The amount of unemployment benefits handed out in February surpassed the 800 billion won ($660 million) mark for the first time in February, according to data compiled by the Korea Employment Information Service on Saturday. The amount of subsidies given to the unemployed in February reached 808.3 billion won, up 28 percent on-year. The sharp increase came even before the novel coronavirus hit the nation in earnest in March, reflecting the sluggish domestic job market in recent months. Of 1

Kim Jung-ju, founder of South Korea’s largest game company Nexon, has invested in Canadian high-end outwear brand Moose Knuckles, seeking new opportunities in the non-gaming sector. Kim, who now serves as chief of Nexon’s holding company NXC, took over 23.9 percent stake of the Canadian garment manufacturer for 64.2 billion won ($53 million). Moose Knuckles is one of the top three high-end winter jacket brands, along with Nobis and Canada Goose. Their winter luxury parkas cost

South Korean shares ended higher for the second straight session Friday on improved investor sentiment over the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.46 points, or 1.33 percent, to 1,860.67. Huh Jae-hwan, a strategist at Eugene Investment Co., said the US Federal Reserve's provision of liquidity programs that also i

South Korean shares traded lower late Friday morning as investors attempted to cash in recent gains amid a lack of upside momentum. The benchmark Korea Composite Stock Price Index shed 9.52 points, or 0.52 percent, to 1,826.69 as of 11:15 a.m. The main index opened higher, tracking overnight gains on Wall Street on the back of the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. US stocks rose after the US Federal Reserve unveiled program

Facing a looming liquidity crunch due to the coronavirus crisis, South Korean companies have sold off their assets, including real estate and equities, to keep enough cash in their vaults, according to the Korea Exchange on Thursday. From January to April 7, 29 companies sold a combined 1.5 trillion won ($1.23 billion) worth of tangible assets, compared to 481.6 billion won worth assets sold by 18 companies during the same period last year, the bourse operator said. Most of the asset sales we

South Korean stocks rose more than 1 percent on Thursday on hopes that coronavirus infections around the globe are nearing a peak. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.07 points, or 1.61 percent, to 1,836.21. The main index tracked overnight gains on Wall Street. US stocks soared amid the possibility that the coronavirus death toll and infections in the United States could peak this week, Huh Jae-hwan, a strategist at Eugen

South Korean shares opened higher Thursday, tracking overnight gains on Wall Street amid optimism that coronavirus infections around the globe are nearing a peak. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.59 points, or 1.64 percent, to 1,836.73 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones industrial average rose 3.4 percent, and the tech-heavy Nasdaq composite index gained 2.6 percent. US stocks soared amid the

South Korean brokerages are on high alert as funds related to foreign real estate -- and their direct investment in property ownership abroad -- are likely to suffer losses in the novel coronavirus pandemic situation, according to industry sources on Wednesday. As the current crisis sends property values tumbling with market chaos in major countries, the S&P Global REIT index plummeted 31.87 percent from the beginning of the year to Monday, while the S&P 500 plunged 17.55 percent in th

With oil prices sinking, individual investors in South Korea are increasingly opting for investments linked to oil prices, according to the Korea Exchange on Wednesday. The stock market operator noted that the combined value of 10 oil-linked exchange-traded funds and exchange-traded notes that individuals bought last month jumped more than ninefold from the previous month to reach 1.42 trillion won ($1.16 billion). Kodex WTI Crude Oil Futures ETFs, in particular, attracted 421.4 billion wo

South Korean stocks snapped a four-day rally to end slightly lower Wednesday as foreign and institutional investors offloaded large-cap stocks amid a lack of upside momentum. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.46 points, or 0.90 percent, to 1,807.14. Foreign and institutional investors sold a combined 422.2 billion won ($346 million) worth of stocks, weighing down the bourse. Foreigners continued to offload local stocks f

Mirae Asset Financial Group said Tuesday it had topped the 1 trillion won ($820.48 million) mark in the group‘s combined operating profit, net profit and earnings before tax each, quoting its 2019 earnings statement. The South Korean group’s key affiliates, including brokerage Mirae Asset Daewoo, asset management firm Mirae Asset Global Investments, insurer Mirae Asset Life Insurance, nonbanking lender Mirae Asset Capital and Mirae Asset Consulting, recorded a combined 1.16 trillio

Seoul stocks opened lower Wednesday, tracking overnight losses on Wall Street amid woes over the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.95 points, or 0.87 percent, to 1,807.65 in the first 15 minutes of trading. The main index jumped 8.2 percent in the past four sessions, helped by signs of the COVID-19 outbreak slowing. But analysts said investors remain cautious, as there is still a lot of uncertainty involving the coronavirus outbreak and its im

Excessive focus on conglomerates gives rise to concerns

The Financial Supervisory Service on Tuesday cautioned local retail investors to refrain from borrowing money when investing stocks, pointing at the excessive market volatility. In a rare message, the financial regulator noted that the current market condition is somewhat different from the 2008 global financial crisis, stressing that it has become more unpredictable than before. “Some existing investors think that now is the time to purchase undervalued shares, since they have seen e

South Korean stocks ended higher Tuesday, extending their gains to a fourth straight session as investor sentiment improved over signs that the spread of the coronavirus could be slowing. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.72 points, or 1.77 percent, to 1,823.60. Huh Jae-hwan, a strategist at Eugene Investment Co., said expectations for the slowing spread of the coronavirus in the United States and Europe pushed u