Naver founder cuts stock holdings to 4.31%

The billionaire founder of Naver Corp., Lee Hae-jin, has cut his stock holdings in South Korea's dominant Internet portal operator by selling 110,000 shares, a regulatory filing showed Wednesday. Lee sold his 0.33 percent stake in a block deal worth 81.8 billion won ($72.3 million), or 743,990 won per share, on Tuesday, according to the filing.Lee's stock holding in Naver was lowered to 4.31 percent from 4.64 percent. It remains unclear why Lee sold the stock, but the transaction came as Naver i

Aug. 23, 2017

Seoul shares shed earlier gains in late morning trading

The South Korean bourse shed some earlier gains late Wednesday morning as institutions sold off stocks. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 2.71 points, or 0.11 percent, to 2,368.04 as of 11:20 a.m.Institutions sold a net 74 billion won ($65 million), outweighing net buying worth 72 billion won by foreigners and individuals. Analysts didn't expect any strong rally in the KOSPI index as investors await cues from the US Federal Reserve's ann

Aug. 23, 2017

Stock funds log net inflows for 2nd month

South Korea's stock funds have chalked up net inflows for the second straight month, data showed Wednesday, as the local stock market is undergoing a period of correction.After touching a record high in late July, the Korea Composite Stock Price Index has been on the skids on foreign investors' massive profit-taking before regaining some ground in recent sessions. KOSPI closed up 0.44 percent at 2,365.33 on Tuesday.According to the data by fund researcher Zeroin, domestic stock funds, excluding

Aug. 23, 2017

Korean stocks open higher on US gains

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street. The Korean won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 12.22 points, or 0.52 percent, to 2,367.22 in the first 15 minutes of trading.On Tuesday (US time) The Dow Jones industrial average rose 0.90 percent to 21,899.89 and the tech-heavy NASDAQ climbed 1.36 percent to 6,297.48.  Analysts expected the Seoul stock market to move in a tight range as investors find

Aug. 23, 2017

Listings of financial firms, chipmakers soar over decade

South Korea's main stock market has seen a surge in the number of listed financial companies over the past decade, with the minor bourse posting a sharp rise in listings of chipmakers and pharmaceutical firms, data showed Wednesday.According to the data by the Korea Exchange, financial companies listed on the country's major bourse numbered 116 as of the end of July, up 59 from 10 years earlier and the largest among all industrial sectors.  The number of companies traded on the major KOSPI

Aug. 23, 2017

Finance Minister vows to keep nation’s debt under W700tr

South Korea’s top fiscal policymaker said in parliament on Tuesday that the government would keep the national debt under 700 trillion won ($616.7 billion) in 2017, amid concerns over rising government expenditure.In a meeting of the National Assembly’s Special Committee on Budget & Accounts, Deputy Prime Minister for Economic Affairs and Finance Minister Kim Dong-yeon said the volume of government debt is “manageable,” while adding the rise in debt is “ine

Aug. 22, 2017

Banks sway between recruitment and downsizing

Major banks are holding off their second-half employment notice, pressed between their financial need for downsizing and the Moon Jae-in administration‘s drive for job creation.While the central bank and a partially state-controlled bank vowed to expand recruitment, most commercial banks prolonged their ambiguous silence, apparently reluctant to make pre-emptive moves.The Bank of Korea said Tuesday that it will hire 70 new employees in the latter half of the year, increasing its recruitmen

Aug. 22, 2017

Stock data supports case for Celltrion relisting

As Celltrion, the top-valued stock in market cap on the second-tier Kosdaq market, is set to discuss moving to the main bourse, recent analyses by market watchers have made the case for Kosdaq-listed powerhouses’ recent attempts to move into the top-tier market. The biologic drugmaker on Monday said in a regulatory filing it would hold a shareholders’ meeting on Sept. 29 at its headquarters in port city Incheon. Last Wednesday, the firm announced on its website that petitions were co

Aug. 22, 2017

Seoul stocks end higher on institutional buying

South Korean stocks closed higher Tuesday as institutions helped offset net selling by foreigners and individuals. The won traded higher against the dollar. The benchmark Korea Composite Stock Price Index rose 10.33 points, or 0.44 percent, to close at 2,365.33. Trade volume was moderate at 245.76 million shares worth 3.827 trillion won ($3.3 billion), with winners outnumbering losers 437 to 364.Institutions scooped up a net 90 billion won worth of stocks. But foreigners and individuals dumped a

Aug. 22, 2017

[Monitor] Heavy debtors on the rise

The number of South Koreans in debt beyond their means surged nearly 48 percent in the past three years amid low interest rates and relaxed real estate regulations, data by the office of National Assembly Speaker Chung Sey-kyun showed Tuesday.As of the end of June, 1.18 million people in the country had a debt service ratio of 100 percent or higher, up 47.5 percent from the end of 2014. The number has continued to rise since 2013, reaching 800,000 at the end of 2014.The report is based on data f

Aug. 22, 2017

Korea to map out plan for financial deregulation by year-end

South Korea's state regulator said Tuesday it will map out a plan by the end of this year to ease regulations on the financial industry, aimed at reinvigorating the sector suffering from slow growth.The main goal is to ease restrictions and cut red tape that has discouraged companies from making inroads into the financial sector, the Financial Services Commission said in a statement.Another goal is to encourage banks and other financial institutions to lend money to start-ups and other promising

Aug. 22, 2017

Seoul shares trim earlier gains in late morning trading

South Korean shares trimmed earlier gains late Monday morning as foreigners sold off more shares. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 7.10 points, or 0.30 percent, to 2,362.10 as of 11:20 a.m.Foreigners and individuals sold a combined 40 billion won ($37 million) worth of stocks, weighing down the main index. Institutions bought 29 billion won worth of shares.  A strong rally in the KOSPI index is not expected this week as investors remain c

Aug. 22, 2017

Stocks open higher on US gains

South Korean stocks opened higher Tuesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 12.22 points, or 0.52 percent, to 2,367.22 in the first 15 minutes of trading.On Monday (local time), the Dow Jones industrial average rose 0.13 percent to 21,703.75. Institutions bought 15.19 billion won ($14 million) worth of stocks, after dumping a combined 464.7 billion won stocks in the past four sessions.   Most large-cap stocks advanced across t

Aug. 22, 2017

Insurers' financial status shows polarization in H1

The financial health of life insurers in South Korea showed a marked polarization in the first half of the year as foreign players fared far better than local rivals thanks to stepped-up preparations for a new accounting rule, data showed Tuesday.Four foreign-controlled insurance companies made the list of the top five players with the best financial soundness in the January-June period, with smaller domestic firms languishing at the bottom of the standings.As of end-June, ING Life Insurance rep

Aug. 22, 2017

Korea tensions keep a lid on global markets

LONDON (AP) -- Global stock markets traded in narrow ranges Monday as investors awaited a key meeting of central bankers later this week and continued to monitor developments on the Korean peninsula.In Europe, the FTSE 100 index of leading British shares was steady at 7,326 while Germany's DAX fell 0.3 percent to 12,132. France's CAC 40 was 0.3 percent lower at 5,100. U.S. stocks were poised for a similarly tepid opening with Dow futures and the broader S&P 500 futures unchanged.On Mond

Aug. 21, 2017

K bank absorbs borrowers with mid-credit scores: data

In operation for nearly five months, South Korea’s first online-only bank K Bank has proved its capability to absorb borrowers holding mid-credit scores by bringing the delinquency rate of loans under control, data showed Monday.  Over half of K bank’s 64,251 loans went to mid-credit rate borrowers as of Aug. 14, according to data from the Financial Supervisory Service. The 35,754 loans to mid-credit rate borrowers accounted for a fifth of the monetary value of all K bank loans,

Aug. 21, 2017

FSS chief to tighten scrutiny of personal loans

South Korea’s top financial supervisor vowed Monday to keep close tabs on non-mortgage loans extended to households, amid rising speculation of borrowers skirting tougher regulations on mortgages by using personal loans to buy homes -- an illegal practice here.Zhin Woong-seob, governor of the Financial Supervisory Service, stressed in an undisclosed meeting the need for “thorough scrutiny” on the rising level of household credit. Financial authorities believe general household

Aug. 21, 2017

Seoul stocks end lower on profit taking

South Korean stocks closed lower Monday as foreigners and institutions scaled back on their stockholding on profit taking. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 3.37 points, or 0.14 percent, to close at 2,355.00. Trade volume was moderate at 204.5 million shares worth 3.753 trillion won ($3.3 billion), with decliners outnumbering advancers 478 to 308.Institutions dumped a net 103.98 billion won worth of stocks and foreigners also sold a ne

Aug. 21, 2017

Global stock funds log 1st net outflow from Korea in 32 weeks

Global equity funds have posted a net outflow from South Korea for the first time in 32 weeks amid foreign investors' massive profit-taking, industry data showed Monday. Four international funds investing in South Korea withdrew a net 55 billion won ($48.3 million) from the local stock market in the week to Wednesday, according to the data by Mirae Asset Daewoo Securities Co. and global fund tracker Emerging Portfolio Fund Research.The equity funds, including US investment fund Global Emerging M

Aug. 21, 2017

Samsung, LG, SK take big share of listed firms' H1 net

Samsung and two other leading family-controlled conglomerates in South Korea accounted for a big chunk of listed firms' first-half earnings, data showed Monday, pointing to a growing concentration of corporate income in a few titans.According to the data by the Korea Exchange, 29 listed units of Samsung, LG and SK groups posted a combined net income of 35.61 trillion won ($31.2 billion) in the January-June period, up a whopping 90.3 percent from the same period a year earlier.The amount took up

Aug. 21, 2017