Seoul’s prime office building market will face flagging demand due to the coronavirus coupled with new supply in the second quarter, which will create more empty space within the properties and reduce their cash flow, Savills Korea said in a report Wednesday. According to the real estate services firm, real estate investors in South Korea are expected to take a cautious stance as uncertainties in the leasing market are likely to erupt in terms of the proposed buyers’ financing cond

South Korean banks saw their first-quarter earnings decline 17.8 percent from a year earlier due to increased loan-loss provisions, data showed Wednesday.  The combined net profit stood at 3.2 trillion won ($2.6 billion) for the January-March period, compared with a profit of 4 trillion won a year earlier, the Financial Supervisory Service said in a statement.  Preliminary interest income for the first quarter stood at 10.1 trillion won, down 0.2 percent from a year earlier. 

South Korean stocks closed higher Wednesday as investors scooped up bargains amid renewed concerns over the trade row between the United States and China. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 18.25 points, or 0.95 percent, to finish at 1,940.42. Trading volume was moderate at 608 million shares worth 8.79 trillion won ($7.18 billion), with gainers outpacing losers 426 to 403. The local stock market got off toward a weak

HDC, Meditox, Hanwha Life removed

South Korean stocks opened lower Wednesday tracking overnight losses on Wall Street after US President Donald Trump continued to excoriate Beijing amid their prolonged trade row. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.74 points, or 0.82 percent, to 1,906.43 in the first 15 minutes of trading. The Dow Jones Industrial Average lost 1.89 percent overnight, and the tech-heavy Nasdaq Composite slid 2.06 percent on renewed concerns over the Sino-American trade tension. Tru

The head of local biotechnology firm SillaJen was detained Tuesday for alleged involvement in insider trading, raising market fears over SillaJen’s fate as a Kosdaq-listed company. The Seoul Southern District Court issued an arrest warrant for SillaJen CEO Moon Eun-sang, citing a flight risk and the possibility that he could destroy evidence. Last week prosecutors requested a warrant for Moon’s arrest on suspicion of violating the local capital market act and dereliction of duty

South Korean stocks closed lower Tuesday for a second straight day on renewed concerns over the trade row between the United States and China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 13.23 points, or 0.68 percent, to finish at 1,922.17. Trading volume was moderate at 783 million shares worth 9.5 trillion won ($7.75 billion), with losers far outpacing gainers 671 to 183. US President Donald Trump insisted that he was "not int

South Korea’s securities firms on Tuesday cut their target price for CJ CGV, raising concerns that the company’s decision to issue new shares worth 250 billion won ($203.66 million) could dilute the stock value. Hit by the pandemic, the cinema chain recorded a net loss of 118.6 billion won in the January-March period, compared with a net loss of 8.6 billion won a year earlier. It may have been inevitable for the firm to go ahead with the massive capital increase, said Meritz Securi

Deloitte Korea said Monday it will be joining Deloitte Asia Pacific, a central business entity that combines regional operations. “Based on a partner-level vote conducted in April, we will officially join as member of Deloitte AP, starting June 1,” the local subsidiary of the New York-based accounting firm said in a release. Seeking to improve the level of services and to attract talent, Deloitte Korea will invest $22 million into the regional entity over the next four years, part

South Korean stocks opened lower Tuesday tracking overnight losses on the Wall Street amid the growing concerns over a resurgence of the new coronavirus around the globe. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.45 points, or 0.44 percent, to 1,926.95 in the first 15 minutes of trading. The Dow Jones Industrial Average lost 0.45 percent on Monday (local time) while the tech-heavy Nasdaq Composite advanced 0.78 percent, as investors sat on the sidelines over the COVID-19

South Korea’s antitrust watchdog is set to decide this month what sanctions to impose against conglomerates whose affiliates carried out illegal business transactions with each other, according to news reports Monday. Under the fair trade law, internal trading among affiliates of large companies controlled by owner families is banned as chaebol scions have benefited from such practices at the expense of fair competition. The list of companies subject to penalties by the Fair Trade Co

South Korea’s investment firm Mirae Asset Global Investments said Monday that it would countersue China’s Anbang Insurance Group in a widening dispute over an acquisition deal of luxury hotels in the US. The legal action came after the Chinese insurer last month filed a suit with the Delaware Court of Chancery against the Seoul-based investment management firm for failing to complete payment of $5.8 billion for the takeover of 15 luxury hotels in the US. The first trial is set to

Foreign investors gobble up Korean bonds amid turmoil in global markets

South Korean stocks closed lower Monday to pare earlier gains due to growing concerns over another cluster infection. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 10.42 points, or 0.54 percent, to finish at 1,935.40. Trading volume was moderate at 581 million shares worth 7.6 trillion won ($6.23 billion), with losers outpacing gainers 529 to 316. After opening higher, local shares slipped into negative terrain on growing concerns over

South Korean stocks opened higher Monday on less pessimistic jobs data from the United States, which shot up to the highest rate since the Great Depression but still managed to be below market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.13 points, or 0.67 percent, to 1,958.95 in the first 15 minutes of trading. The unemployment rate in the US shot up to a whopping 14.7 percent in April, from 4.4 percent posted a month earlier. The dismal data, however, still