Foreign investors have sold a large sum of stocks in South Korea and other emerging markets largely due to concerns over the coronavirus pandemic, data showed Thursday. Offshore investors sold a net $5.8 billion worth of South Korean stocks in the first two weeks of March, according to data by brokerage Yuanta Securities Co. In comparison, foreign investors sold a net $6.7 billion worth of Taiwanese stocks during the cited period, followed by Indian stocks worth $3.8 billion and Brazilian stoc

Gold funds in South Korea have posted dismal returns over the past month amid falling gold prices due to the coronavirus scare, data showed Thursday. Local gold funds with assets of 1 billion won ($796,000) or more registered an average return of minus 12.45 percent over the last one-month period, according to the data from FnGuide. They outperformed stock investment funds over the cited period, but the performance failed to live up to expectations, given the metal's nature as a traditional s

Fintech platform operator Viva Republica said Wednesday that it has received preliminary approval to run a stock trading business from the nation’s financial watchdog, the Financial Services Commission. In order to run the stock business in a safe and stable manner, the company, which runs peer-to-peer money transfer app Toss, will beef up workforce and upgrade systems in the coming months before receiving final approval from the financial authority, the Seoul-based financial technolog

South Korean stocks crashed further Wednesday, hitting the lowest point in a decade, as the novel coronavirus panic spread despite stimulus packages released around the globe. The benchmark Kospi opened slightly higher at 1,686.12 -- up 13.68 points, or 0.82 percent, from the previous session. The index, however, slipped throughout the day and suddenly plunged in the afternoon, closing at 1,591.2. It marked the lowest closing price since May 26, 2010, at 1,582.12 points. Offshore investors o

Major shareholders of logistics giant Hanjin KAL on Wednesday rebelled against proxy advisory firms Korea Corporate Governance Service and Institutional Shareholder Service for their decision to support the extension of Chairman Cho Won-tae’s term. The group consists of his elder sister and former Korean Air Vice President Cho Hyun-ah, KCGI -- local activist fund, Hanjin’s biggest shareholder with 18.68 percent stake -- and construction firm Bando Construction. “The latest d

Coronavirus fears in the financial market are quashing bond investors’ appetite for investment-grade bonds issued by South Korean companies, dragging on their plans to raise capital. From Friday to Wednesday, all corporate bonds of three companies were undersubscribed in the respective institutional tranches in Korea. This stems from the bond price hike along with monetary easing stance at home and abroad. Bond yields, which move inversely with bond prices, were on a downtrend in Kore

  The price gap between apartments in areas south and north of the Han River has increasingly widened last month, data showed Wednesday.  In February, the average price per pyeong (3.31 square meters) for apartments in 11 areas of Gangnam-gu, southern Seoul surpassed 40 million won ($32,372) while apartments in 14 areas in Gangbuk-gu, northern Seoul, recorded 27 million won ($21,851), according to data released by real estate information provider 10000-lab.  The apartment pric

South Korean stocks returned to negative terrain late Wednesday morning, offsetting earlier gains from the opening bell as foreigners and institutions both became net sellers. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 6.61 points, or 0.4 percent, to 1,665.83 as of 11:20 a.m. The market earlier rebounded as investors welcomed a set of additional stimulus packages being considered by the United States. Washington announced Tuesday (local time) it is considering a stimul

  South Korea said Wednesday it will raise the cap on bank's currency forward positions to inject more dollars into the currency market, the latest follow-up to the market stabilization measures. The cap for local banks will be revised up to 50 percent from the previous 40 percent, with that for foreign banks operating in the country to be set at 250 percent, up from the previous 200 percent, according to the Ministry of Economy and Finance. The measure will take effect Thursday, the min

FSC eyes contingency plan to ease market’s further decline

South Korean banks are expected to start lowering interest rates tied to fixed deposit products and mortgages on Tuesday amid the Bank of Korea’s decision to slash its benchmark interest rate to a record low of 0.75 percent. The rate affects what banks pay to borrow money overnight, affecting the level of interest rates of products that they offer to customers. At the moment, the most popular and main fixed deposit products are those with a tenure of one year. Such products designed a

South Korea’s leading online-only bank Kakao Bank announced Tuesday that Yoon Ho-young, who headed the bank as co-CEO, will now serve as the company’s sole chief. The online bank has been managed by Yoon and former co-CEO Lee Yong-woo -- who were respectively from mobile messenger firm Kakao and investment company Korea Investment & Securities. The two companies are major shareholders of the bank. Since Lee left the company in January to run for parliamentary election sched

The state-run Export-Import Bank of Korea has donated 250 million won ($201,000) to nonprofit groups to support small business owners and senior residents living in Daegu, the southeastern city hit hardest by the novel coronavirus outbreak. Korea Eximbank has donated 100 million won to the comprehensive welfare center for the elderly staying at home alone, outsourced by the Ministry of Health and Welfare. The center will purchase food from traditional markets in Daegu and deliver them to the

Amid a selling spree by foreigners, individual investors are scooping up tech stocks awaiting a rebound, but experts call it risky

Along with tightened measures, virus fears could reverse upward trend of housing prices, experts say