South Korean stocks headed south Wednesday -- after a brief rally a day earlier -- as the number of confirmed COVID-19 virus cases here reached over 1,000. The local currency also dipped against the US dollar, closing at 1,216.90 won -- down 6.60 won from the previous session’s close. The benchmark Kospi opened sharply lower at 2,064.07 -- sinking 39.54 points, or 1.88 percent, from the previous session. The weak start continued through the day, but rose slightly to close at 2,076.77. It

Coronavirus infection peak is yet to come: JP Morgan

South Korean shares rose more than 1 percent Tuesday as investors went bargain hunting, after COVID-19 fears led to the sharpest fall in 16 months in the previous session. The benchmark Kospi opened slightly low at 2,075.55 -- down 3.49 points, or 0.17 percent, from the previous session. The index fluctuated between losses and gains in the early morning, then moved upward throughout the day to close at 2,103.61. Institutional and individual investors scooped up undervalued shares, with net pu

Kakao Bank, an online-only bank in South Korea, said Tuesday that stock trading services of brokerage firm NH Investment & Securities are now available on its mobile application. Since users’ personal data is already registered on the online bank’s mobile platform, Kakao Bank users can open a securities account on the mobile banking platform more easily than with other services via stock traders’ home trading systems or brick-and-mortar branches, according the banking f

Gold prices soar for sixth consecutive session as investors eye low-risk assets

Shinhan Bank said Sunday that it is temporarily shutting down its branch at the Seongnam Industrial Complex Financial Center, Gyeonggi Province, after one of its employees tested positive for COVID-19. The confirmed patient had visited a hospital funeral center in the southern city of Daegu, where the epidemic has been spreading at a fast pace over the past week, officials said. After experiencing fever and other symptoms, the patient visited a designated inspection station in the vicinity.

Local fabric maker E&H in full swing amid rising COVID 19 cases, seeks Kosdaq debut in H2

The COVID-19 outbreak is likely to deliver a severe blow to the South Korean economy, especially in the retail sector and real estate investments, according to global real estate service provider Cushman & Wakefield. Asia’s fourth-largest economy’s growth prospects in the near term will be affected as the fast-spreading coronavirus disrupts supply chains, reduces exports and weakens consumer sentiment, the company said in its recent report on the Asia-Pacific region. “

Kospi’s ranking among G-20 dips to 13th from 6th

South Korean stocks extended losses late Friday morning amid rising concerns over the fast spreading novel coronavirus in the country. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.94 points, or 1.18 percent, to 2,169.56 as of 11:20 a.m. The index started weak, tracking overnight Wall Street losses, and struggled to move upward. The index took a further hit after South Korea reported 52 new cases of the new coronavirus Friday morning, raising the total number of infections i

South Korean auto financing firm Hyundai Capital said Thursday that it is in talks with German car rental giant Sixt SE to acquire a stake in the latter’s vehicle leasing unit, Sixt Leasing SE. The announcement came after recent news reports that the Seoul-headquartered company was trying to acquire Sixt Leasing SE, via its European office Hyundai Capital Bank Europe, to increase its presence in the European car leasing market and gain a competitive edge in the emerging fuel cell elect

South Korean brokerage firm Mirae Asset Daewoo said Thursday its wrap account attracted a record net inflow of 100 billion won ($83.4 million). The fund is the first in Korea to surpass the milestone as a wrap account investing in overseas exchange-traded funds, the company said. A rise in investors’ interest in overseas stock markets and investment in ETFs appear to have driven the increase in sales of Mirae’s Global X Portfolio Wrap Account, it added. Unlike general index inve

The head of South Korea's financial watchdog said Thursday he feels sorry for the controversy surrounding the suspension of fund redemption by the country's largest hedge fund Lime Asset Management Co.  Yoon Suk-heun, governor of the Financial Supervisory Service, said in a parliamentary session that he will help the fund come up with and implement its redemption plan.  The comments came as the watchdog prepares to launch an inspection into Lime's suspension of fund redemption ear

The COVID-19 virus entering a new phase here has put the brakes on local stock markets and the attempt for improved performance this year, along with the snowballing Lime Asset Management fiasco that has been sending shockwaves through the local brokerage industry, according to industry sources Wednesday. The local stock market opened high this year amid heighten sentiment for an improved economic outlook. However, intensifying fears on the deadly virus have begun weighing down on investor sen

Looking into a major hedge fund misselling fiasco involving Lime Asset Management, South Korea’s financial watchdog is likely to narrow its focus on three major vendors -- Shinhan Investment, Woori Bank and KEB Hana Bank -- officials said Tuesday. Shinhan Investment is facing additional allegations that it sold the disputed financial products with full awareness of their flaws. The Financial Supervisory Service is slated to kick off its first on-site investigation of the country&rsquo