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Reporter : Lee Min-hyung
Sun, August 14, 2022 | 12:00
Kyobo gears up for IPO once again
Kyobo Life Insurance has pledged to try again for a long-awaited initial public offering (IPO), after the move was blocked last Friday when the Korea Exchange didn't grant its approval during a preliminary examination. The exchange operator did not share any additional reasons behind the decision, but the ongoing legal dispute between Kyobo and its financial investor ― led by...
House prices fall as transactions plummet on interest rate hikes
Korea's housing market has entered a major adjustment period represented by falling apartment prices as transactions plummet due to rising interest rates. According to data from the Korea Real Estate Board, the average apartment price in Seoul dropped by 0.03 percent on July 4 compared to a week earlier. Apartment prices in the capital have been edging down for the past five ...
Kakao investors frustrated by falling stock price
Kakao investors are feeling increasingly frustrated by a steep fall in the price of the company's stock after the mobile platform operator decided to sell the management rights of its mobility subsidiary. Kakao shares had shown signs of a rebound up until early last week. The stock price dipped below 70,000 won in June, hit hard by sagging stock market sentiment here and abro...
Kakao Pay's inclusion in MSCI index unfeasible
Kakao Pay's inclusion in the Morgan Stanley Capital International (MSCI) index looks unfeasible in August, even if the likelihood was raised after Alipay dumped millions of shares in the Korean firm in a recent block deal, analysts said Thursday. Last month, Alipay Singapore Holding, the second-largest shareholder of Kakao Pay, sold 5 million Kakao Pay shares.
Fintech firms' corporate value plunges amid rate hikes, recession woes
Major fintech firms are grappling with their falling corporate value amid rising interest rates and fears of a recession. According to data from Stockplus Unlisted, a Seoul-based unlisted stock trading platform, K bank's shares were traded at around 14,400 won as of Wednesday, a drop of more than 30 percent from early this year when its value hovered over 22,000 won per share.
Investors advised to boost cash holdings amid stock market uncertainty
Stock investors are advised to increase cash and other safer assets such as gold and dividend stocks in their asset portfolios, as growing fears of a recession will keep posing a risk to the benchmark KOSPI, analysts said. The main bourse has been on a sharp decline, falling to around 2,300 points for the past month. It closed at 2,292.01 Wednesday, down 49.77 points from the...
Consumption slowdown poses biggest risk to Korean firms: S&P
The growing fear of a consumption slowdown comes as the biggest risk to Korean companies during this period of soaring inflation and global financial uncertainty, global credit appraiser S&P Global Ratings said in an online press conference, Wednesday. The ratings agency expected the consumption slowdown following the outbreak of the pandemic and the rapid rise in prices to k...
Foreign exchange reserves suffer largest fall since 2008
Korea's foreign exchange reserves reported the biggest monthly decline in June since the 2008 global financial crisis, as authorities sold foreign currencies to defend a sharp depreciation of the Korean won. According to the Bank of Korea (BOK), the figure reached $438.28 billion won as of the end of last month. This is a drop of $9.43 billion from a month earlier.
What's behind falling banking stocks?
Banking stocks are extending a losing streak on escalating fears of a recession and the heightened risk exposure of their asset soundness amid soaring interest rates, analysts said. The stock performance runs counter to the once-prevalent optimism on banks earlier this year when they were widely expected to continue a robust rally on hopes of earnings growth driven by interes...
Vietnam emerges as strategic overseas partner for IBK, Hana
The Industrial Bank of Korea (IBK) and Hana Bank are moving to expand their footing in Vietnam due to the huge growth potential of the country's retail banking industry. Korea's major commercial lenders - such as Shinhan Bank and Woori Bank - are already operating subsidiaries in Vietnam and generating stable revenues there.
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