunday. Last year, the aggregate market price of houses here came to 5.67 quadrillion won ($4.62 trillion), up 7.4 percent from a year earlier, according to the Bank of Korea. The corresponding figure exceeded the 1 quadrillion won mark for the first time in 2000 and doubled up during the next six years to surpass 2 quadrillion won in 2006. Du

Delayed tax payments during the first half of this year surged by 28 times from a year earlier, reflecting the cash-strapped reality of local taxpayers amid the COVID-19 pandemic fallout, government data showed Sunday. The number of people who have applied for their due tax payments to be put off came to 5.79 million as of end-June, which was 28.1 times higher than 206,054 cases observed a year earlier, according to data submitted by the National Tax Service to the parliamentary finance comm

Fast-changing market trends led by technology require card behemoths to be adaptable

Hedge fund fiasco becomes game changer in top-tier competition

The initial public offerings of South Korean real estate investment trusts are drawing lackluster response from retail investors before their listing on the local stock market, estimates showed Sunday. The latest was the undersubscription of the stock offering to individual investors, when JR Asset Management’s REIT was going public on the main bourse Kospi to invest in Finance Tower Complex in Brussels, Belgium. REITs are companies designed to generate returns for investors in the for

Samsung Asset Management disclosed Sunday it has put a merger plan with its wholly owned hedge fund subsidiary on hold. The Seoul-based asset manager that oversees 26.9 trillion won ($22.3 billion) assets -- largest in South Korea -- added it would make an announcement once the date of merger is rescheduled. The deal was initially set to be closed by Aug. 1, following regulatory approval. The news comes amid intensifying scrutiny by authorities of Korean privately pooled funds -- private equ

South Korean stocks are expected to log mild gains next week on hopes for a US stimulus package in the pipeline, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,200.44 points on Friday, nearly unchanged from 2201.19 points a week ago. The index managed to stay above the psychologically important 2,200-point mark despite disappointing economic indices and Sino-American tensions. Local analysts said the KOSPI is likely to post a gradual hike next week, large

Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billion) from the sale. Founded in 1987, Lina Life, the 13th largest insurer here, has made most of its

South Korean stocks closed lower for a third consecutive session on Friday, as investor sentiment worsened over the economic fallout from the new coronavirus pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.75 points, or 0.71 percent, to close at 2,200.44. Trading volume was high at about 979 million shares worth some 16.1 trillion won ($14 billion), with losers outnumbering gainers 583 to 279. Foreigners bought a net 87 bill