‘Capital gains tax’ on stocks aggravates public fury

South Korean stocks opened sharply lower Thursday, tracking overnight losses on Wall Street amid concerns over a second wave of the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.13 points, or 24.47 percent, to 2,137.04 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed lower as investors were concerned over rising new coronavirus infections in major countries. The Dow Jones industrial average fell 2.7 percent, the S&am

South Korean stocks closed 1.42 percent higher Wednesday on the back of upbeat economic data from the United States and Europe and eased tensions with North Korea, analysts said. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 30.27 points to close at 2,161.51. Trading volume was heavy at 895 million shares worth 12.7 trillion won ($10.6 billion), with gainers outpacing losers 518 to 319. Institutions scooped up a net 118.2 billion won

South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.76 points, or 0.93 percent, to 2,151.00 in the first 15 minutes of trading. Major indexes in the United States closed higher Tuesday on recovery hopes, led by a jump in tech shares. The Dow Jones Industrial Average rose 0.58 percent to end at 26,156.1, while the tech-laden Nasdaq gained 0.74 percent to close at a fresh record high of 10,131.

South Korean shares traded higher Tuesday on eased concerns related to the US-China trade dispute. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) added 4.51 points, or 0.21 percent, to close at 2,131.24. Trading volume was high at about 906 million shares worth some 13.3 trillion won ($11 billion), with losers outnumbering gainers 586 to 262. Foreigners sold a net 55.6 billion won, while retail investors purchased a n

Korea Investment & Securities has joined a local alliance to build an artificial intelligence platform for the digital transformation of the financial sector, according to the brokerage firm on Tuesday. The network operator and stock brokerage firm signed a memorandum of understanding to jointly develop AI systems, a project led by Korean telecommunications giant KT. Launched in February this year, the alliance, dubbed AI One Team, consists of tech giants, universities and state-run res

Celltrion co-founder and Chairman Seo Jung-jin said Tuesday the biosimilar firm’s novel coronavirus vaccine development is on its way as scheduled, expressing confidence that the treatment will become marketable once clinical trials are complete. As one of some 200 drug developers in the world in the race to develop a treatment for COVID-19, Celltrion is poised to go through a human clinical trial with its drug candidate on July 16, following tests on lab animals such as hamsters and monk

The United States continued to remain the largest destination for South Korea's overseas financial investment last year, accounting for nearly one-third of the country's financial investment overseas, central bank data showed Tuesday. As of end-2019, the country's financial investment in the United States came to $413.1 billion, up $63.1 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The increase marks the sharpest rise among all countries and regions

South Korean shares opened higher Tuesday, taking a cue from stellar US tech gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 29.24 points, or 1.37 percent, to 2,155.97 in the first 15 minutes of trading. The increase was largely attributed to the gains on Wall Street, led by tech giants Apple and Microsoft. The tech-laden Nasdaq gained 110.35 points, or 1.11 percent, to close at a fresh record high of 10,056.47 Monday (US time). Apple CEO Tim Cook annou

South Korean shares closed lower Monday amid fears of a second wave of new coronavirus cases at home and abroad, reducing investors' appetite for risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.59 points, or 0.68 percent, to close at 2,126.73. Trading volume was moderate at about 779 million shares worth some 9.9 trillion won ($8.1 billion), with losers outnumbering gainers 610 to 252. Foreigners sold a net 251 billion won, whi

South Korea is working on relaxing financial regulations to boost the startup ecosystem by allowing conglomerates to own venture capital firms, according to news reports Monday. The government is also preparing measures to prevent any adverse effects that could arise if deep-pocketed businesses were to own such investment firms. A working group that will be formed by different ministries and government agencies, including the Ministry of Economy and Finance, the Fair Trade Commission and th

South Korean drug developer SK Biopharmaceuticals is likely to get an early admission to join the Kospi 200 -- a basket of top 200 blue-chip stocks of the nation’s benchmark index Kospi -- possibly only two months after its planned market debut in July, according to local analysts Monday. If a newly listed stock’s market cap reaches the top 50 in the market, the firm’s stock is qualified to join the league of 200 blue-chip stocks even before the bourse operator announces regu

South Korean shares opened lower Monday amid fears of a resurgence in the new coronavirus at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.6 points, or 0.54 percent, to 2,129.72 in the first 15 minutes of trading. The drop was mainly attributed to worsening investor sentiments, prompted by a steep rise in the number of new COVID-19 infections over the weekend. The World Health Organization (WHO) reported Sunday (Geneva time) that there were 183,020 new in

Head of South Korea’s first financial data exchange operator stresses use of data for corporate strategy in post-pandemic era

BlackRock Investment Management Korea said in a filing Sunday its incumbent CEO Choi Man-yeon is set to extend his term by two years, starting June 27. Choi has headed the Korean arm of the world’s largest asset management firm since 2014. His three-year term at the top post was renewed in 2017. Choi formerly headed sales at Schroder Investment Management’s Korean unit. The filing also showed that, along with Choi, his colleague Graham Turl will serve his term until 2023 as