Korea's trade surplus with US drops for 13th straight month

South Korea's trade surplus with the United States has been on a steady decline for the past 13 months amid the Seoul government's efforts to reduce the imbalance, customs data showed Sunday.A trade surplus with the world's largest economy reached $915 million last month, more than halving from $2 billion tallied a year ago, according to the data compiled by the Korea Customs Service. The monthly numbers have been falling since May last year when they backtracked 14.9 percent on-year to $1.78 bi

June 11, 2017

[Photo News] Kospi closes at a new record high

June 9, 2017

Seoul stocks advance to record high amid receding uncertainties

South Korean stocks closed at a record high Friday as investors' sentiment was boosted by receding global uncertainties, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 18.12 points, or 0.77 percent, to 2,381.69. Trade volume was high at 511 million shares worth 7.1 trillion won ($6.32 billion), with gainers outnumbering losers 464 to 340.It marked the first time that the Kospi closed at 2,380 levels.The Kospi even hit 2,385.15 at

June 9, 2017

Korean shares trade higher in late morning trade

South Korean stocks traded higher late Friday morning, setting a new record during the session.The benchmark Korea Composite Stock Price Index (Kospi) shot up 19.92 points, or 0.84 percent, to 2,383.49 as of 11:20 a.m.The figure reached 2,384.21 at one point, setting a new record in terms of during-session numbers.Tech shares continued to gain ground, with Samsung Electronics advancing 2.66 percent and No. 1 chipmaker SK hynix advancing 2.29 percent.Top portal operator Naver also shot up 5.73 pe

June 9, 2017

Investment advisory firms suffer 85% drop in 2016 fiscal year profit

The combined net profit of 162 investment advisory firms in South Korea plunged 85 percent on year in the 2016 fiscal year, hit by a sharp decline in commission fees and new contracts, data showed Friday. Competition was intensifying among investment advisory firms while new contracts declined during the April 2016-March 2017 period, forcing them to cut commission fees, the Financial Supervisory Service said in a statement.  The investment advisory firms reported a combined net profit of 96

June 9, 2017

Stocks open higher on tech, steel

South Korean stocks opened higher Friday on the back of strong gains in technology firms and steelmakers.The benchmark Korea Composite Stock Price Index  advanced 8.65 points, or 0.37 percent, to 2,372.22 in the first 15 minutes of trading.Tech shares kicked off bullish, with Samsung Electronics rising 1.51 percent and SK hynix jumping 1.06 percent. LG Electronics moved up 2.07 percent.Steelmakers also opened higher, with No. 1 Posco increasing 2.04 percent and Hyundai Steel climbing 1.02 p

June 9, 2017

Seoul stocks edge up amid series of events

South Korean stocks closed slightly higher Thursday after trading nearly flat throughout the session as investors took to the sidelines amid a series of global events, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index inched up 3.43 points, or 0.15 percent, to 2,363.57. Trade volume was moderate at 402 million shares worth 8.1 trillion won ($7.21 billion), with losers outnumbering gainers 441 to 366.Analysts said Seoul shares traded nearly f

June 8, 2017

Korean shares trade lower in late morning trade

South Korean stocks traded lower late Thursday morning with builders and retailers being major losers.The benchmark Korea Composite Stock Price Index fell 9.68 points, or 0.41 percent, to 2,350.46 as of 11:20 a.m.Construction shares continued to lose ground, with Hyundai Engineering & Construction falling 1.83 percent and Daewoo Engineering & Construction moving down 2.15 percent. Daelim Industrial shed 1.54 percent.Retailers also traded bearish, with top player E-Mart stepping down 2.59

June 8, 2017

Stocks open nearly flat on global uncertainties

South Korean stocks opened nearly flat Thursday as investors took a wait-and-see stance on global events, including the upcoming policy meeting of the European Central Bank.The benchmark Korea Composite Stock Price Index shed 1.18 points, or 0.05 percent, to 2,358.96 in the first 15 minutes of trading.Tech shares were among the winners, with Samsung Electronics rising 0.31 percent and LG Electronics advancing 0.94 percent. LG Display moved up 2.68 percent.Builders traded lower, with Hyundai Engi

June 8, 2017

Banks' loan delinquency rate edges up in April

The delinquency rate of South Korean banks' won-denominated loans edged up in April from a month earlier due to a slight rise in new non-performing loans, government data showed Thursday. The rate for bank loans more than 30 days overdue stood at 0.54 percent at the end of April, up from 0.51 percent at the end of March, according to the data by the Financial Supervisory Service. Compared with a year ago, however, the rate was down 0.1 percentage point, it said. "In April, newly delinquent

June 8, 2017

Seoul stocks close lower on global uncertainties

South Korean stocks closed lower Wednesday as investors were taking a wait-and-see approach over global events, including the general election in Britain, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 8.48 points, or 0.36 percent, to 2,360.14. Trade volume was moderate at 370 million shares worth 6 trillion won ($5.33 billion), with losers slightly outnumbering gainers 406 to 405.Analysts said the sluggish trading came as investors

June 7, 2017

Asset managers‘ operating profit falls 14.8% in Q1

South Korean asset management firms saw their combined operating profit fall 14.8 percent in the first quarter on decreased commission fee income, data showed Wednesday. The combined operating profits of 175 local fund management firms came to 142.8 billion won ($127.2 million) by the end of March, down 24.9 billion won from the last quarter of 2016, according to data compiled by the Financial Supervisory Service.The number of management firms suffering deficits also rose to 73, from 67 in the p

June 7, 2017

Jonggak Station earns new name: Standard Chartered Bank Korea Station

Jonggak Station on Seoul’s Subway Line No. 1 got a second name Friday -- Standard Chartered Bank Korea Station -- the bank said Wednesday.Seoul Metro, an operator of eight subway lines in the Seoul metropolitan area, signed a three-year contract with the Seoul-based unit of the international banking giant on May 29, after the bank won a bid on May 19, according to the bank.  Platform signs and subway maps will state both names for the station. Train announcements of the stat

June 7, 2017

Net purchase of Kosdaq shares by offshore investors biggest in 13 yrs: data

Foreign investors purchased a net 530 billion won ($474 million) worth of stocks on South Korea's tech-heavy Kosdaq market in May, the most in 13 years, local data showed Wednesday.The amount is the third-largest monthly net buying by offshore investors in the secondary Kosdaq market after 1.01 trillion won tallied in February 2000 and 723.4 billion won in April 2004, the Korea Exchange said. Foreign investors concentrated on buying IT and semiconductor shares.  Foreign investors bought 1.0

June 7, 2017

Korean shares nearly flat in late morning trade

South Korean stocks traded nearly flat late Wednesday morning as major blue chip shares traded mixed amid profit-taking.The benchmark Korea Composite Stock Price Index fell 1.93 points, or 0.08 percent, to 2,366.69 as of 11:20 a.m.Tech giants traded mixed, with top cap Samsung Electronics falling 0.9 percent, while flat panel maker LG Display shot up 2.36 percent.Logistics shares gained ground, with Hyundai Glovis moving up 0.97 percent and flag carrier Korean Air advancing 3.05 percent.The loca

June 7, 2017

Stocks open lower on profit-taking

South Korean stocks opened lower Wednesday as investors continued to take a breather amid the latest growth rally on the main bourse.The benchmark Korea Composite Stock Price Index dipped 8.24 points, or 0.35 percent, to 2,360.38 in the first 15 minutes of trading.Carmakers traded bearish, with Hyundai Motor falling 1.55 percent and its auto parts affiliate Hyundai Mobis decreasing 3.45 percent. Kia Motors shed 0.39 percent.Chemical shares were also among losers, with Amore Pacific decreasing 1.

June 7, 2017

118-year-old Woori Bank is oldest listed firm in S. Korea

Woori Bank is the oldest firm listed on South Korea’s stock market, data showed Tuesday.Woori Bank, the fourth-largest commercial bank in South Korea in terms of market cap, is 118 years old, according to data from the Financial Supervisory Service and the Korea Securities Depository.The bank was founded in 1899 through financing by a Joseon-era emperor. It was called Daehan Cheon-il Bank then, but later renamed itself Commercial Bank of Korea. It was one of the five major banks here until

June 6, 2017

More Kospi stocks notch up yearly highs

More major stocks on South Korea’s top bourse jumped into the 52-week high parade Monday, following the historic rally that led nearly one-fourth of its stocks to hit a peak in May.LG Electronics hit 88,900 won ($79.5), while panel maker LG Display reached 34,300 won and automatic teller machine maker Hyosung tapped 172,000 won at the highest during the Monday trade. The previous yearly high was 86,900 won, 33,500 won and 170,500 won, respectively.They were not the only powerhouses listed

June 5, 2017

Seoul stocks close slightly lower amid mixed blue chip trade

South Korean stocks traded nearly flat throughout the session to close slightly lower Monday as major blue chips traded in mixed terrain, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 3.1 points, or 0.13 percent, to 2,368.62. Trade volume was moderate at 322 million shares worth 5.1 trillion won ($4.56 billion), with losers outnumbering gainers 469 to 358.Despite the overall sluggish trade, the KOSPI reached 2,376.83 at one point, s

June 5, 2017

Citibank Korea chief says no pullout from Korea

Citigroup Inc., a New York-based global investment banking and financial services company, won't withdraw its operations from South Korea, Citibank Korea's chief said.Citibank Korea "is here to stay and continue investments as necessary to achieve sustainable growth in Korea," Chief Executive Park Jin-hei said Friday in a message to Citibank Korea employees.There has been market speculation that Citigroup was taking steps to exit from the country when Citibank Korea reduced the number

June 5, 2017