Govt. to release fisheries stock during fishing prohibition period

The government said Friday it will release 6,700 tons of its fisheries stock starting next week to keep prices under control during the fishing prohibition period.The prohibition period began April 1 and will continue to Aug. 11, depending on different types of net fishing. Violators are subject to legal punishment.The Ministry of Oceans and Fisheries said the government will put its fish stock on the market from April 17 to May 26, including4,500 tons of Alaska pollacks, 1,314 tons of mackerels

April 14, 2017

Seoul shares trade lower in late morning trade

South Korean shares traded lower Friday morning as key blue chips continued to lose ground amid geopolitical concerns.The benchmark Korea Composite Stock Price Index dropped 11.35 points, or 0.53 percent, to 2,137.26 as of 11:20 a.m.Top market cap Samsung Electronics decreased 0.94 percent, and LG Electronics plunged 1.44 percent. LG Display shed 0.97 percent.Chemical firms were also among the losers, with industry leader LG Chem decreasing 0.18 and No. 1 cosmetics maker AmorePacific falling 0.3

April 14, 2017

Korean overseas bank branches report 15% rise in profits

Overseas branches of South Korean banks saw their combined net profit rise 15 percent on year to $650 million in 2016, thanks to a jump in incomes related to stocks and foreign exchange derivatives, government data showed Friday. The combined interest income at 178 overseas branches gained 6.4 percent on year to $1.35 billion, while non-interest income jumped 54.8 percent on year to $724 million, according to the data by the Financial Supervisory Service.Their average non-performing loan ratio s

April 14, 2017

Korean shares open lower on Pyongyang concerns

South Korean stocks opened lower Friday as investors continued to seek after safer assets amid the rising concern over North Korean provocations including a potential nuke test.The benchmark Korea Composite Stock Price Index fell 9.55 points, or 0.44 percent, to 2,139.06 in the first 15 minutes of trading.Tech shares traded bearish, with market behemoth Samsung Electronics losing 0.8 percent and No. 2 chipmaker SK hynix falling 0.3 percent. LG Electronics shed 1.15 percent. Financial shares also

April 14, 2017

Citibank Korea to close 80% of its branches

Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won't slash staff, despite ongoing restructuring measures.  Instead, about 800 workers at the branches facing closures will be relocated to what the bank calls "non-fa

April 13, 2017

Seoul stocks end higher on eased political uncertainties

South Korean stocks closed higher on Thursday as geopolitical uncertainties both at home and abroad eased to some degree, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 19.70 points, or 0.93 percent, to close at 2,148.61 Trade volume was slim at 331 million shares worth 4.23 trillion won ($3.74 billion), with gainers outnumbering losers 541 to 246.Analysts said market sentiment improved on expectations that the political situatio

April 13, 2017

FSC to strengthen private equity funds' role in bailouts

The Financial Services Commission of Korea rolled out plans Thursday to strengthen the role of private equity firms in carrying out corporate bailout measures, a move aimed to discourage the practice of credit banks being reluctant to declaring insolvencies of financially distressed firms.The projected 8 trillion won ($7.09 billion) fund, where state-owned lenders would first contribute half of the funds, to be matched by private equity firms, will be used to refinance mid-sized enterprises.This

April 13, 2017

Recovering global economy may help Korea turn around: finance minister

South Korea's finance minister said Thursday that the recent signs of a recovery in world trade will help Asia's fourth-largest economy make a rebound despite lingering uncertainties at home and abroad."As the South Korean economy highly depends on exports and global demand, the upside trend in the world economy will be a boon for the country," Finance Minister Yoo Il-ho said in a ministerial meeting in Seoul.Hopes are high that the South Korean economy has entered a positive cycle on

April 13, 2017

Seoul shares slightly up in late morning trade

South Korean shares traded slightly higher late Thursday morning as investors still remained cautious in making bets on risky assets.The benchmark Korea Composite Stock Price Index added 3.14 points, or 0.15 percent, to 2,132.05 as of 11:20 a.m.Market kingpin Samsung Electronics lost 1.09 percent after starting out on a strong note. The company announced earlier in the day that preorders for its new flagship smartphone, the Galaxy S8, have surpassed a whopping 720,000 units in just seven days.SK

April 13, 2017

BOK raises growth outlook of Korea's economy to 2.6%

South Korea's central bank on Thursday revised up its growth outlook for Asia's fourth-largest economy to 2.6 percent from 2.5 percent for 2017.BOK Gov. Lee Ju-yeol announced the estimate in a news conference after the BOK Monetary Policy Board kept its policy rate at an all-time low of 1.25 percent in April.The BOK's gross domestic product growth estimate for 2017 is 0.1 percentage point higher than the central bank's estimate released in January. (Yonhap)

April 13, 2017

BOK holds key rate steady at 1.25% in April

South Korea's central bank on Thursday held its key rate steady for April to support the country's growth, despite a recent US rate hike.The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April after dropping the rate to its lowest level to bolster Asia's fourth-biggest economy.Last month, the US Federal Reserve raised its key rate by a quarter of a percentage point to a target range of 0.75 to 1 percent. It also signaled that additional h

April 13, 2017

Funds investment increases but skews away from stocks

South Korea's funds market grew big in size, gaining some 100 trillion won ($8.73 billion) in just two years, but the gain has not been all healthy with bigger lumps of money going to non-stock investments, industry data indicated Thursday.The Korea Financial Investment Association put the country's net fund assets at a record amount of 500.63 trillion won as of Friday. The value had just surpassed 400 trillion won in March 2015.A detailed look, however, showed that the largest sum of 28.84 tril

April 13, 2017

Korean shares open higher on tech gains

South Korean stocks opened higher Thursday on the back of robust gains in tech firms.The benchmark Korea Composite Stock Price Index climbed 4.95 points, or 0.2 percent to 2,133.86 in the first 15 minutes of trading.Most large-cap stocks were mixed across the board, with tech shares leading the gain.Market behemoth Samsung Electronics added 0.24 percent, and major chipmaker SK hynix moved up 0.61 percent. LG Electronics advanced 1.45 percent.Naver, the top Internet portal operator, was up 1.56 p

April 13, 2017

Kookmin Bank to compile feedback on expat banking

Kookmin Bank launched a group to help the company gather feedback from its expat customers Wednesday.The group is made up of 12 expats, non-Korean online community users and bloggers. It is expected to compile feedback from the foreign customers of Kookmin Bank for a year. An event to celebrate its launch took place at the main branch of Kookmin Bank in Myeong-dong, Seoul, Wednesday.  The move comes in line with the launch of an in-house department for international customers by teaming up

April 12, 2017

Seoul stocks rebound ending 6-day losing streak

South Korean stocks closed slightly higher Wednesday ending a six-day losing streak, although the rise was limited due to heightened geopolitical tension surrounding the Korean Peninsula, analysts said.The benchmark Korea Composite Stock Price Index inched up 5.06 points, or 0.24 percent, to close at 2,128.91. Trade volume was moderate at 405.1 million shares worth 3.8 trillion won ($3.32 billion), with losers outnumbering gainers 399 to 395.Analysts said the increase came as investors became le

April 12, 2017

Korean shares edge up in late morning trade

South Korean stocks traded a tad higher late Wednesday morning, but the gain was limited by geopolitical tension surrounding the Korean Peninsula.The benchmark Korea Composite Stock Price Index inched up 2.2 points, or 0.1 percent, to 2,126.05 as of 11:20 a.m.Top tech giant Samsung Electronics continued to gain ground, rising 0.43 percent.Mobile carriers lost ground, with No. 1 SK Telecom falling 0.61 percent and KT losing 1.27 percent. LG Uplus, the smallest player, shed 2.46 percent. &nbs

April 12, 2017

Financial holding firms see profits gain 19.6% in 2016

South Korea's seven financial holding companies saw their combined net profit gain 19.6 percent on year in 2016, helped by solid interest income and lower debt provisions, government data showed Wednesday. The combined net profit of financial holding firms stood at 7.5 trillion won ($6.5 billion) in 2016, compared to a profit of 6.2 trillion won in 2015, according to the data by the Financial Supervisory Service.  Banking units of the financial holding firms have expanded assets, led by mor

April 12, 2017

Seoul stocks fall for 6th consecutive session

South Korean stocks closed lower Tuesday, marking the sixth consecutive session drop amid rising concerns over a potential nuclear test by Pyongyang, analysts said.The benchmark Korea Composite Stock Price Index fell 9.47 points, or 0.44 percent, to close at 2,123.85. Trade volume was moderate at 460.2 million shares worth 4 trillion won ($3.49 billion), with gainers outnumbering losers 409 to 384.Analysts attributed the drop to the escalating concern that the North will soon press ahead with an

April 11, 2017

Financial markets stable despite geopolitical worries

South Korea's financial regulator said Tuesday geopolitical concerns won't impact financial market stability, while warning that it will sternly deal with spreading unfounded rumors. Jin Woong-sup, chairman of the Financial Supervisory Service, held an emergency meeting earlier in the day as the nation's stocks and currency lost ground over uncertainties centered on North Korea's nuclear and missile programs.In a statement, the regulator said the financial markets have remained "stable with

April 11, 2017

Korean shares down in late morning trade

South Korean stocks traded lower late Tuesday morning following losses from carmakers and mobile carriers.The benchmark Korea Composite Stock Price Index lost 9.46 points, or 0.44 percent, to fall to 2,123.86 as of 11:20 a.m.Carmakers continued to lose ground, with Hyundai Motor and Kia Motors losing 1.71 percent and 0.7 percent, respectively. Top auto parts maker Hyundai Mobis slid 1.8 percent.Mobile carriers also lost ground, with SK Telecom sliding 3.76 percent and KT decreasing 2.79 percent.

April 11, 2017