Foreigners get high returns in bearish Seoul market

Foreign investors have outperformed local institutional and retail investors in profits in the South Korean stock market so far this year, even as the market has gone through a topsy-turvy correction period, data showed Monday.The benchmark Korea Composite Stock Price Index has fallen 5.14 percent as of Friday since the first trading session of the year on Jan. 3 due to poor corporate earnings and woes over a financial crisis in emerging markets.But the average return on the top 20 shares bought

Feb. 10, 2014

Korea’s IT trade surplus widens in January

South Korea’s trade surplus in the information technology sector widened last month from a year earlier as its exports inched up while imports shrank, the government said Monday.Outbound shipments of IT products edged up 0.2 percent from the same month last year to $13.13 billion in January, partly on growing demands in European and Southeast Asian countries, according to the Ministry of Trade, Industry and Energy.“Despite various external factors, such as the weak Japanese yen and financial ins

Feb. 10, 2014

S. Korea's economy facing many structural problems: finance minister

South Korea's economy is showing signs of recovery but still faces many structural problems such as inefficient resource distribution and restrictions that hamper entrepreneurship, the finance minister said Monday."Our economy is showing signs of recovery, but there are still many structural challenges that need to be resolved," Finance Minister Hyun Oh-seok said at a meeting with experts of the state-run Korea Development Institute think tank here."Economic activity based on abnormality is stil

Feb. 10, 2014

Shares may gain ground

The South Korean stock market may gain ground this week on eased jitters over U.S. and emerging economies, analysts said Saturday.But such a gain may be capped due to lingering woes over weakened corporate earnings and continued uncertainty, they said.The benchmark Korea Composite Stock Price Index finished at 1,922.50 this week, down 1.3 percent from a week earlier.The main index swerved in and out of the psychologically important 1,900-point level this week. The KOSPI dipped below the threshol

Feb. 9, 2014

S. Korea's farm exports expected to jump 18 pct in 2014

South Korea's exports of food and agricultural products are expected to rise to a new annual high this year on growing demands in Europe and China, the government said Friday.The Ministry of Agriculture, Food and Rural Affairs said the exports are expected to jump 18 percent on-year to a record high of $6.75 billion this year, surpassing the $6 billion mark for the first time.Last year, outbound shipment of farm products inched up 1.4 percent from a year earlier to $5.72 billion.The expected gro

Feb. 7, 2014

Seoul shares rebound on eased emerging market woes

South Korean stocks rose 0.24 percent on Wednesday, snapping a decline in two consecutive sessions as concerns over emerging markets eased and investors followed an overnight rebound on Wall Street, analysts said. The local currency sharply rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 4.47 points to 1,891.32. Trading volume was moderate at 240 million shares worth 3.89 trillion won ($3.61 billion) with gainers outpacing losers 451 to 349.“Investors went o

Feb. 5, 2014

Jeju Island aims to become leading int'l port for cruise ships

South Korea's southern resort island of Jeju aims to become the leading cruise ship stopover in Asia this year by attracting more than 500,000 cruise passengers, industry experts and local government officials said.Local government officials and industry experts see the number topping 2 million per year by 2020, making the island the world's leading port of call for international cruise ships."As a port of call in Asia, Jeju will emerge as the No. 1 this year and become one of the world's top th

Feb. 5, 2014

S. Korea to build int'l hub for leisure, tourism near airport

South Korea will build a new leisure town near its main gateway that will serve as an international economic and tourism hub, the oceans ministry announced Tuesday.The tentatively named Yeongjong Dream Island, budgeted at near $2 billion, will be built on reclaimed land around a bridge between Seoul and Incheon International Airport, according to the Ministry of Oceans and Fisheries.The first phase of the development plan is set to begin in the second half of next year for completion by 2018. Th

Feb. 4, 2014

S. Korea assigns 4.65 tln won to support women

The government will set aside 4.65 trillion won ($4.27 billion) this year to carry out diverse programs aimed at supporting women at their homes and workplaces, the finance ministry said Tuesday.The budget appropriated for supporting women is up 26.3 percent, or 968.6 billion, won from last year, according to the ministry. It is focused mostly on assisting working moms from pregnancy to childbirth and then with childcare.Of the total, 3.64 trillion won will go to childcare through programs pushe

Feb. 4, 2014

S. Korea's consumer prices grow 1.1 pct on-year in January

South Korea's consumer price growth stayed in the 1-percent range in January thanks to the stabilization of farming product prices, a government report showed Tuesday.The country's consumer price index rose 1.1 percent in January from a year earlier, unchanged from the previous month's on-year gain of 1.1 percent, according to the report by Statistics Korea.This marked the third straight month that the growth has stayed in the 1-percent range.The core inflation, which excludes volatile oil and f

Feb. 4, 2014

Korea’s crackdown on undocumented economy stokes angst

South Korean bar owner Jeong Young-soo doused his body with paint thinner and set himself aflame, his final protest against a government crackdown to collect more tax from his industry.The shock in front of Chuncheon city hall, northeast of Seoul, highlighted an underlying tension as President Park Geun-hye tries to squeeze an extra 27.2 trillion won ($25 billion) in revenue from the undocumented economy.Extra pressure on groups from bar owners to doctors to mom-and-pop retailers contrasts with

Feb. 3, 2014

S. Korea struggles to catch up with leading economies: report

South Korea is struggling more than its Asian rivals in catching up with economic growth of advanced countries, a private think tank report said Monday.According to the report by the Center for Economic Catch-up, South Korea's "economic catch-up index" stood at 25 out of 100 points in 2012. Korea's catch-up index ranked 24th out of 100 countries analyzed by the think tank.The index reflects a country's gross domestic product and its ratio among the world's economy. It's indicative of to what ext

Feb. 3, 2014

Foreign direct investment in Seoul hits post-crisis high in 2013

Foreign direct investment in Seoul reached a record high since the 2008 global financial crisis to surpass $6 billion in 2013 on the back of a huge inflow of funds from the United States and Europe, data showed Monday.According to the data compiled by the Seoul Metropolitan Government, the amount of new FDI pledged to the South Korean capital city in 2013 totaled $6.14 billion, up 5.7 percent from the previous year.The investment from 987 companies from 74 countries marked the largest amount sin

Feb. 3, 2014

Seoul shares may gain ground this week: analysts

The South Korean stock market may gain ground this week on investors’ belief that concerns about financial jitters in emerging countries may have limited impact on Korea, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,941.15 this week, down 0.6 percent from a week earlier.The KOSPI lost ground this week as investors were rattled by market uneasiness in Argentina over tapering of U.S. quantitative easing. Foreign investors sold a net 860 billion won ($803 mil

Feb. 2, 2014