South Korean stocks gained 0.3 percent on Monday as Moody's upgrade of the nation's credit rating boosted investor sentiment here, defying renewed worries over a global oil glut. The local currency also strengthened against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 5.84 points to 1,981.16. Trade volume was thin at 532.53 million shares worth 2.68 trillion won ($2.27 billion), with winners beating losers 434 to 374.Investor sentiment was lifted after Moody's Investors

Dec. 21, 2015

South Korean stocks traded 0.08 percent lower late Monday morning on subdued investor sentiment following Wall Street's sharp losses on Friday, despite the upgrade of the country's rating by Moody's. The benchmark Korea Composite Stock Price Index inched down 1.5 points to 1,973.82 as of 11:20 a.m.Shares gained ground in early morning trading after Moody's Investors Service on Saturday upgraded South Korea's credit rating one level to Aa3, citing its prudent fiscal stance, but foreign-led sellin

Dec. 21, 2015

South Korean stocks opened higher Monday as the upgrade of the country's rating by Moody's over the weekend boosted investor sentiment here. The benchmark Korea Composite Stock Price Index added 4.51 points, or 0.23 percent, to 1,979.83 in the first 15 minutes of trading.Petrochemical shares bounced back from last week's loss.Top refiner SK Innovation rose 2.28 percent, and No. 3 S-Oil jumped 4.07 percent.Korea Aerospace Industries sank 3.6 percent after a T-50 trainer jet crashed during an air

Dec. 21, 2015

Global rating agency Moody's upgraded South Korea's sovereign credit rating to Aa2 from Aa3, the highest-ever rating the fourth largest Asian economy has received from an international credit rating agency.Moody's changed the outlook to stable from positive."The key drivers of the upgrade are Moody's expectations that Korea's credit metrics will remain strong and resilient compared to rating peers and that Korea's very high institutional strength will support continued implementation of structur

Dec. 19, 2015

South Korean stocks are expected to go wobbly next week as faltering oil prices would exacerbate prolonged concerns over the global economic downturn, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,975.32 on Friday, down 2.3 percent from a week ago, marking the third straight week of declines.The market started bearish this week following the sharp fall in oil prices the previous week that also battered the U.S. shares.Investors, however, began picking up risky

Dec. 19, 2015

South Korean stocks rose 0.31 percent late Thursday morning after the U.S. Fed's rate hike drove out uncertainties hanging over the market, analysts said.  The benchmark Korea Composite Stock Price Index added 6.05 points to 1,975.95, as of 11:20 a.m.  Local shares started 0.87 percent higher, cheering the rate hike by the long-anticipated level of a quarter point to 0.25-0.50 percent and the subsequent overnight rally on Wall Street.  But the index pared part of its earlier gains, as foreigners

Dec. 17, 2015

South Korean stocks surged 1.63 percent late Wednesday morning as investors picked up battered blue chips amid hopes for eased woes on an imminent rate hike in the U.S.     The benchmark Korea Composite Stock Price Index added 31.57 points to 1,964.54 as of 11:20 a.m.  The U.S. Federal Reserve is widely expected to raise its target rates for the first time since June 2006. Overnight, the Dow Jones industrial average and the Nasdaq index surged 0.9 percent, each.     Local stocks traded bullish a

Dec. 16, 2015

Foreign investors turned to net sellers of local stocks in November amid rising global uncertainties stemming from an imminent U.S. rate hike and a slowdown in the Chinese economy, the financial watchdog said Wednesday.  Offshore investors sold a net 1.17 trillion won ($989.4 million) worth of local stocks last month, shifting from 584 billion won in net buying the previous month, according to the Financial Supervisory Service.  They had shifted into a net-buying position in September, when the

Dec. 16, 2015

South Korea finance ministry said Tuesday that it has successfully issued yuan-denominated foreign exchange stabilization bonds in the world's No. 2 market.The move comes after the People's Bank of China (PBOC) approved the issuing of upwards to 3 billion yuan (US$463 million) worth of bonds on Dec. 8.The sale marks the first time ever that a foreign government has floated yuan-based bonds in China."The sale took place at 5:30 p.m. Korea time with the bonds that mature in three years having an i

Dec. 15, 2015

Local property app Zigbang has raised 38 billion won ($33 million) from Goldman Sachs and other investors, the company said Tuesday. The U.S. investment bank’s private equity arm led the investment, its second funding of a Korean start-up after last year’s 40 billion won investment in food delivery app Baedal Minjok. Zigbang, launched in 2002, links realtors and customers across the country on its mobile platform that is equipped with a handy search engine, lots of photos and an aggregate listin

Dec. 15, 2015

Citibank Korea signed an agreement with Apro Service Group to sell its consumer finance subsidiary Citigroup Capital Korea Inc., as part of the U.S. banking group’s efforts to streamline businesses and divest non-core assets, the company said Tuesday.The transaction is expected to close in the first quarter of 2016 subject to regulatory approvals. The financial terms of the transaction were not disclosed. Citigroup Capital Korea accounted for less than 5 percent of Citi’s total revenues in Korea

Dec. 15, 2015

South Korean stocks traded nearly flat late Tuesday morning as investors remained cautious ahead of a key Fed policy meeting, analysts said.  The benchmark Korea Composite Stock Price Index added 0.34 point, or 0.02 percent, to 1,928.16.   Local shares started 0.38 percent higher following the overnight gains on Wall Street buoyed by a rebound in oil prices.   But the index pared its earlier gains as investors were nervously awaiting the rate decision by the Fed.The U.S. central bank is widely e

Dec. 15, 2015

South Korean stocks started higher Tuesday tracking overnight gains on Wall Street.   The benchmark Korea Composite Stock Price Index added 7.25 points, or 0.38 percent, to 1,935.07 in the first 15 minutes of trading.  The Dow Jones industrial average rose 0.6 percent on Monday and the Nasdaq index picked up 0.4 percent on the back of the reverse in oil prices from last week's rout.  Tech firms and pharmaceuticals led the gains in the local market, with market bellwether Samsung Electronics surg

Dec. 15, 2015