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Experts optimistic over KOSPI amid possible tapering Posted : 2021-05-26 16:59 By Anna J. Park Despite market concerns over possible tapering measures, experts are remaining optimistic over the future course of the KOSPI, as they expect that the index could rise to 3,700 points, an increase of over 15% over the current level. According to recent reports by leading brokerage firms, the KOSPI s expected moving range has been set between 3,400 to 3,700 points during the second half of this year. Shinhan Financial Investment was the most positive about local stock markets future performances, suggesting that the KOSPI index could hit 3,700 points, in the best scenario, during the second half of this year, followed by Heungkuk Securities forecast of 3,600 points, and Daishin Securities prediction of 3,630 points. ....
The Drew Las Vegas (Courtesy of JW Marriott) South Korean institutional investors in the Drew Las Vegas development are preparing to file a lawsuit against two domestic brokerage firms, seeking compensation for the loss of their entire investment of 300 billion won ($265 million) in the long-stalled project. In 2019, Mirae Asset Securities Co. and NH Investment & Securities Co. underwrote the junior mezzanine tranche of 300 billion won to fund the construction on the Las Vegas Strip, and sold it down to domestic institutional and retail investors. The institutional investors include pension funds, mutual aid associations, Hyundai Motor Securities Co., Hyundai Motor Group’s foundation, the Korean casino operator Kangwon Land and the country’s major broadcasting companies. ....
Posted : 2021-04-12 16:55 Updated : 2021-04-12 16:58 COOCON CEO Kim Jong-hyun speaks during a press conference held at Conrad Seoul on Yeouido, Monday. / Courtesy of COOCON By Anna J. Park COOCON, the country s top financial big data provider, is set to make its IPO debut on the tech-heavy KOSDAQ later this month, aiming to grow into a major global player of the big data platform business. Founded back in 2006, the business data platform company has solidly positioned itself at the heart of the country s big tech companies and financial giants over the past 15 years, as it collects and provides big data to major clients. ....
POSCO s Argentine lithium lake valuation backfires Posted : 2021-03-07 15:56 By Nam Hyun-woo POSCO s self-promotion of its investment into an Argentine lake having lithium reserves appears to be backfiring, as analysts and industry officials have raised doubts about the company s prediction that sales from the project will reach 35 trillion won ($31 billion). Last week, POSCO said it was expecting a whopping 35 trillion won in value from the lithium reserves in the Hombre Muerto salt lake in Argentina, which the company acquired extraction rights to from Australia s Galaxy Resources for 310 billion won in 2018. POSCO said that it expects this because it confirmed last year that there were 13.5 million tons of lithium in the lake, a six-fold increase from the 2.2 million tons estimated at the time of the investment, and the sharp hike in lithium prices over the last several months. But the company did not specify how it calculated the 35 trillion won. ....
Posted : 2021-01-27 16:31 Updated : 2021-01-27 20:43 Members of the Korea Stockholders Alliance hold a rally in front of Government Complex Seoul, Wednesday, to call for a complete ban on stock short-selling. / Yonhap By Park Jae-hyuk Mirae Asset Daewoo, Samsung Securities and Korea Investment & Securities are considering giving retail investors wider access to short-selling by lending them stocks for the investment method that bets on the price fall of the borrowed shares, according to industry sources, Wednesday. Short-selling refers to a method in which an investor sells borrowed shares in the belief that the price will fall and they will be able to buy the shares back at a discount, keeping the difference and returning the borrowed shares. ....