Seoul shares up 1.21 pct in late-morning trade

South Korean stocks traded 1.21 percent higher late Friday morning, as an improved outlook over the global economy boosted investors' sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 22.33 points to 1,871.45 as of 11:20 a.m.Blue-chip shares continued to gather ground, with market behemoth Samsung Electronics rising 2.87 percent and Hyundai Motor adding 0.22 percent. Top steelmaker POSCO added 0.47 percent.Brokerage houses also traded higher, with KDB Daewoo

Aug. 23, 2013

Seoul shares open higher on improved global data

South Korean stocks opened higher Friday on the back of signs of an economic recovery in China, the United States and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 6.11 points, or 0.33 percent, to 1,855.23 in the first 15 minutes of trading.Tech shares led the market gain, with No. 1 player Samsung Electronics adding 1.35 percent and its rival LG Electronics climbing 0.57 percent. Top chipmaker SK Hynix gained 1.07 percent.Carmakers also traded hig

Aug. 23, 2013

Foreigners’ exit accelerates capital outflow

Worries over a massive capital outflow are escalating in the local financial market as indices show that a number of overseas investors pulled out from fund products this week.The trend reflects global concern about a possible financial crisis in emerging countries such as India and Indonesia, which may have negative impact on Korean industries.According to the Korea Financial Investment Association on Thursday, the local market posted a net capital outflow from the “funds investing in Korean st

Aug. 22, 2013

Korea’s household credit hits record high in Q2

South Korea’s household credit rose to a fresh record high in the second quarter as housing lending increased ahead of the end to a tax benefit over home purchasing, the central bank said Thursday.Household credit totaled 980 trillion won ($870.1 billion) as of the end of June, up 16.9 trillion won from three months earlier, according to the Bank of Korea.Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial lenders and mutu

Aug. 22, 2013

Brokerages lay off analysts amid economic slump

South Korean securities firms are tightening their belts by trimming the number of analysts, data showed Thursday, as the prolonged economic slump dented their earnings.The total number of analysts at 58 local securities firms came to 1,385 as of Wednesday, down 4.81 percent from end-December 2012, according to the data compiled by the Korea Center for International Finance.Of the brokerage houses tallied, 31 companies reduced the number of their analysts, while only 15 firms hired more.Taurus I

Aug. 22, 2013

Seoul shares sink 0.98 pct on Fed minutes

South Korean stocks dropped 0.98 percent Thursday, extending the losing streak for a fifth consecutive session, as the U.S. Federal Reserve's minutes reaffirmed a gradual scaling-back of its bond-buying program, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 18.34 points to 1,849.12, the lowest since July 10. Trading volume was moderate at 418 million shares worth 4.19 trillion won (US$3.74 billion) with decline

Aug. 22, 2013

Seoul shares down 0.8 pct in late-morning trade

South Korean stocks traded 0.8 percent lower late Thursday morning, dented by losses in foodmakers and brokerage houses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.86 points to 1,852.60 as of 11:20 a.m.Major brokerage firm KDB Securities Co. dipped more than 2 percent, and CJ Cheiljedang, a food manufacturing giant, slumped 3.1 percent. In contrast, defensive shares gained, with state-run Korea Electric Power Corp. climbing 2 percent. The local currency was ch

Aug. 22, 2013

Seoul shares open lower on Fed minutes

South Korean stocks began nearly 1 percent lower Thursday, as the U.S. Federal Reserve's latest minutes showed little change of mind about tightening its monetary policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.81 points, or 0.95 percent, to 1,849.65 in the first 15 minutes of trading. Most large-cap shares drove down the main index, with market behemoth Samsung Electronics falling 0.5 percent and the world's No. 1 shipyard Hyundai Heavy Industries losing 1

Aug. 22, 2013

Seoul raises guard against financial woes in Asian neighbors

Korea’s financial authorities are considering drawing up contingency plans to cope with the negative impact of a possible financial crisis in emerging Asian countries, industry sources said on Wednesday. The move by the financial policymakers comes after news that India, Indonesia and Thailand have recently undergone a drop in their currency value and equity prices, which were reportedly affected by the U.S. exit strategy to retrieve its investment in emerging countries.The policymakers also app

Aug. 21, 2013

Allianz Life Korea sanctioned for irregular accounting: FSS

The Financial Supervisory Service said Wednesday that it has reprimanded Allianz Life Insurance Korea for engaging in accounting irregularities.The local unit of Munich-based Allianz Group was found to have breached the regulatory rules that mandate insurers to draw up their financial statements under guidelines set by the FSS governor or the Financial Services Commission chairman.According to FSS officials, the company reported artificially low reserves for its insurance payments, instead inves

Aug. 21, 2013

Banks compete to expand opening hours in saturated market

Commercial banks and brokerage firms are extending operation hours in branches frequented by nine-to-fivers to get ahead in the race for market share.The business hours of banks here have been almost identical, opening at 9 a.m. and closing at 4 p.m., with the exception of Standard Chartered Bank Korea Ltd. and some branches of NongHyup Bank. Some branches in industrial complex areas, such as Gasan-dong and Wongok-dong in Seoul, had been extending business hours to provide more wiring and foreig

Aug. 21, 2013

Seoul shares hit five-week low on emerging market woes

South Korean stocks declined to their lowest point in five weeks Wednesday on fears of a possible financial jolt in Asian emerging countries, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.39 points, or 1.08 percent, to close at 1,867.46, the lowest mark since July 16. Trading volume was moderate at 406.3 million shares worth 4.24 trillion won (US$3.79 billion) with losers far outnumbering gainers 645 to 168. "Sharp

Aug. 21, 2013

Seoul shares down nearly 1 pct in late-morning trade

South Korean stocks fell nearly 1 percent in late Wednesday morning, led by losses in chemical and oil refiners, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 17.91 points, or 0.95 percent, to 1,869.94 as of 11:20 a.m.LG Chem dipped more than 3 percent, with SK Innovation, a major oil refiner, falling 2.8 percent. In contrast, auto and insurance companies gathered ground.Hyundai Motor was up 0.3 percent, and Samsung Life Insurance shot up 2.8 percent. The local curr

Aug. 21, 2013

Seoul shares open tad higher amid U.S. policy jitters

South Korean stocks opened marginally higher Wednesday amid uncertainties on the U.S. monetary policy that continues to keep investors directionless following a steep fall in the previous session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.65 points, or 0.09 percent, to 1,889.50 in the first 15 minutes of trading. During that period of time, the main index bobbed in and out of positive territory, with foreigners and institutions dumping stocks while retail inv

Aug. 21, 2013

NTS targets 47 for tax collection

The National Tax Service said Tuesday that it would deal sternly with 47 people allegedly operating unreported overseas accounts that hold more than 1 billion won each.The state-run tax collector urged those offshore accountholders to voluntarily report their deposits to the authority, or otherwise face the consequences of being audited.It said it would publicly disclose the owners of offshore accounts with deposits of more than 5 billion won should they refuse to abide by the law and report the

Aug. 20, 2013

Bank executives earned more despite low profitability

Four major commercial banks were found to have paid their executives higher salaries in the first half compared to the previous year despite a sharp drop in their profit figures. According to the Financial Supervisory Service on Tuesday, the per capita salary for the four banks’ 37 executives reached 79.45 million won ($69,100) during the first six months of 2013.The figure reflected a 3 percent rise from the 76.85 million won posted during the same period last year. The collective payment given

Aug. 20, 2013

Hana Financial reveals profit plan for tech SMEs

Hana Financial Group unveiled a mutual profit boosting plan for its small and medium-sized corporate partners. The group hosted a mutual prosperity strategy meeting on Tuesday to introduce the plan for its smaller corporate clients in the information technology business.“Some domestic small and medium enterprises with expertise are facing difficulties from blind preference for foreign hardware and software,” said Kim Jung-tai, the group chairman and chief executive, at the meeting. “It is very c

Aug. 20, 2013