Most Popular
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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Rival parties unite to form 4-way body to break med school standoff
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Korea to certify safety of EV battery from October
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Wartime sexual slavery victims file for Japanese govt. asset disclosure
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S. Korea logs current account surplus for 3rd month in July
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Producer Teddy's girl group Meovv debuts, showcasing dual feline charms
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Farewell summit: Yoon, Kishida pledge to keep momentum in revitalizing ties
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Man to pay W727m for opening plane door before landing
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Two Korean women arrested for stealing tourist's bag in Turkey
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Frieze Seoul sees slower sales, yet confirms stronger art scene in Seoul
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Card firms' Q1 net soars 60% on one-off gains
The first-quarter earnings of credit card companies in South Korea jumped 59.9 percent from a year earlier due mainly to one-off factors, the country's financial regulator said Monday. The combined net profit of eight credit card firms, including Shinhan Card Co. and Lotte Card Co., came to 803.7 billion won ($718.5 million) in the January-March period, compared to 502.5 billion won the previous year, according to the Financial Supervisory Service.The stronger bottom line came as a few of t
May 15, 2017
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Seoul stocks end higher despite foreign selling
South Korean stocks closed higher on Monday as individual and institutional buyers scooped up big cap stocks offseting a selling spree by foreigners amid uncertainties at both home and abroad, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 4.63 points, or 0.20 percent, to close at 2,290.65. Trade volume was moderate at 248 million shares worth 4.58 trillion won ($4.07 billion), with losers outnumbering gainers 406 to 393.Foreign
May 15, 2017
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Rising debt highlights Moon's relief pledge
The ongoing increase of household debt brings focus on whether President Moon Jae-in will manage to fulfill his pledge of curbing swelling household debt, which has long been a drag on South Korea’s economy.Household borrowing from lenders in Asia’s fourth-largest economy rose 7.3 trillion won ($6.5 billion) in April, according to preliminary data from the Financial Services Commission on Monday. The monthly increase was sharper compared to the previous month. The volume of debt rose
May 15, 2017
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Finance Ministry preparing for looming tax hikes
With President Moon Jae-in promising to create 810,000 jobs and enhance welfare for ordinary people, the new government needs a big boost in fiscal income to execute jobs and welfare programs.The Finance Ministry is preparing for a possible change in its tax code plan, which is expected to be completed by the end of July, according to ministry officials. After announcing the tax code plan, the ministry has to submit the plan along with the 2018 budget proposal to the National Assembly by Sept. 1
May 15, 2017
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Dollar-won exchange volatility narrows in April
The dollar-won volatility eased in April from a month earlier in line with eased volatility in the global financial markets, central bank data showed Monday.The session-over-session changes in the dollar-won exchange rates averaged 0.43 percent last month, compared to 0.47 in March, the Bank of Korea said in a statement. "The won fell against the dollar in April due to geopolitical risks and remittances of dividends by foreign investors," the statement said.Tensions heightened on
May 15, 2017
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Seoul shares up in late morning trading
South Korean shares traded higher late Monday morning as institutional buyers scooped up big cap stocks amid a massive selling spree by foreigners.The benchmark Korea Composite Stock Price Index added 6.35 points, or 0.28 percent, to 2,293.37 as of 11:20 a.m.The index opened lower on losses in market heavyweights, including market bellwether Samsung Electronics. However, the local index pared earlier losses as most market heavyweights turned higher.Top cap Samsung Electronics added 0.74 percent,
May 15, 2017
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Stock market's daily turnover hits 22-month high
The daily turnover of South Korea's main stock market has reached a 22-month high in May on the back of strong foreign buying, data showed Monday.The daily value of shares traded on the main stock market has averaged 6.67 trillion won ($5.92 billion) through Friday this month, up 45 percent from the previous month and 32.4 percent from a year earlier, according to the data by the bourse operator Korea Exchange. In particular, the turnover reached a monthly peak of 9.38 trillion won on May 10, a
May 15, 2017
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Seoul shares open lower on foreign selling
South Korean stocks opened lower Monday as foreign investors continued to dump market heavyweights, such as Samsung Electronics amid lingering geopolitical uncertainties.The benchmark Korea Composite Stock Price Index lost 4.7 points, or 0.21 percent, to 2,281.32 in the first 15 minutes of trading.Earlier in the day, North Korea said that it has successfully tested-fired a new surface-to-surface intermediate-range ballistic missile, claiming that the US mainland is within its reach.Market bellwe
May 15, 2017
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Regulators recommence work to consolidate financial oversight
Financial regulators have restarted their postponed discussion to consolidate a financial supervision system, a measure aimed at better spotting potential financial risks. The move is part of the Moon Jae-in administration’s chaebol reform drive, by examining financial transfers between a group’s companies, including loans and investments such as cross-shareholding. The Financial Services Commission and Financial Supervisory Service have reportedly picked up talks on how to oversee
May 14, 2017
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4 out of 10 Kospi stocks left out of bullish trend
Despite the record-setting bull run on South Korea’s main bourse, 4 out of 10 stocks there fell, data from the Korea Exchange showed Sunday.The KRX said 302 stocks out of 750 listed on the benchmark Korea Composite Stock Price Index fell as of Thursday compared to Dec. 29, accounting for 40.3 percent. The Kospi rose 13.32 percent over the cited period, from 2,026.46 to 2,296.37. As for the listed firms of both the first-tier and second-tier stock markets, 890 stocks out of 1,973, accountin
May 14, 2017
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Seoul shares likely to test 2,300 points next week
South Korean shares are likely to remain in a tight range next week, while testing whether it can breach the 2,300 point mark amid hopes of an extra budget being pushed forward by President Moon Jae-in, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2.286.02 points on Friday, up 2 percent from a week ago. This week the local stock market was boosted by expectations of an economic stimulus by the new administration, although it t
May 13, 2017
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Seoul stocks down 0.45% on profit-taking
South Korean stocks ended slightly lower Friday on increased selling by foreigners and institutions.The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.35 points, or 0.45 percent, to 2,286.02.Bae Sung-young, a market analyst at KB Securities Co., said foreigners and institutions offloaded stocks in apparent profit-taking, which are to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said foreign sel
May 12, 2017
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BOK names expert on foreign reserves as head of reserve management group
South Korea's central bank said Friday it has named an expert on foreign reserves as the new head of its Reserve Management Group.Suh Bong-gook, director general at the International Department of the Bank of Korea, will be in charge of planning, investment and risk management of the country's foreign reserves, according to the BOK. As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, according to the BOK.Suh worked at
May 12, 2017
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NPS earns W13tr from local equity investment this year
Earnings made by the National Pension Service through its investments in local stocks have amounted to 13 trillion won ($11.5 billion) this year, with the main bourse Kospi recently hitting highs above the 2,300 level, industry data showed Friday.The appraised value of local stocks held by the nation‘s largest institutional investor rose 13.5 percent from 93.6 trillion won at the end of last year to 106.2 trillion won as of Wednesday, according to financial data tracker FnGuide. The value
May 12, 2017
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Korean shares down 0.36% in late morning trade
South Korean stocks extended losses late Friday morning as foreign investors offloaded large-cap stocks.The benchmark Korea Composite Stock Price Index lost 8.25 points, or 0.36 percent, to 2,288.12 as of 11:15 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.11 percent, with the tech-heavy Nasdaq composite index declining 0.22 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign selling of large-cap stocks worth nearly
May 12, 2017
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Korean shares open lower on Wall Street losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index lost 5.48 points, or 0.24 percent, to 2,290.89 in the first 15 minutes of trading.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.11 percent, with the tech-heavy Nasdaq composite index declining 0.22 percent.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained 1.01 percent, and
May 12, 2017
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36 conglomerates to face debt assessment
The Financial Supervisory Service announced Thursday that 36 conglomerates will be put under a capital structure assessment by their respective commercial lenders in a pre-emptive move to relieve the financial risks of the groups. FSS data showed the 36 enterprise groups were indebted by six banks -- Woori Bank, Korea Development Bank, KEB Hana Bank, Shinhan Bank, Kookmin Bank and NongHyup Bank. Among them, Woori Bank was the creditor of 13 groups, including Samsung Group, LG Group and CJ Group
May 11, 2017
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Kospi bounces back to all-time high, momentum revives
South Korea’s stock indices set new all-time highs after bouncing back Thursday from Wednesday’s loss in the afternoon trade on robust institutional buying, raising expectations a return of momentum to the markets. The top-tier Korea Composite Stock Price Index closed at 2,296.37, up 26.25 points or 1.16 percent from Wednesday. It reached its intraday high of 2,297.67 at around 2:55 p.m.The Kospi ended its bullish ride Wednesday, when it closed at 2,270.12.This came days after the Ko
May 11, 2017
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Prospects mixed for Moon Jae-in’s extra budget
With President Moon Jae-in ordering the establishment of a presidential committee for jobs on his first day of office, the new government is soon to come up with a follow-up fiscal plan to boost employment.During his presidential campaign, Moon vowed to draw up a 10 trillion won ($8.8 billion) supplementary budget, immediately after taking office, as the first step to support 12,000 new jobs in the public sector starting from the second half of the year. The new jobs will mainly fill a shortage
May 11, 2017
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Korea imposes levy on financial firms over foreign borrowing
South Korea has imposed a levy on financial firms' non-deposit foreign borrowing to ease volatility in capital flows, the central banks said Thursday.The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their outstanding non-deposit foreign debt maturing in less than one year. South Korea introduced the macroprudential stability levy in 2011 to reduce capital flow volatility.South Korea has been trying to c
May 11, 2017