South Korean stocks edged down Tuesday amid increased valuation pressure, with investors taking to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.11 points, or 0.07 percent, to close at 3,215.42 points. Trading volume was moderate at about 1.5 billion shares worth some 16.8 trillion won ($15.1 billion), with gainers outnumbering losers 437 to 417. Fore

The country’s startups attracted a record amount of investment in the first quarter, data from the Ministry of SMEs and Startups showed Tuesday. During the first three months of the year, the country’s venture investments jumped 61 percent from the same period last year to a record high of 1.24 trillion won ($1.18 billion). Some 989 venture capital rounds at 558 startups were closed during the first three months in the country, the best performance recorded since 2000. Of the tota

Local credit card issuer Shinhan Card will seek to create a new office culture by removing titles of executives and employees and having them all call each other by their names. Under the new office rule, Shinhan employees, for example, will call the company CEO Lim Young-jin as “Young-jin-nim,” not “daepyo-nim,” the typical honorific for a CEO. The scheme is part of the card company’s efforts to adapt to the fast-changing business environment, and to build an

Talk in political circles favors the legal acceptance of cryptocurrencies such as Bitcoin, despite the government’s skepticism over digital assets.  Rep. Kim Byung-wook of the ruling Democratic Party is working on a proposed legal framework that would embrace the trading of digital assets and regulate cryptocurrency markets. It has gained momentum largely due to the ample liquidity driven by the government’s monetary easing stance amid the COVID-19 pandemic, according to indu

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.15 percent, to 3,212.78 points in the first 15 minutes of trading. Stocks got off to a lackluster start on increased valuation pressure, as investors wondered whether to sell stocks for profit after the KOSPI's three-day gains. Concerns about early post-pandemic inflation re

The value of stocks traded on South Korea's over-the-counter (OTC) market has surpassed the 20 trillion-won mark ($18 billion) for the first time in over six years on a recent market rally, data showed Tuesday. The capitalization of the K-OTC totaled 20.07 trillion won as of Monday, up some 215 billion won from the previous session, according to the data from the Korea Financial Investment Association (KOFIA). It marks the first time since Nov. 13, 2014, that the K-OTC's market value has excee

Amid expectations of surging global demand in the battery separators market, SK ie technology has gained keen attention from investors both at home and abroad ahead of its market debut next month, setting a record Monday in South Korean initial public offering market history. The battery materials subsidiary under SK Innovation wrapped up its two-day book building process Friday. While institutional investors placed bids for new shares for the IPO, a total of 1,734 domestic and foreign institu

A warning from the head of the nation’s financial regulator about the risks of investing in crypto assets has sparked criticism from traders of virtual coins, who reject his opinion that digital tokens are speculative tools. Financial Services Commission Chairman Eun Sung-soo on Thursday voiced concern about the recent crypto frenzy, saying “cryptocurrencies, which have no intrinsic value, are not a real currency,” during a meeting of the National Assembly’s National P

South Korean stocks closed up for a third consecutive session Monday, as progress in the local vaccination campaign and strong US economic data fueled hopes of a quick economic rebound from the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.43 points, or 0.99 percent, to close at 3,217.53 points. Trading volume was moderate at about 1.3 billion shares worth some 15.4 trillion won ($13.8 billion), with gainers outnumbering lo

Kakao Pay, the financial technology arm of mobile giant Kakao, is finally heading to the country’s main stock board, defying market expectations that it was considering the tech-heavy secondary market or even overseas listings. The company filed for a preliminary review for its listing to KRX , the stock market exchange, on Monday, a regulatory filing showed. According the the disclosure, the IPO is expected to be priced between 73,700 won ($66.32)and 96,300 won per

South Korean stocks opened higher Monday on gains on Wall Street, as strong US economic data fueled hopes of a quick global economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.25 points, or 0.23 percent, to reach 3,193.35 points in the first 15 minutes of trading. The strong start followed Friday's gains on Wall Street, which got a boost from estimate-beating US new home sales data. The Dow Industrial Average gained 0.67 percent, with the tech-he

Local cryptocurrency exchange Daybit is the latest company to voluntarily shut down its operations due to the toughened anti-money laundering law, the company said Sunday. Chain Partners, which operates Daybit, said it plans to close the service by June 1, citing rigid regulations in explaining its decision. Earlier this year CPDAX, operated by blockchain technology developer Coinplug, also decided to opt out. “The operation of Daybit will be halted in phases by June 1 as we are unab

Buoyed by robust nonbanking businesses, banking groups lodge record-high quarterly net profits

South Korean securities firms, which are infamous for their rigid company culture, are competitively setting up their own digital platforms and seeking partnerships with rising fintech startups. Conventional stockbrokers are doing this for one reason -- they hope to do business in the MyData segment. MyData is one of the government’s marquee projects to reshape the outdated financial sector in response to the “fourth industrial revolution,” centered on digitalization. The gov

Most cryptocurrencies have fallen significantly and a few, including Bitcoin and Dogecoin, have nose-dived more than 10 percent amid rising concerns over a potential bubble burst. Bitcoin, the world’s latest cryptocurrency, saw its price drop 12.08 percent Thursday, continuing a downward trend that started after it hit a high of 81,994,000 won ($73,243) on April 14, according to local crypto exchange Upbit. Dogecoin, which benefited from the enthusiasm of electric carmaker Tesla CEO El