KB Chairman Yoon looks set to win second term

Yoon Jong-kyoo, the chairman of KB Financial Group, looks set to win a second term, as the group’s chairman nomination committee on Thursday selected him as the sole candidate for the next leader. Yoon, who has held the post since 2014, became the sole candidate as two other rivals dropped out of the race. “A final decision on whether or not to recommend him to the directors’ board will be made after an in-depth interview on Sept. 26,” the group said in a press statement.

Sept. 14, 2017

Seoul stocks end higher on tech, auto gains

South Korean stocks closed higher Thursday as investors scooped up large-cap tech and auto shares following overnight gains on Wall Street, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index added 17.48 points, or 0.74 percent, to 2,377.76. Trade volume was moderate at 283.1 million shares worth 6.3 trillion won ($5.8 billion), with losers slightly outnumbering advancers 403 to 397.The broad index opened higher taking a cue from overnight gai

Sept. 14, 2017

[News Focus] Korea unshaken by bitcoin plunge, looming China crackdown

South Korea’s cryptocurrency exchanges largely appear unshaken despite the latest drop in bitcoin price fueled by the Chinese government’s reported plans to shut down domestic bitcoin exchanges, which experts here say would more likely stabilize, rather than stumble, the market.  The Korea Composite Bitcoin Price, based on prices of a bitcoin in major exchanges in Korea’s Bithumb, Korbit and Coinone, came to 4,351,533 won ($3,842.1) as of 4 p.m. Thursday, down 5.9 percent

Sept. 14, 2017

Seoul shares tad higher in late morning on Wall Street gains

South Korean stocks traded mildly higher late Thursday morning as individual investors scooped up large-cap tech shares, tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index inched up 0.71 point, or 0.03 percent, to 2,360.89 as of 11:20 a.m.On Wednesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.1 percent and the Dow gaining 0.2 percent. Most large caps traded mixed, with market kingpin Samsung Electronics addin

Sept. 14, 2017

Brokerages scrimp on donations in H1 despite huge net

South Korean securities companies were stingy with their donations in the first half of the year despite a jump in earnings, a market tracker said Thursday.According to data from financial information provider FnGuide, 12 brokerage houses donated a combined 4.3 billion won ($3.8 million) to local charities in the January-June period, down 18 percent from a year ago.In contrast, their combined net profit more than doubled to slightly over 1 trillion won over the cited period, driven by a bullish

Sept. 14, 2017

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Thursday tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index added 2.89 points, or 0.12 percent, to 2,363.07 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.1 percent and the Dow gaining 0.2 percent.Most large caps on the Seoul bourse traded mixed, with tech shares leading the gain. Market bellwether Samsung Electronics added 0.85 per

Sept. 14, 2017

POSCO, LG Chem shine during large-cap rally

South Korea's top steelmaker POSCO and leading chemicals manufacturer LG Chem have seen their market value surge during this year's stock rally driven by large caps, data showed Thursday.POSCO's market capitalization stood at 29.1 trillion won ($25.8 billion) as of Wednesday, ranking fourth among the top 30 companies listed on the local stock market and rising five notches from the end of last year, according to the data by the Korea Exchange.POSCO trails the No. 1 automaker and third-biggest-ca

Sept. 14, 2017

Seoul stocks end lower after choppy trading

South Korean stocks closed lower Wednesday, paring earlier gains, as individual and foreign buyers went on a selling spree, analysts said. The Korean won closed unchanged against the US dollar.The benchmark Korea Composite Stock Price Index lost 5.29 points, or 0.22 percent, to close at 2,360.18. Trade volume was moderate at 315 million shares worth 5.8 trillion won ($5.3 billion), with losers far outnumbering gainers 546 to 253.Institutional buyers purchased a net 41.2 billion won worth of shar

Sept. 13, 2017

Refiners set to rebound on higher margins, tight supply

South Korean oil refiners, led by SK Innovation Co., traded higher Wednesday, after some small corrections in the past few days, on hopes that margin spreads on key products still run high and oil prices will remain high, industry sources said.SK Innovation, the No. 1 oil refiner, traded at 195,500 won ($177) on the Seoul bourse as of 1:40 p.m., up 2.09 percent, after touching a record high of 197,500 won at one point. No. 3 player S-Oil Corp. was quoted at 123,000 won, up 0.15 percent."The

Sept. 13, 2017

Foreigners sell $3.25b of Korean stocks and bonds in Aug.

Foreign investors offloaded South Korean stocks and bonds worth $3.25 billion in August due to security jitters and profit-taking, the central bank said Wednesday.Foreign investors sold local stocks and bonds worth $1.33 billion and $1.91 billion, respectively, the Bank of Korea said.It marked the first sell-off by foreign investors since November 2016, when foreign investors offloaded South Korean stocks and bonds worth $490 million.Tensions spiked on the Korean Peninsula in August as North Kor

Sept. 13, 2017

Seoul shares tad higher in late Wednesday morning trading

South Korean shares traded slightly higher late Wednesday morning as institutional buyers scooped up big cap stocks amid a massive selling spree by foreigners.The benchmark Korea Composite Stock Price Index inched up 1.73 points, or 0.07 percent, to 2,367.2 as of 11:20 a.m.The index initially opened lower on losses in market heavyweights despite overnight Wall Street gains. However, the local index pared earlier losses as most market heavyweights turned higher. Top cap Samsung Electronics a

Sept. 13, 2017

Regulator to loosen restrictions on financial firms

South Korea's top financial regulator said Wednesday it will swiftly map out plans to loosen restrictions on financial firms, allowing them to easily make inroads into new businesses.Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a job fair for the financial industry. The official said the FSC will "fully review financial firms' business restrictions by sector and swiftly draw up measures for improvement."  By revamping a system of granting licens

Sept. 13, 2017

Seoul shares open tad lower despite Wall Street gains

South Korean stocks opened slightly lower Wednesday despite overnight Wall Street gains as both institutional and foreign investors offloaded local large caps, analysts said.The benchmark Korea Composite Stock Price Index inched down 2.56 points, or 0.11 percent, to 2,362.91 in the first 15 minutes of trading.On Tuesday (local time), the major Wall Street indexes hit record highs, with the S&P 500 Index adding 0.2 percent and the tech-heavy Nasdaq composite index gaining 0.12 percent.Large-c

Sept. 13, 2017

Investment advisory firms see combined profit jump in fiscal Q1

The combined net profit of 165 investment advisory firms in South Korea more than tripled on-quarter in the fiscal first quarter of this year, thanks to a rise in commission fees as the stock market rallied, data showed Wednesday.The investment advisory firms reported a combined net profit of 28.4 billion won ($25.1 million) during the fiscal first quarter, which ended in June, compared to a profit of 8.6 billion won in the previous quarter, according to the data from the Financial Supervisory S

Sept. 13, 2017

Savings banks‘ household loans soar 21% over past year

South Korean savings banks' household loans have spiked 21 percent over the past year to hit a record high despite their high interest, data showed Wednesday.Savings banks' outstanding household lending came to 20.2 trillion won ($17.9 billion) as of end-July, up 20.9 percent from a year earlier, according to the data from the Bank of Korea.It has surpassed the 20 trillion-won mark for the first time and represents the highest level since December 2007, when the central bank started to compile r

Sept. 13, 2017

Seoul stocks end higher on institutional buying

South Korean stocks closed higher Tuesday as institutional buyers scooped up shares, taking a cue from overnight Wall Street gains, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 6.39 points, or 0.27 percent, to close at 2,365.47. Trade volume was moderate at 328 million shares worth 4.9 trillion won ($4.3 billion), with gainers outnumbering losers 455 to 334.The local stock market opened higher as market sentiment was boosted by

Sept. 12, 2017

Seoul stocks up late Tuesday morning on eased geopolitical tensions

South Korean stocks traded higher late Tuesday morning on eased concerns over geopolitical tensions caused by North Korea's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 4.14 points, or 0.18 percent, to 2,363.22 as of 11:20 a.m.Earlier in the day, the UN Security Council adopted a set of fresh sanctions against North Korea following Pyongyang's sixth and most powerful nuclear detonation test on Sept. 3.  Market heavyweights traded mixed, with top cap

Sept. 12, 2017

Seoul stocks open higher on US gains

South Korean stocks opened higher Tuesday, taking a cue from overnight Wall Street gains.The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.35 percent, to 2,367.25 in the first 15 minutes of trading.Market kingpin Samsung Electronics was up 0.28 percent, while SK hynix, a major chipmaker, gained 0.54 percent.Hyundai Motor, the No. 1 automaker, climbed 0.74 percent, while AmorePacific, the country's top cosmetics maker, advanced 0.95 percent.The local currency was trading at 1

Sept. 12, 2017

Foreign investors turn to net sellers of Korean stocks in August

Offshore investors turned to net sellers of South Korean stocks in August, official data showed Tuesday, marking the first monthly outflows in eight months amid worries about North Korea's nuclear and missile provocations. Foreign investors sold a net 2.4 trillion won ($2.12 billion) worth of local stocks last month, according to the data by the Financial Supervisory Service.Investors from the US, Singapore and Britain were among net sellers of local stocks last month, the data showed. 

Sept. 12, 2017

UNSC’s vote on NK to pose little impact on stocks: analysts

A vote by the United Nations Security Council to implement further sanctions on North Korea would have limited impact on South Korea’s stock market, analysts here said Monday, amid signs of geopolitical risks abating on the market.The stock market in Korea bounced back from Friday losses. The first-tier Kospi closed at 2,359.08, up 0.66 percent, while the secondary Kosdaq rose 0.34 percent.Shares of tech giants and financial sectors saw an upturn. Handset maker Samsung Electronics jumped 1

Sept. 11, 2017