South Korea’s securities exchange operator, the Korea Exchange, said Wednesday that it had removed a market cap limit on the nation’s main bourse, Kospi, lifting a regulatory rule meant to prevent excessive reliance on a single stock. The 30 percent market cap rule requires securities funds, including exchange-traded funds, to reduce their holdings in stocks that account for more than 30 percent of the market value of the Kospi 200 and KRX 300 indexes. The regulation was introduced

Shared working space platform WeWork said Wednesday that it had opened a 20th location in South Korea. The location in Apro Square, WeWork Shinnonhyeon, is the 12th in Seoul’s affluent Gangnam area, according to WeWork’s Korean unit. The news came over a year after its announcement in March 2019. This is the first location opened since WeWork Korea named Patricia Chun as its new general manager earlier in April. “We have strong belief in Korea as we see the growing demand f

South Korean stocks ended higher for a third straight session Wednesday as investor sentiment was buoyed by expectations about robust earnings by US tech firms. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.47 points, or 0.70 percent, to close at 1,947.56. Trade volume was moderate at 1.97 billion shares worth 10.4 trillion won ($8.5 billion), with gainers outnumbering losers 570 to 272. Investors await further earnings results fr

Demand for Korea’s COVID-19 response experience on rise, but patent rights of homegrown technology must be protected, says commissioner

South Korean stocks opened almost unchanged Tuesday on overnight losses in Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 2.18 points, or 0.11 percent, to 1,936.27 in the first 15 minutes of trading. On Tuesday (local time), US stocks gave up earlier gains to end lower on tech losses. The Dow Jones Industrial Average fell 0.13 percent, the S&P 500 was down 0.52 percent, and the Nasdaq composite index decreased 1.4 percent. Most large-cap shares on the Seou

Financial watchdog probes Lime Asset’s DLF fiasco, warns retail investors to be cautious

South Korean stocks closed higher for the second straight day Tuesday amid hopes for an economic rebound, offsetting concerns over the fallout from the novel coronavirus outbreak. The Korean won gained ground against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) gained 11.32 points, or 0.59 percent, to close at 1,934.09. Trade volume was heavy at 1.16 billion shares worth 10.3 trillion won ($8.4 billion), with gainers outnumbering losers 487 to

Foreign ownership of South Korean stocks dipped to a 43-month low in March due to their massive sell-off and a market rout amid the coronavirus impact, data showed Tuesday. Foreign investors held 468.7 trillion won ($382 billion) worth of local stocks and other stock-related instruments as of end-March, down 76 trillion won from the prior month, according to the data from the Financial Supervisory Service. The amount was the lowest since the end of August 2016, when it came to 467.6 trillion

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, despite falling oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.45 points, or 0.65 percent, to 1,935.22 in the first 15 minutes of trading. On Monday (local time), US stocks ended higher as investor sentiment was boosted by efforts to normalize economic activities. The Dow Jones Industrial Average rose 1.51 percent, the S&P 500 added 1.47 percent, and the Nasdaq composite index

South Korea has maintained stable supplies of grains amid growing uncertainties about the global trade of grains caused by massive lockdowns imposed across borders to combat the spread of the novel coronavirus, industry data showed Monday.  As the deepening coronavirus pandemic sparked border closures and strict lockdowns, governments across the globe embarked on restrictions of grain exports to prevent a potential food shortage. Countries including Russia, Ukraine, Cambodia and Kazakhsta

Tmon, a leading South Korean e-commerce company, is gearing up to go public in earnest, as it has recently chosen local investment firm Mirae Asset Daewoo as its leading underwriter. The move came after the IPO plan faced a number of hurdles in finding underwriters earlier this year due mainly to negative outlooks for the highly saturated domestic e-commerce market. “Mirae Asset Daewoo has been picked as the sole underwriter, outgunning NH Investment & Securities and Nomura Securit

South Korean stocks closed 1.79 percent higher Monday as the country continued to see the novel coronavirus outbreak wane. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 33.76 points to close at 1,922.77. Trading volume was moderate at 725 million shares worth 8 trillion won ($6.5 billion), with gainers far outpacing losers 738 to 126. The index opened higher and continued to build up gains on hopes that the coronavirus outbreak is p

Jeonbuk Bank’s Cambodian subsidiary recently floated corporate bonds worth $10 million, becoming the first South Korean financial institution to do so in the Southeast Asian nation, the lender’s holding group, JB Financial Group, said Monday. Phnom Penh Commercial Bank issued the bonds with a maturity period of three years and an annual interest rate of 6.5 percent. They are worth $25 in par value. The plan was approved by the Securities and Exchange Commission of Cambodia, whic

South Korean stocks opened higher Monday, tracking gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.23 points, or 0.65 percent, to 1,901.24 in the first 15 minutes of trading. On Friday (local time), US stocks ended higher as investor sentiment was boosted by the progress in a coronavirus relief package. The Dow Jones Industrial Average rose 1.11 percent, the S&P 500 added 1.39 percent, and the Nasdaq composite index was up 1.65 percent. Most large-ca

State projects likely to include remote medical services, online education