Korean stocks retreat on lack of momentum

South Korean stocks extended a fifth-day losing streak Wednesday as upward momentum faded after enjoying a sharp rally and investors grew cautious over economic uncertainties at home and abroad. The Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index dropped 8.38 points, or 0.33 percent, to close at 2,518.26. Trade volume was moderate as 394.23 million shares worth 7.19 trillion won ($6.46 billion) changed hands with losers far outnumbering gainers 563 to 270.&q

Nov. 15, 2017

Card firms' Q3 profit tumbles 20% on fee cuts

South Korean credit card companies saw their third-quarter earnings plunge due mainly to a cut in their fee rates on member stores, data showed Wednesday.The combined net income of eight stand-alone card firms stood at 419.6 billion won ($375 million) in the July-September period, down 20 percent from a year earlier, according to the data by the Financial Supervisory Service and industry sources. The nosedive was attributed to the fee-rate cut conducted in August. The card issuers lowered their

Nov. 15, 2017

Seoul stocks down on weak Chinese economic data

South Korean stocks finished lower Tuesday as investors took to the sidelines over weak Chinese economic data and uncertainties over US tax policy. The Korean won strengthened against the greenback.The benchmark Korea Composite Stock Price Index lost 3.71 points, or 0.15 percent, to close at 2,526.64. Trade volume was relatively light, as 283.65 million shares worth 5.67 trillion won ($5.07 billion) changing hands, with losers outnumbering gainers 432 to 372.Market heavyweights had a bearish day

Nov. 14, 2017

Brokerages upbeat on stock market in 2018

South Korea's main stock market is expected to gain further ground next year on a stronger economy with the key index breaching the 2,900-point level, local brokerages said Tuesday.Driven by brisk foreign buying stemming from resilient corporate earnings, the benchmark Korea Composite Stock Price Index had been renewing all-time highs before going south in recent sessions. The KOSPI hit an all-time high of 2,557.97 on Nov. 3 before closing at 2,530.35 Monday.In a research note, KB Securities Co.

Nov. 14, 2017

Five local brokerages obtain license for investment banking

The nation’s financial regulator on Monday gave approval to five brokerage companies on starting investment banking businesses, as part of the government’s economic blueprint to boost the global competitiveness of local financial players.The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, according to the Financial Services Commission. Among them, Korea Investment & S

Nov. 13, 2017

Government vows incentives to ‘social finance’ players

Financial authorities on Monday vowed full-fledged support for companies that pursue social values, under a long-term vision that co-prosperity is vital for the nation‘s economic sustainability.“In order for the social finance model to settle as an independent and sustainable economic system, it is crucial to build a related hardware,” said Choi Jong-ku, chairman of the Financial Services Commission, in a meeting with the FSC-affiliated Financial Development Council members. Ca

Nov. 13, 2017

5 brokerages granted licenses for investment banking

South Korea's financial regulator on Monday granted licenses to five brokerages so they can engage in investment banking businesses and help local firms become global players in this critical business sector going forward. The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, the Financial Services Commission said in a statement.  However, only Korea Investment & Securities wa

Nov. 13, 2017

Seoul stocks down on US tax reform jitters

South Korean stocks finished lower on Monday as investors locked in profits from recent gains and fretted over the delay in corporate tax cuts in the United States.The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 12.6 points, or 0.5 percent, to close at 2,530.35. Trade volume was relatively small at 263.65 million shares worth 6 trillion won ($5.35 billion), with losers outnumbering gainers 424 to 375.Market heavyweights retreated after US Republican

Nov. 13, 2017

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Monday, led by gains in the tech and auto sectors. The benchmark Korea Composite Stock Price Index added 4.09 points, or 0.16 percent, to 2,547.04 in the first 15 minutes of trading.Market kingpin Samsung Electronics inched up 0.14 percent, and SK hynix, a major chipmaker, climbed 0.73 percent. Hyundai Motor, the No. 1 automaker, advanced 3.24 percent, and its parts maker Hyundai Mobis went up 2.61 percent. Cosmetics firms also rose. AmorePacific, the leading co

Nov. 13, 2017

Samsung Electronics' share target price revised up on hope over dividends

South Korean brokerage houses are revising up the target share price for market kingpin Samsung Electronics Co. as the company continues to make friendly gestures towards shareholders, market watchers said Saturday.Shares of Samsung Electronics closed at 2,820,000 won ($2,523) on Friday, up 0.11 percent from the previous session.The price marks a 56.2 percent surge from 1,805,000 won posted in the first trading session of 2017.According to the data compiled by Yonhap Infomax, the financial arm o

Nov. 11, 2017

Seoul stocks down amid uncertainties over US tax reform

South Korean stocks finished lower on Friday as foreign investors went on a heavy selling spree amid uncertainties over a possible delay of US tax reform. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 7.62 points, or 0.3 percent, to close at 2,542.95. Trade volume was moderate at 288 million shares worth 5.4 trillion won ($4.8 billion), with gainers outnumbering losers 409 to 385.The main bourse opened lower, taking a cue from overnight losses

Nov. 10, 2017

Seoul stocks open lower on overnight US losses

South Korean stocks opened lower Friday, taking a cue from overnight losses on Wall Street amid a possible delay of US tax reforms.The benchmark Korea Composite Stock Price Index fell 12.04 points, or 0.47 percent, to 2,538.53 in the first 15 minutes of trading. Market kingpin Samsung Electronics lost 0.78 percent, and SK hynix, a major chipmaker, was down 0.36 percent.Hyundai Motor, the No. 1 automaker, retreated 0.96 percent, and AmorePacific, the leading cosmetics firm, edged down 0.46 percen

Nov. 10, 2017

Cryptocurrency coming under increasing malware attack

Malicious code targeting cryptocurrency is increasing at an alarming rate with the rising value of virtual money, statistics showed Friday.According to Korea Internet & Security Agency, 5,366 cases of damage from ransomware were reported in the January-September period this year, up 3.7-fold from 1,438 in the same period last year.  Reported instances of malicious code in the July-September period increased to 452 from 436 in the second quarter. Among them, 347 were ransomware and 44 we

Nov. 10, 2017

BOK to maintain current monetary stance, rate hike likely on market conditions

South Korea's central bank said Thursday that it will maintain the current monetary easing stance but may raise rates if market conditions are favorable."We plan to maintain our stance of monetary policy accommodation, as the inflationary pressures on the demand side are not expected to be high, although the trend of domestic economic growth is likely to continue," the Bank of Korea said in a report submitted to the National Assembly earlier in the day. Still, the central bank said &qu

Nov. 9, 2017

Seoul stocks trade higher late Thursday morning

South Korean stocks traded higher Thursday morning on the back of gains in shipbuilders and insurance shares.The benchmark Korea Composite Stock Price Index rose 3.15 points, or 0.12 percent, to 2,555.55 as of 11:20 a.m. Shipbuilders traded higher, with industry leader Hyundai Heavy Industries rising 0.61 percent and Samsung Heavy Industries adding 3.11 percent.Samsung Life Insurance, the top life insurer, advanced 1.14 percent and Samsung Fire & Marine Insurance increased 0.19 percent.The l

Nov. 9, 2017

Shareholder advocacy firm opposes KB Financial labor's proposals

With KB Financial Group Inc.'s extraordinary shareholders meeting 10 days away, a global corporate advisory firm has objected to two agenda items offered by the major banking group's labor union, industry sources said Thursday.In a recent report, US-based Institutional Shareholder Services Inc. has advised shareholders to vote against the nomination of a union-selected lawyer with a history of civil activism and politics as an outside director.The company has also expressed its opposition to the

Nov. 9, 2017

Korean bourse fares 3rd-best worldwide this year

South Korea's main stock market has been the third-best performer among bourses in major advanced and emerging countries this year despite its recent drop, data showed Thursday.The benchmark Korea Composite Stock Price Index fell for the second session to close at 2,545.44 on Tuesday on profit-taking after touching an all-time high on Friday, according to the data by the Korea Exchange.Yet Tuesday's close was up a whopping 25.6 percent from the end of last year, posting the third-highest gain am

Nov. 9, 2017

Seoul stocks end higher on tech gains

South Korean stocks finished higher Wednesday, led by advances in large cap tech shares, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index rose 6.96 points, or 0.27 percent, to close at 2,552.4. Trade volume was moderate at 273 million shares worth 5.6 trillion won ($5 billion) with gainers outnumbering losers 409 to 374.The local stock market opened lower due to declines in financial and chemical shares, but the index turned higher followin

Nov. 8, 2017

Govt. to provide more cheap loans to low income earners

The government plans to provide more cheap loans to support low income earners and allow them to defer debt repayments if they lose their jobs or are forced shut down their business, the financial regulator said Wednesday. Choe Heung-sik, governor of the Financial Supervisory Service, made the remark at a job fair for low income earners. Financial authorities have stepped up efforts to cut the financial burden on vulnerable borrowers, as the Bank of Korea is expected to raise its key rate in the

Nov. 8, 2017

Seoul stocks open lower on financials, chemicals

South Korean stocks opened lower Wednesday, driven by losses in large cap financial and chemical shares. The benchmark Korea Composite Stock Price Index shed 5.23 points, or 0.21 percent, to 2,540.21 in the first 15 minutes of trading. Leading life insurer Samsung Life Insurance plunged 1.12 percent, and LG Chem, a major chemicals company, declined 0.86 percent.No. 1 steelmaker POSCO also dropped 1.23 percent.Market kingpin Samsung Electronics, meanwhile, advanced 0.04 percent, and SK hynix, a g

Nov. 8, 2017