Banks to donate W20b for PyeongChang 2018

South Korean banks will donate 20 billion won ($17.7 million) to the organizing committee of the PyeongChang Winter Olympics to help the nation successfully host the quadrennial sports extravaganza, the Korea Federation of Banks said Tuesday. Besides the donation, banks will buy 1 billion won worth of tickets for the games, according to the federation. KEB Hana Bank, an official supporter of the games, also signed a sponsorship deal worth 11.1 billion won. The donation is in line with banks

Sept. 26, 2017

Korean stocks open lower on US losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index fell 7.14 points, or 0.3 percent, to 2,373.26 in the first 15 minutes of trading.  Most large caps traded mixed, with market kingpin Samsung Electronics losing 1.72 percent and global chipmaker SK hynix shedding 2.78 percent.In contrast, leading steelmaker POSCO gained 1.46 percent, and No. 1 automaker Hyundai Motor gained 2.13 percent.US stocks d

Sept. 26, 2017

Corporate direct financing dips 24% in Aug.

South Korean companies' equity and debt sales plunged more than 24 percent in August from the previous month due mainly to one-off and seasonal factors, government data showed Tuesday. Local companies raised 10.9 trillion won ($9.6 billion) by selling stocks and bonds last month, down 24.4 percent from July, according to the data from the Financial Supervisory Service. Stock sales, including seven initial public offerings, tumbled 69.4 percent on-month to 389.3 billion won in August.The fin

Sept. 26, 2017

Half of stock trades made within day: data

Nearly half of the entire trade volume in South Korea’s stock market this year until mid-September stemmed from day trading, indicating individual traders’ growing tendency to seek instant profit from stocks with high price volatility, data showed Monday. From January to Sept. 15, day traders bought or sold some 48 percent of shares, or 89.5 billion shares, on the first-tier and second-tier markets, according to data by the sole market operator the Korea Exchange. This comes in contr

Sept. 25, 2017

S. Korean shares end lower on foreign selling amid tensions over N. Korea

South Korean stocks ended lower Monday as foreign investors and institutions sold local stocks amid escalating tensions between North Korea and the United States. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index lost 8.31 points, or 0.35 percent, to 2,380.40.Foreign investors offloaded shares worth more than 33.6 billion won ($29.6 million) and institutions sold more than 47.8 billion won. Park Chun-young, an analyst at Daishin Securities, said the d

Sept. 25, 2017

Korean shares down 0.40% in late morning trade on profit-taking

South Korean stocks traded lower late Monday morning as institutions offloaded large-cap stocks on profit taking.The benchmark Korea Composite Stock Price Index lost 9.47 points, or 0.40 percent, to 2,379.24 as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse. Large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained

Sept. 25, 2017

Solar energy-related stocks dip on looming US import safeguard

Stocks of solar energy-related stocks in South Korea traded sharply lower Monday on concerns that the United States may take safeguard measures against solar panels imported from China and other countries, analysts said.OCI, South Korea's top producer of polysilicon, had sunk 5.16 percent to 101,000 won ($89) on the Seoul bourse as of 9:55 a.m., and No. 2 player Hanwha Chemical Corp. was 6.6 percent down at 33,250 won.Polysilicon is an essential raw material for solar cells to convert sunlight i

Sept. 25, 2017

S. Korean shares open lower amid escalating tensions over N. Korea

South Korean stocks opened lower Monday as North Korea risks continued to weigh on the main index.The benchmark Korea Composite Stock Price Index lost 2.22 points, or 0.09 percent, to 2,386.49 in the first 15 minutes of trading.The decline came amid heightened tensions between North Korea and the United States.US Air Force B-1B Lancer bombers flew in international airspace off North Korea's eastern coast in the latest show of force against the isolated country. North Korean leader Kim Jong-

Sept. 25, 2017

Samsung Biologics to remain top drug firm by market cap

The market value of South Korean biopharmaceutical maker Samsung BioLogics Co. surged during this year's stock rally and is forecast to further rise down the road thanks to its solid biosimilar business, market analysts said Sunday.Samsung BioLogics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group that was listed in November last year, bypassed all local pharmaceutical companies in terms of market value.The market capitalization of Samsung BioLogics came to 21 trillion w

Sept. 24, 2017

Citibank Korea reappoints current CEO

Citibank Korea, the local branch of New York-based Citigroup, on Friday recommended current CEO Park Jin-hei as the sole candidate for the next term, officials said.Park is to assume his second term in office once his candidacy is confirmed at meetings of the board of directors and stockholders, both slated for next Wednesday. The top official joined Citibank Korea in 1984, after graduating from Seoul National University and working at the Korea Development Institute.Since taking office as CEO i

Sept. 22, 2017

Shares extend downtrend amid US-N. Korea tension

South Korea’s stocks closed low Friday, extending its losing streak amid mounting tensions over North Korea’s nuclear and missile programs.The benchmark Kospi closed at 2,388.71, down 17.79 points or 0.74 percent from a day earlier, and the secondary Kosdaq also fell by 12.16 points or 1.84 percent to close at 648.95.Domestic individuals and foreign investors net purchased 41.8 billion won ($36.8 million) and 27.9 billion won respectively on the main bourse, while institutions net so

Sept. 22, 2017

Samsung Pay most favored mobile payment platform in Korea: survey

Samsung Pay is the most favored mobile payment system in South Korea, a survey showed Friday.The mobile payment service run by Samsung Electronics Co. received the highest 3.78 points on the 1 to 5 scale, according to the survey of 1,200 people by the Korea Consumer Agency. Naver Pay of South Korea's top Internet portal operator and Kakao Pay of South Korea's dominant messaging app KakaoTalk came in second with 3.76 points each. NHN Entertainment Corp.'s Payco platform ranked fourth at 3.70.User

Sept. 22, 2017

US fiscal tightening to have little impact on Korea: BOK chief

The central bank said Thursday that the US Federal Reserve’s belt-tightening gesture should have a limited impact on Korea’s economy.“I do not think that the Fed’s decision will have a big impact on domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters on the way to his office.The US central bank on Wednesday announced it will shrink its portfolio of bonds by $10 billion a month starting in October and gradually increase the amount over the next

Sept. 21, 2017

Exim-Indonesia seek to expand infrastructure investment

Seeking to expand the investment opportunities of South Korean companies in the profitable Southeast Asian infrastructure market, the Export-Import Bank of Korea has hosted a forum to encourage business in Indonesia, according to officials Thursday.The Indonesia Infrastructure Investment Forum was held Wednesday at Millennium Seoul Hilton jointly by Eximbank and Indonesia’s Ministry of National Development Planning, upon the sponsorship of Korea’s Ministry of Strategy and Finance. At

Sept. 21, 2017

Seoul shares down for 3rd day on auto, steel losses

South Korean stocks closed lower Thursday, down for the third consecutive day, as auto and steel stocks retreated. The Korean won declined against the US dollar.The benchmark Korea Composite Stock Price Index shed 5.7 points, or 0.24 percent, to close at 2,406.5. Trade volume was moderate at 270 million shares worth 5.5 trillion won ($4.85 billion), with losers overwhelming gainers 620 to 198.The local bourse opened nearly flat after the US Federal Reserve hinted at the chance of a December rate

Sept. 21, 2017

Regulator seeks to lower interest rates for margin trading

South Korea's financial regulator said Thursday it will seek to lower interest rates for margin trading and enable more people to pay their insurance fees with credit cards.The plan is a part of the government's aim to enhance the protection of consumers for financial products as the Financial Supervisory Service launched an advisory body on the rights of financial consumers. Interest rates for margin trading vary considerably. Kiwoom Securities Co.'s rate for 15-day margin lending is 11.75 perc

Sept. 21, 2017

KB Kookmin Card eyes Myanmar market

KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar's credit card market after getting the nod to set up an office in the Southeast Asian country.KB Kookmin Card, a unit of South Korea's banking giant KB Financial Group Inc., said it won approval from Myanmar's central bank the previous day to establish a representative office there.The card issuer said it plans to take a step-by-step approach since Myanmar has yet to open its credit card and payment market to foreign companies.&

Sept. 21, 2017

Seoul shares down late Thursday morning

South Korean shares traded lower late Thursday morning driven by losses in auto and steel shares.The benchmark Korea Composite Stock Price Index shed 5.58 points, or 0.23 percent, to 2,406.62 as of 11:20 a.m.Automakers traded bearish with industry leader Hyundai Motor losing 1.41 percent and its sister affiliate Kia Motors declining 1.28 percent. No. 1 steelmaker POSCO surrendered 2.62 percent and Hyundai Steel was down 1.3 percent.Market kingpin Samsung Electronics, meanwhile, gained 0.38

Sept. 21, 2017

Financial regulator vows flexible rules to help fintech industry growth

The head of the Financial Supervisory Service said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry can cope with challenges in uncertain times."Fundamental change is under way in financial platforms as the industry is connected with fintech," Choe said.  As more custo

Sept. 21, 2017

Pharmaceuticals, biotechs soar on US rally

South Korean pharmaceuticals and biotech stocks have gone on a tear this year on the back of a biotech rally on the US NASDAQ market, data showed Thursday.The main stock market's subindex for the pharmaceutical sector had spiked 44 percent as of Wednesday from the start of this year, according to the data from the Korea Exchange and market tracker FnGuide.The figure is more than double the 19 percent increase in the benchmark Korea Composite Stock Price Index over the cited period.On the seconda

Sept. 21, 2017