Seoul stocks end higher on finance minister's FX intervention comments
MarketsMay 29, 2020
Seoul stocks ended slightly higher Friday, after South Korea's finance minister hinted at possible intervention in case of volatility in the local currency markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.06 points, or 0.05 percent, to close at 2,029.60. Trading volume was moderate at about 1.08 billion shares worth some 13.8 trillion won ($11.2 billion), with losers outnumbering gainers 461 to 384. Foreigners sold a net 204.
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[Newsmaker] BTS label Big Hit gears for IPOMarketsMay 29, 2020The South Korean music label behind K-pop sensation BTS has filed for a preliminary review for an initial public offering, according to the nation’s stock market operator Korea Exchange (KRX) on Friday. Founded in 2005 by music producer Bang Si-hyuk, Big Hit Entertainment houses BTS and other K-pop singers and bands, including Lee Hyun and Tomorrow X Together. Bang, who serves as the entertainment firm’s chairman, currently holds 45.1 percent stake, while mobile gaming firm Netmar -
S. Korea hints at intervention in FX marketMarketsMay 29, 2020SEJONG -- South Korea's finance minister said Friday the government will act boldly if volatility rises in the foreign exchange market. Finance Minister Hong Nam-ki said "herd behavior" has been seen recently in the foreign exchange market and speculative trading has caused some moves in the Korean currency, referring to a one-sided movement. "The government will act boldly with its market stabilization measures if herd behavior becomes excessive in the foreign exchange market,
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Seoul stocks open lower on Wall Street lossesMarketsMay 29, 2020South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid rising Sino-American tensions over China's passing of a new national security law on Hong Kong. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.80 points, or 0.53 percent, to 2,017.74 in the first 15 minutes of trading. The fall was largely attributed to the latest development in the Sino-American dispute on China's passing of the new national security law that could severely restrict c -
BTS agency Big Hit applies for preliminary review for listingMarketsMay 28, 2020Big Hit Entertainment, the management agency of K-pop mega group BTS, has filed for a preliminary review to be listed, the bourse operator here said Thursday. NH Investment & Securities, Korea Investment & Securities and JP Morgan will handle the offer, according to the Korea Exchange (KRX). Big Hit, established in 2005, manages K-pop singers BTS, Tomorrow X Together and Lee Hyun. Founder and co-CEO Bang Si-hyuk currently holds a 45.1 percent stake in the label. In 2019, Big Hit lo -
WeWork Korea modifies floor layouts for safety amid coronavirus crisisMarketsMay 28, 2020WeWork Korea has modified floor layouts of its offices as part of efforts to prevent COVID-19 infection, the company said Thursday. It has also installed more digital signage devices to notify members of the maximum number of people allowed in meeting rooms and to show the walking direction of one-way paths in hallways, it added. These are follow-up preventative measures taken since earlier this year as the company has been measuring body temperature across all locations along with a wide r -
Seoul stocks close lower on coronavirus cluster infectionsMarketsMay 28, 2020South Korean shares closed lower Thursday, snapping a three-day winning streak, on the largest number of daily infections of the new coronavirus in nearly two months. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.66 points, or 0.13 percent, to close at 2,028.54. Trading volume was high at about 1.15 billion shares worth some 14.2 trillion won ($11.5 billion), with losers outnumbering gainers 689 to 177. Foreigners bought a net 42.8 b -
Gold, silver funds shine as investors seek low-risk assetsMarketsMay 28, 2020Gold and silver funds in South Korea are shining on rising demand for safe investments amid lingering uncertainties in markets over the pandemic and renewed Sino-US conflict, data showed Thursday. The annual average return rate of 12 local gold funds with assets of 1 billion won ($808,000) or more came to 43.41 percent as of Wednesday. The figure outpaced the median return rate of 1.07 percent for domestic stock funds in the cited period, according to data compiled by FN Guide. As investors s -
S. Korea’s economy to contract this year amid COVID-19 impact: BOKEconomyMay 28, 2020Central bank turns pessimistic over growth, slashes base rate to record low -
S. Korea to set aside W500b in guarantee fund program for auto parts firmsEconomyMay 28, 2020Seoul makes all-out efforts to boost consumption in public, private sectors -
Number of paid employee jobs rises 3.2% in Q4 last yearEconomyMay 28, 2020The number of jobs for wage and salary workers in South Korea gained 3.2 percent in the fourth quarter of last year thanks to increased social welfare and public administration jobs, government data showed Thursday. South Korea's economy had 19.08 million paid worker jobs in the October-December period, up 592,000 from a year earlier, according to the data from Statistics Korea. Jobs in the social welfare sector came to 2.02 million, up 8.6 percent from a year ago, with public administration -
S. Korea launches W40tr fund for backbone industriesEconomyMay 28, 2020South Korea on Thursday launched a fund worth 40 trillion won ($32.2 billion) to provide timely financial assistance to the country's backbone industries amid the economic fallout of the new coronavirus. The government has said airlines, shippers and others hit hard by the COVID-19 pandemic are eligible for the fund's financial support if they have more than 500 billion won in debt and more than 300 employees per company. Among others, South Korea's two full-service carriers -- Korean Air Lin -
Full text of BOK statement on monetary policy decision in MayEconomyMay 28, 2020The following is the full text of the Bank of Korea's statement on its monetary policy decision. The central bank's monetary policy board decided Thursday to cut the base rate by a quarter percentage point to a fresh record low of 0.50 percent. Monetary Policy Decision The Monetary Policy Board of the Bank of Korea decided today to lower the Base Rate by 25 basis points, from 0.75% to 0.50%. Currently available information suggests that the global economy has contracted significantly due to co -
Govt. urged to brace for virus-caused weaker growth, job lossesEconomyMay 28, 2020South Korea should map out measures to help cushion the impact of the coronavirus pandemic on its economic growth and employment, a private think tank said Thursday. The novel coronavirus outbreak, which started in China in December, has led to lockdowns across the globe, crippling economic activity and touching off concerns over mass job cuts. "The outbreak of COVID-19 is feared to eat into South Korea's production base and lead to job losses," said the Korea Economic Research Inst -
BOK trims key rate to record low amid grim growth outlookEconomyMay 28, 2020South Korea's central bank slashed its policy rate by a quarter percentage point to a record low of 0.50 percent Thursday as the country's economy is expected to grow at the slowest pace in over two decades amid the COVID-19 pandemic. The move came a little over two months after the Bank of Korea (BOK) cut the base rate to 0.75 percent from 1.25 percent in its first emergency rate cut since October 2008. "Economic growth in Korea has slowed considerably," the BOK said in its stateme
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