Most firms burdened by move to cut working hours: poll

A majority of South Korean companies are under pressure from a bill to cut their employees’ working hours, which ranked high among a group of advanced countries, a poll showed Monday. According to the survey of 503 companies by the Korea Chamber of Commerce and Industry, most companies polled worried that, with the reduced working hours, they will fail to meet the deadline to deliver goods to their clients.The South Korean government and the ruling party are seeking to push for a bill aimed at r

Nov. 11, 2013

Seoul shares slip 0.38 pct on U.S. policy woes

South Korean stocks closed 0.38 percent lower Monday, as investors remained cautious to make bets amid lingering uncertainties about the U.S. monetary policy, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.57 points to finish at 1,977.30. Trading volume was light at 282.3 million shares worth 3.28 trillion won ($3.07 billion) with losers far outpacing gainers 637 to 188. After starting higher at the opening bell

Nov. 11, 2013

Seoul shares almost flat in late-morning trade

South Korean stocks held almost steady late Monday morning as they pared earlier gains, dented by losses in logistics and retail firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.16 points, or 0.06 percent, to 1,983.71 as of 11:20 a.m., reverting from a bullish start at the opening bell. Hyundai Merchant Marine, a major logistics company, plunged more than 5 percent, with retail giant Lotte Shopping dipping nearly 3 percent. The local currency was changing hand

Nov. 11, 2013

Seoul shares open higher on U.S. gains

South Korean stocks opened higher Monday, tracking gains in U.S. peers overnight that were fueled by Washington's unexpectedly good payroll data, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.4 points, or 0.17 percent, to 1,988.27 in the first 15 minutes of trading. IT service companies and financial firms gathered ground, with NAVER, the top Internet portal provider, jumping more than 3 percent and Hana Financial Group, the country's No. 3 lender, gaining 1 perce

Nov. 11, 2013

Korea allots W8.8tr to funding IMF, other aid bodies

South Korea, once aid dependent, has announced a plan to boost funding for global financial aid institutions to help secure its international status as an aid donor.The Finance Ministry, in a recent report to the National Assembly, unveiled its intention to allocate 8.8 trillion won ($8 billion) next year to organizations that specialize in giving aid to countries with financial difficulties.The organizations include the two major Washington-based entities ― the International Monetary Fund and t

Nov. 10, 2013

Regulator puts 112 SMEs on restructuring list

The financial regulator on Friday picked 112 small and medium enterprises to be placed under debt restructuring this year, as part of an effort to avert a sudden default in weak firms.The number of heavy SME debtors selected for 2013 has jumped from 97 in 2012, the Financial Supervisory Service said, noting 54 of them were given a “C” rating and 58 others graded “D.”The FSS releases the watch list of highly indebted companies twice every year ― that of large firms in the first half and the other

Nov. 8, 2013

Seoul shares hit 2-month low on U.S. tapering woes

South Korean stocks fell to the lowest point in two months on Friday, as fear that the U.S. Federal Reserve could start the stimulus cut sooner on upbeat growth data unnerved investors, analyst said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 19.17 points, or 0.96 percent to 1,984.87, the lowest since Sept. 9, marking the first time it closed below the psychologically significant level of 2,000 since Oct. 7. Trading

Nov. 8, 2013

Seoul shares down 0.53 percent in late-morning trade

South Korean stocks traded 0.53 percent lower late Friday morning, as tech and insurance blue-chips drove down the shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 10.57 points to 1,993.47 as of 11:20 a.m.Tech heavyweight Samsung Electronics sank 1.2 percent, with Samsung Life Insurance falling 1.4 percent. But autos and shipyards moved higher. Kia Motors was up 0.6 percent and Hyundai Heavy Industries, the world's top shipbuilder, gained nearly 2 percent.The l

Nov. 8, 2013

Seoul shares open lower on U.S. tapering woes

South Korean stocks opened lower Friday, as investors were unnerved by predictions that the U.S. might start trimming the stimulus sooner following the latest growth data, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.31 points, or 0.71 percent, to 1,989.73 in the first 15 minutes of trading. Shares lost ground across the board, with market behemoth Samsung Electronics sliding 1.04 percent, with No. 2 lender KB Financial dipping 1.6 percent. Washington said the p

Nov. 8, 2013

Seoul shares down 0.48 pct ahead of ECB meeting

South Korean stocks closed 0.48 percent lower Thursday as investors took a breather ahead of a monetary policy meeting of the European Central Bank (ECB), analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.63 points to finish at 2,004.04. Trading volume was moderate at 306.8 million shares worth 3.61 trillion won ($3.41 billion) with losers outpacing gainers 547 to 248.Analysts said Seoul shares lost ground as investors s

Nov. 7, 2013

Seoul shares trade almost flat in late-morning trade

South Korean stocks continued to trade almost flat late Thursday morning as investors maintained their wait-and-see stance amid policy uncertainties around the globe, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.04 percent, or 0.76 points, to 2,012.91 as of 11:20 a.m.Tech shares lost ground, with market behemoth Samsung Electronics falling 1.03 percent and its local rival LG Electronics losing 1.03 percent. Flat panel maker LG Display decreased 0.41 percent.

Nov. 7, 2013

Seoul shares open flat ahead of eurozone meeting

South Korean stocks opened almost flat Thursday as investors sat on the sidelines ahead of the European Central Bank's monetary meeting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.13 percent, or 2.55 percent, to 2,016.22 in the first 15 minutes of trading.Blue-chip shares traded mixed across the board, with market behemoth Samsung Electronics moving down 0.28 percent and No. 1 carmaker Hyundai Motor climbing 2 percent. Top steelmaker POSCO gained 0.31 percen

Nov. 7, 2013

Seoul shares close almost flat amid global woes

South Korean stocks closed almost flat Wednesday as investors sat on the sidelines due to concerns about advanced countries' economies ahead of a series of events, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.01 percent, or 0.26 points, to finish at 2,013.67. Trading volume was low at 267.2 million shares worth 3.87 trillion won ($3.65 billion) with losers outpacing gainers 431 to 356.Analysts said investors took a

Nov. 6, 2013

Seoul shares open higher amid Chinese concerns

South Korean stocks opened higher Wednesday as investors took a wait-and-see approach ahead of the economic policy meeting of China, South Korea's No. 1 trading partner, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.64 points, or 0.13 percent, to 2,016.57 in the first 15 minutes of trading.Blue-chip shares mostly traded higher, with No. 1 carmaker Hyundai Motor rising 0.61 percent and top steelmaker POSCO advancing 1.1 percent. Leading chipmaker SK hynix added

Nov. 6, 2013

Investment in equity funds shrinks to 6-year low

Total investment in equity funds has nearly halved since 2007, the Korea Financial Investment Association said Tuesday.The total investment managed by local equity fund managers stood at 85.4 trillion won ($80.4 billion) as of October 2013, compared with 140.2 trillion won in late 2008, when the local stock market was hit by the U.S. subprime mortgage crisis.Equity fund investments are generally carried out against the stock price index, such as the KOSPI, as investors tend to buy them low, befo

Nov. 5, 2013

Seoul shares slip 0.56 pct on profit-taking

South Korean stocks fell 0.56 percent Tuesday as investors opted to unload shares on profit-taking after recent rallies, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 11.24 points to 2,013.93. Trading volume was light at 254.2 million shares worth 3.48 trillion won ($3.27 billion) with decliners outstripping gainers 496 to 303. Analysts said investors shifted their position to selling as the strong drive that l

Nov. 5, 2013

Seoul shares down 0.38 pct in late-morning trade

South Korean stocks traded 0.38 percent lower late Tuesday morning, as large-cap tech firms and telecom companies drove down shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.77 points to 2,017.40 as of 11:20 a.m.Samsung Electronics shed 1.3 percent, with top mobile carrier SK Telecom falling 1.1 percent. In contrast, domestic-focused stocks gathered ground. Top Internet portal provider NAVER soared 2.4 percent and state-run Korea Electric Power Corp. rose nea

Nov. 5, 2013

Seoul shares open tad higher on auto, steel gains

South Korean stocks opened slightly higher Tuesday led by gains in blue-chip auto- and steelmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.67 points, or 0.08 percent, to 2,026.84 in the first 15 minutes of trading. Hyundai Mobis, an auto parts maker, shot up 2 percent, with leading steelmaker POSCO climbing 1.4 percent. Analysts expected the main index to move in a tight range with institutions opting to take profit from recent rallies. The local currency w

Nov. 5, 2013

QE tapering could add to household debt woes

The U.S. tapering of quantitative easing is expected to further increase Korea’s household borrowing costs and pose a systemic risk to the real economy due to an increase in interest rates worldwide, analysts warned.Korean households, whose outstanding debt reached some 1 quadrillion won early this year, will see their repayment burden rise due to higher interest rates in Korea once the Federal Reserve begins normalizing its monetary policy.The interest rate on 10-year treasuries is projected to

Nov. 4, 2013