Foreign stock ownership of South Korea’s main bourse Kospi dipped to a 42-month low in August due to their massive selling amid a faster-than-expected recovery of the coronavirus-affected market, data showed Sunday. The average monthly ownership of foreign investors came to 35.78 percent of the bourse’s market capitalization this month, the lowest monthly average since Feb. 2017, when it was 35.74 percent, according to data from the bourse operator Korea Exchange. Since the main b

South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. “We will stop investing in coal from now on. To fulfill our social responsibility as a firm, we’ll strengthen ESG -- environmental, social and governance -- investments instead,” a KI

Kim Dae-ji, the new chief of South Korea’s tax authority, the National Tax Service, vowed Friday that the tax office would give full support for small and midsized businesses reeling from the lingering coronavirus pandemic while strictly enforcing rules against tax evasion. “The tax office will try to deploy measures to help overcome the coronavirus crisis and prop up the economy by lightening the tax burden on entrepreneurs and small-business owners,” said Kim at his inau

South Korean shares rebounded Friday on bargain hunting after stock prices recently plunged amid fears over the fast-spreading coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.37 points, or 1.34 percent, to close at 2,304.59. Trading volume was high at about 855 million shares worth some 14 trillion won ($11.8 billion), with gainers outnumbering losers 600 to 237. Foreigners bought a net 197 billion won, ending a two-da

Despite managing $61 billion in assets, South Korea‘s private equity industry is considered a relatively immature market, compared to global financial hubs like London, New York and Hong Kong. The segment, however, has growth potential if it is able to improve transparency by addressing issues, including a lack of standardized reporting practices and inconsistency in the portfolio valuation methodology by private equity fund managers, according to Preqin, a London-based financial data prov

South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. 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. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top

The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the

WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i

Biopharma firm outruns SK hynix for first time in 40 months amid COVID-19 fallout

Virus pandemic hasn’t dampened investor spirit

South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.

South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe

In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b

South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a

South Korean shares opened sharply higher Wednesday, tracking an overnight rally on Wall Street led by positive economic indices that fueled optimism for a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.92 points, or 1.06 percent, to 2,373.16 in the first 15 minutes of trading. Bucking a 2.46 percent plunge in the previous session, the KOSPI started out bullish despite lingering concerns over a resurgence of new coronavirus infections. The index took