Foreign investors remained net sellers of South Korean stocks in February amid growing jitters over Russia's invasion of Ukraine, data showed Monday. Foreigners offloaded a net 2.58 trillion won ($2.09 billion) worth of local stocks last month, marking the second straight month of net selling, according to the data from the Financial Supervisory Service. Offshore investors' net selling stood at 1.68 trillion won in January. Investors have been disheartened by Russia's invasion of Ukraine that be

Hana Financial Group Vice Chairman Ham Young-joo has been cleared of any wrongdoing in the flagship bank’s hiring scandal, removing a major hurdle for him to take the reins of one of the biggest financial groups here. On Friday, the Seoul Western District Court found Ham not guilty of exercising his influence on a hiring request at Hana Bank when he was the CEO of the lender in 2015. The latest court decision puts an end to a four-year trial that kicked off in June 2018 when the prosec

Foreign holdings of South Korean shares dropped to less than one-third of the market capitalization, as the Ukraine war prompted a sell-off, data showed Sunday.　 As of Friday, foreigners held 666 trillion won ($538 billion) in Korean stocks, representing just 31.86 percent in ownership of the 2,091 trillion-won market. The lowest point of foreign ownership before was in February 2016, when the figure was 31.77. Foreign investors offloaded stocks worth a net 1.4 trillion won in January and resu

Foreign ownership of South Korean stocks fell to a six-year low, bourse data showed Sunday, as overseas investors preferred safer assets in the wake of the Ukraine crisis and ahead of a widely expected US rate hike. As of Friday, foreign investors held 666 trillion won (U$538 billion) worth of local stocks on the main KOSPI, accounting for 31.86 percent of the entire 2,091 trillion-won market capitalization, according to the data compiled by the Korea Exchange (KRX). The foreign ownership shrank

Hana Financial Group Vice Chairman Ham Young-joo has been cleared of any wrongdoing in the flagship bank’s hiring scandal, removing a major hurdle for him to take the reins of one of the biggest financial groups here. On Friday, the Seoul Western District Court found Ham not guilty of receiving favors in exchange for getting his friend’s son hired at Hana Bank, when he was CEO in 2015. 　 The latest court decision puts an end to a four-year trial which kicked off in June 2018 when

Investors are bracing themselves for a bumpy ride ahead and keeping a close watch on how President-elect Yoon Suk-yeol’s campaign pledges to cut capital gains tax and rein in corporate spinoffs will pan out. The president-elect, representing the conservative bloc, has proposed reversing capital gains taxes that the current liberal-leaning Moon administration has put on investors, saying removing them would help to revitalize the stock exchange. But Yoon faces an uphill battle in doing so

South Korea’s large financial companies are in agony over President-elect Yoon Suk-yeol’s election pledge to relocate several bank headquarters outside Seoul. In the weeks leading up to Wednesday’s presidential election, then-conservative candidate Yoon made a pledge in both January and earlier this month to relocate the state-run Korea Development Bank to the nation’s southern port city of Busan. He added at a campaign rally in Busan last week that he would make effort

South Korean stocks opened sharply higher Thursday, tracking overnight rallies on Wall Street that stemmed from a plunge in oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.71 points, or 1.9 percent, to trade at 2,672.11 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite surged 3.59 percent and the Dow Jones Industrial Average advanced 2 percent, largely as oil prices dipped more than 10 percent on expectations of a production increas

Markets in South Korea enjoyed short-term post-election rallies in past presidential elections, but a similar uptick looks unlikely this time, mainly because of the war in Ukraine, but also because campaign pledges have offered little to buoy investors. This would be a return to form for the democratic era. In the six months after current President Moon Jae-in was sworn in, the Kospi rose 11.2 percent to 2,542.95. But the previous four presidents going back as far as the Kim Dae-jung governme

Market bellwether Samsung Electronics, whose shares are practically held by one out of every 10 South Koreans, is suffering from heavy selling by an army of once-loyal investors disappointed over the tech giant’s underperforming shares. The stocks have slid since January to fall below 70,000 won ($56) on Tuesday in a four-month low since November. Regulatory filings, revealed Tuesday, showed some 120,000 retail investors sold shares in Samsung Electronics in the fourth quarter last year,

South Korea’s benchmark Kospi and the Korean won tumbled on Tuesday, with surging oil prices triggered by the US-led ban on Russian crude threatening to fuel the intensifying inflationary pressure here. The main bourse Kospi settled 1.09 percent down from the previous session at 2,622.4, falling for the third consecutive day. Foreigners offloaded a net 472.8 billion won ($382.2 million) worth of shares, while institutions sold a net 293 billion won. Retail investors bought a net 732 bi

South Korean stocks opened steeply lower Tuesday on overnight losses on Wall Street amid concerns that the surging energy prices in the wake of Russia's invasion of Ukraine may hamper the post-pandemic economic recovery. The benchmark Korea Composite Stock Price Index (Kospi) had retreated 23.13 points, or 0.87 percent, to 2,628.18 points as of 9:17 a.m. Stocks dropped as investors are worried that rising energy costs may incur a global energy shortage and hurt the economic recovery. The tech-he

South Korea’s benchmark Kospi fell some 2 percent on Monday, with market behemoth Samsung Electronics dropping below the 70,000 won-mark ($57.03) at one point, rattled by the escalating war in Ukraine and surging oil prices. The value of the Korean won weakened against the US greenback, with the local currency surpassing the 1,220 won-mark against the dollar for the first time since June 2, 2020. It closed 12.9 won higher against the dollar from the previous session at 1,227.1 won. The

South Korean stocks plunged over 2 percent Monday amid worries tough sanctions imposed on Russia in retaliation against its invasion of Ukraine could raise energy prices and hurt companies' bottom lines. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 62.12 points, or 2.29 percent, to close at 2,651.31 points. Trading volume was moderate at about 557 million shares worth some 11.9 trillion won ($9.7 billion), with losers outnumbe

South Korean stocks opened steeply lower Monday as the United States and its allies mull ways to suspend imports of Russian crude, raising concerns the soaring oil prices may weigh on corporate performances. The benchmark Korea Composite Stock Price Index (KOSPI) had retreated 46.26 points, or 1.7 percent, to 2,667.17 points as of 9:17 a.m. Investor sentiment for risky assets decreased as Brent crude hit an intraday high of US$139 a barrel, the highest since 2008, following reports the US and it