SEOUL, Aug. 22 (Korea Bizwire) — Foreign investors have been on a selling spree of South Korean stocks so far this year, selling nearly 31 trillion won (US$26 billion) of local shares, data showed Sunday. Offshore investors sold a net 30.72 trillion won between Jan. 1 and Friday, compared with net selling of 24.7 trillion [...]
SEOUL, Aug. 20 (Korea Bizwire) — Ko Kwang-nam invested 5 million won (US$4,251) in cryptocurrencies but lost about half of his holdings as the nation’s cryptocurrency markets showed signs of cooling down ahead of tougher regulations. As things stand, Ko, a 30-something office worker in Seoul, is likely to lose most of holdings because he [...]
SEOUL, Aug. 19 (Korea Bizwire) — South Korean retail investors have doubled their stake in Samsung Electronics Co. in eight months amid foreigners’ selling spree, data showed Thursday. Local individual investors had net-bought 394 million shares in the global tech behemoth as of Wednesday this year, or 6.6 percent of its outstanding shares, according to [...]
SEOUL, Aug. 17 (Korea Bizwire) — KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won (US$58.85 million) in the April-June period, compared with [...]
SEOUL, Aug. 17 (Korea Bizwire) — Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins. By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation’s anti-money laundering body and disclose their details on risk management. Under the tougher regulations, [...]
SEOUL, Aug. 15 (Korea Bizwire) — Giant chipmaker Samsung Electronics Co. saw its presence on the main bourse drop to the lowest in 23 months in terms of market capitalization amid a sharp drop, data showed Sunday. The tech behemoth’s value stood at some 444 trillion won (US$400 billion) as of Friday, or 19.43 percent [...]
SEOUL, Aug. 13 (Korea Bizwire) — Despite the overall growth of South Korea’s fintech industry, including the market for wire transfers and payments, cryptocurrency exchanges have seen drastic cuts in revenue and operating profits. CEO Score, a business analysis agency, studied the performance of 186 fintech firms based on public reports from the last three [...]
SEOUL, Aug. 8 (Korea Bizwire) — The South Korean economy is facing heightened uncertainty as the recovery of domestic demand is likely to slow amid a recent spike in COVID-19 cases, a state-run think tank said Sunday. Asia’s fourth-largest economy is on a recovery track amid solid exports, but the toughest-ever virus curbs, in effect [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korean internet-only bank Kakao Bank Corp. made a splash in its stock market debut Friday, emerging as the country’s most valuable financial firm. After a weak start, shares of the online bank made steady gains throughout the session. It capped the first day at 69,800 won (US$61), soaring [...]
SEOUL, Aug. 3 (Korea Bizwire) — K-Bank, South Korea’s first internet-only bank, said Tuesday it turned a profit for the first time since its inception in the second quarter of the year on robust growth in customers and deposits. Net profit stood at 3.9 billion won (US$3.4 million) in the April-June period, a sharp turnaround [...]