Korea to improve accuracy of financial estimates for 8 public insurances

South Korea will carry out an integrated assessment of its eight public insurances' long and mid-term financial estimates in 2018 in a way to better deal with their potential deficit due to the country's rapidly aging population, the finance ministry said Friday.According to government data, eight public insurances, including the National Health Insurance Service, will see their total expenditure reach 220 trillion won ($195.9 billion) in 2025, up from 106.2 trillion won tallied in 2016. (Yonhap

March 24, 2017

Korean shares down, led by Samsung Electronics

South Korean shares traded lower late Friday morning, weighed by Samsung affiliates after Samsung Electronics said it will be difficult to adopt a holding company structure at present.The benchmark Korea Composite Stock Price Index shed 7.54 points, or 0.35 percent, to 2,165.18 as of 11:20 a.m.Samsung Electronics Vice Chairman Kwon Oh-hyun told shareholders earlier in the day that the company could delay a plan to adopt a holding company structure for the time being. US hedge fund Elliott Manage

March 24, 2017

Seoul stocks start higher on foreign buying

South Korean shares opened slightly higher Friday, as foreign investors remained net buyers of local stocks. The benchmark Korea Composite Stock Price Index rose 3.44 points, or 0.16 percent, to 2,176.16 in the first 15 minutes of trading. (Yonhap)Sentiment appeared to be subdued following a decline on Wall Street overnight after a delay in the US health care vote that is seen as a test of US President Donald Trump's ability to deliver on his economic policies.Most large caps traded mixed with m

March 24, 2017

Samsung stock funds shine on Samsung Electronics rally

Local funds investing in stocks of Samsung Group units have pulled off stellar performances this year on a surge in top-cap Samsung Electronics Co., far outperforming the overall stock market, data showed Friday.As of Wednesday, 25 Samsung Group funds have posted an average return rate of 11.35 percent since the start of the year, according to the data by industry tracker KG Zeroin. The yield is much higher than the 7.5 percent increase in the benchmark Korea Composite Stock Price Index over the

March 24, 2017

Korea's financial system remains resilient

South Korea's financial system remains resilient despite increased risks stemming mostly from rising household debt, the country's central bank said Friday.The country's outstanding household credit -- which is composed of household loans and credit card spending -- came to 1,344.3 trillion won ($1.19 trillion) at the end of 2016, up 11.7 percent from a year earlier, the Bank of Korea said in a statement.  (Yonhap)Increased household credit and potential risks posed by financially troubled compa

March 24, 2017

Half of Kospi listed firms see shares slide

Despite Samsung Electronics’ rally on the nation’s main bourse, more than half of listed firms are suffering from falling share prices this year.According to Korea Exchange, which operates the bourse in South Korea on Thursday, 1,175 listed companies, or 56.4 percent of the total, saw their share value fall from last year on the bench Korea Composite Stock Price Index. The share prices of nearly 60 percent of companies listed at the nation’s secondary stock board Kosdaq also fell, it added. The

March 23, 2017

Mirae Asset’s global ETFs exceed W15tr in assets

 Mirae Asset Global Investments said Thursday its exchange-traded funds around the globe have exceeded 15 trillion won ($13.4 billion) in assets under management as of the end of February.The asset management company under Mirae Asset Financial Group said the number of Mirae Asset ETFs amounted to 220 in six countries -- Korea, Canada, Australia, Hong Kong, the US and Colombia.The growth of ETFs was particularly strong in 2016 with the assets under management of the ETFs increasing by 3 trillion

March 23, 2017

Seoul stocks inch up on foreign, institutional buying

South Korean stocks rose slightly Thursday on the back of net purchases by foreign and institutional investors, ahead of a US healthcare vote that will demonstrate US President Donald Trump's ability to deliver economic policies.The benchmark Korea Composite Stock Price Index rose 4.42 points, or 0.2 percent, to close at 2,172.72. Trade volume was moderate at 352 million shares worth 5.02 trillion won ($4.47 billion), with gainers outnumbering losers 407 to 382.The local stock market opened high

March 23, 2017

Seoul stocks start higher on Wall Street gains

South Korean shares opened higher Thursday, taking their cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index  rose 2.77 points, or 0.13 percent, to 2,171.07 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics falling 0.42 percent.Top automaker Hyundai Motor declined 1.47 percent, while top steelmaker POSCO rose 0.71 percent.Naver, the operator of the country's top Internet portal, gained 0.59 percent.The loc

March 23, 2017

More than 70% of ranking officials see assets increase in 2016

Despite the economic slowdown, more than seven out of 10 South Korean lawmakers and high-ranking civil servants saw their wealth rise last year due mainly to an increase in the value of their real estate assets and stocks, data showed Thursday.The annual data, released by the Government Public Ethics Committee, showed that of the nation's 1,800 public officials, 1,382, or 76.8 percent, reported an increase in their assets in 2016.  This photo, taken on March 22, 2017, shows former President Park

March 23, 2017

Over half of listed firms see share prices dip this year

More than half of listed firms in South Korea saw their share prices drop in 2017 from the end of last year despite the recent surge of the benchmark index and top-cap Samsung Electronics Co., data showed Thursday.As of Thursday, 56.4 percent of the 2,084 companies traded on the country's main and secondary stock markets, or 1,175 issues, closed lower compared with the end of 2016, according to the data by the Korea Exchange.  (Yonhap)On the main bourse, 52.3 percent of the 886 listed firms suff

March 23, 2017

Seoul stocks fall on foreign sell-offs

South Korean stocks fell Wednesday, weighed down by sell-offs by foreign investors as their risk appetite weakened by a sharp decline on Wall Street overnight. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.08 points, or 0.46 percent, to close at 2,168.30. Trade volume was moderate at 388 million shares worth 5.45 trillion won ($4.85 billion), with losers outnumbering gainers 521 to 271.The local stock market opened lower, retreating from an alm

March 22, 2017

Electronic payments hit record high in 2016

The amount of payments made electronically hit a record high in 2016, central bank data showed Wednesday, underscoring the growing trend of South Koreans using electronic means for financial transactions.The daily average amount of electronic financial transactions came to 343.5 billion won ($306 million) in 2016, up 36.1 percent from a year earlier, according to the data from the Bank of Korea. Electronic financial transactions made by using a smartphone (Yonhap)The reading marked the highest a

March 22, 2017

[Advertorial] Eximbank funds $78m to build IT landmark in Pakistan

South Korea’s state-run policy lender said it has agreed to offer a $76 million loan as part of the Economic Development Cooperation Fund to the Pakistani government to build an IT park in Islamabad, the capital of Pakistan.The Export-Import Bank of Korea uses the EDCF to support industrialization and economic growth in developing countries as well as to promote bilateral economic exchanges. Since establishing the fund in 1987, the bank has provided $13.2 billion for 375 projects in 53 countries

March 22, 2017

'UK commercial real estate an opportunity for Korean investors'

The commercial real estate market in the UK is likely to maintain a stable outlook for several years going forward and offer opportunities for Korean institutional investors, a UK real estate investment expert said Wednesday.The British government is to formerly notify the EU on Wednesday of its intention to leave the economic bloc, from which the nation is to start a two-year negotiation for the exit of EU, or “Brexit.”Even in the worst scenario of a “hard Brexit” such as the UK losing full acc

March 22, 2017

Samsung releases mobile payment tool in India

Samsung Electronics Co. said Wednesday it has released its mobile payment service -- Samsung Pay -- in India, tapping into one of the fastest-growing smartphone markets in Asia.The South Korean tech giant said it clinched agreements with seven major Indian financial companies such as AXIS Bank and HDFC Bank, and SBI to provide the mobile payment solution on the subcontinent. Models demonstrate Samsung Pay in this file photo released by Samsung Electronics on Dec. 1, 2016. (Yonhap)Samsung Pay use

March 22, 2017

Current FX rate not problem given limited volatility

South Korea's finance minister said Wednesday that the current pace of the local currency's appreciation is not a problem should the volatility of the won-dollar rate remains limited."If the volatility isn't too high, I think the won's current ascent versus the US dollar is not a big problem," Finance Minister Yoo Il-ho said after a ministerial level meeting in Seoul. South Korea's Finance Minister Yoo Il-ho speaks at a ministerial meeting in Seoul on March 22, 2017. (Yonhap)"The latest currency

March 22, 2017

Korean shares retreat on Wall Street losses

South Korean shares retreated late Wednesday morning from an almost six-year high in the previous session, tracking an overnight decline on Wall Street. The benchmark Korea Composite Stock Price Index shed 17.8 points, or 0.82 percent, to 2,160.58 as of 11:20 a.m.Most large caps traded lower with market kingpin Samsung Electronics falling 1.08 percent, while global chipmaker SK hynix was up 0.63 percent.Top automaker Hyundai Motor fell 0.88 percent, and its smaller affiliate Kia Motors traded 1.

March 22, 2017

Seoul stocks start lower, tracking Wall Street losses

South Korean shares opened weak Wednesday, tracking Wall Street's decline overnight as investors were concerned about US President Donald Trump's pledge to implement his agenda. The benchmark Korea Composite Stock Price Index slipped 12.82 points, or 0.59 percent, to 2,165.56 in the first 15 minutes of trading.Most large caps traded lower with market kingpin Samsung Electronics falling 1.36 percent.Top automaker Hyundai Motor shed 2.06 percent, and top steelmaker POSCO dipped 4.78 percent.Naver,

March 22, 2017

Kospi hits near-6-year high

South Korea’s main stock index hit a high not seen in nearly six years Tuesday, hoisted by gains in most large-cap stocks. The benchmark Korea Composite Stock Price Index closed up 21.37 points, or 0.99 percent, to 2,178.38 points Tuesday. It was the highest closing since July 8, 2011 with 2,180.35 points.  South Korea‘s main bourse Kospi rose 0.99 percent to close at 2,178.38 points Tuesday, a record high closing since July 8, 2011. (KRX)During intraday trading, the Kospi touched as high as 2,1

March 21, 2017