Retail investors in Korea are most active stock traders in Asia, outside China

Kyobo Life Insurance said Tuesday it has filed a complaint with the US Public Company Accounting Oversight Board against accounting firm Deloitte Anjin for faulty appraisal of corporate value. It has alleged that that Deloitte Anjin, the local subsidiary of global accounting and consulting group Deloitte, wrongly assessed the fair market value of financial investors’ put options -- which could affect the management rights of current Kyobo Chairman Shin Chang-jae. “Deloitte Anjin

Asset manager sells W1tr bonds to meet debt guarantee rules

South Korea’s Mirae Asset Financial Group said Tuesday that Chairman Park Hyeon-joo has donated his dividends for 10 years in a row -- amounting to 25 billion won ($20.5 million). In 2019, as a shareholder of Mirae Asset Global Investments and Mirae Asset Capital, Park earned a combined 1.7 billion won. The donations went to Mirae Asset Park Hyeon-joo Foundation, dedicated to scholarships for exchange programs for Korean college students. According to the firm, over 5,800 students have

Foreign investors on Tuesday continued to sell local stocks for the 19th consecutive session amid the coronavirus scare, data showed, with offshore investors offloading a net 72.8 billion won ($59.7 million) worth of local stocks. Since March 5, foreigners have net sold a total of 11.6 trillion won in stocks. They sold a net 1.31 trillion won on March 9, marking the biggest sell-off on record. Despite foreigners' continued selling binge, South Korea's benchmark Korea Composite Stock Price Ind

South Korean stocks closed sharply higher Tuesday, extending earlier gains on hope for massive economic stimulus measures in major economies, such as China and the United States, to minimize the fallout from the new coronavirus outbreak. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 37.52 points, or 2.19 percent, to close at 1,754.64. Trading volume was high at slightly over 1 billion shares worth 13.6 trillion won ($11.2 billion),

South Korean stocks extended earlier gains Tuesday on massive stimulus measures around the globe to minimize the economic fallout from the new coronavirus outbreak. The benchmark Korea Composite Stock Price Index (KOSPI) spiked 31 points, or 1.81 percent, to reach 1,748.12 as of 11:20 a.m. The index opened higher, adding 1.35 percent in the first 15 minutes of trading. Such a strong start followed overnight gains on Wall Street. "The New York stock market closed higher on the news that t

Grim outlook overshadows landmark investment deals of HDC, Mirae Asset　

Authorities unveil tightened rules on high-risk P2P investments

South Korean stocks finished almost unchanged Monday paring earlier losses on new stimulus measures aimed at minimizing the fallout from the spread of the new coronavirus.  The local currency dropped sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.61 point, or 0.04 percent, to close at 1,717.12. Trading volume was high at 753 million shares worth 8.97 trillion won ($7.32 billion), with gainers outnumbering losers 615 to 256.   The in

South Korean shares remained down late Monday morning after opening sharply lower on fears of the new coronavirus outbreak further slowing economic activities throughout the globe, limiting demand at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 40.74 points, or 2.37 percent, to 1,676.99 as of 11:20 a.m. On Monday, South Korea reported 78 new cases of COVID-19, bringing the nation's total infections to 9,661. The United States became the new global epicente

Mirae Asset Global Investments, a Korean asset management firm, has been cementing its leadership in the local personal pension fund market with assets under its management continuing to grow this year. Personal pension and retirement pension funds operated by Mirae Asset have reached a combined 7.59 trillion won ($6.3 billion), or 3.63 trillion won and 3.96 trillion won, respectively. As of this year, the pension funds had increased by 500 billion won, the highest increase in the local mark

South Korea’s short-term funding market is showing no signs of stabilizing, despite the central bank’s relief package to help ease the credit crunch amid the global coronavirus pandemic. The interest rate of commercial papers with 85-91 days of maturity -- a frequent short-term debt instrument by nonfinancial companies -- soared to 2.09 percent Friday, up 5 basis points from the previous day’s close, according to data from the Korea Financial Investment Association. The figur

South Korea's finance minister has called on the International Monetary Fund to consider allocating the Special Drawing Rights, an international reserve asset, to provide global liquidity amid the rapidly spreading coronavirus pandemic. Hong Nam-ki made his case in a video conference of the International Monetary and Financial Committee, the governing body of the IMF, which was held Friday to discuss the unprecedented challenge posed by COVID-19. The SDR is an international reserve asset that

South Korea’s government and key state-run banks on Friday sealed a plan to provide a credit line of 1 trillion won ($826 million) to Doosan Heavy Industries & Construction, in an effort to prevent a possible liquidity crunch amid the novel coronavirus spread. As the key creditor, the Korea Development Bank said it will provide financial support to the struggling power equipment maker jointly with the Export-Import Bank of Korea. “Together, we shall provide some 1 trillion w