KOSPI-KOSDAQ gap widens amid bullish mood for big caps

The market capitalization gap between South Korea's two stock trade boards -- KOSPI and KOSDAQ -- has continued to grow recently as institutional investors have increasingly favored the main market over the secondary one, data showed Friday.Many local retail investors, or individuals, called "ants" here, have been sidelined when it comes to profits amid the polarization. (Yonhap)According to the Korea Exchange, which operates the bourse in South Korea, the total market cap of firms listed on the

March 17, 2017

Stocks open lower on tech loss

South Korean stocks opened slightly lower Friday, after a surge in the previous session following the US Federal Reserve's rate hike.The benchmark Korea Composite Stock Price Index fell 0.35 point, or 0.02 percent, to 2,149.73 in the first 15 minutes of trading.In the previous session, the index surged to an almost two-year high as the Fed hinted at gradually raising interest rates.Most large caps traded higher, although market kingpin Samsung Electronics shed 0.14 percent.SK hynix, a major chip

March 17, 2017

South Korean stocks rally, currency firm after US Fed announcement

South Korea’s benchmark stock index hit a near two-year high Thursday, while the local currency strengthened more than 1 percent, following the US interest rate hike overnight. The Korea Composite Stock Price Index surged to 2,155 points soon after trade began before closing up 0.8 percent, or 17.08 points, to 2,150.08 points Thursday. It marked the highest since April 27, 2015. Foreign investors, who account for more than 30 percent of South Korea’s stock market, bought a net 271 billion won ($

March 16, 2017

Korean stocks up late morning trade

South Korean stocks traded higher late Thursday morning, but pared their earlier gains on profit-taking, as the US Federal Reserve, as expected, raised interest rates and hinted that future adjustments will be carried out in a gradual manner.The benchmark Korea Composite Stock Price Index  rose 11.78 points, or 0.55 percent, to 2,144.78 as of 11:20 a.m.The US stocks rose sharply overnight after the Federal Reserve raised interest rates as expected without accelerating its timeline for further ti

March 16, 2017

Stocks open sharply higher on Fed rate hike

South Korean stocks opened sharply higher Thursday, as investors took a cue from overnight gains on Wall Street amid eased concerns over the pace of the interest rate hike in the United States. The benchmark Korea Composite Stock Price Index  jumped 22.06 points, or 1.03 percent, to 2,155.06 in the first 15 minutes of trading.The US stocks rose sharply overnight after the Federal Reserve raised interest rates as expected without accelerating its timeline for further tightening.The US central ban

March 16, 2017

Foreign ownership of Korean stocks hits record high

Foreign ownership of South Korean stocks reached a fresh high this week with offshore investors owning more than 50 percent in dozens of listed companies, data showed Thursday.Foreign investors held 523.1 trillion won ($463 billion) worth of local stocks traded on the main bourse and secondary KOSDAQ market as of Wednesday, according to the data by the Financial Supervisory Service and the bourse operator Korea Exchange.Except for November, offshore investors have been in a net buying mode since

March 16, 2017

Savings banks' 2016 net surges 34.6%

South Korea's savings banks posted a sharp increase in their combined net profit last year on increased interest income, data showed Thursday.The total net income of 79 savings banks here jumped 34.6 percent on-year to 862.2 billion won ($753.7 million) according to the Financial Supervisory Service. It said the figure is a provisional one.A file photo of the logo of a South Korean savings bank (Yonhap)Their interest revenue rose by 632.1 billion won compared with a 258 billion won rise in loan-

March 16, 2017

US Fed raises key rates for first time under Trump

The US Federal Reserve raised key interest rates Wednesday in a decision that reflects an economy getting healthier than expected, signaling that additional hikes would be made in a gradual manner later this year.The Fed raised the target range for the federal funds rate by 25 basis points to 0.75 to 1 percent. "In view of realized and expected labor market conditions and inflation, the committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent. The stance of mone

March 16, 2017

Seoul stocks down from almost 2-year high on profit-taking, Fed meeting

South Korean stocks closed slightly lower on Wednesday, slipping from their almost two-year highs the previous session, as investors opted to lock in part of recent gains ahead of the outcome of the Federal Reserve's rate policy meeting. The Korean won rose to the US dollar.The benchmark Korea Composite Stock Price Index shed 0.78 point, or 0.04 percent, to close at 2,133.00. Trade volume was moderate at 370 million shares worth 4.81 trillion won ($4.21 billion), with losers outnumbering gainers

March 15, 2017

Net profits of listed firms hit record high in 2016: report

South Korean companies listed on the main bourse Kospi and tech-heavy Kosdaq saw their combined net profits hitting a record high in 2016, a report said Wednesday.According to the report by securities firm Mirae Asset Daewoo, the combined net profits of 1,901 listed firms were estimated to be 107 trillion won ($93 billion) and their combined operating profits at 158 trillion won. (123rf)The estimates were calculated from the confirmed earnings results of 1,681 firms and preliminary estimates of

March 15, 2017

Korea Exchange holds IR session in Singapore

South Korea's stock market operator made a pitch Wednesday for the country's equity market in Singapore as part of efforts to attract more global investors and firms seeking IPOs.The annual Korea Capital Market Conference is designed to promote the main KOSPI board and the tech-heavy KOSDAQ, according to the Korea Exchange. The Korea Exchange holds an IR even in Singapore on March 15, 2017 in this photo provided by the KRX. (Yonhap)In this year's session, Kim Jae-joon, chief executive officer of

March 15, 2017

Korea central bank chief leaves for G20 meeting in Germany

South Korea's central bank chief left for Germany on Wednesday to discuss pending economic issues with his counterparts from the world's major economies, the Bank of Korea said. BOK Governor Lee Ju-yeol is scheduled to attend the G20 Finance Ministers and Central Bank Governors meetings in Baden-Baden, a town in southwestern Germany, on Friday and Saturday, according to the central bank.Bank of Korea Governor Lee Ju-yeol (Yonhap)The trip comes amid a possible rate hike in the US Federal Reserve

March 15, 2017

Banks' foreign currency deposits up 5% in February

Foreign currency deposits held by banks operating in South Korea rose 5 percent in February from a month earlier as exporters deposited their dollar-denominated earnings, central bank data showed Wednesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $67.94 billion in February, up from $64.65 billion a month earlier, the Bank of Korea said in a statement.(Yonhap)Broken down, foreign currency deposits held by domestic lenders rose 5.7 percent to $56.45

March 15, 2017

Korean stocks edge down late morning trade

South Korean stocks traded lower late Wednesday morning as investors took to the sidelines waiting the outcome of the US Federal Reserve's statement on its rate policy.The benchmark Korea Composite Stock Price Index fell 3.79 points, or 0.18 percent, to 2,129.99 as of 11:20 a.m., slipping from its almost 2-year high in the previous session.Top market cap Samsung Electronics advanced 0.1 percent to a record high, while SK hynix, a major chipmaker, shed 2.58 percent.AmorePacific, the country's top

March 15, 2017

Credit card loans under watchdog's scrutiny

South Korea's state financial watchdog said Wednesday it is looking into a recent surge in personal loans by some credit card firms amid concerns about massive household debt here.The Financial Supervisory Service said the move is meant to check the exact reason for the credit loan growth and whether the loan procedures were appropriate.Two major card issuers -- Kookmin and Hana -- are the first targets of the inspection, with other firms expected to be affected as well."It's intended to see whe

March 15, 2017

Stocks open lower on overnight US fall, profit-taking

South Korean stocks opened lower Wednesday, as investors took a cue from overnight losses on Wall Street and attempted to lock in recent gains. The benchmark Korea Composite Stock Price Index shed 2.65 points, or 0.12 percent, to 2,131.13 in the first 15 minutes of trading.On Tuesday, the KOSPI closed at an almost two-year high on the back of continued foreign buying.Most large caps traded mixed, with market kingpin Samsung Electronics rising 0.05 percent.POSCO, the country's leading steelmaker,

March 15, 2017

Seoul stocks soar to near 2-year high on massive foreign buying

South Korean stocks reached almost two-year highs on Tuesday as foreign investors continued to scoop up local stocks, extending their buying binge to a seventh consecutive day following eased political chaos in Asia's fourth-largest economy and sound economic data. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 16.19 points, or 0.76 percent, to close at 2,133.79. Trade volume was moderate at 362 million shares worth 5.22 trillion won ($4.54 bil

March 14, 2017

Regulator warns against complacency over market stability

South Korea's financial market has maintained its stability despite the recent political turmoil, but authorities can't afford to be complacent, given a slew of remaining challenges, a top regulator said Tuesday.Last week's court ruling that unseated Park Geun-hye from her presidential post cleared some political uncertainties here, largely drawing a positive response from local and foreign investors.Jeong Eun-bo, vice chairman of the Financial Services Commission (FSC), speaks at a meeting on t

March 14, 2017

IBK provides funds for SMEs hit by China’s travel ban

State-run lender Industrial Bank of Korea said it will provide a total of 100 billion won ($87 million) in special loans for small and medium-sized enterprises whose businesses have been hurt by China’s latest restrictions on travel to South Korea.An SME can apply for up to 300 million won in special loans from the IBK from Wednesday until the end of 2017, and the interest rate will be lowered by up to 1 percentage point, the bank said.If the company wants to extend the period of borrowing, the

March 14, 2017

Home transactions grow 7.1% on-year in Feb.

South Korea's home transactions grew from a year earlier last month, helped by a sharp increase in rural areas, the government said Tuesday.In February, a total of 63,484 homes here changed hands, up 7.1 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport. From a month before, the February tally marks an 8.4-percent increase. It also marks a turnaround from a 6.1-percent on-year drop in January.The rise in February was largely attributed to a 12

March 14, 2017