Seoul shares open higher despite Wall Street losses

South Korean stocks opened higher on Tuesday despite overnight Wall Street losses, analysts said.The benchmark Korea Composite Stock Price Index gained 9.33 points, or 0.4 percent, to 2,163.05 in the first 15 minutes of trading.On Monday (local time), US stocks dropped, with the tech-heavy Nasdaq composite index dropping for a second straight session.Large-cap stocks on the Seoul bourse were mixed across the board. Market bellwether Samsung Electronics inched up 0.09 percent, and global chipmake

June 13, 2017

Seoul stocks drop 1% on Wall Street losses

South Korean stocks ended lower Monday as foreign investors and institutions cashed in recent gains following overnight Wall Street losses, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index  declined 23.82 points, or 1 percent, to close at 2,357.87. Trade volume was moderate at 324 million shares worth 5.7 trillion won ($5.3 billion), with losers far outnumbering gainers 560 to 243.Institutional investors and foreigners offloaded a net

June 12, 2017

Stocks related to Alzheimer’s withstand Kospi slide

Stocks related to Alzheimer‘s disease remained high despite a slide in the main bourse index Monday, on the back of President Moon Jae-in’s fresh policy initiative to invest some 2 trillion won ($1.78 billion) in supporting Alzheimer‘s patients. Moon last week vowed to install more state-run clinics for dementia treatment, increase personnel to look after the patients and widen medical coverage offered by the state. In South Korea, some 725,000, or 1 in 10 elderly people,

June 12, 2017

Mobile payment competition heats up

The Korean mobile payment market, currently dominated by Samsung Pay, is predicted to heat up as more rivals are considering joining the race. Samsung Electronics’ payment service Samsung Pay, which was launched in August 2015, has now garnered more than 1 million subscribers here. The tech giant is expanding the application to its smartwatch Gear S3 and low-budget smartphones, the Galaxy A and J series. Samsung Pay’s smaller local rival LG Electronics launched a similar service, LG

June 12, 2017

Korean shares retreat on Wall Street losses

South Korean shares retreated late Monday morning from the previous session, tracking an overnight decline on Wall Street. The benchmark Korea Composite Stock Price Index shed 19.98 points, or 0.84 percent, to 2,361.71 as of 11:20 a.m.Most large caps traded lower, with market kingpin Samsung Electronics falling 1.61 percent and global chipmaker SK hynix losing 1.03 percent. Naver, the operator of the country's top Internet portal, slipped 5.31 percent.Financial and steel shares, however, were in

June 12, 2017

Top 30 biz groups' retained earnings hit record high

South Korea's top 30 business groups saw their cash reserves hit an all-time high in March as they remained reluctant to invest or hire amid the country's sluggish economy, data showed Monday.The combined retained earnings of 178 listed companies affiliated with the leading family-controlled conglomerates reached 691.5 trillion won ($615 billion) as of end-March, up nearly 10 trillion won from three months earlier, according to the data from conglomerate tracker Chaebul.com.Over the past five ye

June 12, 2017

Top 10 caps take up 37% of stock market value

South Korea's 10 most valuable companies account for nearly 37 percent of the country's stock market capitalization, but the portion has inched down this year, data showed Monday.The combined market value of Samsung Electronics Co. and the nine other largest-cap firms came to 569 trillion won ($506 billion) as of last Monday, up 14.7 percent from the end of last year, according to the data by the Korea Exchange. Over the cited period, the total market capitalization jumped 17.2 percent to 1,534

June 12, 2017

Stocks open lower on profit-taking

South Korean stocks opened lower Monday as investors continued to take a breather amid the recent rally on the main bourse.The benchmark Korea Composite Stock Price Index dipped 10.66 points, or 0.45 percent, to 2,371.03 in the first 15 minutes of trading.Large cap stocks were mixed across the board.Market kingpin Samsung Electronics was down 1.48 percent, and SK hynix, a major chipmaker, lost 1.54 percent. Top IT service firm Naver dipped 4.17 percent.Medical and financial shares, however, star

June 12, 2017

Gap in housing prices widens among Korean cities

Housing prices in major metropolitan cities in South Korea have soared so far this month on-year, showing a stark contrast to drops in provincial regions, data showed Sunday. Busan, the second-largest city in Korea, showed an 11 percent surge in real estate prices on-year in June, the highest among cities in the nation, according to data by real estate market tracker Budongsan 114.The average apartment price per square meter in Busan reached 2.93 million won ($2,600), while the average in June l

June 11, 2017

Korea's trade surplus with US drops for 13th straight month

South Korea's trade surplus with the United States has been on a steady decline for the past 13 months amid the Seoul government's efforts to reduce the imbalance, customs data showed Sunday.A trade surplus with the world's largest economy reached $915 million last month, more than halving from $2 billion tallied a year ago, according to the data compiled by the Korea Customs Service. The monthly numbers have been falling since May last year when they backtracked 14.9 percent on-year to $1.78 bi

June 11, 2017

[Photo News] Kospi closes at a new record high

June 9, 2017

Seoul stocks advance to record high amid receding uncertainties

South Korean stocks closed at a record high Friday as investors' sentiment was boosted by receding global uncertainties, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 18.12 points, or 0.77 percent, to 2,381.69. Trade volume was high at 511 million shares worth 7.1 trillion won ($6.32 billion), with gainers outnumbering losers 464 to 340.It marked the first time that the Kospi closed at 2,380 levels.The Kospi even hit 2,385.15 at

June 9, 2017

Korean shares trade higher in late morning trade

South Korean stocks traded higher late Friday morning, setting a new record during the session.The benchmark Korea Composite Stock Price Index (Kospi) shot up 19.92 points, or 0.84 percent, to 2,383.49 as of 11:20 a.m.The figure reached 2,384.21 at one point, setting a new record in terms of during-session numbers.Tech shares continued to gain ground, with Samsung Electronics advancing 2.66 percent and No. 1 chipmaker SK hynix advancing 2.29 percent.Top portal operator Naver also shot up 5.73 pe

June 9, 2017

Investment advisory firms suffer 85% drop in 2016 fiscal year profit

The combined net profit of 162 investment advisory firms in South Korea plunged 85 percent on year in the 2016 fiscal year, hit by a sharp decline in commission fees and new contracts, data showed Friday. Competition was intensifying among investment advisory firms while new contracts declined during the April 2016-March 2017 period, forcing them to cut commission fees, the Financial Supervisory Service said in a statement.  The investment advisory firms reported a combined net profit of 96

June 9, 2017

Stocks open higher on tech, steel

South Korean stocks opened higher Friday on the back of strong gains in technology firms and steelmakers.The benchmark Korea Composite Stock Price Index  advanced 8.65 points, or 0.37 percent, to 2,372.22 in the first 15 minutes of trading.Tech shares kicked off bullish, with Samsung Electronics rising 1.51 percent and SK hynix jumping 1.06 percent. LG Electronics moved up 2.07 percent.Steelmakers also opened higher, with No. 1 Posco increasing 2.04 percent and Hyundai Steel climbing 1.02 p

June 9, 2017

Seoul stocks edge up amid series of events

South Korean stocks closed slightly higher Thursday after trading nearly flat throughout the session as investors took to the sidelines amid a series of global events, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index inched up 3.43 points, or 0.15 percent, to 2,363.57. Trade volume was moderate at 402 million shares worth 8.1 trillion won ($7.21 billion), with losers outnumbering gainers 441 to 366.Analysts said Seoul shares traded nearly f

June 8, 2017

Korean shares trade lower in late morning trade

South Korean stocks traded lower late Thursday morning with builders and retailers being major losers.The benchmark Korea Composite Stock Price Index fell 9.68 points, or 0.41 percent, to 2,350.46 as of 11:20 a.m.Construction shares continued to lose ground, with Hyundai Engineering & Construction falling 1.83 percent and Daewoo Engineering & Construction moving down 2.15 percent. Daelim Industrial shed 1.54 percent.Retailers also traded bearish, with top player E-Mart stepping down 2.59

June 8, 2017

Stocks open nearly flat on global uncertainties

South Korean stocks opened nearly flat Thursday as investors took a wait-and-see stance on global events, including the upcoming policy meeting of the European Central Bank.The benchmark Korea Composite Stock Price Index shed 1.18 points, or 0.05 percent, to 2,358.96 in the first 15 minutes of trading.Tech shares were among the winners, with Samsung Electronics rising 0.31 percent and LG Electronics advancing 0.94 percent. LG Display moved up 2.68 percent.Builders traded lower, with Hyundai Engi

June 8, 2017

Banks' loan delinquency rate edges up in April

The delinquency rate of South Korean banks' won-denominated loans edged up in April from a month earlier due to a slight rise in new non-performing loans, government data showed Thursday. The rate for bank loans more than 30 days overdue stood at 0.54 percent at the end of April, up from 0.51 percent at the end of March, according to the data by the Financial Supervisory Service. Compared with a year ago, however, the rate was down 0.1 percentage point, it said. "In April, newly delinquent

June 8, 2017

Seoul stocks close lower on global uncertainties

South Korean stocks closed lower Wednesday as investors were taking a wait-and-see approach over global events, including the general election in Britain, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 8.48 points, or 0.36 percent, to 2,360.14. Trade volume was moderate at 370 million shares worth 6 trillion won ($5.33 billion), with losers slightly outnumbering gainers 406 to 405.Analysts said the sluggish trading came as investors

June 7, 2017