South Korean stocks spiked over 5 percent Tuesday on the Federal Reserve's plan to purchase corporate bonds, which fueled optimism over a quicker-than-expected recovery in the global economy. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 107.23 points, or 5.28 percent, to close at 2,138.05. Trading volume was high at about 947 million shares worth some 13.4 trillion won ($11.1 billion), with gainers outnumbering losers 868 to

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that followed the US Federal Reserve's asset-buying plan against pandemic uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 57.32 points, or 2.82 percent, to 2,088.14 in the first 15 minutes of trading. The bullish start followed the Fed's decision to start purchasing a "broad and diversified portfolio" of corporate bonds. The plan is part of the Fed's quantitative easing

Hanwha Life Insurance said Monday that it has completed organizational restructuring and promoted young executives in a bid to reinforce its digital technology capabilities. To secure future growth engines, the life insurance firm under Hanwha Group has assigned nine out of 15 business divisions to take the charge of digital transformation of the company and push for new businesses. Of the company’s entire 56 executives, 22 execs will lead the divisions related to digitalization and bus

Kakao Bank, one of the largest online-only banks in South Korea, has been picked as the most popular workplace among university students here, according to a recent survey Monday. In the survey of 1,045 Korean university students conducted earlier this month by job recruiting portal Incruit, the online bank received 27 percent votes while KB Kookmin Bank, Shinhan Bank and Industrial Bank of Korea, gained 18 percent, 14 percent, and 11 percent, respectively. The biggest reasons that studen

South Korea’s biggest real estate asset management firm IGIS Asset Management said Monday it has launched a new office in Singapore as part of its global expansion. The new branch, IGIS Asia, is the company’s third overseas base. It opened IGIS USA in New York and a London office last year. The company said it plans to expand its presence in Southeast Asia and Asia-Pacific region by acquiring other investment firms or by establishing new regional entities. Its new Singaporean un

South Korean stocks sank almost 5 percent amid rising concerns of a second wave of the new coronavirus pandemic, extending their losing streak to a third consecutive session and dashing hopes for a sharp rebound in the global economy. The Korean won sharply fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,031.04, down 101.26 points, or 4.75 percent, the sharpest fall since March 23. Trading volume was high at about 1.06 bil

South Korean stocks opened lower Monday amid global concerns of a coronavirus resurgence. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.74 points, or 0.64 percent, to 2,118.56 in the first 15 minutes of trading. The drop was largely attributed to investor concerns of a second wave of the COVID-19 pandemic feared amid the rollback of economic lockdowns in major economies, analysts said. Most large caps traded lower. Market bellwether Samsung Electronics lost 1.72 percent,

Recent unauthorized payments on money transfer platform Toss are stoking concerns about the safety of payment solutions in general and online financial services available in South Korea. Online purchases worth 9.38 million ($7,770) were made on websites without permission of Toss account holders earlier this month using their personal data. Although initial inspections by the financial authority showed that users’ personal data were not compromised via the fintech platform itself, the i

Expert says real estate investment alone does not guarantee quality life after retirement, diversifying asset porfolio is key

The Korea Exchange, an exchange operator where securities, derivatives and commodities are traded, said Sunday its daily average of gold transactions had doubled this year as investors sought safe assets and a tax benefit took hold in January. The KRX has been trading on average of 93.6 kilograms of gold per day on its spot market from January until June 11, up 114.8 percent from the 2019 average at 43.6 kilograms. At the same time, the spot gold price on the KRX surged 18 percent. Besides i

South Korean shares are expected to hover below the psychologically important 2,200-point level this week amid concerns over a resurgence in the coronavirus, which will also cause investor sentiment to wobble, analysts said Sunday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,181.87 points Friday, down 2.3 percent from a week ago. The KOSPI has been struggling to stay above the 2,200-point threshold seen as a return to a level seen prior to the coronavirus pandemic.

South Korea’s main stock bourse Kospi slipped 2 percent Friday in its biggest daily loss in over a month, as stock markets in the United States took another major blow due to resurfacing coronavirus woes. Kospi closed at 2,132.30 on Friday. Losers outnumbered gainers 720 to 160. As numbers of infections rose in some of the states that have reopened, including Texas and Arizona, both stocks and crude tumbled in the US on Thursday. The Dow Jones Industrial Average plummeted 6.9 percent, S

South Korean stocks closed sharply lower Friday as investor sentiment was hurt by renewed concerns over the new coronavirus outbreak, analysts said. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) declined 44.48 points, or 2.04 percent, to finish at 2,132.30, the lowest in eight sessions. Trading volume was moderate at 681.3 million shares worth 14.7 trillion won ($12.2 billion), with losers outpacing gainers 720 to 160

South Korean stocks nosedived over 4 percent at the opening bell Friday, taking a cue from overnight plunges in US markets over renewed fears about the new coronavirus pandemic, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 80.33 points, or 3.69 percent, to 2,096.45 in the first 15 minutes of trading. Seoul shares closed lower to snap a nine-day winning streak Thursday, as investor sentiment was hurt by a bleak economic outlook by the US Federal Reserve. Overnig

The Financial Services Commission said Thursday it will innovate the current personal identification system in a way that consumers can enjoy diverse authentication services other than face-to-face method when using financial services. “Most of the current ID verification measures in the financial sector are based on face-to-face system, which given rise to the need to diversify verification services,” Financial Services Commission Chairman Eun Sung-soo told the reporters during a