Korea's bourse highest since summer 2011

South Korea's benchmark stock index on Tuesday hit its highest mark since July 2011, helped by gains made by Samsung Electronics, Hyundai Motor and other market heavyweights. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index rose 21.37 points, or 0.99 percent, to close at 2,178.38. Trade volume was moderate at 299 million shares worth 5.38 trillion won ($4.8 billion). The local stock market opened higher, helped by a buying binge by foreign and institution

March 21, 2017

KOSPI hits intraday record high in almost 2 years

South Korea's main stock index hit an intraday record high after almost two years late Tuesday morning, thanks to gains in most large-cap stocks. The benchmark Korea Composite Stock Price Index climbed 22.13 points, or 1.03 percent, to 2,179.14 as of 11:20 a.m.It was the first time since April 2015 that the KOSPI traded above 2,170 points. Most large caps traded higher with market kingpin Samsung Electronics adding 1.62 percent, and global chipmaker SK hynix up 0.11 percent.Top automaker Hyundai

March 21, 2017

Average worker at 4 major banks earned W82m last year

The average annual salary of employees at South Korea's four biggest commercial banks reached 82 million won ($73,967) last year, industry data showed Tuesday.Shinhan Bank topped the list with 84.7 million won, followed by KB Kookmin Bank with 83 million won, KEB Hana Bank at 82 million won and Woori Bank with 80 million won, according to the data compiled by the lenders.Shinhan Bank posted 1.94 trillion won in net profits last year, up 30.2 percent from a year earlier.The average executive at t

March 21, 2017

Listed firms' cash dividends hit new high in 2016

South Korean listed companies' dividend payouts hit a fresh high in 2016 as large caps increased payments to meet stockholders' demand, data showed Tuesday.According to the data by the Korea Exchange, 517 out of the 746 companies listed on the main KOSPI market paid out a combined 20.95 trillion won ($18.7 billion) in year-end cash dividends last year, up 9.4 percent from the previous year.It marked the first time that listed companies' year-end cash dividends surpassed the 20 trillion-won mark.

March 21, 2017

Seoul stocks start higher as large-cap stocks rise

South Korean shares opened higher Tuesday as most heavyweight stocks gained ground over healthy outlooks for their earnings.  The benchmark Korea Composite Stock Price Index rose 6.09 points, or 0.28 percent, to 2,163.10 in the first 15 minutes of trading.Most large caps traded higher, with market kingpin Samsung Electronics rising 0.38 percent.Top automaker Hyundai Motor gained 1.6 percent, and top steelmaker POSCO edged up 0.17 percent.Naver, the operator of the country's top Internet portal,

March 21, 2017

Market cap of top 10 groups up 8% this year

South Korea’s 10 biggest groups saw their market capitalization rise 8.1 percent so far this year, led by the country’s behemoth Samsung Group affiliates, according to the Korea Exchange on Monday. The combined market capitalization of 120 affiliates of the 10 biggest private groups here has gained 8.1 percent to 823.8 trillion won as of March 14 from 761.8 trillion won at the end of 2016, while the total market capitalization grew 4.6 percent to 1.58 quadrillion won from 1.51 quadrillion won du

March 20, 2017

STX likely to avoid delisting after SM Group’s takeover

STX, a general trading firm, will be able to be traded again on the local stock market after it is sold to a mid-size local shipping group as planned, according to the country’s bourse operator, Monday. Trading of STX stock has been suspended since Feb. 16 due to the erosion of its capital base. SM Group, which has been taking over a series of financially troubled companies in recent years, was picked as the preferred bidder for STX last week. “Through debt-for-equity swaps by creditors and capi

March 20, 2017

Korea to temporarily ease regulations to boost fintech industry

South Korea's financial regulator said Monday it will temporarily ease a set of regulations to help boost the new financial technology, or "fintech," sector. In South Korea, smartphone users who have a payment app can't buy goods by holding their handsets next to a credit-card receiving device because there is no legal standard to certify the device under laws.  Jeong Eun-bo (3rd from left), vice chairman of the FSC, speaks at a meeting to help boost the fintech industry on March 20, 2017. (Yonh

March 20, 2017

Seoul stocks fall on foreign sell-offs

South Korean stocks fell Monday as foreign investors remained net sellers for the first time in 11 trading days, with investors opting to cash in part of their recent gains. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 7.57 points, or 0.35 percent, to close at 2,157.01. Trade volume was moderate at 261 million shares worth 4.01 trillion won ($3.57 billion), with losers outnumbering gainers 551 to 263.The local stock market opened lower on profit-

March 20, 2017

SFC to decide on Deloitte Anjin penalty Friday

South Korea’s financial authorities will decide Friday to what extent Deloitte Anjin should be punished for writing false financial reports for troubled shipbuilder Daewoo Shipbuilding & Marine Engineering, sources said Monday.“We’re holding a meeting on March 24 to decide the degree of the penalty,” said Yoo Kwang-yeol, a standing commissioner of the Securities & Futures Commission under the Financial Services Commission. The SFC consists of five commissioners -- Chairman and FSC Vice Chairman

March 20, 2017

Korean shares down in late morning trading

South Korean shares traded lower late Monday morning, tracking their cue from the decline on Wall Street as investors opted to cash in part of their recent gains.The benchmark Korea Composite Stock Price Index shed 11.53 points, or 0.53 percent, to 2,153.05 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics falling 0.99 percent, and global chipmaker SK hynix down 0.21 percent.Top automaker Hyundai Motor rose 0.66 percent, while its smaller affiliate Kia Motors traded

March 20, 2017

Seoul stocks start lower tracking Wall Street

South Korean shares opened weak Monday, taking their cue from the decline in Wall Street last Friday. The benchmark Korea Composite Stock Price Index slipped 8.17 points, or 0.38 percent, to 2,156.41 in the first 15 minutes of trading.Most large caps traded mixed, with market kingpin Samsung Electronics falling 0.9 percent.Top automaker Hyundai Motor rose 1.32 percent, and No. 1 steelmaker POSCO gained 2.06 percent.The local currency was trading at 1,128.65 won against the US dollar, up 2.95 won

March 20, 2017

Households' financial woes deepen amid interest rate hikes

South Korea's households are exposed to growing financial risks from mounting debt, weak income growth and high unemployment rates, data showed Monday.The deepening trouble of ordinary people in Asia's fourth-biggest economy contrasts sharply with the government's increased tax revenue and local firms' increased net profit.According to Statistics Korea, the monthly income of a household here with two family members or more averaged 4.4 million won ($3,884) last year, up only 0.6 percent from 201

March 20, 2017

Boom in overseas property investment spurs growth in real estate funds

The recent boom in overseas property investment has spurred the growth of local real estate funds, industry sources said Sunday.Fund managers here said that interest has been on the rise to acquire overseas property amid the generally lackluster performance of the South Korean bourse and real estate market.Market data showed that the size of locally operated overseas property funds has surged 650 percent vis-a-vis five years earlier.The Korea Financial Investment Association said as of late Febr

March 19, 2017

Uncollected basic pensions top nearly W400b since 2014

The outstanding amount of unpaid basic pensions in South Korea has reached almost 400 billion won ($353.6 million) over the past two years, due largely to a decline in pension applications, parliamentary data showed Sunday.The outstanding balance of uncollected basic pensions stood at 398.7 billion won at the end of 2016, with the payment rate coming in at 65.6 percent, or 4.58 million out of 6.98 million pensioners aged over 65, according to a parliamentary report submitted to the Ministry of H

March 19, 2017

Corporate tax payments by 10 biggest chaebol rise in 2016 helped by Samsung: data

Corporate tax payments made by South Korea's 10 biggest business groups rose slightly in 2016 from a year earlier due mainly to robust earnings by Samsung Electronics Co. amid surging semiconductor and display panel sales, data showed Sunday.The business groups, which encompass 87 companies, paid 9.82 trillion won ($8.68 billion) in corporate taxes last year, up 2.5 percent, or 239 billion won, from 9.58 trillion won the previous year, according to the data by market researcher Chaebul.com.Samsu

March 19, 2017

Finance minister briefs IMF chief on foreign exchange

South Korean Finance Minister Yoo Il-ho gave a detailed briefing on the country's foreign exchange policy when he met with IMF chief Christine Lagarde on Friday amid concern the United States could designate Seoul as a currency manipulator.Yoo met with IMF Managing Director Lagarde on the sidelines of the G-20 Finance Ministers and Central Bank Governors meeting held in Baden-Baden, Germany, in an effort to promote IMF's understanding that South Korea's policy does not constitute currency manipu

March 18, 2017

Kospi touches fresh near 2-year high

South Korea’s main bourse on Friday hit the highest point in almost two years amid diffused concerns on US rate hikes and continued rallies by Samsung Electronics‘ and other heavyweights.The Kospi added 14.50 points, up 0.67 percent from the previous session to hit a 23 month high of 2,164.58 points on Friday.  Kospi hit its highest point in almost two years on Friday (KRX)Top cap Samsung Electronics closed at an all-time high of 2.12 million won ($1,873), up 1.34 percent from the previous day.

March 17, 2017

Seoul stocks hit fresh 2-year highs on eased Fed rate concerns, foreign buying

South Korean stocks reached fresh highs in almost two years on Friday, extending the winning streak to a second day, on eased concerns over the pace of rate hikes in the US and extended foreign buying, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 4.5 points, or 0.67 percent, to close at 2,164.58. Trade volume was moderate at 297 million shares worth 4.83 trillion won ($4.27 billion), with gainers outnumbering losers 420 to 376.

March 17, 2017

Korean stocks up in late morning trade

South Korean stocks traded slightly higher late Friday morning, after swinging between gains and losses, after hitting an almost two-year high in the previous session on the back of eased concerns over the US Federal Reserve's rate hikeThe benchmark Korea Composite Stock Price Index rose 4.64 points, or 0.22 percent, to 2,154.72 as of 11:20 a.m.US stocks fell slightly as investors sought to lock in part of recent gains.Most large caps traded mixed, with market kingpin Samsung Electronics rising

March 17, 2017