SEOUL, Nov. 10 (Korea Bizwire) — South Korea’s benchmark stock index fell below the 4,000 mark this week amid renewed concerns over an artificial intelligence (AI) bubble, leading to a surge in forced stock liquidations from margin accounts, industry data showed Sunday. According to the Korea Financial Investment Association, the value of forced sell-offs from unsettled [...]
SEOUL, Nov. 6 (Korea Bizwire) – Short-selling transactions rose to the highest in over two years when the South Korean stock market crashed earlier this week on artificial intelligence (AI) valuation concerns, industry data showed Thursday. On Wednesday, the country’s benchmark Korea Composite Stock Price Index (KOSPI) closed more than 2 percent lower, after once [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s top financial regulator has approved a new service that lets travelers invest leftover foreign currency from prepaid cards into overseas stocks, marking the latest step in its push to foster financial innovation. The Financial Services Commission (FSC) said Wednesday that it designated NH Investment & Securities and fintech [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s National Pension Service (NPS) will overhaul its 1,200 trillion won (US$905 billion) investment governance structure to enhance the professionalism and agility of how the world’s third-largest pension fund manages its growing assets. Under the new system, the NPS will split its single Investment Committee into two separate [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s top financial regulator vowed Wednesday to reconsider compensation standards for investors in the so-called Belgian Fund scandal if evidence of mis-selling is confirmed, as part of a broader push to strengthen consumer protection in the financial sector. Lee Chan-jin, governor of the Financial Supervisory Service (FSS), made the [...]
SEOUL, Nov. 3 (Korea Bizwire) — South Korea’s National Pension Service (NPS) has achieved its highest-ever investment return this year, buoyed by a record-breaking rally in the local stock market that sent its annual yield soaring above 20 percent as of the end of October, according to industry sources. The fund’s assets under management have surpassed [...]
SEOUL, Nov. 3 (Korea Bizwire) — South Korea’s benchmark KOSPI index, which recently broke the 4,000-point mark for the first time in history, has ignited a wave of participation from wealthy individual investors making large-scale trades. According to the Korea Exchange, individual investors placed an average of 28,729 orders worth at least 100 million won ($73,000) [...]
SEOUL, Nov. 3 (Korea Bizwire) — After a steep rally followed by a sharp correction, global gold prices appear to be stabilizing and preparing for another climb, analysts said Sunday. According to data from the Chicago Mercantile Exchange’s COMEX market, December gold futures closed at $4,013.40 per ounce on October 31, down 0.06 percent from the [...]
SEOUL, Oct. 31(Korea Bizwire) — South Korea is set to launch its first interbank-style foreign exchange brokerage platform for institutional clients, allowing companies, pension funds, and asset managers to compare multiple bank quotes in real time and trade at the most favorable rates. FXONE, the nation’s first customer-facing foreign exchange brokerage firm, held its inaugural general [...]
SEOUL, Oct. 30 (Korea Bizwire) — A fierce contest has erupted among major financial institutions and fintech startups in South Korea as they vie for preliminary approval to operate the country’s first licensed trading platforms for fractional investments. According to industry sources, three consortiums have submitted applications ahead of the October 31 deadline, with the [...]