US listing will help CEO Kim Bom-seok keep control over e-commerce firm, market watchers say

Earnings of brokerage houses in South Korea soared to a record-high last year amid a stock rush, chasing closely after those of first-tier banks, data showed Sunday. The combined operating profit of the top 20 brokerages by capital base stood at 7.85 trillion won ($7.09 billion) in 2020, soaring 36.7 percent from the previous year, according to the Financial Supervisory Service's regulatory filing. The brokerages' yearly net profit jumped 25.1 percent on-year to 5.96 trillion won. Their total

Another battle round between Hanjin, KCGI likely to draw market attention

‘Ma-yong-seong,’ a portmanteau of three Seoul districts -- Mapo, Yongsan, and Seongdong -- is where Koreans in their 20s and 30s most want to invest, while Gangnam is the place favored by those in their 40s, according to poll results recently released by property data provider Zigbang. A survey of 1,796 Zigbang subscribers showed that 15.5 percent of participants said they think real estate properties in the three districts are the best investment choices, while 15.3 percent said

February is set to be another busy month for the South Korean stock market as a large number of companies are seeking to launch initial public offerings on retail investors’ strong appetite for direct investments, according to investment banking sources. This month alone, 12 firms are scheduled to float their shares on the stock market or hold retail subscriptions. The IPO subscriptions of five newcomers such as semiconductor equipment manufacturer Auros Technology and medical artificia

South Korean benchmark Kospi bounced back after a roller coaster ride Wednesday ahead of the Lunar New Year holiday, surpassing the 3,100-point mark. The main bourse got off to a slightly strong start but fluctuated widely until the late afternoon trade. The key stock index then moved upward during the remaining trading hours to close at 3,100.58 points, 15.91 points or 0.52 percent higher from the previous session’s close. Despite a brief respite overnight on Wall Street and the local

South Korean stocks snapped a two-session losing streak to end higher Wednesday, buoyed by strong gains in tech and auto stocks, ahead of the Lunar New Year holiday. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.91 points, or 0.52 percent, to close at 3,100.58 points. Trading volume was high at about 2.13 billion shares worth some 18.07 trillion won ($16.32 billion), with gainers outnumbering losers 486 to 334. Foreigners picked up

Foreign investors remained net sellers of South Korean equities in January, extending their selling spree for a second straight month, the central bank said Wednesday. Foreigners sold a net $1.07 billion worth of local stocks last month, compared with a net selling of $2.36 billion in December last year, according to the Bank of Korea (BOK). Offshore investors turned net buyers of Korean bonds worth $1.32 billion last month, the BOK said. Meanwhile, volatility in South Korea's currency slight

Mistaken transactions made through mobile payment apps will be subject to aid from a state-run deposit insurer after a revision of a depositor protection legislation takes effect later this year. Starting on July 6, the Korea Deposit Insurance Corporation will help reverse error remittances that have occurred not only in accounts of financial institutions but also in mobile payment services such as Toss and Kakao Pay, according to amendments to the Depositor Protection Act. However, transact

South Korean stocks opened slightly higher Wednesday, tracking overnight gains on Wall Street amid hopes for progress in US stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.55 points, or 0.08 percent, to 3,087.22 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite rose 0.14 percent to a new record high, while the Dow Jones Industrial Average dipped 0.03 percent. Large caps traded mixed in Seoul. Market kingpin Samsung Electronics fell

South Korean stocks finished lower for a second straight day Tuesday, as uncertainties increased, with investors seeking to take profits ahead of the expiration of stock options. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.57 points, or 0.21 percent, to close at 3,084.67 points. Trading volume was moderate at about 2.1 billion shares worth some 18.1 trillion won ($16.2 billion), with losers outnumbering gainers 362 to 474. Foreigne

Bitcoin prices hit a record high on Tuesday, as US electric vehicle maker Tesla unveiled it had purchased $1.5 billion in bitcoin. Bitcoin prices inched closer to 50 million won ($44,800) each in Korean exchanges on Tuesday, while exceeding that threshold in overseas exchanges. Bitcoin in South Korean exchanges were being traded at a discount of more than 3 percent on Tuesday, due to different market environments such as regulations and trading volume.  In its latest annual report Monday

A top researcher of the world’s largest asset manager BlackRock expressed regrets on Tuesday over the retaliation aimed at hedge funds for taking short positions in the United States’ stock market in the GameStop saga. Henny Sender, managing director of the asset manager‘s internal think tank BlackRock Investment Institute, said it was “a sad thing” that retail stock traders had directed their anger at hedge funds. Ensuring hedge funds are given an option to perce

South Korean pension funds extended stock sell-offs to a 31st straight session, setting a record selling spree in local market history, data showed Tuesday. The combined net sales of the pension funds came to nearly 10.47 trillion won ($9.38 billion) -- 10.02 trillion won on the main bourse Kospi and 450 billion won on the tech-heavy Kosdaq -- in the period from Jan. 4 to Tuesday, according to the Korea Exchange. Their selling volume stood out even more when compared to other major trading gr

The Financial Services Commission said Tuesday it will draft a policy framework this month to allow local platform operators, including Naver and Kakao, to enter the insurance market to expand customer access to digitized financial products. Under the envisioned plan, the financial regulator will ease the current regulations to enable the internet companies to develop and sell micro insurance products, in accordance with its “sandbox” program. The regulatory framework is aimed a