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    KOSPI reclaims 9,000 intraday as chip stocks surge on Micron earnings

    KOSPI jumped more than 6 percent intraday Thursday to reclaim the 9,000 level, led by a surge in semiconductor stocks after U.S. memory chipmaker Micron Technology reported stronger-than-expected earnings. The benchmark index opened at 8,703.42, up 232.40 points, or 2.74 percent, from the previous day's close, and extended its gains to 9,000.88 by 2:24 p.m., rising 529.86 points, or 6.25 percent, from the previous session to reclaim the 9,000 mark. The index later surrendered part of its gains and closed at 8,930.30, up 459.28 points, or 5.42 percent, from the previous session. Reflecting strong buying momentum, a buy-side sidecar was triggered at 9:07 a.m., temporarily suspending program buy orders. The benchmark index drew support from Micron's better-than-expected quarterly results and upbeat guidance. Investor optimism toward the semiconductor sector further intensified ahead of second-quarter earnings announcements from Samsung Electronics and SK hynix. SK hynix's planned Nasdaq listing through American depositary receipts, tentatively scheduled for July 10, provided an additional ta

    2 MIN READBy Jun Ji-hye
    KOSPI reclaims 9,000 intraday as chip stocks surge on Micron earnings
  • Economy

    Deglobalization calls for shift toward financial cooperation in East Asia: experts

    2 MIN READBy Yulu Ao
    Deglobalization calls for shift toward financial cooperation in East Asia: experts
  • Policy

    Mixed messages on leveraged ETFs fuel investor confusion

    3 MIN READBy Jun Ji-hye
    Mixed messages on leveraged ETFs fuel investor confusion
  • Economy

    S. Korea's financial assets in US hit fresh all-time high in 2025: BOK

    1 MIN READBy Yonhap
    S. Korea's financial assets in US hit fresh all-time high in 2025: BOK
  • Economy

    Contribution'Korea discount' still persists despite chip-driven rallies

    3 MIN READBy Lee Chang-hwan
    'Korea discount' still persists despite chip-driven rallies
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

SK Bioscience draws record deposits in 2-day public subscription

Investors line up at Korea Investment & Securities on Yeouido, Seoul, Tuesday, to sign up for vaccine maker SK Bioscience's public subscription for its initial public offering (IPO) later this month. YonhapKorean vaccine maker SK Bioscience Co. is estimated to have raised a record 63 trillion won ($55.2 billion) in investor deposits during its two-day public subscription for an initial public offering (IPO), the company's IPO managers said Wednesday.SK Bioscience's six IPO managers said subscription deposits for SK Bioscience shares surpassed the 58.6 trillion won for gaming company Kakao Games and 58.4 trillion won for K-pop agency Big Hit Entertainment, the two largest IPO deals since September last year. SK Bioscience, a unit of Korea's No. 2 family-controlled conglomerate SK Group, has allocated up to 2.29 million new common shares to general investors in the March 18 IPO seen as a prime share sale during the first half.SK Bioscience has set the IPO price at 65,000 won per share, which puts its corporate value at about 5 trillion won.SK Bioscience engages in developing COVID-

Mar 10, 2021
SK Bioscience draws record deposits in 2-day public subscription
Economy

Kyobo embarrassed over 'questionable' plot by Affinity

Kyobo Life Insurance headquarters in Seoul / Courtesy of Kyobo Life InsuranceBy Lee Min-hyungKyobo Life Chairman Shin Chang-jaeKyobo Life Insurance remains embarrassed over what is widely considered to be a “questionable attempt” by Affinity Equity Partners, after legal representatives of the Hong Kong-based private equity firm sought a provisional attachment of the insurer's assets by forcing entry into the residence of a chief of the Korean company and its headquarters.In mid-February, a Seoul court granted permission for the Affinity consortium ― which is a financial investor of Kyobo ― to carry out the provisional seizure of Kyobo Life Chairman Shin Chang-jae's securities certificate of the company.Affinity officials are known to have destroyed the front gate of Shin's home in Seoul and injured a guard there while attempting the forceful entry late last month.Industry officials argue the move was aimed at defaming Shin and Kyobo ahead of a planned arbitration session led by the International Chamber of Commerce (ICC) amid their escalating legal dispute. The second hea

Mar 10, 2021By Lee Min-hyung
Kyobo embarrassed over 'questionable' plot by Affinity
Economy

KB, Hana set for competition in Singapore's asset management market

By Anna J. ParkAs Hana Financial Group is on its way to setting up an asset management company in Singapore sometime within this year, attention is now on whether the Southeast Asian country is emerging as a new battleground for Korean financial giants' overseas expansion. Singapore's attractiveness among Korean financial companies has increased, as Hong Kong's long-held status as Asia's financial hub could be facing further risks over geopolitical concerns.Hana Financial Group is currently in the process of obtaining a license to open its asset management company in Singapore. A company official said the group aims to complete the licensing process within the first half of this year.Market watchers believe Hana's attempt to expand into Singapore's asset management market coincides with the group's long-term goal of growing into one of the world's top 40 global financial institutions by 2025. Hana also plans to expand its overseas profits to account for up to 40 percent of its total profits, from the current level of around 21.7 percent. The financial group is also said to be conside

Mar 10, 2021By Anna J. Park
KB, Hana set for competition in Singapore's asset management market
Economy

Reporter's Notebook Is NPS' asset allocation target for Korean stocks justifiable?

National Pension Service (NPS) headquarters in Jeonju, North Jeolla Province / Coutesy of NPSNPS' asset allocation target stunts local stock market's further growth By Anna J. ParkAs the National Pension Service (NPS) maintains its net-selling position on Korean stocks, Tuesday, for the record-breaking 48th consecutive trading session, voices of criticism and questions have arisen regarding the moves by Korea's largest institutional investor.In its 48 days of net selling since December, the NPS sold Korean stocks worth 14 trillion won, mostly blue-chip stocks listed on the nation's benchmark KOSPI. For instance, the pension fund's stake in Samsung Electronics ― Korea's top market cap stock ― decreased to 9.99 percent as of this month, falling under 10 percent for the first time since it exceeded the 10 percent mark at the end of 2018. Some retail investors are pointing their fingers at the NPS, saying that the pension operator holding more than 840 trillion won ($735 billion) in funds was the main culprit behind the KOSPI index falling below the 3,000 mark. Some posted petitions on t

Mar 10, 2021By Anna J. Park
[Reporter's Notebook] Is NPS' asset allocation target for Korean stocks justifiable?
Economy

OECD revises up its 2021 growth outlook for S. Korean economy to 3.3%

gettyimagesbankThe Organization for Economic Cooperation and Development (OECD) on Tuesday revised up its 2021 growth outlook for the South Korean economy as the country's exports remain robust amid the pandemic.The OECD expected Asia's fourth-largest economy to grow 3.3 percent this year, up from its December estimate of 2.8 percent. Still, the Paris-based organization revised down its 2022 growth forecast for South Korea to 3.1 percent from 3.4 percent.The upward revision for the 2021 growth comes as the country's exports remain solid amid a global economic recovery.Exports, which account for half of the Korean economy, rose 9.5 percent on-year in February on robust delivery of chips and autos, extending their gains for the fourth consecutive month. The OECD's growth forecast is above the growth estimates made by the International Monetary Fund (IMF) and the Bank of Korea (BOK), South Korea's central bank.The IMF expected the South Korean economy to grow 3.1 percent this year. The BOK forecast Asia's fourth-largest economy to advance 3 percent in 2021 on improving exports. The Kore

Mar 9, 2021
OECD revises up its 2021 growth outlook for S. Korean economy to 3.3%
Economy

'Metaverse' tech firm GIANTSTEP's IPO draws attention

GIANTSTEP CEO Ha Seung-bong speaks during an IPO press conference held at 63 Building in Yeouido, Tuesday. / Courtesy of GIANTSTEPNaver-invested virtual reality firm makes KOSDAQ debut on March 24By Anna J. ParkVisual creative tech firm GIANTSTEP is set to make its KOSDAQ debut later this month, attracting investors particularly interested in the so-called 'metaverse' industry. Metaverse refers to a virtually enhanced reality using augmented reality (AR) technologies through which users can interact with each other in a computer-generated environment. Founded in 2008, the creative technology company has expanded its business portfolio from an ad-focused visual effects firm to a real-time content creator possessing cutting-edge extended reality (XR) technologies.Company logoBased on more than 5,300 visual effects projects with major conglomerates such as Samsung, LG, SK and Hyundai over the past decade, the firm has reinvested its profits into R&D in various cutting-edge virtual technologies like virtual characters and digital human projects, growing into Korea's leading real-time

Mar 9, 2021By Anna J. Park
'Metaverse' tech firm GIANTSTEP's IPO draws attention
Economy

Intensifying conflicts before proxy season feeding law firms

gettyimagesbankKL Partners benefits from multiple chaebol family feudsBy Park Jae-hyukMultiple chaebol family feuds and shareholder activism that will heat up the general shareholders meetings of several listed companies here later this month appear to be creating ample opportunities for domestic law firms to make handsome profits.In addition to Kim & Chang and other large law firms that have scaled up their teams dealing with corporate law and governance structures to cope with the recent Commercial Act revision, boutique law firms are also going all out to take advantage of intensifying conflicts over the control of several conglomerates.At this moment, KL Partners is viewed as the top beneficiary of this year's proxy season.The boutique law firm, which was founded in 2015 by corporate law experts from Shin & Kim, one of the leading legal advisory companies in Korea, has drawn attention for its involvements in the two ongoing family feuds over the management of Hankook & Company, and Kumho Petrochemical.Last month, Hankook & Company Vice Chairman Cho Hyun-sik hired

Mar 9, 2021By Park Jae-hyuk
Intensifying conflicts before proxy season feeding law firms
Economy

Climate change advocacy group to seek audit of government-owned lenders

gettyimagesbankBy Lee Kyung-min A climate advocacy group filed a request seeking a public audit of seven government-owned lenders and financial services institutions, for what it claims to be irresponsible spending of taxpayer money on a coal-fired power plant in Samcheok, Gangwon Province.The seven lenders include the Korea Development Bank (KDB), the Industrial Bank of Korea (IBK) and the National Agricultural Cooperative Federation.Companies with low credit ratings are required to submit detailed plans on how they intend to repay loans extended by state-run lenders. These lenders should then evaluate the plans before providing the loans. According to Solutions for Our Climate, the lenders did not follow this procedure. Solutions for Our Climate's local chapters in Masan, Changwon and Jinhae called for the Board of Audit and Inspection (BAI) to step in on the matter, asking why the lenders failed to withdraw financing for one of the power plant's investors, Doosan Heavy Industries & Construction, despite the firm's BBB- credit rating as assessed by the Korea Investors Service a

Mar 9, 2021By Lee Kyung-min
Climate change advocacy group to seek audit of government-owned lenders
Economy

Tax hikes set to be on table amid rising debts

Tax hikes are looking to happen in South Korea even under the toll of COVID-19's economic impact that has already been heavy on shoulders of many citizens, especially small-to-medium size business owners and temporary workers. Korea Times fileRaising taxation may not sound plausible for now as households and companies are still struggling to bear the brunt of the COVID-19 pandemic, but talks of tax hikes are set to simmer in South Korea to help repair the state coffers amid growing national debt. The government has not broached the issue overtly given its far-reaching impact and public backlash in time of the economic slumps caused by the new coronavirus outbreak.But some ruling party lawmakers began to float the idea of hiking taxes as without tax increases, state coffers are widely expected to run dry at a faster rate in order to finance a series of pandemic relief funds and stimulus measures.The liberal Moon Jae-in administration has already revised the tax code in a way that imposes higher taxes on the rich and bigger firms in a bid to address social inequality and increased soci

Mar 9, 2021
Tax hikes set to be on table amid rising debts
Economy

Kakao Bank and Citibank slow in digitization drive

Kakaobank CEO Yun Ho-youngBy Lee Kyung-min Kakao Bank and Citibank Korea have yet to offer services whereby customers can add savings accounts to the list of their bank accounts on the Open Banking online platform, a data-driven financial service initiative spearheaded by the Financial Services Commission (FSC).The apparent failure to update the service promptly brings into question whether Kakao, the much-touted internet-only fintech leader, has misplaced priority by paying attention only to the upcoming initial public offering (IPO), with its customer-oriented mindset increasingly being neglected. Kakao Bank plans to complete its planned IPO by the second half of this year. It achieved a net income of 13.7 billion won ($12.1 million) in 2019, only two years after it was launched. The net income for 2020 was 113.6 billion won.Citibank Korea CEO Yoo Myung-soonThis also deals a blow to Citibank Korea, amid speculations that the banking group's Korean business would possibly be sold off as part of the group-wide efforts to streamline corporate retail banking services around the world.U

Mar 8, 2021By Lee Kyung-min
Kakao Bank and Citibank slow in digitization drive
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