South Korean stock index’s growth rate ranks sixth among G-20 peers, says KRX

Volatility in the local cryptocurrency market continued Tuesday, with most digital coins including Bitcoin suffering sellouts as authorities strengthen measures against suspicious trading. The extreme volatility sent Bitcoin’s value from a record high of 82 million won ($73,722) April 13 to 67 million won Tuesday, falling below 70 million won for the first time since April 7. It recovered earlier losses in the afternoon, bouncing back up to reach 69 million won. A market index developed

Multiple-home owners in one of Seoul’s most expensive districts have been scrambling to give away their apartments to family members or relatives as gifts before toughened tax rules come into force in June, according to data released by the state-run Korea Appraisal Board on Tuesday. The number of apartment transfers among family members in Gangnam-gu, a southern Seoul district, hit a monthly record high of 812 in March, 6.3 times higher than 129 marked in the previous month, the data

The South Korean benchmark stock index refreshed its all-time high Tuesday, extending its winning streak to a seventh session amid speculations of a global economic rebound and strong corporate earnings in the first quarter. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.86 points, or 0.68 percent, to close at 3,220.7 points, the highest finish since the closing of 3,208.99 points on Jan. 25. Trading volume was moderate at about 1.3

Dividends paid to the chiefs of South Korea's top 50 business groups jumped 37.1 percent last year from a year earlier as major companies delivered more returns to shareholders, industry data showed Tuesday. A total of 39 heads of the nation's 50 conglomerates received a combined 1.8 trillion won ($1.6 billion) in 2020, according to the data by the local research firm Korea CXO Institute. Dividends to late Samsung Group Chairman Lee Kun-hee amounted to 862.6 billion won last year, which acco

South Korean stocks opened higher Tuesday on investors' hopes of strong corporate earnings in the January-March quarter amid speculation of a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.86 points, or 0.18 percent, to 3,204.7 points in the first 15 minutes of trading. Stocks got off to a strong start despite increased valuation pressure from the six-day winning streak, as brokerages projected strong quarterly performances by local big-name companies.

Lee overturns image of KDB pumping state money into failing firms, but carmaker’s bleak prospects tests market-oriented approach

Private Debt Investor, a publication dedicated to the global private debt investing scene, said Monday it plans to hold a virtual event this week on exploring opportunities and challenges in private debt investing across the Asia-Pacific region. The PDI APAC Summit Virtual Experience 2021 will be held from Wednesday to Thursday. The inaugural two-day virtual event will feature investors Aware Super, Allianz Investment Management, NGS Super, International Finance Corp. and Japan Post Bank,

Game developer Gamevil said Monday that it has acquired a 13 percent stake in local cryptocurrency exchange Coinone. It spent some 31.19 billion won ($27.9 million) to acquire the 8,474 shares of the crypto exchange. “The acquisition is aimed at finding new business opportunities in the crypto and blockchain sectors,” said the company in a regulatory filing. With the investment, Gamevil will work together with Coinone to develop solutions that prevent hacking attempts and handle a

The South Korean government said Monday that it will tighten up regulations to trace illegal cryptocurrency transactions and cases of fraud amid growing concerns over a speculative bubble in the virtual coin market. The announcement was made after a meeting among top government officials and economy-related ministers on Friday to discuss issues related to the highly volatile cryptocurrency market and alleged crypto crimes. As part of the government’s efforts, the state watchdog Financ

South Korea’s benchmark Kospi hovered around the 3,200-point threshold Monday amid hopes of a global economic recovery, raising hopes of a bounce back to over 3,200 points at the closing bell for the first time in nearly three months. Local market watchers also presented a positive outlook on the index’s upward moves, with some suggesting that it might touch 3,300 points soon. The Kospi closed at 3,198.84, having inched up 0.22 points, or 0.01 percent, from the previous session&rsq

South Korean stocks opened nearly flat Monday as investors took to the sidelines amid increased valuation pressure. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.16 points, or 0.01 percent, to 3,198.78 points. Stocks got off to a muted start after the Kospi gained in the past five sessions, closing Friday just shy of the 3,200-point mark on expectations of a global economic rebound and better earnings reports in the January-March season. In Seoul, market kingpin Samsung Elec

After achieving a strong earnings growth last year, biotech firm Avellino Labs is seeking to refocus on its pipeline with gene editing technology ahead of its planned market debut on South Korea’s secondary Kosdaq market. Unaudited financial results of the firm, born in Korea but now headquartered in the US, showed its sales shot up from $2.6 million in 2019 to $122 million in 2020 with a net income of $56 million, due to the exploding demand for its COVID-19 diagnostic testing se

Under the pandemic, ESG becomes crucial element in evaluating financial firms, but tools, criteria still incomplete

The National Pension Service, South Korea’s largest institutional investor, has gained nearly 2 trillion won ($1.79 billion) worth of profits after selling a 1.2 percent stake in top-cap Samsung Electronics over the past year and a half, data showed Sunday. According to DART, the Financial Supervisory Service’s electronic disclosure board, the NPS’ stake has dropped to 9.99 percent, now owning some 596 million shares, by trading the tech giant’s common shares 738 times f