South Korean internet-only bank is slated to debut on the country's main stock market this week in one of this year's mega initial public offerings. Kakao Bank will make its debut on the KOSPI market Friday, with its public offering price set at 39,000 won ($34.1). Kakao Bank, the larger of South Korea's two online lenders, hopes to raise 2.55 trillion won via its listing on the main bourse. Its IPO has drawn a rather tepid response from retail investors with the subscription rate standing at

South Korean stocks opened higher Thursday, backed by strong advances in major bio stocks. The benchmark Korea Composite Stock Price Index (Kospi) added 6.83 points, or 0.21 percent, to trade at 3,287.21 in the first 15 minutes of trading. Bio stocks jumped as the country's daily new coronavirus cases sharply increased to the 1,700s on Wednesday despite the strongest virus restrictions. Giant pharmaceutical firm Samsung Biologics jumped 3.1 percent, with Celltrion advancing 1.67 percent. SK B

South Korean stocks rallied by more than 1 percent Wednesday, mostly led by strong tech gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 43.24 points, or 1.34 percent, to close at 3,280.38 points. The figure marks the largest daily gain since May 10. Trading volume was moderate at about 621 million shares worth some 12.2 trillion won (US$10.7 billion), with gainers outnumbering losers 713 to 149. Foreigners bought a net 908 billion

Among South Korean CEOs taking advantage of low share prices in the initial phase of the pandemic, Hyundai Motor Group Chairman Chung Euisun was the most active purchaser, and also generated the largest gains, data showed Wednesday. Of 852 former and incumbent CEOs of the country’s top 500 listed companies in terms of market capitalization, 144 purchased shares in their companies between January last year and July 30 this year, according to local corporate tracker CEO Score. The CEOs bo

South Korean stocks opened higher Wednesday, tracking overnight rallies on Wall Street over optimism for strong corporate earnings. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.51 points, or 0.2 percent, to trade at 3,243.65 points in the first 15 minutes of trading. The KOSPI got off to a strong start on foreign buying, led by tech gains. The S&P 500 gained 0.82 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite

Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, has drawn lower-than-expected interest from retail investors for its initial public offering, with deposits for the stock offering at 5.04 trillion won ($4.38 billion) by its two-day public subscriptions’ deadline at 4 p.m. Tuesday, according to data compiled by its underwriters. The amount for the accumulated subscriptions was far less than SK ie technology (80.9 trillion won) and SK Bioscie

South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil

Crypto exchange-linked accounts boost users, noninterest profit

South Korean stocks opened higher Tuesday, led by gains in major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) added 5.53 points, or 0.17 percent, to trade at 3,228.57 in the first 25 minutes of trading. Stocks got off to a solid start as tech heavyweights jumped on speculations of high global demand. In Seoul, market kingpin Samsung Electronics rose 1.64 percent, and No. 2 chipmaker SK hynix advanced 3.02 percent. Giant pharmaceutical firm Samsung Biologics lost 0.33 p

Global credit appraiser Fitch Ratings on Monday raised NH NongHyup Bank’s long-term credit rating from A- to A, in recognition of its leading position in the local banking industry, while keeping the firm’s outlook at stable.  “As of last year, about 12 percent and 14 percent of the total credit loan applications and savings programs operated by local commercial banks were made through NH NongHyup Bank, respectively. The latest upgrade reflects the bank’s possibi

Viva Republica, South Korea’s leading financial technology company, announced Monday that it would eliminate transaction fees for Toss users, as it gears up for growing competition with internet-only banks and other fintech firms. The app Toss, which handles up to 2 million won ($1,730) at any given time, previously charged 500 won for each money transfer after providing the first 10 transfers free. But starting from Monday, Toss users can transfer money at no cost. The move comes as

South Korean stocks rebounded Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.72 points, or 0.65 percent, to close at 3,223.04 points. Trading volume was moderate at about 554 million shares worth some 10.1 trillion won ($8.8 billion), with losers outnumbering gainers 501 to 329. Foreigners sold a net 148 billion won, while inst

Lotte Rental, the South Korean car rental service unit under Lotte Group, said Monday that it is looking to take a leap forward to lead future mobility platforms through its market debut on the nation’s main board Kospi this month. “We have provided various rental services as the industry’s No. 1 company with the goal of creating better lives for our customers,” Kim Hyun-soo, CEO of Lotte Rental, told reporters during an online press briefing. “We’re looking

South Korean stocks opened higher Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.44 points, or 0.45 percent, to 3,216.76 points in the first 15 minutes of trading. Stocks got off to a bullish start as South Korea's July exports jumped 29.6 percent on-year to a record high amid high demand for chips and autos. Top cap Samsung Electronics added 1.02 percent, and No. 2 chi

Mid-sized local cryptocurrency exchanges in Korea are shutting down as the country’s finance regulator has caught some of their illegal activities recently, and stricter regulations are to be implemented to allow their business operations, industry sources said Sunday. According to the sources, the 11 exchanges that have used fraudulent collective accounts will most likely close business as Financial Services Commission plans to stop their transaction and notify illegal activities to the