Asset managers‘ operating profit falls 14.8% in Q1

South Korean asset management firms saw their combined operating profit fall 14.8 percent in the first quarter on decreased commission fee income, data showed Wednesday. The combined operating profits of 175 local fund management firms came to 142.8 billion won ($127.2 million) by the end of March, down 24.9 billion won from the last quarter of 2016, according to data compiled by the Financial Supervisory Service.The number of management firms suffering deficits also rose to 73, from 67 in the p

June 7, 2017

Jonggak Station earns new name: Standard Chartered Bank Korea Station

Jonggak Station on Seoul’s Subway Line No. 1 got a second name Friday -- Standard Chartered Bank Korea Station -- the bank said Wednesday.Seoul Metro, an operator of eight subway lines in the Seoul metropolitan area, signed a three-year contract with the Seoul-based unit of the international banking giant on May 29, after the bank won a bid on May 19, according to the bank.  Platform signs and subway maps will state both names for the station. Train announcements of the stat

June 7, 2017

Net purchase of Kosdaq shares by offshore investors biggest in 13 yrs: data

Foreign investors purchased a net 530 billion won ($474 million) worth of stocks on South Korea's tech-heavy Kosdaq market in May, the most in 13 years, local data showed Wednesday.The amount is the third-largest monthly net buying by offshore investors in the secondary Kosdaq market after 1.01 trillion won tallied in February 2000 and 723.4 billion won in April 2004, the Korea Exchange said. Foreign investors concentrated on buying IT and semiconductor shares.  Foreign investors bought 1.0

June 7, 2017

Korean shares nearly flat in late morning trade

South Korean stocks traded nearly flat late Wednesday morning as major blue chip shares traded mixed amid profit-taking.The benchmark Korea Composite Stock Price Index fell 1.93 points, or 0.08 percent, to 2,366.69 as of 11:20 a.m.Tech giants traded mixed, with top cap Samsung Electronics falling 0.9 percent, while flat panel maker LG Display shot up 2.36 percent.Logistics shares gained ground, with Hyundai Glovis moving up 0.97 percent and flag carrier Korean Air advancing 3.05 percent.The loca

June 7, 2017

Stocks open lower on profit-taking

South Korean stocks opened lower Wednesday as investors continued to take a breather amid the latest growth rally on the main bourse.The benchmark Korea Composite Stock Price Index dipped 8.24 points, or 0.35 percent, to 2,360.38 in the first 15 minutes of trading.Carmakers traded bearish, with Hyundai Motor falling 1.55 percent and its auto parts affiliate Hyundai Mobis decreasing 3.45 percent. Kia Motors shed 0.39 percent.Chemical shares were also among losers, with Amore Pacific decreasing 1.

June 7, 2017

118-year-old Woori Bank is oldest listed firm in S. Korea

Woori Bank is the oldest firm listed on South Korea’s stock market, data showed Tuesday.Woori Bank, the fourth-largest commercial bank in South Korea in terms of market cap, is 118 years old, according to data from the Financial Supervisory Service and the Korea Securities Depository.The bank was founded in 1899 through financing by a Joseon-era emperor. It was called Daehan Cheon-il Bank then, but later renamed itself Commercial Bank of Korea. It was one of the five major banks here until

June 6, 2017

More Kospi stocks notch up yearly highs

More major stocks on South Korea’s top bourse jumped into the 52-week high parade Monday, following the historic rally that led nearly one-fourth of its stocks to hit a peak in May.LG Electronics hit 88,900 won ($79.5), while panel maker LG Display reached 34,300 won and automatic teller machine maker Hyosung tapped 172,000 won at the highest during the Monday trade. The previous yearly high was 86,900 won, 33,500 won and 170,500 won, respectively.They were not the only powerhouses listed

June 5, 2017

Seoul stocks close slightly lower amid mixed blue chip trade

South Korean stocks traded nearly flat throughout the session to close slightly lower Monday as major blue chips traded in mixed terrain, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 3.1 points, or 0.13 percent, to 2,368.62. Trade volume was moderate at 322 million shares worth 5.1 trillion won ($4.56 billion), with losers outnumbering gainers 469 to 358.Despite the overall sluggish trade, the KOSPI reached 2,376.83 at one point, s

June 5, 2017

Citibank Korea chief says no pullout from Korea

Citigroup Inc., a New York-based global investment banking and financial services company, won't withdraw its operations from South Korea, Citibank Korea's chief said.Citibank Korea "is here to stay and continue investments as necessary to achieve sustainable growth in Korea," Chief Executive Park Jin-hei said Friday in a message to Citibank Korea employees.There has been market speculation that Citigroup was taking steps to exit from the country when Citibank Korea reduced the number

June 5, 2017

Seoul shares lose ground on techs, chemicals

South Korean stocks lost ground late Monday morning following losses from technology and chemical shares.The benchmark Korea Composite Stock Price Index fell 4.39 points, or 0.19 percent, to 2,367.33 as of 11:20 a.m.Market behemoth Samsung Electronics inched down 0.04 percent, and top chipmaker SK hynix also slid 1.75 percent. Chemical shares were also losers, with LG Chem decreasing 1.19 percent and AmorePacific falling 0.15 percent.The local currency was trading at 1,119.00 won against the US

June 5, 2017

Stocks open higher, set new record

South Korean stocks opened higher Monday to reach a new record during the trading session.The benchmark Korea Composite Stock Price Index edged up 3.13 points, or 0.13 percent, to 2,374.85 in the first 15 minutes of trading.The KOSPI reached 2,376.83 at one point, setting a new record in terms of during-session figures.Tech shares traded mixed, with Samsung Electronics advancing 0.22 percent and SK hynix losing 0.53 percent. Top carmaker Hyundai Motors rose 0.92 percent, while its sister Kia Mot

June 5, 2017

Kospi chalks up fresh historic high

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

FSS vows measures for savings banks

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

Seoul stocks up 1.16% on foreign buying

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

Seoul shares extend gains on foreign buying

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's Bixby joins forces with local banks

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

Korean bourse fares best worldwide in May

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

Savings banks see Q1 profits gain 13.6% on higher interest income

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

Stocks open higher on US gains

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