South Korean stocks snapped their three-day winning streak Thursday, as foreign and institutional investors sought profits following a recent hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.13 points, or 1.35 percent, to close at 3,087.55 points. Trading volume was high at about 1.3 billion shares worth around 20.4 trillion won ($18.2 billion), with losers outnumbering gainers 539 to 305. Foreigners sold a net 640 billion won, e

South Korea’s top financial regulator’s recent decision to extend a temporary ban on stock short selling has garnered mixed reviews from market analysts and retail investors. Financial Services Commission Chairman Eun Sung-soo said on Wednesday that the temporary short selling ban will be lifted from May 3 on 200 stocks listed on the main bourse Kospi and 150 stocks on the tech heavy Koadaq. The government has banned the shorting scheme since March 16 last year over growing concer

South Korea’s KB Kookmin Bank on Thursday said it has adopted a global environmental, social and governance-related risk-management framework, known as the Equator Principles, to better uphold its environmental responsibilities. By complying with the international convention adopted by financial institutions around the world, KB Kookmin hopes to bolster its ESG standards in its decision-making process. Project financing over $10 million and corporate loans of over $50 million are subje

South Korean stocks opened lower Thursday largely on tech and pharmaceutical losses. The benchmark Korea Composite Stock Price Index fell 18.48 points, or 0.59 percent, to 3,111.2 in the first 15 minutes of trading. Stocks quickly fell to the negative terrain due to strong foreign and institutional selling, after the key index rallied 5.2 percent in the past three sessions. Top cap Samsung Electronics lost 1.42 percent, and No. 2 chipmaker SK hynix shed 1.92 percent. Pharmaceutical giant Sam

  South Korea’s top financial regulator said Wednesday that it has decided to extend a temporary ban on short selling until May 2, amid growing pressure from retail investors voicing concerns over possible damages in battles with sophisticated hedge funds. The ban was previously set to end March 15.  The Financial Services Commission will then implement a partial reactivation of short selling from May 3, while establishing a stock loan system in the meantime, which enables ret

Hanwha Investment and Securities, the brokerage arm of Hanwha Group, said Wednesday it has agreed to buy a 6.15 percent stake in Dunamu, an operator of global cryptocurrency exchange Upbit, for nearly 58.3 billion won ($52.24 million). The announcement came via DART -- the Financial Supervisory Service’s electronic disclosure board -- that the acquisition of some 2.06 million shares is set to take effect on Feb. 22. The deal is a mid- to long-term investment for the brokerage house to c

Toss Securities, the brokerage arm of South Korea’s leading fintech startup Viva Republica, on Wednesday unveiled a mobile trading system with a goal to attract 1 million active users within the year. During the unveiling of the service which is expected to be launched later this month, Toss Securities said it plans to offer a simple and intuitive mobile trading system to grab investors who are having trouble using existing trading systems and young investors in their 20s and 30s. Toss

South Korean stocks extended their winning streak to a third consecutive session Wednesday, as foreigners continued to buy local stocks on expectations of a speedy economic recovery in Asia and globally. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.87 points, or 1.06 percent, to close at 3,129.68 points. Trading volume was high at about 877 million shares worth some 21.6 trillion won ($19.4 billion), with gainers outnumbering losers

South Korea‘s law firm Yulchon said Wednesday it has signed a strategic partnership with international consultancy firm Environmental Resources Management to strengthen its corporate legal advisory capability with respect to environmental, social and governance, or ESG, issues. The partnership is a leap forward from Yulchon’s move in December to establish an in-house unit devoted to legal advice as to how corporate clients should cope with ESG issues, such as regulatory risk manage

South Korea’s top financial regulator has advised the nation’s internet-only lenders to expand the supply of loan products for borrowers with low to moderate credit scores, officials said Wednesday. “While the percentage of those with credit scores below 4 on a scale of 1 to 10 accounted for nearly 40 percent of all borrowers at first-tier banks, the country’s existing internet-only lenders Kakao Bank and K bank posted some 36 percent and 20 percent, respectively,”

South Korean stocks opened higher Wednesday on strong advances by auto-related shares. The benchmark Korea Composite Stock Price Index rose 21.65 points, or 0.7 percent, to 3,118.46 in the first 15 minutes of trading. The KOSPI continued its bullish run after gaining over 4 percent in total in the past two sessions, backed by investor optimism over a fast economic recovery, particularly in exports. Top automaker Hyundai Motor hiked 3.33 percent, with its smaller affiliates Kia Motors and Hyun

South Korean stocks advanced for the second straight day Tuesday to finish just short of the 3,100-point mark in tandem with global stock rallies and eased concerns over China's liquidity squeeze. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 40.28 points, or 1.32 percent, to close at 3,096.81 points. Trading volume was moderate at about 874 million shares worth around 18.9 trillion won ($16.9 billion), with gainers outnumbering losers

Soaring prices for jeonse, a two-year housing lease that requires a lump sum deposit, have been putting a financial burden on tenants despite the government‘s protection measure that extends contract periods by two more years with a price cap, data showed Tuesday. According to KB Kookmin Bank, the average jeonse price in the greater Seoul area in January exceeded 400 million won ($358,710) for the first time since the bank started to collect relevant data in June 2011. It took only fi

Korea Investment Corporation, a sovereign wealth fund owned by the South Korean government, said Tuesday that it earned 23.7 trillion won ($21.8 billion) from investment last year despite the ongoing coronavirus pandemic. The whopping 23.7 trillion-won profit amounts to 4.6 percent of the government’s budget last year, standing at 513 trillion won, and 1.8 times higher than the amount of corporate tax tech giant Samsung Electronics paid in 2019, at 13.2 trillion won. The KCI’s ret

South Korean stocks opened higher Tuesday, taking a cue from US stock rallies. The benchmark Korea Composite Stock Price Index (KOSPI) gained 18.12 points, or 0.59 percent, to 3,074.65 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite advanced 2.55 percent, with the Dow Jones Industrial Average adding 0.76 percent, and the S&P 500 gaining 1.61 percent. Market kingpin Samsung Electronics rose 0.33 percent, and No. 2 chipmaker SK hynix hiked 2.4 percent. Intern