The Korea Herald

Mirae Asset preferred bidder for Daewoo Securities

The state-run Korea Development Bank on Thursday picked the Mirae Asset consortium as the preferred bidder for KDB Daewoo Securities, the country’s second-largest brokerage by capital. The Mirae Asset consortium -- comprising Mirae Asset Securities and Mirae Asset Global Investments -- offered the highest 2.4 trillion won ($2.06 billion) for a 43 percent stake in the brokerage house and 100 percent of KDB’s asset management operation. (Yonhap)Mirae’s offer price was far higher than the market v

Dec. 24, 2015

Mirae Asset preferred bidder for Daewoo Securities

Seoul shares fall 0.4% on profit-taking

South Korean stocks fell 0.43 percent, snapping a three-day winning streak on Thursday as investors locked in recent gains, with losses in tech heavyweights dragging down the index. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index retreated 8.57 points to end at 1,990.65. Trade volume was thin at 497.59 million shares worth 3.54 trillion won ($ 3.04 billion), with losers beating winners 418 to 381.Stocks got a head start as a rebound in crude oil pri

Dec. 24, 2015

Seoul shares up 0.2% in late morning trade

South Korean stocks traded 0.22 percent higher late Thursday morning as the market sentiment was buoyed by a rebound in crude oil prices from a multi-year bottom and gains in Wall Street. The benchmark Korea Composite Stock Price Index added 4.41 points to 2,003.63 as of 11:20 a.m.U.S. crude futures jumped 3.8 percent to $37.50 a barrel on the New York Mercantile Exchange, supporting the battered energy sector on Wall Street on Wednesday.Doosan Infracore, the maker of construction equipment unde

Dec. 24, 2015

Seoul shares start higher on rebounding oil prices

South Korean stocks opened higher Thursday as oil prices bounced back from a multi-year bottom, helping lift investor sentiment here.The benchmark Korea Composite Stock Price Index added 6.17 points, or 0.31 percent, to 2,005.39 in the first 15 minutes of trading.U.S. crude futures jumped 3.8 percent to $37.50 a barrel on the New York Mercantile Exchange, supporting the battered energy sector on Wall Street on Wednesday.Construction and steel shares were in positive terrain. Samsung C&T, the con

Dec. 24, 2015

Local firms may face liquidity problem following U.S. rate hike: BOK chief

South Korea's top central banker has warned against a potential liquidity crisis for local firms stemming from the recent U.S. rate hike, while urging his country to speed up restructuring.Bank of Korea Gov. Lee Ju-yeol has repeatedly insisted any shock from a U.S. rate hike on the local economy will be limited, citing the country's strong economic fundamentals.While meeting with reporters late Wednesday, the BOK chief reiterated that the impact from a U.S. rate hike on the whole economy will be

Dec. 24, 2015

[Graphic News] IPOs to hit 13-year high

The number of companies which went public this year on the main KOSPI and tech-heavy KOSDAQ markets reached the highest in 13 years, data showed on Wednesday.As of Tuesday, a total of 119 companies have listed on the stock markets, 17 on the benchmark KOSPI and 102 on the secondary KOSDAQ, according to Korea Exchange. By the end of this year, nine more companies will join the IPO march, two on the KOSPI and seven on the KOSDAQ.This 2015 figure is the largest since 2002 when 178 firms went public

Dec. 23, 2015

Is growth forecast more hope than judgment?

The government has reduced its 2016 growth forecast for the Korean economy twice by 0.2 percent each since June.Its latest prediction that the country’s gross domestic product will increase by 3.1 percent in real terms next year is still rosier than the estimates of local research institutes.The Korea Development Institute, a state-run think tank, said in a recent report that the country’s GDP growth rate was expected to reach 3 percent next year. It cautioned, however, the number could be lower

Dec. 23, 2015

Is growth forecast more hope than judgment?

Seoul shares up for 3rd day on growth hope

South Korean stocks gained 0.3 percent on Wednesday, rising for a third consecutive day ahead of the ex-dividend date, with steel and other metal stocks enjoying a rally on hopes for growth in the United States and China. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index added .66 points to end at 1,999.22. Trade volume was thin at 473.63 million shares worth 3.73 trillion won ($3.17 billion), with winners beating losers 417 to 384.Investors digested

Dec. 23, 2015

Seoul shares up 0.6% in late morning trade

South Korean stocks traded 0.6 percent higher late Wednesday morning, led by gains in steel and chemical shares.The benchmark Korea Composite Stock Price Index added 1.87 points to 2,004.43 as of 11:20 a.m.Foreigners and institutions scooped up local shares across the board prior to the ex-dividend date.Steelmakers rallied on growing confidence in the U.S. and Chinese economies, with industry leader POSCO increasing 3.76 percent, and Hyundai Steel rising 5.89 percent.Petrochemicals traded bullis

Dec. 23, 2015

Seoul shares start lower on lack of momentum

South Korean stocks opened marginally lower Wednesday due to a lack of buying momentum ahead of the holiday season. The benchmark Korea Composite Stock Price Index edged down 1.95 points, or 0.1 percent, to 1,990.61 in the first 15 minutes of trading.Petrochemicals were up as crude oil prices recovered slightly from a multi-year low.Top refiner SK Innovation increased 1.86 percent, and No. 3 refiner S-Oil edged up 0.74 percent. Engineering and builders were in negative terrain. Samsung Engineeri

Dec. 23, 2015

IPOs to hit 13-year high in 2015

The number of newcomers to South Korea's stock market reached the highest in 13 years, with more standing in line for a market debut, data showed Wednesday.As of last Tuesday, a total of 119 companies went public on the main KOSPI market or the tech-laden KOSDAQ market this year, with another nine scheduled to make a stock market debut by year's end, according to data compiled by the Korea Exchange.By market, 17 firms made a debut on the KOSPI market, with two more to go public this year, and th

Dec. 23, 2015

Some creditors oppose financial aid for STX Shipbuilding

Some creditors of STX Offshore & Shipbuilding Co. are opposing financial aid for the troubled local shipyard, citing a negative outlook for the shipbuilding sector, industry sources said Wednesday, Last week, creditors of STX Offshore, led by the state-run Korea Development Bank, decided to provide 450 billion won ($384 million) in financial aid to the shipyard in return for thorough restructuring.But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan, citing

Dec. 23, 2015

Hasty household debt control can backfire on economy: BOK

Despite households worsening ability to repay debt, Korea should avoid implementing hasty control over the debt to prevent the nation‘s economy from entering recession, Bank of Korea said Tuesday.The central bank said that slower-than-expected improvement in household income is failing to keep up to pace with fast-rising household debt. However, the BOK said stronger intervention to slash household debt can impede growth by imposing pressure on the market, especially the property market. (Yonhap

Dec. 22, 2015

Hasty household debt control can backfire on economy: BOK

A brokerage titan in the making

Mirae Asset Financial Group, with its charismatic self-made boss bent on expansion, is likely to win the race for majority stake in Daewoo Securities, a deal that would create a titanic new leader in the local brokerage industry. Park Hyeon-jooIn the bid that closed Monday, four submitted their final tender for a controlling 43 percent stake in the country’s second largest brokerage by assets. Among them, Mirae Asset Securities, the brokerage arm of the eponymous asset management-focused group,

Dec. 22, 2015

Seoul shares up 0.57% on China stimulus hopes

South Korean stocks advanced 0.57 percent Tuesday on hopes for China's new stimulus measures and a rally in tech heavyweights. The local currency firmed against the U.S. dollar.The benchmark Korea Composite Stock Price Index scored 11.37 points to 1,992.56. Trade volume was slim at 569.18 million shares worth 3.44 trillion won ($2.93 billion), with losers beating winners 462 to 356.China's government on Monday called for more flexible monetary policy and fiscal spending to combat slowing growth

Dec. 22, 2015

Korea to issue 110.1 tln won in state bonds in 2016

South Korea will issue 110.1 trillion won ($93.4 billion) worth of state bonds in 2016 to finance its expansionary spending plans aimed at fueling growth, the finance ministry said Tuesday.The ministry said it will issue 9-10 trillion won worth of Treasurys evenly every month in the new year. Some 20-30 percent of state bonds will be issued with a maturity of three to five years, with 10-year bonds to account for 25-35 percent, it said. The government will also sell bonds with maturities of 20 a

Dec. 22, 2015

Seoul shares down 0.47% in late morning trade

South Korean stocks traded 0.47 percent lower late Tuesday morning, with losses in securities and engineering weighing down on the index. The benchmark Korea Composite Stock Price Index lost 9.22 points to 1,972.35 as of 11:20 a.m.Securities shares traded bearish as investors weighed the outlook for future interest rates in the United States.Samsung Securities shed 1.96 percent, and NH Investment & Securities declined 1.84 percent. Korea Aerospace Industries, South Korea's sole aircraft maker, r

Dec. 22, 2015

Corporate direct financing jumps 19% in Nov.

Sales of stocks and bonds by South Korean companies surged 19.3 percent from a month earlier last month with sales of both equity and debt showing significant growths, the financial watchdog said Tuesday.In November, local companies raised a combined 12.14 trillion won ($10.31 billion) by selling stocks and bonds, compared with 10.18 trillion won in the previous month, according to the Financial Supervisory Service .The monthly tally also marks an 8.5-percent rise from the same month last year.C

Dec. 22, 2015

Seoul shares start lower on blue-chip loss

South Korean stocks opened lower Tuesday due to losses in blue-chip shares as crude oil prices touched their lowest level in more than a decade because of pressure from oversupply. The benchmark Korea Composite Stock Price Index shed 3.36 points, or 0.17 percent, to 1,978.83 in the first 15 minutes of trading.Market heavyweights lost ground across the board. Market bellwether Samsung Electronics lost 0.47 percent, and top automaker Hyundai Motor slipped 0.66 percent.Korea Aerospace Industries, S

Dec. 22, 2015

Mirae Asset likely to win Daewoo Securities bidding race: reports

A controlling 49 percent stake in Daewoo Securities Co. is up for sale. YonhapMirae Asset Securities Co. is the likely winner of the bid for Daewoo Securities Co., local reports said Monday, in a deal that could create a new leader in Korea’s brokerage industry. In the bid which closed Monday, Mirae Asset, part of the eponymous asset management-focused group, offered to pay about 2.4 trillion won ($2 billion), substantially higher than the amounts that its three competitors have penciled in, Yon

Dec. 21, 2015

Mirae Asset likely to win Daewoo Securities bidding race: reports