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  • Others

    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

Ample liquidity, hopes for economic recovery to offset inflationary fears

U.S. President Joe Biden speaks after the Senate approved a $1.9 trillion virus relief plan, at the White House in Washington, D.C., Saturday. Reuters-YonhapBy Lee Min-hyungAmple liquidity and rising hopes for a post-coronavirus economic recovery will offset escalating inflationary fears amid rising interest hikes, market experts said Monday.The Bank of Korea (BOK) and financial authorities here have placed top priority on revving up the economy this year despite concerns over inflation-driven bubbles in the nation's asset market.Economists here remained optimistic for the economy to achieve a major rebound in 2021 under the precondition that the coronavirus threat diminishes gradually and any possible COVID-19 mutations do not bring any further economic damage. They argued the fear of inflation is a secondary issue to resolve, and the top priority should be on boosting the economy and thereby achieving a recovery in employment.“I don't believe the inflation concern is serious enough for the government to take immediate action,” Sejong University economist Kim Dae-jong sa

Mar 8, 2021By Lee Min-hyung
Ample liquidity, hopes for economic recovery to offset inflationary fears
Economy

Venture capital funds rise sharply amid ample liquidity

GettyimagesbankPromising startup businesses find easier access to venture capitalists By Anna J. Park As ample liquidity in the market seeks a better rate of returns amid low interest rates, the total amount of money flowing into venture capital funds has been on a constant upward swing lately. Venture capital funds in the country attracted about 1 trillion won ($883 million) in January this year alone, according to financial industry sources, Monday. The amount for January is seen as a great surprise by many considering the total amount of money injected into the venture capital market during the entire first quarter of last year was only 507 billion won. Actually, inflows into venture capital funds have been seeing steady growth since early last year with the stock market's bullish run amid excessive liquidity. The quarterly amount of money invested in venture funds last year stood at 507 billion and 678 billion in the first and second quarters, respectively, followed by 1.68 trillion won in the third quarter and 3.69 trillion won in the fourth quarter. The total amount was 6.56 tr

Mar 8, 2021By Anna J. Park
Venture capital funds rise sharply amid ample liquidity
Economy

Kiwoom fund attracts W200 bil. investment

Models promote Kiwoom Asset Management's “smart” fund product. The fund attracted 200 billion won ($176 million) in the 13 months after its launch in January 2020. The company said its sales were rising rapidly attracting 100 billion won in the past three months. Courtesy of Kiwoom Asset Management

Mar 8, 2021By Lee Min-hyung
Kiwoom fund attracts W200 bil. investment
Economy

Seoul stocks fall under 3,000 amid renewed inflation concerns

A man checks the Korea Composite Stock Price Index at the Hana Bank office in Seoul, Monday. YonhapSouth Korean stocks fell under the 3,000-point threshold on Monday, as improved Chinese economic data and higher U.S. bond yields stoked renewed concerns over rising inflationary pressure. The Korean won weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.15 points, or 1 percent, to close at 2,996.11 points.Trading volume was moderate at about 1.9 billion shares worth some 15.5 trillion won (US$13.7 billion), with losers outnumbering gainers 551 to 302.Foreigners sold a net 126 billion won, while retail investors purchased a net 526 billion won. Institutions offloaded a net 378 billion won. The KOSPI advanced almost 1 percent in the morning session on China's strong February export data, which more than doubled on-year. But the key stock index scuttled as the communist state's faster-than-expected economic rebound sparked concerns over post-pandemic inflation that emerged on rising yields of U.S. Treasurys. Analysts also noted that market vol

Mar 8, 2021
Seoul stocks fall under 3,000 amid renewed inflation concerns
Economy

Institutional investors betting on bearish turn in stock market

gettyimagesbankBy Lee Kyung-min Institutional investors bought over 120 billion won ($106 million) in the leveraged inverse exchange-traded fund (ETF) that tracks the performance of the local benchmark KOSPI over the past two weeks, in anticipation of a bearish turn in the months-long bullish stock market, data showed Sunday.The derivative financial product is designed to boost returns 2:1 compared to the KOSPI when the market is falling. For example, if the KOSPI dips by 2 percent, a two times-leveraged inverse ETF will deliver a 4 percent return to the investor excluding fees and commissions, without the investors having to conduct shortselling.Data from Korea Exchange (KRX) showed institutional investors bought 120.2 billion won KODEX 200 Futures Inverse 2X from Feb. 22 through March 5, the third-largest amount of products bought by them following shares of POSCO (182.1 billion won) and Lotte Chemical (145 billion won).This far exceeds the amount of major large-cap shares net bought by them including SK Hynix (115 billion won), Shinsegae (86.6 billion won), KT (74.3 billion won) a

Mar 7, 2021By Lee Kyung-min
Institutional investors betting on bearish turn in stock market
Economy

Finance minister pledges unwavering push for housing supply plan

Deputy Prime Minister and Finance Minister Hong Nam-ki, center, Minister of Land Infrastructure and Transport Byeon Chang-heum, second from right, and National Tax Service Commissioner Kim Dae-ji, left, bow their heads in apology at a press conference following a ministerial-level meeting at the Government Complex Seoul, Sunday. YonhapIllicit gains to be seized with heavier punishment for ethical, moral misconduct By Lee Kyung-min The government's plan to boost the capital region's housing supply will go ahead as scheduled, despite a series of damning allegations about employees at the state-run Korea Land and Housing Corporation (LH) having engaged in illegal real estate speculation using insider information, the finance minister said Sunday.Instead, pan-governmental efforts will be initiated to draw up much heavier disciplinary action for moral and ethical misconduct found at such organizations ― a measure to eradicate what many view as “reprehensible behavior” ― long overlooked due to a lack of any established code of conduct.The much-belated measure will do little to

Mar 7, 2021By Lee Kyung-min
Finance minister pledges unwavering push for housing supply plan
Economy

SsangYong reorganization stalls as main lender locks horns with new investor

Seen above is the entrance of SsangYong Motor's plant in Pyeongtaek, Gyeonggi Province. YonhapBy Lee Min-hyungCash-strapped SsangYong Motor's reorganization plan is making little progress as main creditor Korea Development Bank (KDB) locks horns with the automaker's new investor, HAAH Automotive.The U.S.-based vehicle distributor is known to have presented a plan to provide $250 million (282 billion won) financial aid for SsangYong's possible revival under the precondition that KDB offers a similar amount of financial support.HAAH Automotive projected that SsangYong would incur losses of around 500 billion won to 600 billion won over the next two years before the investor completes legal and regulatory preparations for the sale of SsangYong vehicles in the U.S.But KDB remained unwavering in its earlier position that the creditor would make its decision only after SsangYong and HAAH reach specific agreements over the automaker's revival roadmap.“We do not have any plans to provide any form of financial support before SsangYong and the new investor draw up a revival plan,”

Mar 7, 2021By Lee Min-hyung
SsangYong reorganization stalls as main lender locks horns with new investor
Economy

Waste management companies grow more attractive to private equity funds

Sanitary workers recycle waste at a disposal site located in Yongin last October. Korea Times photo by Choi Won-sukBy Anna J. ParkWaste management companies appear to be growing more attractive for profit-seeking private equity funds (PEFs), not only due to their indispensable roles in the consumer-oriented environment, but also by coinciding with the environment, social and governance (ESG) criteria for measuring sustainability, which is becoming crucial in attracting investments. The latest deal that has caught the attention of market watchers was waste disposal business Eco Management Korea (EMK)'s recapitalization, raising the firm's secured debt to 370 billion won ($327 million) from 110 billion won. Recapitalization is a financial investment method that raises new capital by borrowing additional secured loans from banks. Through the process, initial investors can take back their principal, while the remaining debt will be paid when the business is sold at a higher price. Through the successful capital restructuring deal led by venture capital firm IMM Investment and state-run K

Mar 7, 2021By Anna J. Park
Waste management companies grow more attractive to private equity funds
Economy

Finance ministry to receive handsome dividends from IBK

IBK logoBy Lee Kyung-min The Industrial Bank of Korea (IBK) will pay 220.8 billion won ($196 million) in dividends to the Ministry of Economy and Finance, the state lender's largest shareholder with a 59.2 percent stake. This is an increase of about 55 billion from 166.2 billion paid out to the ministry in 2019.The amount was set after the lender decided to pay 471 won per share at a board meeting Wednesday; but it will be finalized at a regular shareholders meeting, March 25.The total dividends to be paid out is expected to be 372.9 billion won. Given the lender's net profit was 1.26 trillion won in 2020, the payout ratio measured by dividends total divided by net profit is 29.5 percent.The ratio was 30.8 percent in 2016, 30.9 percent in 2017, 30.1 percent in 2018 and 32.5 in 2019.The figure of 29.5 percent is far higher than the maximum of 20 percent recommended by Financial Services Commission (FSC), in order to get financial institutions to increase their reserves to cushion against any possible financial shock triggered by uncertainties involving the COVID-19 pandemic.Also at p

Mar 5, 2021By Lee Kyung-min
Finance ministry to receive handsome dividends from IBK
Economy

JobKorea, Korea's top recruitment portal, to be sold to HK-based Affinity Equity Partners

JobKorea logo / Courtesy of JobKoreaBy Anna J. Park Korea's largest online job listing site, JobKorea, is set to be sold to Hong Kong-based private equity firm (PEF) Affinity Equity Partners, as the firm has been selected as the preferred bidder for the portal's acquisition.According to the investment banking industry, local PEF, H&Q, which owns the recruitment site, chose Affinity Equity Partners to sell the online portal to at an estimated price of nearly 900 billion won ($800 million). Three other major PEFs also joined the acquisition talks, including CVC Capital, TPG Capital and MBK Partners, but Affinity Equity Partners is said to have submitted the highest bid. H&Q and Affinity Equity are slated to sign a sales and purchase agreement (SPA) later this month. Morgan Stanley is the acquisition underwriter.With the deal, H&Q Korea will gain profits of over three times its original investment in less than eight years. The PEF purchased a 49.9 percent stake in JobKorea for 95 billion won in late 2013 from Monster Worldwide, the U.S.-job listing service company. H&Q K

Mar 5, 2021By Anna J. Park
JobKorea, Korea's top recruitment portal, to be sold to HK-based Affinity Equity Partners
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