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Reporter : Lee Min-hyung
Sat, August 20, 2022 | 00:18
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.
Institutional investors dump Samsung shares amid macroeconomic uncertainty
Institutional investors are engaging in a selling spree of Samsung Electronics shares on protracted fears of an economic recession here and abroad. Samsung shares hit a 22-month low of 55,900 won ($43.13) at one time on Friday. The Samsung fall also dragged down the KOSPI. The main bourse narrowly defended the 2,300-point mark, closing at 2,305.42, down 1.17 percent or 27.22 ...
Shinhan intensifies rivalry with Kakao in digital insurance
Competition is intensifying between Shinhan Financial Group and Kakao in the nascent digital insurance market amid sluggish growth in the conventional insurance market. The financial holding firm launched its 16th subsidiary - Shinhan EZ General Insurance - on Friday. The company was formerly known as BNP Paribas Cardif General Insurance. Shinhan acquired the firm last Novemb...
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