Seoul stocks close lower as Korea-US summit begins

Seoul shares closed lower Tuesday, as investors took to the sidelines awaiting the results of a bilateral summit between the leaders of South Korea and the United States, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 3.97 points, or 0.16 percent, to close at 2,545.44. Trade volume was moderate at 236 million shares worth 5 trillion won ($4.5 billion) with losers outnumbering gainers 435 to 368.The local stock market opened marginall

Nov. 7, 2017

Korea's insurers face 'disruptive change' over looming rate hike

South Korea's insurance industry will face a "disruptive change" if the nation's central bank raises interest rates, a senior official at the financial regulator said Tuesday. The Bank of Korea is expected to raise its key rate in coming months, marking its first tightening in more than six years. Kim Yong-beom, vice chairman of the Financial Services Commission, told a forum on the insurance industry, "You see in Korea, the biggest disruptive change to our insurance industry emer

Nov. 7, 2017

Prosecutors raid Woori Bank head office over illicit hiring allegations

Prosecutors said Tuesday they raided the headquarters of Woori Bank in central Seoul as part of their probe into alleged illicit recruitment of staff. The Seoul Northern District Prosecutors' Office sent its investigators to confiscate documents and other evidence from the bank chief's office and its human resources department, it said.  The major South Korean lender is accused of hiring 16 entry-level staff last year who are related to powerful former and incumbent ranking officials from t

Nov. 7, 2017

Foreign IBs hike Korea's growth outlooks

Major foreign investment banks have revised upward their growth forecasts for the South Korean economy on its brisk exports and better-than-expected expansion for the third quarter, a report showed Tuesday.  According to the report by the Korea Center for International Finance, Barclays, JP Morgan, Goldman Sachs, Nomura and five other foreign IBs forecast Asia's fourth-largest economy to grow at an average rate of 3 percent in 2017. The forecast, made at the end of last month, is up from th

Nov. 7, 2017

Seoul shares end lower amid profit-taking

South Korean stocks finished lower Monday, as investors opted to cash in recent gains after the main bourse closed at a record high the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 8.56 points, or 0.33 percent, to close at 2,549.41. Trade volume was moderate at 209 million shares worth 5 trillion won ($4.48 billion), with losers outnumbering gainers 488 to 324.The local stock market opened lower despite a rally in

Nov. 6, 2017

Govt. to get national pension fund to invest more into KOSDAQ market

South Korea's top financial regulator said Monday it will draw up measures by the end of this year to encourage the nation's state pension fund to invest more in the KOSDAQ market. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with executives of financial firms and lawmakers. Financial authorities have considered giving tax breaks and easing listing rules to boost the KOSDAQ in a bid to help promising new companies raise funds on the market. 

Nov. 6, 2017

Foreign firms take up 40% of brokerage sector

Foreign players account for 40 percent of the South Korean brokerage industry as they push to boost their presence here amid a series of local firms' shutdowns and mergers, the financial regulator said Monday.According to the Financial Supervisory Service, 22 foreign securities companies and branches were in operation in the country as of the end of September this year, with the overall number of industry players reaching 55.Of the foreign companies, 11 were wholly owned subsidiaries with the re

Nov. 6, 2017

Woori Bank taps global biz group head as acting CEO

Woori Bank convened a temporary meeting of board members and tapped Sohn Tae-seung as acting chief to overcome the leadership vacuum caused by the sudden resignation of its CEO.The move to name Sohn, who is the lender's executive vice president and head of global business group, comes days after Woori president Lee Kwang-goo apologized to the public and tendered his resignation over alleged irregularities in hiring new employees last year. There have been suspicions that employees of the lender

Nov. 5, 2017

[Newsmaker] Will Kosdaq get boost from Seoul’s venture support?

Following the government’s recent announcement it plans to increase fiscal support for innovative startups and venture firms and revitalize second-tier markets, the Kosdaq has slowly rebounded, closing above the 700-marker last week for the first time in a year and two months. 　And will the nation’s tech-heavy stock market get a boost from the government’s venture support? Some experts gave a positive outlook.　According to industry experts, while stock buying is likely to slow

Nov. 5, 2017

Seoul shares set to trade higher next week on China-related shares

South Korean stocks are expected to trade stronger next week as expectations of better Seoul-Beijing relations could help exporters, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,557.97 on Friday, up 2.45 percent from the previous week.On Monday, the bourse set a new record with its index closing above the 2,500-level mark for the first time since it opened in 1983. The record-breaking performance was widely attributed to the strength of technology shares.Mar

Nov. 4, 2017

Kakao Bank says regulations likely to delay innovation in banking sector

The head of Kakao Bank, South Korea's second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country's banking sector."The pace of innovation could slow down unless the restrictions are eased," Yun Ho-young, one of the bank's two co-CEOs, said in a news conference in Seoul marking the first 100th day anniversary of the lender starting operations.Kakao Bank, led by Kakao Corp., o

Nov. 3, 2017

Seoul shares at record high on new Fed chief nomination

South Korean shares closed at a new high Friday as investors' sentiment was boosted by abated uncertainties from the United States on the nomination of a new chief of the Federal Reserve, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index added 11.61 points, or 0.46 percent, to close at 2,557.97. Trading volume was low at 289 million shares worth 5.47 trillion won ($4.91 billion), with gainers outpacing losers 455 to 331.Analysts said Seo

Nov. 3, 2017

Woori Bank chief resigns amid recruiting scandal

Woori Bank CEO Lee Kwang-goo resigned Thursday, amid accusations that the bank offered special favors to children of high-profile officials and VIP clients in last year’s open recruitment.“As chief executive of Woori Bank, I offer my sincere apology to the people and to our clients for causing controversies related to the 2016 open recruitment,” Lee said in an email to employees. “Bearing the responsibility, I have notified the directorate of my intention to resign and re

Nov. 2, 2017

Seoul shares down 0.4% on profit-taking

South Korean shares closed lower Thursday, snapping a four-day rise, as institutional and foreign investors sought profits after the main bourse posted new records for the fourth consecutive session this week, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.11 points, or 0.4 percent, to close at 2,546.36. Trading volume was high at 521 million shares worth 6.17 trillion won ($5.53 billion), with losers outpacing gainers 450 to

Nov. 2, 2017

[News Focus] Trump, FOMC decisions unlikely to jolt market

Markets in South Korea were moderately mixed Thursday, while analysts here noted that dovish decisions in the United States would leave the market free of immediate impacts, citing the unlikelihood of a rate hike by the Korean central bank at least until the end of this year.The top-tier stock market index took a breather Thursday. The Kospi closed at 2,546.36, down 0.4 percent from Wednesday’s close. This marked an end to the record run that lasted for the four previous days, which lifted

Nov. 2, 2017

Korea's 100 richest people own stocks worth more than one third of national budget

South Korea's 100 richest people own stocks worth more than one third of the country's national budget amid a recent stock rally, industry data showed Thursday.The value of stocks held by the 100 richest people reached 123.2 trillion won ($110.5 billion) as of the end of Wednesday, up 35.6 percent from early January, according to industry tracker Chaebul.com.Last year, parliament approved a 400.5 trillion won budget bill for 2017. A recent stock rally has further boosted the value of stocks held

Nov. 2, 2017

KIS one step closer to lending rights

Korea Investment & Securities, Korea‘s fifth-largest securities firm by net worth, moved a step closer in obtaining the rights to lend to local corporations, and is now awaiting the approval of the country’s top regulator, expected next week. On Wednesday, the Securities and Futures Commission sent approval of the short-term debt instrument license of Korea Investment & Securities to its umbrella body and Korea’s top financial watchdog, the Financial Services Commission

Nov. 2, 2017

Individuals' credit loans up in October

Credit loans extended by South Korea's five major banks rose slightly in October from a month earlier, data showed Thursday, as the government tightened mortgage lending rules.The outstanding balance of credit loans by the five retail banks, including KB Kookmin Bank and Shinhan Bank, stood at 95.62 trillion won ($85.8 billion) at the end of October, up 1.77 trillion won from the end of September, according to the data from the financial industry.The increase is the highest since 2016, according

Nov. 2, 2017

Samsung Group affiliates make up third of market cap on main bourse

Samsung Group shares account for roughly one-third of market capitalization on South Korea's main bourse as they continue to gain ground, data showed Thursday.Finance market analyzer FN Guide put the total market cap of 15 Samsung Group affiliates at 529.36 trillion won ($476.25 billion) as of Wednesday's closing. It marks a 9.04 percent increase since Oct. 10, when the main KOSPI market reopened after the 10 day Chuseok, or autumn harvest, holiday.The KOSPI's market cap rose 4.95 percent during

Nov. 2, 2017

Stocks open nearly flat as investors take breather

South Korean stocks opened nearly flat Thursday as the market took a breather after the main bourse renewed its record highs for the fourth consecutive session.The benchmark Korea Composite Stock Price Index edged down 2.2 points, or 0.09 percent, to 2,554.27 in the first 15 minutes of trading. Market kingpin Samsung Electronics inched up 0.07 percent, with its smaller rival LG Electronics increasing 1.95 percent. LG Display also added 1.86 percent.No. 1 carmaker Hyundai Motor, in contrast, shed

Nov. 2, 2017