While the cloud of COVID-19 still lingers across the world, the economies are slowly reviving. South Korea expects to see a new rush in stock earnings, and gold prices also see an upward trend. In the season of Mergers & Acquisitions, KT Corporation could announce an important acquisition, and Kakao founder pledges to donate wealth. KoreaTechDesk brings some news from South Korea that happened last week.
Seoul stocks to continue rise on earnings hope next week
Source: The Korea Herald
South Korean stocks are likely to maintain their upward momentum next week as expectations of estimate-beating first-quarter corporate earnings run high, although investors may be attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index closed at 3,198.62 points on Friday, up 2.13 percent from a week before.
The index gained for the five sessions since Monday, with brokerages predicting the index may stay above the 3,200-point threshold despite the increased valuation pressure.
Kakao founder sells 500 bln won worth of stocks as part of donation pledge https://t.co/6NNALm3ZA8
— Yonhap News Agency (@YonhapNews) April 16, 2021
Gold rush underway as Koreans seek safety, and a bargain
Source: KoreaJoongAng Daily
Gold is glittering again as economic fear mounts and Koreans rush toward safe assets. Volume on the Korea Gold Exchange through April 9 is already half of 2020’s full-year trading, with 10,780 kilograms (23,800 pounds) changing hands. Koreans can purchase gold through brokerage houses, via home shopping channels and online. Gold traded at 62,990 won per gram (0.04 ounce) on April 15, according to Korea Exchange. Compared to July 28’s 80,100 won, when it reached an all-time high, it’s down 21 percent. The price of one-kilogram of gold dropped 13 million won to some 72 million won during the same period.
KT’s next acquisition target could be popular asset-management app
Source: The Korea Times
KT’s next acquisition target could be a popular asset-management app called “Banksalad.” The telecom firm is in the process of revamping its financial businesses to attain a leading position in Korea’s burgeoning data-driven financial industry.
According to industry sources and media reports, Friday, KT is in talks with the asset management app operator to acquire a controlling stake, hoping to create synergy with its existing financial services affiliates ― K bank and BC Card.
Gangwon Innovation Center fosters 28 companies specialized in New Deal
The Gangwon Creative Economy Innovation Center announced on April 16th that it will foster 28 preliminary startups and startup companies. These companies were selected in the ‘2021 Gangwon-hyung New Deal Specialized Business Startup Idea Contest’ held last month. Each of these companies is provided with a commercialization fund of up to 20 million won.In addition, 1:1 customized accelerator programs and institutional linkage programs are also implemented to commercialize and advance ideas.