South Korean stocks opened higher Thursday ahead of the meeting in Jackson Hole, Wyoming, as investors seek clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.97 points, or 0.19 percent, to trade at 3,152.78 points in the first 20 minutes of trading. After a three-day winning streak, the KOSPI got off to a solid start as investors expect the Fed to not hurry its timeline to roll back its stimulus amid surging

South Korean stocks advanced for a third consecutive day Wednesday amid increased investor caution over US tapering uncertainties. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.51 points, or 0.27 percent, to close at 3,146.81 points. Trading volume was moderate at about 558 million shares worth some 12.7 trillion won ($10.9 billion), with gainers outnumbering losers 571 to 281. Foreigners bought a net 30 billion won, and institutions

Global credit appraiser Fitch Ratings said Wednesday that Hyundai Card’s ratings will remain unchanged, even after Fubon Life Insurance and Fubon Commercial Bank‘s acquisition of 20 percent shares in the credit card operator.　 According to Fitch, Hyundai Card will maintain its current rating as BBB (stable) because it will receive all necessary support from its parent company, Hyundai Motor Group. Fitch Ratings said it expects Hyundai Motor Group to continue to have strong control

South Korea’s exchange-traded fund market has witnessed a major change this month with the number of funds available on the market surpassing 500 for the first time, marking a quantum leap from its beginning 19 years ago when it had only four products. Following an increase in the number of products available, the daily turnover of the country’s ETFs has surged to become the third-largest in the world, according to the Korea Exchange. The bourse operator aims to make the locally li

South Korean stocks opened higher Wednesday, taking a cue from overnight gains on Wall Street that were largely generated by easing concerns about the US Federal Reserve's tapering timeline. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.68 points, or 0.37 percent, to trade at 3,149.98 points in the first 15 minutes of trading. The Kospi got off to a solid start after rallying for the past two sessions. The tech-heavy Nasdaq composite advanced 0.52 percent as investors are op

Prices grow by 20% in Gyeonggi, 24% in Incheon

South Korean chaebol have been facing growing legal challenges from shareholders questioning the opaque influence exercised by members of their controlling families. With the market pressure to improve transparency in governance and management, the chaebol families need to communicate with the public with sincerity and take concrete actions, a seasoned lawyer said. “A majority shareholder who is not willing to communicate will inevitably be exposed to risks in management and will be co

South Korean stocks advanced more than 1.5 percent Tuesday to extend their gains for a second day in a row on strong tech gains, as investors' woes eased over the upcoming discussions about US tapering. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 48.09 points, or 1.56 percent, to close at 3,138.3 points. Trading volume was moderate at about 578 million shares worth some 14.7 trillion won ($12.6 billion), with gainers outnumbering l

The Korea Fintech Industry Association said Tuesday that lawmakers must move forward with the critical Electronic Financial Transactions Act, which has been at an impasse at the National Assembly for several months, joining earlier calls from some politicians and the central bank in the wake of the Mergeplus fiasco. The association, which represents 330 fintech companies, said that the Mergeplus incident was “predictable.” Without the revision of the EFTA -- which had not under

Overvaluation concerns cloud blockbuster IPOs this year, disappoint retail investors

Citibank Korea has decided for the second time to delay confirming its retail business exit plan, after apparently failing to agree on sales terms with potential buyers, industry sources said Tuesday. Following Citigroup’s decision in April to exit the consumer banking business in 13 global markets, including South Korea, local subsidiary Citibank Korea initially planned to confirm the exit plan in July. The firm then postponed the confirmation until a board meeting scheduled for Tuesday

South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading. The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers. Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and

South Korean stocks steeply rebounded Monday, rising nearly 1 percent, helped by robust economic data and easing concerns about the US Fed's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 29.7 points, or 0.97 percent, to close at 3,090.21 points. Trading volume was moderate at about 564 million shares worth some 13.2 trillion won ($11.2 billion), with gainers outnumbering losers 788 to 94. Foreigners sold a net 31 bi

With South Korea’s benchmark Kospi plunging below the 3,100-point level last week over the US tapering jitters, the market is closely watching the outcomes of the upcoming monetary meetings at the Korean central bank and the US Federal Reserve this week. The Bank of Korea is widely expected to raise its key rate by 25 basis points to 0.75 percent after its upcoming rate-setting meeting on Thursday. The decision will be undertaken in an effort by the central bank to maintain financial stab

The most expensive apartment sold this year was in The Penthouse Cheongdam, a luxurious residence also known as PH129, data from the Ministry of Land, Infrastructure and Transport showed on Monday. One unit with an exclusive use area of 273.96 square meters on the 14th floor of the 20-floor building was sold for 11.5 billion won ($9.79 million) in March. Another unit of the same size on the sixth floor was traded at 10 billion won. The apartment, located in southern Seoul‘s Gangnam Dis