Kyobo Life signals interest in Woori Bank

Kyobo Life is eager to buy Woori Bank to improve its competitiveness against conglomerate-backed insurance firms, the head of the nation’s public fund committee said on Friday. “Being solely an insurance company is limiting in terms of market share, especially because they have to compete with life insurance firms affiliated with conglomerates,” said Sohn Byung-doo, secretary general of the Secretariat to the Public Fund Oversight Committee. The committee is the public fund unit of the Financial

Sept. 13, 2013

Seoul shares shed 0.49 pct on profit-taking

South Korean stocks fell 0.49 percent Friday, snapping the latest streak of bullish runs as investors opted to take profit while taking a breather ahead of the holiday season and a key policy event in the U.S., analysts said.The local currency inched down against the U.S. dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) retreated 9.74 points to close at 1,994.32. Trading volume was light at 247.4 million shares worth 3.94 trillion won ($3.62 billion) with decliners outnumbering g

Sept. 13, 2013

Seoul shares open lower on profit-taking

South Korean stocks got off to a weak start Friday, as investors seek to take profit after upbeat rallies ahead of a holiday season here and a key policy event in the U.S. next week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.52 points, or 0.18 percent to 2,000.54 in the first 15 minutes of trading. Large-cap stocks led the decline. Tech heavyweight Samsung Electronics slid 0.5 percent and top automaker Hyundai Motor dropped 0.4 percent. The KOSPI rallied more

Sept. 13, 2013

Shinhan Investment warned over dubious stock trading

The Financial Supervisory Service said Thursday that it issued a “caution” against Shinhan Investment Corp. for breaching the law on transactions based on real-name accounts.The securities unit of Shinhan Financial Group has been placed under regulators’ investigation over the past few months market allegations that former group chairman Ra Eung-chan traded group stocks via the Shinhan Investment accounts under borrowed names.An ex-branch manager of Shinhan Investment was found to have endorsed

Sept. 12, 2013

Concerns over weak yen expected to dwindle in H2

The local unit of Goldman Sachs gave an optimistic view on Korea’s exports in the second half of this year, lowering its previous warning against weak yen’s negative effects on the Korean economy. “We said in an earlier report (in April) that the weak yen was seen as major problem that was manageable as long as the cross rate stays around 105,” said Kwon Goo-hoon, co-head of research of Goldman Sachs Asia Seoul branch, in a press conference in Seoul on Thursday. “Now we are seeing an inverse cas

Sept. 12, 2013

Seoul shares end nearly flat on upbeat data

South Korean stocks closed almost flat on Thursday as upbeat economic data offset concerns over instability in Syria and so-called quadruple witching, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added0.21 points, or 0.01 percent, to finish at 2,004.06. Trading volume was moderate at 353.2 million shares worth 6.49 trillion won (US$5.99 billion) with gainers outstripping decliners 412 to 399. "Quadruple witching erased the KOSPI's earlier gains as the selloff took place

Sept. 12, 2013

Seoul shares up 0.63 pct in late-morning trade

South Korean stocks traded 0.63 percent higher late Thursday morning, as financial and tech blue-chips widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 12.54 points to 2,016.39 as of 11:20 a.m.Samsung Electronics, the top listed firm on the main bourse, shot up 1.2 percent, with Shinhan Financial Group rising more than 1 percent. But auto-related shares trended lower. Hyundai Mobis, an auto parts maker, and No. 3 automaker Kia Motors shed 1 percent ea

Sept. 12, 2013

BOK freezes key rate for 4th month in Sept.

South Korea's central bank stood pat on the key interest rate for the fourth straight month on Thursday amid speculation that the U.S. Federal Reserve may taper its monetary stimulus starting this month.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers froze the benchmark seven-day repo rate, dubbed the base rate, at 2.5 percent, as widely expected.The decision came as all eyes are on whether the Fed will decide to begin cutting the US$85 billion monthly bond purchases at i

Sept. 12, 2013

Seoul shares open higher on large-cap gains

South Korean stocks opened slightly higher Thursday on large-cap gains following the previous rally to a three-month high, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.09 point with no percentage change to 2,003.94 in the first 15 minutes of trading, after starting 0.04 percent higher at the opening bell. No. 2 lender KB Financial gained 0.4 percent, with top mobile carrier SK Telecom rising 1.4 percent. The local currency was trading at 1,083.85 won against the

Sept. 12, 2013

Korea to redirect spending to finance job creation: Hyun

Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the government would reallocate some of its public funds gained from state spending cuts for regional businesses to invest in job creation.In a meeting with economic-related ministers on Wednesday, Hyun said that such “belt-tightening” budgets for regional attractions such as hosting international sporting events are inevitable as the country faces a shortfall in tax revenue.Such international events as the World Cup, the Olympics

Sept. 11, 2013

1 in every 5 credit cards not in use: data

About one in every five credit cards issued in South Korea are not in use, data showed Wednesday, amid card firms' unwillingness to clear them off citing market share. The number of dormant credit cards stood at 23.5 million at the end of June, accounting for 20.4 percent of the total issuance, according to the Financial Supervisory Service (FSS). The proportion has stayed around the 20 percent range since the first quarter of last year, but it is a sharp decline compared with 28.6 percent talli

Sept. 11, 2013

Seoul shares up 0.49 pct on foreign buying

Korean stocks closed 0.49 percent higher Wednesday as foreigners extended their buying spree to the 14th consecutive trading session, analysts said. The local currency closed lower against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.79 points to finish at 2,003.85. Trading volume was low at 294.4 million shares worth 4.5 trillion won (US$4.19 billion) with gainers outpacing losers 540 to 264.It marked the first time in more than three months for the KOSPI to ho

Sept. 11, 2013

Seoul shares open almost flat on profit-taking

South Korean stocks opened almost flat Wednesday as investors sought after profit-taking amid the market's steep rise over the previous trading sessions, analysts said.After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) moved down 0.54 points, or 0.03 percent, to 1,993.52 in the first 15 minutes of trading.Tech shares lost ground, with Samsung Electronics falling 0.29 percent and its local rival LG Electronics moving down 0.27 percent. Flat panel maker LG Display shed 1

Sept. 11, 2013

Korea to provide record infra financing to Vietnam

Korea will provide its biggest financial assistance to Vietnam for the construction of a road connecting the Southeast Asian country’s regional industrial complex with Ho Chi Minh City.The Ministry of Strategy and Finance said that Korea will help Vietnam build the 17.85 kilometer, four-lane road linking the Nhon Trach industrial complex, where Korean companies such as POSCO and Lock & Lock have operations, with Vietnam’s biggest city.The $430 million project will be financed by the state-run Ex

Sept. 10, 2013

FSS probes plunge in KB Financial shares

Financial regulators on Tuesday launched their investigation into KB Financial Group shares, which plummeted during the trading session following some unidentified investors’ bulk “sell” orders through a foreign brokerage house earlier in the day.While some observers said they regarded the KB Financial stocks’ fluctuation as a securities firm making a simple mistake in issuing the order, the Financial Supervisory Service decided to look into the allegation of attempted price-rigging.After the Ko

Sept. 10, 2013

Shares up on Chinese trade data

South Korean stocks closed 0.98 percent higher Tuesday as investor sentiment buoyed on improved trade data from China, analysts said. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 19.39 points, or 0.98 percent, to finish at 1,994.06. Trading volume was low at 252.6 million shares worth 5 trillion won ($4.65 billion) with gainers outpacing losers 481 to 326.Analysts said Seoul shares gathered ground as China’s export advanced 7.2 p

Sept. 10, 2013

Number of savings banks halves in 14 years

The number of savings banks has decreased by half in 14 years due to the government’s restructuring and the nation’s protracted economic slump, according to data from the Financial Supervisory Service.The number dropped from 186 in 1999 to 91 in March 2013, the report said. The country had 249 savings banks three decades ago.Past irregularities of some savings banks are also held responsible for the decrease as the cases led them to close, an FSS official said.The regulator plans to further stre

Sept. 10, 2013