Seoul shares edge up amid lack of leads

South Korean stocks closed slightly higher Monday on a lack of fresh leads to fuel the market, although foreign investors have been increasing bets in local equities with ample liquidity from the eurozone, analysts said. The South Korean won rose sharply against the dollar. The Korea Composite Stock Price Index rose 4.78 points, or 0.23 percent, to finish at 2,041.37. Trading volume was moderate at 323.5 million shares worth 4.57 trillion won (US$4.13 billion) with gainers outpacing decliners 48

March 24, 2015

S. Korea's terms of trade nears five-year high

South Korea's terms of trade neared the highest level in five years in February as weaker oil prices sent import prices lower compared with export prices, data showed Tuesday.The country's net terms-of-trade index for goods reached 100.52 last month, jumping 12.6 percent from the previous year, according to the preliminary data by the Bank of Korea. The February reading marks the highest level since 100.53 in July 2010.The index gauges the quantity of imports that can be purchased through the sa

March 24, 2015

Manufacturers bearish over Q2 biz conditions, despite bounceback

South Korea's major manufacturers are more upbeat about their business outlook for the second quarter than in the previous quarter, but still downbeat due to economic uncertainties, a survey showed Tuesday. The business survey index outlook for the April-June period came to 97, up from 83 tallied in the first quarter, according to the survey by the Korea Chamber of Commerce & Industry of the country's 2,428 firms. The rise marks the first positive change in a year, as the index had been trending

March 24, 2015

Import farm price index falls to over-7 year low in Feb.: data

The price of imported farm products fell to an over-seven year low in February mainly due to a drop in international grain, vegetable and fruit prices, government data showed Tuesday.According to the Korea Customs Service, the farm produce import price index stood at just 97, down 4.5 percent from January and 4.1 percent from a year earlier."This is the lowest reading since 89.9 reached in December of 2007," the office said. It pointed out the general drop in key staples, such as grain, affected

March 24, 2015

Gov't to offer 33.1 tln won in tax relief in 2015

South Korea is expected to offer 33.1 trillion won ($29.9 billion) in tax relief to support economic recovery this year, slightly up from last year, the finance ministry said Tuesday.The government's expected tax relief for this year was slightly higher than an estimated 33 trillion won in 2014, but smaller than the 33.8 trillion won in 2013, the ministry said. The exemption rate, however, is forecast to fall to 13 percent this year, compared with 14.3 percent in 2013 and 13.8 percent in 2014. T

March 24, 2015

ADB forecasts S. Korea's economy to grow 3.5 pct in 2015

The Asian Development Bank forecast Tuesday that South Korea's economy will grow 3.5 percent this year, aided by falling commodity prices and a rebound in the U.S. economy. The annual outlook by the ADB is slightly higher than the 3.4 percent forecast set by South Korea's central bank in January.South Korea's economy, Asia's fourth-largest, expanded 3.3 percent last year. In its Asian Development Outlook 2015, the ADB expected Asian economies will maintain their growth momentum, but China's econ

March 24, 2015

Weaker yen, euro boosts direct shopping from Japan, Germany: data

The weakening of the yen and euro prompted more South Koreans to shop directly from Japanese and European brands, data showed Tuesday.Products shipped from Germany accounted for 6.2 percent of total products shipped from abroad in the January 1-March 15 period, doubling from 3 percent in the same period a year earlier, according to data by online retailer Malltail, which specializes in overseas shopping and shipping services.Japanese products took up 7.1 percent of the total, compared with 4.6 p

March 24, 2015

Seoul shares open lower on large-cap exporters

South Korean stocks began lower Tuesday, led by a fall in large-cap exporters weighed down by a strong local currency, analysts said. The Korea Composite Stock Price Index lost 1.84 points, or 0.09 percent to trade at 2,034.75 in the first 15 minutes of trading. Market behemoth Samsung Electronics shed 0.4 percent, with top carmaker Hyundai Motor dropping 1.4 percent. Chip giant SK hynix also fell about 0.5 percent. Brokerage firms and telecom companies, however, got a lift, with Samsung Securit

March 24, 2015

BOK governor expects Korean economy to improve

Bank of Korea Gov. Lee Ju-yeol on Tuesday projected the South Korean economy will improve while undergoing short-term uncertainties stemming from global economic circumstances."The economy will improve going forward, but there are uncertainties in the short term regarding global oil prices and the Fed's rate policy direction," Lee said in a regular meeting with local economic experts.Lee, meanwhile, cited Federal Reserve Chair Janet Yellen's remarks on the need to rely on economic data for polic

March 24, 2015

Seoul shares almost flat on profit-taking

South Korean stocks closed almost flat Monday after swerving in and out of positive terrain, as retail investors sold shares to take their profit from recent gains, analysts said. The local currency rose against the U.S. dollar. The Korea Composite Stock Price Index shed 0.65 points, or 0.03 percent, to finish at 2,036.59. Trading volume was moderate at 308.6 million shares worth 4.6 trillion won ($4.12 billion), with gainers outnumbering decliners 432 to 366. Analysts said market uncertainties

March 23, 2015

Korean won up on global dollar weakness

The South Korean won rose against the U.S. dollar Monday, moving in tandem with its other major peers, but pared part of its earlier gains on intervention concerns, dealers said.The local currency closed at 1,114.60 per dollar, up 8.4 won from the previous session's close, after rising to as high as 1,111.60 won at one point.At the opening bell, the won gained around 1 percent to the greenback on expectations that the U.S. Fed's rate hike would be delayed.Adding to the downward pressure on the w

March 23, 2015

Koreans' excess cash holdings rise in 2014

Excess cash held by South Korean households and non-profit agencies rose from a year earlier in 2014 as their income growth surpassed their spending, central bank data showed Monday.The value of excess funds reached 91.7 trillion won ($82.1billion) last year, up from 87.4 trillion won in the previous year, according to preliminary data by the Bank of Korea. Excess funds refer to the volume of money that remains on balance sheets for households after deposits and stock investments.The figure is c

March 23, 2015

S. Korea's gold bourse shows stable growth after 1-year opening

South Korea's gold bourse is on a track for stable growth one year after its opening on expanded memberships and investor interest, with a daily turnover nearing an anticipated level, data showed on Monday.The gold bourse was launched on March 24 last year as the country struggles to bring the unregulated market into the open as well as broaden its taxation base.According to the Korea Exchange, the operator of the gold bourse, a total of 1,472 tons of gold worth 63.1 billion won ($56.5 million)

March 23, 2015

S. Korea, New Zealand hail free trade deal

South Korean President Park Geun-hye and New Zealand Prime Minister John Key on Monday hailed the signing of a free trade agreement that could help further boost bilateral trade.The signing ceremony -- a centerpiece of Key's visit to Seoul -- comes four months after the two countries announced they had struck a free trade agreement to boost bilateral trade and economic cooperation.Park described the formal signing of the free trade agreement as a milestone in bilateral relations.Park said that t

March 23, 2015

Investors pull out of stock funds as market shows bullish run

South Korean investors are pulling their money out of stock funds as the country's stock market continues to build up gains on the back of strong buying by foreign investors and pension funds, data showed Monday.According to the data compiled by the Korea Financial Investment Association, local stock funds suffered a net outflow of 536 billion won ($482 million) last week, with the daily fund redemption hitting an eight-month high of 283 billion won Friday.On Thursday, investors took some 221 bi

March 23, 2015

S. Korean firms sitting on large cash piles

South Korean conglomerates, wary of economic uncertainties and weak domestic demand, are sitting on large amounts of cash despite government pressure for them to spend more on wages, dividends and facilities, data showed Monday.The combined retained earnings of 96 listed firms affiliated with the country's 10 largest business groups came to 503.9 trillion won ($453 billion) at the end of last year, up 37.63 trillion won, or 8.1 percent, from a year ago, according to the data compiled by conglome

March 23, 2015

Expensive Korean stocks come under pressure to split

Shareholders of Amore Pacific Co., South Korea's leading cosmetics firm whose share price is the most expensive in the country at more than 3 million won ($2,678), approved a 10-for-1 stock split in a unanimous vote during their annual meeting on Friday, raising questions about who could be next.  Investors welcomed the news when Amore Pacific said on March 3 it would split its stocks to increase the number of shares in circulation, its stocks soaring to maximum daily gain of 15 percent in mid-d

March 20, 2015

Gov't to spend 3 tln won more in H1 to stimulate growth, investment

The government plans to spend 3 trillion won ($2.67 billion) more in the first half to stimulate the slow pace of economic recovery and increase public investment by around 7 trillion won within the year, South Korea's finance minister said Friday.  Choi Kyung-hwan said at the meeting of economy-related ministers held in Seoul that the new measures are needed due to weak consumption and an unsteady rise in corporate investment, brought on by weak demand.  Facility investment by companies contrac

March 20, 2015

KONEX market value quadruples in 2 years

The Korea Exchange’s trade market to support and create financing for small and medium-sized start-up companies is showing rapid and steady growth, KRX and industry officials said.The Korea New Exchange market, or KONEX, was set up in July 2013 to provide a direct financing route for start-up SMEs that could not fulfill listing requirements for other exchange markets. It began with a total market value of about 468.9 billion won ($422 million), and since then has quadrupled to roughly 1.82 trill

March 19, 2015