Seoul stocks close higher on blue chip gains

South Korean stocks closed higher on robust gains of blue chip shares, including market behemoth Samsung Electronics, analysts said Tuesday, posting the second-highest closing figure. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index gained 14.23 points, or 0.65 percent, to close at 2,219.67. Trade volume was low at 290 million shares worth 4.72 trillion won ($4.17 billion), with losers outnumbering gainers 429 to 363.The latest figure marks the second-h

May 2, 2017

Foreigners' Korean bond holdings again surpass W100tr

Foreign investors have snapped up South Korean bonds with their holdings exceeding 100 trillion won ($88.6 billion) again, industry data showed Tuesday. Offshore investors were net buyers of South Korean bonds worth 692.1 billion won last week, raising their holdings to 100.1 trillion won as of last Friday, according to the data and NH Investment & Securities.Foreign investors have been buying South Korean bonds, with the won showing strength against the US dollar. Kang Seung-won, a research

May 2, 2017

‘Moon’s dovish stance may lift credit standing’

North Korea policies proposed by Moon Jae-in, the front-runner in South Korea’s presidential race, may have a positive impact on the sovereign credit rating of the fourth-largest economy in Asia, said a report from Moody’s on Tuesday. The international credit rating agency said South Korea could undergo a change in its geopolitical risks after the upcoming election that falls on Tuesday, considering Moon’s North Korea-friendly policies that have been likened to the “Sunsh

May 2, 2017

Korean stocks trade higher in late morning trading

South Korean stocks traded higher late Tuesday morning on the back of the robust gains of major blue-chip shares.The benchmark Korea Composite Stock Price Index rose 21.66 point, or 0.98 percent, to 2,227.10 as of 11:20 a.m.Market behemoth Samsung Electronics shot up 1.03 percent, and No. 2 chipmaker SK hynix also advanced 2.41 percent. LG Electronics and LG Display gained 2.03 percent and 2.04 percent, respectively.Carmakers are also winners, with Hyundai Motor rising 4.51 percent and its auto

May 2, 2017

Banks' Q1 profits surge to 6-year high

The combined net profit of South Korean banks for the first quarter of this year surged to a six-year high, thanks to a rise in interest income and a decline in loan-loss provisions, government data showed Tuesday. Banks in South Korea posted a combined net profit of 4.3 trillion won ($3.7 billion) for the January-March quarter, up 49 percent on-year, according to the data by the Financial Supervisory Service.It marked the biggest profit since the first quarter of 2011, when profit stood at 4.5

May 2, 2017

Stocks open higher on tech, financial shares

South Korean stocks opened higher Tuesday on the back of robust gains by tech and financial shares.The benchmark Korea Composite Stock Price Index rose 15.23 points, or 0.69 percent, to 2,220.67 in the first 15 minutes of trading. The market closed Monday for Labor Day.Tech shares led the gain, with market behemoth Samsung Electronics moving up 1.79 percent and its smaller rival LG Electronics climbing 0.72 percent. Chipmaker SK hynix advanced 3.33 percent.Financial shares also kicked off higher

May 2, 2017

Over 200 children have large bank accounts

More than 200 South Korean children aged 7 to 13 have bank accounts with a balance of 100 million won ($88,000) or higher, with their average balance hovering well above the mean of local households' financial assets, government data showed Tuesday.According to the data by the Financial Supervisory Service, 224 bank accounts owned by children in the age bracket have a balance of 100 million won or larger, with the total balance reaching 54.9 billion won, and the average balance coming to 245 mil

May 2, 2017

Study shows 88% of financial firms threatened by clout of fintech

Nearly 90 percent of financial firms worldwide said their businesses are at risk from rapidly expanding fintech rivals and they fear losing revenue to the financial innovators, according to a new study released on Monday, in the latest sign of the growing influence of financial technology, known as fintech.The study conducted by global consulting firm PricewaterhouseCoopers said that many fear losing business to innovators, starting with payments, fund transfers and personal finance. "The v

May 1, 2017

[Monitor] Gap widens between net interest income of households and banks

The household net interest income has recorded a deficit for the first time since 1975, while that of local banks has shown an increase last year.According to the Bank of Korea, total household interest income has decreased to 36.1 trillion won, the lowest in 20 years. However, its interest payments on loans have risen sharply to approximately 41.8 trillion won, creating a deficit of around 5.7 trillion won. On the other hand, the profits of domestic banks has increased by 900 billion won, resul

May 1, 2017

Banks' loan delinquency rate edges down in March

The loan delinquency rate of South Korean banks edged down in March from a month earlier as they wrote off bad loans, government data showed Monday.The delinquency rate for their won-denominated loans stood at 0.51 percent at the end of March, down 0.06 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Loans with both the principal and interest overdue by one month or more are considered delinquent. The decline came as 1.2 trillion won ($1 billion

May 1, 2017

Non-life insurers’ profits rise on smaller loss ratios for cars

South Korea’s non-life insurers saw their profits rise due to reduced loss ratios for car insurance and the rise in medical insurance rates in the first quarter, data showed Sunday.However, criticism persisted as the insurers appear to rely on group buying schemes, which allows them to overcharge customers to sustain financial stability for coverage, observers said.The combined net profit of the five major non-life insurers -- Samsung Fire & Marine Insurance, Dongbu Insurance, Hyundai

April 30, 2017

Banks continue to raise household lending rates

Commercial lenders in South Korea have raised interest rates for household lending, weighing on household debt, the central bank’s data showed Sunday. Fresh household loans with rates lower than 3 percent, extended by local banks, took up 26 percent of total household loans in March, hitting a 25-month low, according to data from the Bank of Korea. The proportion of new loans with interest rates below 3 percent plummeted by 50 percentage points to reach 25.8 percent, from 76 percent in Aug

April 30, 2017

Big biz CEOs paid average 22-times more than ordinary workers: data

Chief executive officers leading South Korea's biggest businesses receive salaries that are on average 21.9-times higher than those of ordinary employees, a local market researcher said Sunday.According to FN Guide, CEOs at the 30 largest companies in terms of market capitalization, took home substantially more pay than the average worker in 2016, with the gap widening to more than 50 to 60-fold in some cases. The data was based on 28 companies that released the salaries of their workers. It sai

April 30, 2017

Value of shares owned by 100 richest stockholders exceed W100tr

The combined value of shares owned by South Korea's 100 richest stockholders surpassed 100 trillion won ($87.7 billion), swelled by rising stock markets, industry data showed Sunday.Despite geopolitical risks surrounding North Korea, the nation's benchmark KOSPI index closed at a near six-year high last week. The index gained about 9 percent from the end of last year.  As of last Friday, the combined value of shares owned by the 100 richest stockholders stood at 100.8 trillion won, up 7.2 t

April 30, 2017

Seoul stocks slip from 6-year high, Samsung continue to rise

South Korean stocks snapped their six-day winning streak on Friday, slipping from their six-year high, as investors cashed in recent gains, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 4.02 points, or 0.18 percent, to close at 2,205.44.Trade volume was moderate at 263 million shares worth 5.64 trillion won ($4.96 billion), with losers outnumbering gainers 502 to 285.The local stock market opened higher as top market cap Samsung Ele

April 28, 2017

Korean stocks trade almost flat in late morning

South Korean stocks traded almost flat at their six-year highs Friday morning, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index shed 0.5 point, or 0.02 percent, to 2,208.96 as of 11:15 a.m.Market kingpin Samsung Electronics shot up 2.97 percent after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back stocks worth 9.3 trilli

April 28, 2017

Korean stocks appear undervalued despite recent gains

South Korean stocks still appear undervalued despite some 9 percent gain in the benchmark index this year, according to market data and a local brokerage on Friday. The Kospi index closed at a near six-year high of 2,209.46 points on Thursday, supported by healthy earnings by Samsung Electronics Co. and foreign inflows.  From Jan. 2 to Wednesday, the index gained 8.95 percent from the end of last year, but the gain lagged behind an average rise of 10.51 percent among the world's 40 stock ma

April 28, 2017

Stocks open slightly lower on profit-taking

South Korean stocks opened slightly lower on Friday, 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 fell 0.76 point, or 0.03 percent, to 2,208.70 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 2.65 percent up on its strong first-quarter earnings and shareholder-friendly policies.SK hynix, a major chipmaker, also rose 1.12 percent.In contrast, Hyundai Moto

April 28, 2017

Kospi hits another record high for 2017

South Korea‘s benchmark Korea Composite Stock Price Index hit another record high for 2017 Thursday, thanks to individual investors’ buying, offsetting its weak start earlier affected by Samsung’s refusal to reshape corporate structure. Kospi continued a seven-trading-day rally, closing at 2,209.46 points. It was up 0.07 percent, or 1.62 points from a day earlier, when it crossed the 2,200 mark for the first time in six years. The stock market index dropped to 2,199.76 at

April 27, 2017

Korean stocks down from 6-yr high, Samsung spikes

South Korean stocks traded lower early Thursday morning, slipping from their six-year highs, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index (Kospi) shed 3.85 points, or 0.17 percent, to 2,203.99 as of 11:15 a.m.Market kingpin Samsung Electronics was 1.73 percent up after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back

April 27, 2017