Hanwha Life Insurance‘s third-quarter operating income surged by 134.6 percent on-year to 206.9 billion won ($185.5 million), mainly due to a lower loss ratio, the company said Friday. An increase in sales of Hanwha Life‘s guaranteed products has reduced its ratio of insurance claims to premiums, officials said.  The company’s third-quarter earnings was also driven by a decline in the insurer’s reserves set up to cover claims of variable life insurance products,

Stocks of Asiana Airlines’s key affiliates sharply rose Friday following news report saying Korea’s Hanjin Group, parent of the nation’s largest airline Korean Air Lines Co Ltd, is in talks with the state-run Korea Development Bank to acquire the cash-strapped airline.  Shares of Asiana Airlines, the country’s No. 2 carrier, rose by 19.1 percent to 4,745 won ($4.25) in the early morning trading session, while its low-cost carrier unit Air Busan jumped 16.1 percent t

South Korean stocks opened a tad higher Friday on chip gains, despite concerns over the spread of the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.31 points, or 0.13 percent, to 2,478.93 in the first 15 minutes of trading. Stocks traded choppy, with investors paying keen attention to the COVID-19  circumstances in global financial markets, particularly in the United States. Federal Reserve Chair Jerome Powell said the world's largest economy is on

South Korean shares snapped an 8-session winning streak Thursday, as growing lockdown concerns in major economies sapped investor sentiment. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) fell 10.25 points, or 0.41 percent, to close at 2,475.62. Trading volume was high at about 1.3 billion shares worth some 15.7 trillion won ($14.1 billion), with gainers outnumbering losers 443 to 402. Foreigners bought a net 490 bill

Property investment platform operator offers market entry for retail investors

Kyochon F&B, South Korea’s largest fried chicken franchise operator, made a market debut on the nation’s main bourse Kospi on Thursday, with its shares hitting the upper price limit of 29.98 percent at the closing bell. With the opening price set at 23,850 won ($21.40) per share, Kyochon F&B started off at 93.9 percent higher from its offering price of 12,300 won per share. The firm’s stock plunged by 14.68 percent to 20,350 won per share within five minutes of tradi

Samsung affiliates stop investing in coal-based generation to be environmentally responsible

Foreign investors turned net buyers of South Korean equities in October, driven by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $1.38 billion worth of local stocks last month, compared with a net sale of $2.09 billion in September, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $230 million last month, it said. Meanwhile, volatility in South Korea's currency edged d

South Korean shares opened lower Thursday on profit-taking, after the benchmark index hit an over 2-year high the previous session over vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.48 points, or 0.34 percent, to 2,477.39 in the first 15 minutes of trading. Chip, auto and bio heavyweights retreated after a big advance the previous session amid toughened COVID-19 quarantine measures in major economies. Overnight, the Nasdaq Composite jumped 2.01 percent to 11,

Former Deputy Prime Minister and Education Minister Kim Sang-gon will take the top post of the Korea Teachers’ Credit Union, the institution said Wednesday. Effective Thursday, Kim will serve as chairman of the KTCU, the state-sponsored credit union dedicated to Korean teachers’ financial welfare and benefits. Kim was selected as the final candidate to head the KTCU on Friday and subsequently gained the approval of Education Minister Yoo Eun-hae. Kim will serve his three-year term

Buttressed by investors’ optimism about Pfizer’s COVID-19 vaccine, as well as improved exports, South Korea’s market capitalization has logged 2,032.38 trillion won ($1,827 billion), data from the nation’s sole bourse operator showed Wednesday. It was the first time for the market value to cross the 2,030 trillion-won mark, while exceeding 2,000 trillion won in value was previously recorded only three times throughout history. The largest figure observed previously was 2

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a

Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee

The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion

Morgan Stanley Capital International announced Wednesday that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipated by market watchers, the Geneva-based MSCI added the three, but didn’t invite the South Korean novel drugs developer Hanmi Science to the club. It also removed Amorepacific preferred, BNK