S. Korea must redouble efforts to bolster economy: finance minister

South Korea's economic recovery is slow and weak although the economy as a whole is on the mend, the top economic policymaker said Monday.Touring a major road construction site in southern Seoul, Finance Minister Choi Kyung-hwan said consumer spending remained sluggish and exports have not increased as previously anticipated, mainly due to external factors."Under present conditions, what is needed are measures aimed at vitalizing the economy, as well as pushing forward economic reforms," said th

March 9, 2015

S. Korea's home transactions slip 0.4 pct in Feb.

South Korea's home transactions shrank slightly from a year earlier in February while the number of home transactions in the capital region surged to a nine-year high, the government said Monday.In February, the number of home transactions came to 78,864, down 0.4 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.The drop was largely attributed to the three-day traditional Lunar New Year's Day break that fell in February this year, instead of

March 9, 2015

Corporate heavyweights face shareholders in annual meetings with some change of rules

South Korea's weighty corporations will hold their shareholders meetings starting this week, where minority stake owners and the national pension fund operator are expected to gain a bigger voice, market watchers said Sunday.The assembly for shareholders began last month, but big-name companies, including Samsung Group and Hyundai Motor affiliates, have scheduled the meetings in the coming two weeks, mostly on Fridays that have been duly named the "super" day of shareholders. According to announ

March 8, 2015

Investment advisers' net doubles in first 3Qs of fiscal 2014

Investment advisory companies in South Korea saw their earnings more than double in the April-December period of last year from a year earlier on increased returns from equity investments, the financial watchdog said Thursday.The combined net profit of 158 local and foreign investment advisers, which close their books on March 31, reached 53.6 billion won ($48.8 million) in the period, compared with 25.2 billion won in the same period last year, according to the Financial Supervisory Service. An

March 5, 2015

Foreign investors turn net buyers of Korean stocks in Feb.

Foreign investors turned into net buyers of South Korean stocks last month amid a bullish run of the country's stock market, the financial watchdog said Thursday.Offshore investors bought a net 573 billion won ($521.2 million) worth of stocks in February, a turnaround from 949 billion won in net selling in the previous month, according to the Financial Supervisory Service.The total value of their shareholdings came to 437.5 trillion won as of the end of February, accounting for 30.7 percent of t

March 5, 2015

S. Korea's cosmetics exports surge on China demand

Exports of South Korean cosmetic products jumped more than 50 percent last year from a year earlier, buoyed by a surge in demand from Chinese consumers, data showed Thursday.Outbound shipments of cosmetics totaled $1.87 billion last year, spiking 52 percent from the previous year, according to government and industry data.The on-year increase was mostly powered by surging sales of Korean cosmetics products in China, with exports to the country accounting for 31 percent, or $581 million of the to

March 5, 2015

Consumer price data fuel deflation concerns in South Korea

Consumer prices in South Korea last year grew at a slower pace than in Japan and other developments markets, international data showed Thursday, bolstering the argument by economy observers that the country is heading toward a deflationary spiral.Data by the Organization for Economic Cooperation and Development showed South Korea's consumer prices rising 1.3 percent on-year last year, below the 2.7 percent growth in Japan.South Korea's figure was 0.3 percentage point lower than the average for t

March 5, 2015

Market cap of S. Korean shares breaks W1,400 tln

The total value of the South Korean stock market has surpassed 1,400 trillion won ($1.27 trillion) on the back of new share listings and a recent rally in the tech-laden KOSDAQ, the Seoul bourse operator said Thursday. The combined market capitalization of the main KOSPI, secondary KOSDAQ, and KONEX, a third market for start-ups, rose to 1,414.2 trillion won as of Tuesday, up 9.8 percent from a year earlier, according to the Korea Exchange. It has also risen by 5.8 percent this year. It took fou

March 5, 2015

S. Korea's short-term foreign debt inches up in 2014

South Korea's short-term foreign debt slightly increased last year from 2013 on a rise in banks' overseas borrowing, the central bank said Thursday.The country's short-term external debt with a maturity of one year or less totaled $115.3 billion as of the end of 2014, gaining $3.5 billion from a year earlier, according to the Bank of Korea.Korea's total external debt stood at $425.4 billion as of the end of last year, also growing $1.9 billion from the previous year.The ratio of short-term debt

March 5, 2015

Strong foreign buying spurs KOSDAQ rally

Foreigners' stock holdings in South Korea's tech-heavy KOSDAQ bourse surged 52.5 percent last month from 14 months earlier to buttress its recent rally, the financial watchdog said Thursday.Their stock ownership came to 18 trillion won ($16.4 billion) as of end-February, compared with 11.8 trillion won tallied at the end of 2013, according to the Financial Supervisory Service.Their holdings accounted for 10.8 percent of the total market capitalization of 166.7 trillion won.During the 14-month pe

March 5, 2015

Seoul shares edge down on U.S. stock falls, ECB meeting

South Korean stocks finished lower on Wednesday due to overnight falls on Wall Street and anticipation of a key ECB meeting later this week, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index 3.09 gave up points, or 0.15 percent, to 1,998.29. Trading volume was moderate at 369 million shares worth 4.59 trillion won ($4.18 billion), with losers beating gainers 370 to 431."There are growing hopes for an additional monetary expansion, bu

March 4, 2015

S. Korean asset managers' property increases in Q3

South Korean asset management firms' property edged up 2.1 percent in the third quarter of last year from six months earlier on a rise in securities, the financial watchdog said Wednesday.The total property of 86 asset managers stood at 3.7 trillion won ($3.37 billion) as of September last year, compared with 3.65 trillion won six months earlier, according to the Financial Supervisory Service.Their holdings of securities, including stocks and bonds, were worth 1.6 trillion won, up 7.1 percent, w

March 4, 2015

Bank of Korea's net profit falls to 7-year low

South Korea's central bank saw its net profit fall to the lowest level in seven years last year due to unfavorable macroeconomic circumstances, data showed Wednesday.The Bank of Korea's net profit for 2014 came in at 1.98 trillion won ($1.81 billion), shrinking 4 percent from the previous year and marking the weakest bottom line since the 444.7-billion won net loss in 2007, according to the data.Since making a turnaround in 2008, the central bank's net profit has mostly remained in the 2-3 trill

March 4, 2015

Korean banking sector stable, but credit, profit risks linger: S&P official

South Korea's banking sector has enough buffers to weather industry-wide challenges but still should bolster its efforts to diversify profit and lower credit risks, a Standard & Poor's official said Tuesday.The advice comes as local lenders strive to shore up profitability amid falling profit from interest while controlling the quality of their household lending, whose demand is soaring under the low-rate environment."While (the local banking sector) faces many risks, it also has sufficient buff

March 3, 2015

Weak demand by builders slows corporate loans growth in Q4

Corporate loans in South Korea continued to rise in the fourth quarter but its pace of growth had slowed compared to the third quarter as demand by builders waned, central bank data showed Tuesday.Outstanding corporate loans extended by banks and non-bank institutions reached 882.9 trillion won ($801 billion) as of end-December, growing 10.4 trillion won from the previous quarter.However, it dropped from an 11.5 trillion won on-quarter increase in the third quarter, according to the Bank of Kore

March 3, 2015

S. Korea's third bourse sees increased turnover this year

South Korea's stock market for venture firms and startups posted a sharp growth this year with its turnover more than doubling from a year earlier, data showed on Tuesday.The Korea New Exchange debuted in June 2013 to provide a bourse where fledgling businesses can raise funds easier via stock sales instead of having to borrow from banks. After starting with 21 companies, KONEX currently has 71 firms.According to the main bourse operator, the Korea Exchange, the daily average stock turnover on t

March 3, 2015

Seoul shares advance on China's rate cut

South Korean stocks ended higher Monday as China's weekend interest rate cut enhanced investor sentiment and Samsung Electronics reclaimed the spotlight with its latest Galaxy smartphones, analysts said. The South Korean won lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index increased 11.01 points, or 0.55 percent, to close at 1,996.81.Trading volume was moderate at 355.3 million shares worth 5.43 trillion won ($4.94 billion), with gainers beating decliners 423 to 400.A

March 2, 2015

Lowering key rates can help S. Korea's economic growth: gov't official

Lowering key interest rates further can promote growth in the South Korean economy, a finance ministry official said Monday, as fluctuating economic data is raising uncertainties about the future of the country's economy. The remark by Lee Chan-woo, head of the ministry's economic policy bureau, comes after South Korea's industrial production dropped 1.7 percent in January compared to the previous month, with specific numbers for the mining, manufacturing, gas and electricity sectors falling a s

March 2, 2015

Seoul shares start higher on blue-chip gains

South Korean stocks started higher Monday led by gains in market heavyweights on the back of strong retail buying.The benchmark Korea Composite Stock Price Index added 8.04 points, or 0.4 percent, to 1993.84 in the first 15 minutes of trading.Tech giant Samsung Electronics rose 2.36 percent after it released its flagship smartphone Galaxy S6 with new materials and payment features to take on its U.S. rival Apple in the premium phone market. Petrochemicals traded in the positive territory after W

March 2, 2015