South Korea’s main stock market chalked up a fresh historic high Friday, a week after it hit 2,355.3 the previous Friday, on strong foreign buying riding on world rallies.The benchmark Korea Composite Stock Price Index closed at 2,371.72 Friday, up 1.16 percent from previous trading day.Opening strong at 2,353.77, up 0.39 percent from Thursday’s closing at 2,344.61, the Kospi topped 2,370 for the first time at around 2:20 p.m. The index hit intraday high at 2,372.65 at around 3 p.m.

June 2, 2017

The Financial Supervisory Service said Friday it would seek pre-emptive measures to protect savings banks against side effects from the government’s anticipated move to lower the limit on their maximum interest rates.The FSS said in a press release that a lower ceiling for lending rates may dent savings banks’ financial health. The regulator said the stricter lending rate ceiling would pull down the profitability of the banks, which had shown sound financial health in the first quart

June 2, 2017

South Korean stocks ended slightly higher Friday as foreign investors scooped up large-cap stocks. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 27.11 points, or 1.16 percent, to 2,371.72.On Friday, foreigners turned net buyers of domestic stocks worth more than 448 billion won ($398 million) after shedding local shares in the past three sessions. Kim Ye-eun, an analyst at Cape Investment & Securities, said a rally in US stocks gave a b

June 2, 2017

South Korean stocks extended gains late Friday morning as foreign investors scooped up large-cap stocks.The benchmark Korea Composite Stock Price Index gained 22.02 points, or 0.94 percent, to 2,366.63 as of 11:20 a.m.On Friday, foreigners turned net buyers of domestic stocks worth 239 billion won ($213 million) after shedding local shares in the past three sessions. Their net buying appears to be affected by two factors, analysts said. A rally in US stocks and expectations of an economic recove

June 2, 2017

Samsung Electronics Co. said Friday it has reached an agreement with three local banks to allow users to use banking services via its voice command program, Bixby.The South Korean tech giant said under the project with Shinhan Bank, Woori Bank and KEB Hana Bank, users can ask the artificial intelligence program Bixby to display bank accounts or make financial transactions through voice. Users with a Woori account can also make currency exchanges via Bixby. The program was first adopted on S

June 2, 2017

South Korea's stock market was white-hot on massive foreign buying in May, emerging as the top performer among bourses in major advanced and emerging countries, data showed Friday.The benchmark Korea Composite Stock Price Index closed at 2,347.38 Wednesday, up 6.4 percent from a month earlier, according to the data by the Korea Exchange and the Korea Center for International Finance.The Hong Kong Hang Seng Index came next with a 4.2 percent increase, followed by India's Mumbai Index with 4.1 per

June 2, 2017

The combined net profit of South Korea's 79 savings banks rose 13.6 percent on-year for the first quarter of this year, thanks to higher interest income, data showed Friday. Preliminary net profit of savings banks stood at 249.6 billion won ($222 million) for the January-March period, according to the data by the Financial Supervisory Service. During the quarter, their interest income jumped by 135.5 billion won, while loan-loss provisions increased by 52.9 billion won, the data showed. The

June 2, 2017

South Korean stocks opened higher Friday, tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index rose 15.33 points, or 0.65 percent, to 2,359.94 in the first 15 minutes of trading.Large-cap stocks were mixed across the board.Market bellwether Samsung Electronics advanced 1.34 percent, No. 2 chipmaker SK hynix gained 1.24 percent and leading cosmetics company AmorePacific was up 0.44 percent.Among losers, top carmaker Hyundai Motor declined 3.02 percent on profit-

June 2, 2017

YG Entertainment’s stock slid 4.2 percent as it was reported that Big Bang’s T.O.P is being investigated after testing positive for marijuana.YG, the agency which Big Bang is signed to, saw share prices drop sharply around 2:40 p.m., when the first report of T.O.P’s use of the illegal substance was released. Prices closed at 33,000 won ($30), down 4.2 percent from a trading session earlier.Trade volume of YG stocks, which ranged between 30,000 and 40,000 during the first five t

June 1, 2017

South Korea plans to sell a combined 7.7 trillion won ($6.86 billion) of state bonds this month, the finance ministry said Thursday.The government will issue 1.8 trillion won in bonds with a maturity of three years, and 1.9 trillion won in five-year bonds in June. It also plans to sell 1.8 trillion won worth of 10-year Treasurys and a combined 2.2 trillion won of bonds with a maturity of between 20 and 30 years.In May, a total of 9.94 trillion won worth of Treasurys, including inflation-indexed

June 1, 2017

South Korean stocks ended lower Thursday as foreign investors and institutions cashed in recent gains following a month-long rally amid US uncertainties, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 2.77 points, or 0.12 percent, to close at 2,344.61. Trade volume was moderate at 331 million shares worth 5.28 trillion won ($4.7 billion), with losers outnumbering gainers 449 to 355.Institutional investors and foreigners offloaded a n

June 1, 2017

The capital adequacy ratio of banks and financial groups in South Korea improved in the first quarter of 2017 on the back of eased risk-weighted assets, data showed Wednesday.On average, based on the Bank for International Settlements, the capital requirement ratio of South Korea‘s 17 banks came to 15.14 percent, according to the Financial Supervisory Service. It inched up 0.33 percentage point compared to the end of 2016. The regulatory capital ratio is the percentage of a bank‘s ca

June 1, 2017

The average daily turnover of the South Korean won-Chinese yuan direct trading market in Seoul fell slightly in the first five months of the year from last year, government data showed Thursday.The daily trading volume in the Seoul won-yuan direct market reached $1.55 billion in the January-May period, down from last year's daily average turnover of $1.95 billion, according to the data compiled by the Ministry of Strategy and Finance, and the Bank of Korea. The turnover has been on a decline sin

June 1, 2017

South Korean stocks traded lower late Thursday morning as foreign investors and institutions offloaded large-cap stocks in an apparent move to lock in profits.The benchmark Korea Composite Stock Price Index lost 3.99 points, or 0.17 percent, to 2,343.39 as of 11:20 a.m.Most large caps traded mixed with market kingpin Samsung Electronics inching down 0.27 percent after opening higher. SK hynix, a major chipmaker, also shed 1.05 percent.The state-run Korea Electric Power Corp., meanwhile, gained 3

June 1, 2017

South Korean stocks opened lower on Thursday, as investors attempted to cash in recent gains, but top market cap Samsung Electronics continued to build up gains.The benchmark Korea Composite Stock Price Index added 3.6 points, or 0.15 percent, to 2,343.78 in the first 15 minutes of trading. Large-cap stocks were mixed across the board.Market kingpin Samsung Electronics was up 0.22 percent, continuing a two-day winning streak. Hyundai Motor, the No. 1 automaker, moved up

June 1, 2017

South Korean banks saw their financial health improve slightly in the first-quarter of this year, helped by less exposure to risky assets, the financial regulator said Thursday. The average capital adequacy ratio of 17 commercial and state-run banks stood at 15.14 percent as of end-March, up 0.33 percentage point from the previous quarter, according to the Financial Supervisory Service. A key barometer of financial soundness, the ratio measures the proportion of a bank's capital to its risk-weig

June 1, 2017

South Korea's central bank should maintain the current monetary easing policy to support growth, a member of the Bank of Korea's monetary policy board said Wednesday.Koh Seung-beom made the case during a luncheon meeting with reporters at the BOK headquarters in central Seoul, noting the recovery of domestic demand is not strong yet. He also said he does not believe a US rate hike could trigger any immediate foreign capital outflows from South Korea.His comments came six days after the BOK's mon

May 31, 2017

The use and the amount of money traded via smartphone banking apps has continues to surge becoming a major transaction platform, the Bank of Korea’s data showed.As of the first quarter this year, an average of 94.12 million transactions were made through smartphone banking, up 7.3 percent from the previous quarter, accounting for up 61 percent of all internet banking.Daily transactions averaged 3.63 trillion won, up 8.3 percent from the previous quarter.As of the end of March, a total of 7

May 31, 2017

South Korea’s tech-heavy stock market hit this year’s record high for two consecutive days, topping the 650 mark for the first time in more than seven months on Wednesday. The benchmark Korean Securities Dealers Automated Quotations closed at 652.04, up 0.46 percent from the previous trading day Tuesday, when it closed at 649.06.The index for the second-tier market had not surpassed 650 mark since Oct. 21, 2016, when it came to 651.77. After reaching 643.68 on Jan. 6, the figure has

May 31, 2017