Korea Exchange Chairman Jung Ji-won is set to take the helm at the General Insurance Association of Korea next month, according to the industry sources Friday. GIAK, an organization that represents local general insurance firms, is slated to hold a general meeting on Nov. 13 to discuss the agenda of appointing Jung. The incumbent chief of the bourse operator was recommended Monday as the sole candidate of the association’s next chief. The decision will be made by representatives from the

South Korean shares opened higher Friday, as investor sentiment was boosted by an overnight rally on Wall Street caused by eased uncertainties over the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.34 points, or 0.59 percent, to 2,428.13 in the first 15 minutes of trading. Stocks continued to fare strong after a four-session winning streak, as investors pinned hopes that stocks will advance after the US election. Overnight, the tech-heavy Nasdaq com

Divided US government is more boon than bane for stock market: analysts

South Korea’s sole bourse operator Korea Exchange has concluded that it will delist Kolon TissueGene, the original developer of an invalidated joint inflammation treatment named Invossa, it announced via public filing Thursday. The KRX’s Kosdaq Market Committee held a meeting Wednesday and decided to delist the scandal-ridden drugmaker, saying it had not shown sufficient efforts to improve management. Along with failing to achieve the proposed goals that were submitted last year, t

South Korea’s asset management company Shinhan BNP Paribas Asset Management said Thursday it has snapped up a combined 52 billion-won ($46 million) commitment to a new private fund to finance a wind turbine project in South Jeolla Province. The new fund, dubbed SH BNPP Green New Deal Fund No. 1, will target 17.325-megawatt wind turbines in Wando County, South Jeolla Province. Shinhan BNP Paribas said it managed to reduce the price volatility by entering into a 20-year supply contract wit

The South Korean benchmark stock index opened sharply higher Thursday despite the US presidential election being in limbo, taking a cue from the overnight Wall Street rally. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.13 points, or 1.32 percent, to 2,388.45 in the first 15 minutes of trading. Stocks traded bullish after a 0.6 percent hike the previous session, as investors rush for giant tech and bio stocks as US election uncertainties continue.  Investor sentiment

  South Korea is slated to unveil policy packages to promote fair competition between traditional financial giants and emerging tech players as the pandemic accelerates the digital transformation in the local finance industry, a senior official said Wednesday. Responding to the rise of tech giants in the sector, the Financial Services Commission will construct a legal framework to supervise those firms’ presence in the finance market and ease regulatory imbalances between convention

South Korean shares closed higher Wednesday as investors kept a watchful eye on the ongoing vote count of the US presidential election. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.01 points, or 0.6 percent, to close at 2,357.32. Trading volume was high at about 972.9 million shares worth some 14.7 trillion won ($12.9 billion), with gainers outnumbering losers 441 to 377. Foreigners offloaded a net 218.3 billion won of local stocks

South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street as investors awaited the results of the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.98 points, or 0.9 percent, to 2,364.29 in the first 15 minutes of trading.   The local market followed gains on Wall Street as preelection polls favored Democratic nominee Joe Biden over President Donald Trump, raising investor hopes for reduced uncertainties surrounding

The proportion of South Korean office workers taking a keen interest in stock investment has surged in recent months as retail investors began a buying boom, betting on gains from market volatility, a survey showed Tuesday. According to job portals Job Korea and Albamon, half of the 593 wage-earning respondents said they invested in stocks. The figure was 22.8 percentage points higher than two years ago, when the same survey was conducted.　 The survey also showed that 76.7 percent were investi

South Korean stocks rallied Tuesday on hopes the shares will advance after an apparently imminent US presidential election result. The local currency closed at 1,134.1 won against the US dollar, down 0.5 won from the previous session’s close. The nation’s benchmark Kospi closed at 2,343.31, up 43.15 points, or 1.88 percent, from the previous session. The index prolonged its uptrend since marking 2,315.81 earlier in the day. Foreign and institutional investors scooped up 208.1 bill

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street ahead of the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.83 points, or 1.12 percent, to 2,325.99 in the first 15 minutes of trading. The index rose after a 1.46 percent rally the previous session, hoping that the stocks will advance after the US election on Wednesday (Washington time). The upcoming Federal Open Market Committee (FOMC) meeting also boosted investor

Korea Exchange Chairman Jung Ji-won has been recommended as the sole candidate to take the helm at the General Insurance Association of Korea, an organization that represents domestic general insurance firms, according to news reports Monday. After reviewing four candidates, who also included Meritz Fire & Marine Insurance CEO Kang Young-gu and former Financial Supervisory Commission Vice Chairman Yoo Kwan-woo, an eight-member committee under the insurance association chose Jung. The com

The average price for “jeonse,” one of the most common housing lease systems in Seoul, steeply increased, running counter to the government’s efforts to cool the heated real estate market and protect tenants. The average price of jeonse in the capital city rose by 7.5 percent from 510 million won ($449,000) in August to 536.7 million in October, according to KB Kookmin Bank’s real estate services platform Liiv On. Jeonse refers to a minimum two-year least contract wit

COVID-19 has rattled the economies around the world and Korea is no exception.　 In light of the prolonged crisis, however, South Korea, an IT powerhouse, is seeking a paradigm shift in its finance sector. To gauge the impact of the virus on the financial and investment sectors and to discuss how to rejuvenate the coronavirus-hit economy with innovative ideas and technology, The Korea Herald, South Korea’s largest English newspaper, holds its first finance forum on Wednesday in Seoul. Un