South Korean shares opened sharply higher Thursday, taking a cue from overnight gains on Wall Street over economic rebound hopes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.26 points, or 0.96 percent, to 2,334.12 in the first 15 minutes of trading. The index came to a strong start after closing at a nearly two-year high in the previous session. Investor sentiment remained high despite the nationwide downpour and concerns about the coronavirus pandemic. Stocks lifted

South Korea’s largest internet-only bank said Wednesday that its number of monthly active users in June surpassed 11 million — the highest in the nation’s entire bank industry. Kakao Bank’s increasing number of users also boosted its earnings in the first half with its net profit standing at 45.3 billion won, nearly five times higher than the 9.6 billion won it posted a year earlier. In the second quarter alone, the net profit came in at 26.8 billion won. Increased

South Korea’s main bourse Kospi on Wednesday rose 31.89 points, or 1.4 percent, to 2,311.86, recovering above the level of 2,300 after nearly 22 months, on retail investors’ buying spree for a sixth consecutive session as signs of economic recovery improved investor sentiment. It was the first time the index moved above the 2,300-point mark since Oct. 4, 2018, when it marked 2,311.06. The closing also marked the highest since 2,338.88 on Oct. 1 in the same year. The index hit an i

The local real estate market appears not to be very excited about the government‘s conditional approval of turning old apartments into 50-story buildings, due to its condition of donating more than a half of leftover units for public use, experts said Wednesday. Responding to the housing supply shortage, the government has decided to build more than 130,000 residential units in the capital city and adjacent areas over the next eight years. One of the key measures is a public reconstruct

South Korean stocks gathered ground for the third consecutive session on Wednesday to close at the highest level in nearly two years, as investor sentiment was buoyed by progress in US stimulus moves, analysts said. The Korean won rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) gained 31.89 points, or 1.4 percent, to finish at 2,311.86. Trading volume was high at 830 million shares worth 17.6 trillion won ($14.8 billion), with losers outpacing gainers 434 to

South Korean stocks opened higher Wednesday, tracking overnight gains from Wall Street, as investor sentiment was buoyed by progress in US stimulus moves. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 6.67 points, or 0.29 percent, to 2,286.64 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.62 percent, while the tech-heavy Nasdaq Composite added 0.35 percent. US lawmakers have been making efforts to reach an agreement on new stimul

In its first step since resuming operations, internet-only lender K bank unveiled a mobile mortgage loan service on Tuesday, allowing customers to borrow money without visiting brick-and-mortar banking branches. Utilizing data scraping technology to gather customers’ credit information online, the bank can easily calculate loan limits and interest rates for customers, officials said. It has also reduced the number of documents needed when taking mortgage loans -- the bank only requires

Government mobilizes all available housing sites, eases floor rules, but refuses to open up greenbelts

South Korean shares rallied Tuesday, nearly hitting a two-year high, as signs of economic recovery improved investor sentiment. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.93 points, or 1.29 percent, to close at 2,279.97, after briefly touching the year's high of 2,284.66 points. The closing marks the highest since 2,309.57 points on Oct. 2, 2018.  Trading volume was moderate at about 713 million shares worth some 9

Korean investors may seek pandemic discount, but widespread demand for safe haven assets makes bargains scarce, CBRE says

Kakao Games, the games unit of Korea’s mobile giant Kakao, has submitted a registration statement to the Financial Services Commission, with an intention of listing on the nation’s tech-heavy Kosdaq market in September. By issuing 16 million new common shares, at a price between 20,000 won and 24,000 won ($16.70-$20.10) each, the game developer looks to raise as much as 384 billion won, Kakao Games said Monday via DART-- the Financial Supervisory Service’s electronic disclosu

South Korean shares opened sharply higher Tuesday, tracking an overnight Wall Street rally led by economic rebound hopes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.35 points, or 1.04 percent, to 2,274.39 in the first 15 minutes of trading. Estimate-beating July manufacturing data in the United States, China and Europe raised hopes for a global economic rebound, despite the global rise in new coronavirus infections. The NASDAQ Composite advanced 1.47 percent to a fresh

Debates are heating up in the housing market and among political parties over the merits of the recently introduced tenant protections laws. While the ruling party saw the new rules as a vital step in stabilizing the bubble-prone market, opposition parties blamed the demanding new rules for further cutting back on the supply of housing. “The new tenant protection laws were effectuated in an unprecedented speed in order to minimize market confusion,” said Lee Hae-chan, chairman

Macquarie Korea Infrastructure Fund said Monday it saw a slight increase in its return on investment and its dividend payout to end-investors in the first half of 2020. According to the final estimate, MKIF recorded a return of 191.2 billion won ($160.3 million), up 1.2 percent on-year. MKIF also vowed to pay 360 won per share to investors in interim dividends, or a 6.2 percent dividend payout ratio, for the first half. MKIF, trading on the nation’s main bourse Kospi since 2006, has com

Apartment prices in the capital city continue to surge despite the government’s clampdown