Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown hedge fund asset managers, a drastic change in local financial supervision system has to

Tax burden increases for upper-middle tax bracket amid heated market

The Korean government on Tuesday reiterated vows to remove bottleneck problems faced by individual stock investors, according to the regulatory Financial Services Commission. “The active participation of individual stock investors shored up the (domestic) stock market in the wake of the COVID-19 outbreak,” said FSC Vice Chairman Sohn Byung-doo, in a financial risk management policy meeting held at the Korea Federation of Banks headquarters in central Seoul. “(The governme

South Korean shares closed up 1.4 percent on Tuesday after leaders of European Union (EU) member nations reached a massive stimulus package deal to support pandemic-hit economic activities. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.63 points, or 1.39 percent, to close at 2,228.83. Trading volume was high at about 906 million shares worth some 15.5 trillion won ($12.9 billion), with gainers outnumbering losers 565 to 279. Foreign

South Korea‘s commercial real estate market has been relatively less affected by the pandemic as the demand for both prime offices and logistics assets remains stable partly thanks to high liquidity and profit-seeking investors, reports showed Tuesday. The higher market liquidity coupled with the resilience of the economy, has instead beefed up competition for deals involving “core assets,” or prime office buildings that offer investors a stable source of income. “The

South Korean shares opened higher on the back of positive progress in the development of the new coronavirus vaccines. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.94 points, or 0.95 percent, to 2,219.14 in the first 15 minutes of trading. Investor sentiment improved, following reports on the progress shown in early data for the three potential COVID-19 vaccine candidates. Most large caps traded higher in Seoul. Market bellwether Samsung Electronics added 1.48 percent,

A private equity fund operated by a local real estate asset management firm has purchased an entire apartment building consisting of 46 units in Gangnam -- one of Seoul’s most expensive districts -- raising eyebrows in the realty sector that is facing tougher regulations. IGIS Asset Management bought Samseong World Tower, an 11-story building from an individual for nearly 42 billion won ($34.90 million). It is rare for a local asset management company to buy apartment complexes as an in

South Korean shares closed a tad lower Monday as investors locked in part of gains built on hopes for economic relief packages in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.99 points, or 0.14 percent, to close at 2,198.20. Trading volume was high at about 675 million shares worth some 11.8 trillion won ($9.8 billion), with losers outnumbering gainers 476 to 369. The index climbed 2.4 percent last week on the back

South Korean shares opened flat Monday, as investors went for profit-taking after the market surged by more than 2 percent last week on the back of hopes for stimulus measures in major economies amid the new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.08 point, or near zero percent, to 2,201.11 in the first 15 minutes of trading. Investors took to the sidelines to keep a watchful eye on additional stimulus measures under review. European leaders cam

Series of hedge fund scandals suggest failure of policy drive to create Korean rival to Elliott Management, regulatory loopholes, and immaturity of market itself

South Korean stocks are expected to come under selling pressure and hover below the 2,200-point level this week on mixed economic signals and a surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,201.19 points on Friday, up 2.4 percent from a week ago. The index on Wednesday surpassed the psychologically important 2,200-point threshold for the first time since Feb. 19 on hopes of COVID-19 vaccine development and additional economic stimulus

South Korean stocks closed higher Friday on growing expectations for large-scale stimulus measures in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.43 points, or 0.80 percent, to close at 2,201.19. Trading volume was moderate at about 561 million shares worth some 10.1 trillion won ($8.4 billion), with gainers outnumbering losers 483 to 362. The stock index advanced on hopes for stimulus efforts in Europe and the

South Korean stocks opened higher Friday, as estimate-beating US retail sales data boosted economic rebound hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index rose 11.32 points, or 0.52 percent, to 2,195.08 in the first 15 minutes of trading. The gains came after US retail sales in June jumped 7.5 percent from a month ago, after an 18.2 percent hike in May. The data fueled expectations of a recovery in the United States, one of South Korea's largest trade p

South Korean stocks closed lower Thursday on investors' profit-taking amid mixed economic signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 18.12 points, or 0.82 percent, to close at 2,183.76. Trading volume was high at about 775 million shares worth some 1.5 trillion won ($1.2 billion), with losers outnumbering gainers 435 to 403. Foreigners sold a net 13 billion won, ending a three-day buying streak, with institutions offloadin

Amid COVID-19 fears, luxury brands in Korea enjoy high demand from consumers looking to ‘reward’ themselves in pandemic times