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Reporter : Lee Min-hyung
Fri, January 27, 2023 | 10:32
Korean firms' weak earnings outlook to burden KOSPI
The Korean stock market is feared to face an adjustment period on escalating fears of recession and conglomerates' dismal earnings outlooks. The negative outlook came amid growing skepticism over major firms' earnings growth on falling demand for Korea's major export items.
Korea's GDP shrinks 0.4% in Q4, 1st contraction in 10 quarters
The Korean economy contracted 0.4 percent in the fourth quarter of 2022 compared to the previous three months, with the twin engines of growth - private spending and exports - declining simultaneously amid a global economic slowdown, the Bank of Korea (BOK) said Thursday. This marks the first time since the second quarter of 2020 that the Korean economy shrank. GDP contracted...
Housing market on downward spiral after peaking in 2nd quarter of 2021
Korea's housing price valuation index is on the gradual decline after hitting a 10-year high in the second quarter of 2021, as the real estate bubble is showing clear signs of bursting on successive key rate hikes over the past year, data from the Bank of Korea (BOK) showed Wednesday. According to the central bank, the nation's Z-score index came in at 1.5 between April and J...
Former top financial regulator to vie for Woori chairmanship
Lim Jong-ryong, former chief of the Financial Services Commission (FSC), declared his interest in becoming Woori Financial Group's next chairman, citing his competitive edge in mapping out a balanced and neutral management vision. “I have an objective and neutral mindset when it comes to managing a financial organization, which was proven by my broad range of experiences at g...
Easing of pandemic pushes up tourism, aviation stocks
Tourism and aviation stocks are on track for a robust rally on growing hopes for an end to the pandemic, as authorities here and abroad display signs of easing quarantine measures. According to data from the Korea Exchange, the nation's representative tourism stocks reported double-digit growth for the first three weeks of January.
Banks offer financial support programs as households face mounting interest burdens
Local commercial lenders are launching a series of financial support programs for households and vulnerable social groups amid escalating pressure from watchdogs. KB Kookmin Bank was the first to operate its own household support program, in a preemptive move to ease households' growing financial burden. The lender will cut the interest rate for loans that are overdue by 1 pe...
Upcoming FOMC to determine movement of Korean stocks, cryptocurrencies
The U.S. Federal Reserve's upcoming message on its possible policy shift will determine whether Korean stocks can extend their rare momentum for a rally even after the Lunar New Year holiday. According to data from the Korea Exchange, the benchmark KOSPI is on a path for a gradual rebound with an increase of 7.6 percent between Jan. 2 and 16.
8 candidates vie for Woori's next chairmanship
Woori Financial Group reportedly longlisted eight candidates for its next chairman, after incumbent Chairman Son Tae-seung expressed his intention of stepping down from the post at the end of his term. According to sources in the financial industry, the candidates include five executives from within its ranks, and three outside figures. Among them are Woori Bank CEO Lee Won-d...
Brokerage houses heat up race in securities token market
Brokerage houses here are preparing to jump into the nascent securities token market after a financial watchdog approved Thursday the issuance of blockchain-powered digital tokens. Financial Services Commission (FSC) Chairman Kim Joo-hyun said securities token offerings (STO) will be legally available in Korea. The decision came amid growing demand for tokenized digital asset...
Stock traders set to face fines in Korea for unfair practices
People engaging in unfair trading activities in the local capital market will face fines of up to five times the profits they gained. The Financial Services Commission (FSC) said Monday that it agreed on a revision act for the capital market and financial investment business presented by Rep. Yoon Kwan-seok and Rep. Park Yong-jin of the main opposition Democratic Party of Kor...
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