Shares of South Korea’s top mobile messenger operator Kakao and leading portal operator Naver continued their bullish run on the local stock market Thursday, on investors’ profit-taking drive from “untact” -- contactless -- sectors amid the spike in COVID-19 pandemic cases. Kakao’s stock price began trading at 392,000 won ($330.38), then rose by 18,500 won, or 4.72 percent, to close at 410,500 won. It once soared up to 413,000 won in later trading hours, jumping ab

South Korean shares opened higher Thursday due to an overnight tech rally on Wall Street, despite concerns over the rising new COVID-19 cases in the country. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. Stocks traded choppy as a recent spike in South Korea's daily new COVID-19 cases sparked concerns of a lockdown. The Nasdaq Composite jumped 1.73 percent to close at 11,665.06 points on Wednesday (

South Korean firm Koscom disclosed Wednesday that it plans to acquire HSBC Fund Services Korea, to dive into the asset management sector. After a year of preparation for the takeover, the company has signed an agreement with the United Kingdom-based HSBC to acquire a 92.66 percent stake in the fund administration services firm. The latest deal marks the first acquisition project for the Korean company since it was founded in September 1977. Koscom seeks to expand its business into the IT as

South Korean shares closed nearly flat on Wednesday, as investor sentiment was spooked by increasing new COVID-19 cases in the country. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.59 points, or 0.11 percent, to close at 2,369.32. Trading volume was high at about 941 million shares worth some 14.3 trillion won ($12 billion), with losers outnumbering gainers 522 to 324. Foreigners purchased a net 190 billion won, extending thei

Kakao Games, the gaming arm of local mobile messenger giant Kakao, said Wednesday it was looking to raise as much as 384 billion won ($298 million) in its initial public offering on the nation’s tech-heavy Kosdaq in September. The game developer is offering around 16 million new common shares in the price band of 20,000-24,000 won, CEO Namkoong Whon said in an online press conference. Targeting institutional investors, book building is to take place Wednesday and Thursday to determine t

  South Korean shares opened slightly higher Wednesday on overnight tech gains on Wall Street, despite concerns over the recent surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.34 points, or 0.14 percent, to 2,370.07 in the first 15 minutes of trading. Stocks traded choppy after three-session gains, as investors weigh the pace of stock rally and the risk from the spreading COVID-19 cases. The Nasdaq Composite advanced 86.75 points, or 0.

South Korea’s patent office, the Korea Intellectual Property Office, said Tuesday that it has completed registration of the nation’s first patent for a booth that enables people to get tested for the new coronavirus quickly and with minimal risk to medical workers. The patent was filed in May by Kim Sang-il, chief director of H Plus Yangji Hospital, a medical center in Seoul, and the registration process was completed Aug. 24, according to the patent office. First deployed in the

South Korean shares extended gains to a third session on Friday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 36.9 points, or 1.58 percent, to close at 2,366.73. Trading volume was moderate at about 760 million shares worth some 13.4 trillion won ($11.3 billion), with gainers outnumbering losers 783 to 95. Foreigners purchased a net 152 billion won, exte

The combined net profits of asset management firms in South Korea jumped 46 percent on-year during the April-June period this year amid the local stock market’s sharp rebound, data showed Tuesday. The net income of 10 companies here came to 145.8 billion won ($122.95 million) in the second quarter, according to data from the Korea Financial Investment Association. Contrary to the previous quarter, when only four asset management companies saw their net profits rising, all of the AMCs&rsq

South Korean shares opened higher Tuesday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound in the financial markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.03 points, or 0.60 percent, to 2,343.86 in the first 15 minutes of trading. Investor sentiment improved after US bio firm Moderna Inc. said it is close to making a deal on supplying about 80 million doses of COVID-19 vaccines to the European Union. The announcement fueled hopes for a

Korean startup incubation program Seoul Fintech Lab plans to house 30 new tenant startups starting from October this year, its operator said Monday. Of the 30 new tenant enterprises, five will be non-Korean while the rest will comprise Korean companies. Eligible applicants must be dedicated to financial technologies for the Asian market and their business must not be more than 7 years old, a Seoul Fintech Lab official said. Applications will be accepted online until Sept. 11. Qualified partic

South Korean shares gained Monday for a second consecutive session, as investors continued to hunt for undervalued stocks despite the resurgence of new coronavirus cases nationwide. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.24 points, or 1.1 percent, to close at 2,329.83. Trading volume was moderate at about 640 million shares worth some 11.5 trillion won ($9.7 billion), with gainers outnumbering losers 473 to 361. Foreigners pu

Amid growing concerns on next COVID-19 wave, idle money hits record high, retail investors ready for bargain hunting

South Korean shares opened nearly flat Monday, as investor wariness grew over the resurgence of new coronavirus cases nationwide. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.21 points, or 0.10 percent, to 2,302.38 in the first 15 minutes of trading. The index got off to a weak start, largely on fears that the spiking COVID-19 outbreaks may lead to wider economic lockdowns. South Korea's top quarantine officials said on Sunday that the country may have to raise the current

Founder sees fresh opportunity in growing trend toward satellite offices in pandemic era