Seoul stocks end higher on institutional buying

South Korean stocks closed higher Monday as institutional buyers scooped up large-cap tech shares, recouping last week's losses sparked by concerns over North Korea's nuclear provocations. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 15.36 points, or 0.66 percent, to close at 2,359.08. Trade volume was low at 238 million shares worth 4.8 trillion won ($4.3 billion), with losers outnumbering gainers 416 to 396.Institutions purchased a net 345.

Sept. 11, 2017

Korean banking giants lag behind in global capital standard

South Korean banks failed to make it into the global top tier in capital volume last year, data showed Monday.According to an estimate by Korea Ratings, none of the country’s banking groups were among the top 60 in terms of core capital as of the end of 2016.Five banking groups -- KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Bank and the state-run Korea Development Bank -- were part of the top 100, but none made it on the top 50 list.The estimate was based on a

Sept. 11, 2017

Seoul stocks up late Monday morning on eased geopolitical risks

South Korean stocks traded higher late Monday morning, recouping last week's losses sparked by concerns over North Korea's nuclear provocations.The benchmark Korea Composite Stock Price Index gained 20.21 points, or 0.86 percent, to 2,363.93 as of 11:20 a.m.Tech shares continued to trade higher, with top cap Samsung Electronics advancing 2.12 percent. Chipmaker SK hynix climbed 1.1 percent, and flat panel maker LG Display moved up 1.42 percent.Auto shares were in negative train, with leading car

Sept. 11, 2017

New FSS chief vows to enhance financial consumer protection

The new chief of the Financial Supervisory Service said Monday he will set up an advisory body to enhance protection for consumers of financial products.Choe Heung-sik, former president of Hana Financial Group, was appointed governor of the FSS last week, replacing Zhin Woong-seob.In his inauguration speech, Choe said about half the members of the advisory body will come from civic organizations, universities and media organizations. Choe said he will encourage the FSS to pursue "consu

Sept. 11, 2017

Seoul stocks open higher on tech gains

South Korean stocks opened higher Monday as institutional buyers scooped up large-cap tech shares, analysts said.The benchmark Korea Composite Stock Price Index rose 17.05 points, or 0.73 percent, to 2,360.77 in the first 15 minutes of trading.Wall Street stocks finished lower Friday (local time), with the S&P 500 shedding 0.2 percent and the tech-rich Nasdaq Composite Index tumbling 0.6 percent.Most large caps on the Seoul bourse opened higher, with tech shares leading the gain. Market bell

Sept. 11, 2017

Stock market volatility to grow ahead of 'quadruple witching'

South Korea's stock market volatility is expected to grow early this week ahead of the so-called quadruple witching day that comes on top of escalating geopolitical tensions here, analysts said Monday.The third quadruple witching day of the year, which falls on Thursday, may prompt local brokerage houses and foreign investors to rush to take profits through computer-based program trading, making the market more volatile, they said."Quadruple witching" refers to the simultaneous expirat

Sept. 11, 2017

Foreigners own over half of electric, electronics stocks

Foreign investors hold more than half of electric and electronics shares listed on South Korea's main stock market, data showed Monday.Foreign ownership of those stocks traded on the Korea Composite Stock Price Index market came to 51.2 percent of their total market capitalization as of Wednesday, the highest among all industrial sectors, according to the data from the Korea Exchange.The communication sector came next with 44.8 percent, followed by the steel and metal industry with 37 percent. I

Sept. 11, 2017

[Kosdaq Star] Minwise’s foray into fintech buoys foreigner appetite

This is the 41st in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdThe blockbuster debut in July of Kakao Bank, an online-only bank launched by messaging app giant Kakao, has driven a surprising stock race among fintech companies listed on the nation’s stock market. And Minwise, a digital security service provider based in Seoul, has been one of a few beneficiaries. 　More than two years after going public on South Korea’s secondary bourse

Sept. 10, 2017

Money lenders asked to cut TV ads by 30% to curb speed loans

South Korea's financial regulator said Sunday it has asked private money lenders to voluntarily cut their combined volume of television ads by 30 percent during the second-half of this year. The tightened regulation is part of the Financial Services Commission's plan to curb speed loans at a time when the government is trying to tackle the rise in heavy debtors. In a statement, the regulator said it asked money lenders to show clearer warnings on potential defaults in their TV commercials. The F

Sept. 10, 2017

Public overseas investment funds back on track

South Korea’s publicly offered overseas investment funds have recently reverted back to the popularity they enjoyed in the early 2000s, due to tax benefits and higher returns, data showed Friday.According to the Korea Financial Investment Association, the total net worth of these funds stood at 39.4 trillion won ($35 billion) as of Tuesday this week. This marked the first time in six years that the figure inched up toward the 40 trillion won mark.The figure has remained below the given mar

Sept. 8, 2017

Sweeping changes expected in state-run bank leadership

South Korea’s top state-run financial bodies are expecting leadership changes, with candidates -- who worked for the former Roh Moo-hyun administration -- awaiting presidential approval. The Financial Services Commission Chairman Choi Jong-ku recommended Lee Dong-gull, a business administration professor at Dongguk University, to head the Korea Development Bank on Thursday.During the first 18 months of the Roh administration, Lee served as a vice chairman of the Financial Supervisory Commi

Sept. 7, 2017

Money deposited in overseas accounts up in 2017: tax office

The total amount of money that South Koreans deposited in overseas financial accounts increased in 2017 from a year ago as the authorities push forward efforts to identify hidden assets abroad, the tax office said Thursday.A total of 1,133 people reported overseas accounts this year, up 7.6 percent from a year earlier, with the amount in the accounts also rising 8.9 percent on-year to 61.1 trillion won ($54.1 billion), according to the National Tax Service. Individuals reported a combined 5.1 tr

Sept. 7, 2017

[News Focus] Labor-friendly government boosts confidence of financial unions

In line with the rise of the liberal Moon Jae-in government and the appointment of a former financial unionist as labor minister, financial labor unions have recently been increasing their leverage with their employers, especially over the issue of leadership appointment.On Wednesday, the labor union of the Financial Supervisory Service issued a statement, lashing out at the government’s purported decision to appoint Seoul Philharmonic Orchestra CEO Choe Heung-sik as the next chief of the

Sept. 6, 2017

Korean banks’ overseas performance jumps nearly 50%, boosted by interest revenue

South Korean banks saw a nearly 50 percent increase on-year in net profit from offshore banking units in the first half of this year on surge in interest revenue, while the reliance on the overseas business dropped to a third over the cited period, data showed Wednesday. The net profit of all 184 offshore banking entities during the first half came to $461.2 million, up 48.7 percent from a year prior, according to data by the Financial Supervisory Service. In the first half of 2016, net revenue

Sept. 6, 2017

Financial firms expanding Korean athletes sponsorships ahead of PyeongChang Olympics

South Korean financial firms are expanding sponsorship for athletes competing in the upcoming 2018 PyeongChang Winter Olympics, industry sources said Wednesday, as they seek to improve their brand image while contributing to the better performance of the home team.One of the major financial companies supporting athletes is KB Financial Group, which sponsored now-retired figure skating star Kim Yu-na since 2006. Industry watchers have been citing KB Financial's sponsorship of Kim as one of best e

Sept. 6, 2017

Seoul shares down for 5th day on US losses, geopolitical tension

South Korean stocks closed lower Wednesday as a decline in US stocks, coupled with concerns over North Korean provocations, continued to sour investor sentiment, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 6.80 points, or 0.29 percent, to 2,319.82, extending its losing streak to a fifth day. Trade volume was low at 249 million shares worth 5.25 trillion won ($4.62 billion), with losers outnumbering gainers at 569 to 239.Analyst

Sept. 6, 2017

Korean stocks down late Wednesday morning

South Korean stocks traded lower late Wednesday morning on overnight losses from Wall Street coupled with the rising concern over North Korean provocations.The benchmark Korea Composite Stock Price Index shed 6.99 points, or 0.3 percent, to 2,319.63 as of 11:20 a.m.Carmakers lost ground, with Hyundai Motor Co. falling 2.17 percent and its sister Kia Motors moving down 3.81 percent. Hyundai Mobis, the country's largest car parts producer, shed 2.1 percent. No. 1 mobile carrier SK Telecom bac

Sept. 6, 2017

KDB, Export-Import Bank of Korea return to black in H1

South Korea's two state-run policy banks -- Korea Development Bank and the Export-Import Bank of Korea -- bounced back into the black in the first-half of this year with their loan-loss provisions falling as the restructuring of the shipbuilding industry nears an end.In a regulatory filing on Wednesday, KDB said it posted a net profit of 1.27 trillion won ($1.12 billion) for the January-June period, compared to a loss of 289.6 billion won a year earlier. The Export-Import Bank of Korea said

Sept. 6, 2017

Seoul stocks open lower on N. Korean nuke woes

South Korean stocks opened lower Wednesday as North Korea's sixth nuke test continued to weigh down on investor sentiment.The benchmark Korea Composite Stock Price Index shed 4.19 points, or 0.18 percent, to 2,322.43 in the first 15 minutes of trading.Steelmakers got off to a weak start, with No. 1 player POSCO falling 1.61 percent and second-largest Hyundai Steel losing 1.05 percent. Top carmaker Hyundai Motor decreased 0.72 percent, and its sister Kia Motors moved down 1.32 percent. Auto

Sept. 6, 2017

Stocks reel from nuke test impact

South Korea’s stock markets on Tuesday remained under the influence of North Korea’s sixth nuclear test Sunday.The main bourse index Kospi shed 0.13 percent and closed at 2,326.62, while the secondary market index Kosdaq took a 0.33 percent loss.Both markets opened higher Tuesday, but swung back to negative territory with foreign sell-offs emerging from late morning trade. The Kospi opened 0.37 percent higher, while the Kosdaq was up 0.69 percent at 9 a.m.  The Kospi suffered fo

Sept. 5, 2017