South Korean shares closed higher Friday on hopes of economic recovery buoyed by better-than-anticipated economic indicators from major economies, including the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.04 points, or 0.80 percent, to close at 2,152.41. Trading volume was moderate at about 754 million shares worth some 8.5 trillion won ($7.1 billion), with gainers outnumbering losers 529 to 307. The gains were led

SK Biopharmaceuticals, the largest initial public offering of this year so far, continued to perform strong Friday, soaring to a daily limit of 30 percent in the second trading session. The bio unit of South Korean conglomerate SK Group began trading at 127,000 won ($105.75) per share, then spiked 38,000 won, or 29.92 percent, to reach 165,000 won in early trading hours. Throughout the trading day, the stock price continuously maintained, while marking its market capitalization of more than

South Korean shares opened slightly higher Friday, tracking overnight gains on Wall Street led by estimate-beating US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.76 points, or 0.22 percent, to 2,140.13 in the first 15 minutes of trading. Major US stock indices closed higher on surprising US jobs data. The NASDAQ Composite gained 0.52 percent to a fresh record high of 10,207.63 on Thursday (New York time), following reports that the US jobless rate in June fe

South Korean shares closed sharply higher Thursday on hopes of an economic recovery fueled by improved US economic indicators. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.67 points, or 1.36 percent, to close at 2,135.37. Trading volume was high at about 1.1 billion shares worth some 10.4 trillion won ($8.7 billion), with gainers outnumbering losers 671 to 176. Foreigners sold a net 13 billion won, extending their latest selling

The Financial Services Commission, South Korea‘s top financial regulator, said Thursday it would carry out an all-out inspection of all privately-pooled investment schemes in a preemptive measure to protect financial consumers from exposure to unanticipated risks. The target of the scrutiny will be 10,304 pooled funds and 233 investment houses dedicated to privately pooled funds as of the end of May. The total inspection is scheduled to be completed by September, while investment firms w

Mega-blockbuster IPO likely to empower SK Holdings, may speed up governance change

The government said Thursday it plans to establish a so-called “bio data station” -- an online data platform for biotechnology -- in a bid to accelerate research and development in the emerging sector. Minister of Economy and Finance Hong Nam-ki mapped out the plan for the biotech platform at an emergency economic meeting in Seoul. All the data linked to results of state-run research projects will be registered at the online hub for drug development and research projects including

South Korean shares opened higher Thursday, led by pharmaceuticals. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.86 points, or 0.61 percent, to 2,119.56 in the first 15 minutes of trading. SK Biopharmaceuticals Co. Ltd., the largest IPO offering of the year so far, spiked 29.59 percent on the day of its debut. Top pharmaceutical firm Samsung BioLogics surged 4.26 percent, with Celltrion spiking 3.87 percent. Most large caps were in positive terrain. Market bellwether

Tech-savvy securities firm aims to shake up market with new tech, entertaining elements

South Korean shares closed a tad lower Wednesday, erasing earlier gains amid rising US-China tensions over a new security law in Hong Kong imposed by China's central government. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.63 points, or 0.08 percent, to close at 2,106.70. Trading volume was moderate at about 1.1 billion shares worth some 10.1 trillion won ($8.4 billion), with losers outnumbering gainers 482 to 356. Foreigners sold a

South Korea’s drive to launch the first pan-Asian benchmark comprising major blue chip stocks in the region appears to have fallen apart, thanks to political differences and a lack of interest from larger markets. The project, led by the nation’s bourse operator Korea Exchange (KRX), was designed to attract more foreign capital in the stock market, and was hoped to be a precursor of becoming a new financial hub in Asia. Tentatively named the Asia Index, it was modeled after the Eu

South Korean shares opened higher Wednesday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.21 points, or 0.86 percent, to 2,126.54 in the first 15 minutes of trading. The strong start came after major US stock indices closed higher on growing hopes of an economic recovery. The Dow Jones Industrial Average added 0.85 percent to end at 25,812.88 on Tuesday (New York time), with the tech-laden NASDAQ soaring 1.87 percent. In

Amid the lingering business uncertainties from continued COVID-19 crisis, bond investors would be able to avert risks of companies’ default in case they have invested in secured high-yield bonds, a top Barings Asset Management official said on Tuesday. “(Secured bonds) are on top of the capital structure and tend to recover better,” said David Mihalick, head of US public fixed income at Barings, in a teleconference. “Secured bonds are attractive because of the extent th

South Korean shares closed higher Tuesday on hopes of an economic recovery that offset renewed concerns over political tensions between the world's two largest economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.85 points, or 0.71 percent, to close at 2,108.33. Trading volume was moderate at about 700 million shares worth some 11.6 trillion won ($9.7 billion), with gainers outnumbering losers 594 to 252. Foreigners sold a net 7

South Korea’s financial authorities have tentatively concluded that unauthorized payments made on fintech platform Toss were not caused by any security breach, according to sources Tuesday. The Financial Supervisory Services found no proof on alleged hacking attempts, they were quoted by Yonhap News Agency. Adding that illegally obtained personal information may have been used to access Toss and make payments without permission of the account holders. According to the fintech firm, a to