South Korean stocks opened steeply higher Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.82 points, or 1.6 percent, to 3,042.8 points in the first 15 minutes of trading. Stocks lifted largely on Federal Reserve Chairman Jerome Powell's overnight reiteration that the world's largest economy still has a long way to go to recover from the pandemic's fallout. The rebound came a day after the key

South Korean stocks tumbled by more than 2 percent to dip below the 3,000-point threshold Wednesday on massive foreign selling, largely due to concerns over a US bond yield hike that drove the key stock index down for the past few sessions. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 75.11 points, or 2.45 percent, to close at 2,994.98 points. Trading volume was moderate at about 1.5 billion shares worth some 16.7 trillion won ($17.7

The entire volume of commercial real estate investments in the South Korean market is forecast to reach 17 trillion won ($15.3 billion), similar to last year’s level, analysts predicted. “Foreign investors are paying keen attention to the local market due to the country’s relatively successful containment of the pandemic, and Seoul was named in the top three most attractive markets, according to CBRE’s 2021 Asia Pacific Investor Intentions Survey,” said Don Lim,

South Korean stocks opened lower Wednesday, tracking overnight tech losses on Wall Street that stemmed from US inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.46 points, or 0.37 percent, to 3,058.63 points in the first 15 minutes of trading. Samsung Electronics retreated 0.49 percent, and No. 2 chipmaker SK hynix shed 0.36 percent. Top automaker Hyundai Motor moved down 0.2 percent, with internet portal operator Naver declining 1.02 percent. Leading chemica

Tera Funding lawsuit, withdrawal of partnership signals industrywide challenges

Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a

South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers

SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun

Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme

A proposed revision of a South Korean law is expected to maintain Korean commercial banks’ solvency and keep its funding cost low, Moody’s Investors Service said Monday. Announced by the Financial Services Commission on Thursday, the revision is designed to introduce measures to improve the recovery and resolution planning of significantly important financial institutions, namely banking groups here. Effective starting July, the new rule is expected to urge banks to specify action

Amid pandemic-induced digitalization and toughened regulations, foreign banks question whether to stay

South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil

Local brokerage Mirae Asset Daewoo could see a boost in stock price in a partnership with Naver which runs fintech and artificial intelligence businesses, a report said on Monday. Mirae Asset Daewoo has been maintaining a partnership with the online platform company since it created a fund with the internet firm in December 2016. In line with the partnership, the two companies made an investment of 500 billion won ($451.4 million), respectively, to buy each other’s shares and run joint

South Korean stocks retreated below the 3,100-point mark Monday, erasing morning gains despite strong export data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 27.87 points, or 0.9 percent, to close at 3,079.75 points. Trading volume was moderate at about 1.8 billion shares worth some 18 trillion won ($16.2 billion), with losers outnumbering gainers 510 to 339. Foreigners sold a net 316 billion won, and institutions offloaded a net