Seoul shares close flat on China, Q2 earnings woes

South Korean stocks closed almost flat Tuesday as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms' second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.71 points, or 0.04 percent to close at 1,855.02. Trading volume was high at 479.6 million shares worth 3.84 trillion won ($3.39 billion) with gainers outpacing losers 431 to 379."Seoul shares tr

July 2, 2013

Seoul shares down 0.11 pct in late-morning trade

South Korean stocks traded 0.11 percent lower late Monday morning on losses in techs and autos, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.08 points to 1,853.65 as of 11:20 a.m.Tech blue chips traded bearish, with top chipmaker SK hynix losing 7.29 percent and leading flat panel maker LG Display falling 1.63 percent. Samsung Electronics, however, edged up 0.68 percent.Carmakers also lost ground, with No. 1 player Hyundai Motor falling 3.59 percent and its smalle

July 2, 2013

Seoul shares open higher on U.S. data

South Korean stocks opened higher Tuesday as investors' sentiment got a boost from improved economic data from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.16 points, or 0.17 percent, to 1,858.89 in the first 15 minutes of trading. Shares gathered ground across the board, with Samsung Electronics adding 0.68 percent and its smaller rival LG Electronics moving up 0.27 percent. Top auto parts maker Hyundai Mobis moved up 1.48 percent.U.S. stocks

July 2, 2013

FSS to probe banks over alleged rate-rigging

A total of 205 borrowers will call for the nation’s financial regulator to conduct an investigation into the nation’s first-tier banking industry on allegations that commercial banks manipulated some interest rates, the Korea Consumer Agency said Monday.This will mark the first such case since the Financial Supervisory Service implemented the “consumer-initiated” inquiry system last May. KCA said it will file a petition with the regulator against banks on Tuesday.In a statement, the consumer adv

July 1, 2013

SK Innovation launches two subsidiaries

SK Innovation Co., the holding company of South Korea’s top refiner SK Energy Co., said Monday it launched two subsidiary units, SK Incheon Petrochem and SK Trading International, in order to combat the rapidly changing global business environment. Last May, SK Innovation decided to spin off its Incheon refinery complex and oil trading division into two respective entities. SK Incheon Petrochem will spend 1.6 trillion won ($1.4 billion) on the expansion of its plants for the production of higher

July 1, 2013

Foreigners’ net selling soars in H1: KRX data

Foreigners’ net selling of Seoul shares reached the highest first-half tally this year since the 2008 financial crisis, data showed Monday, as they offloaded local shares amid policy uncertainties.Overseas investors dumped more shares than they bought at 10.2 trillion won ($8.7 billion) over the six-month period on the main bourse, according to the data compiled by the Korea Exchange.The number marks the highest level since 17.6 trillion won tallied in the January-June period of 2008, when forei

July 1, 2013

Seoul shares down 0.41 pct on profit-taking

South Korean stocks shed 0.41 percent Monday as investors took a breather after the sharp gain tallied last week, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 7.59 points to close at 1,855.73. Trading volume was low at 217 million shares worth 2.93 trillion won ($2.57 billion) with gainers outpacing losers 465 to 355.Analysts said the decline came as investors turned cautious after the KOSPI jumped 4.64 percent over

July 1, 2013

Seoul shares down 0.29 pct in late-morning trade

South Korean stocks traded 0.29 percent lower late Monday morning as investors took a wait-and-see approach on U.S. economic data slated to be announced this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.44 points to 1,857.88 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics falling 0.97 percent and top flat panel maker LG Display losing 1.64 percent.Mobile carriers also traded bearish, with SK Telecom falling 2.86 perce

July 1, 2013

Samsung chairman tops list of Korea’s richest 400

Samsung Electronics chairman Lee Kun-hee once again topped the list of Korea’s 400 richest individuals of 2013 with total assets standing at 12.8 trillion won.Each of the 28 richest Koreans held assets worth more than 1 trillion won ($875 million) this year, financial information provider Chaebul.com reported on Monday.At nearly half of Lee’s total wealth, or 6.8 trillion won, Hyundai Motor Group chairman Chung Mong-koo came in second, while the son of Samsung chairman and the vice chairman of S

July 1, 2013

Seoul shares open lower on large-cap losses

South Korean stocks got off to a weak start Monday, dented by losses in top-listed firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.98 points, or 0.43 percent to 1,855.34 in the first 15 minutes of trading. Leading carmaker Hyundai Motor fell more than 1 percent, with steelmaker POSCO dropping 1.2 percent. Tech giant Samsung Electronics traded flat. The local currency was trading at 1,143.20 won against the U.S. dollar as of 9:15 a.m., down 1.05 won from Frida

July 1, 2013

KONEX makes debut for start-ups

Start-up investors and entrepreneurs are expected to breathe a sigh of relief once the new stock market exclusively for venture tech firms and small and medium enterprises opens for trading on July 1, 2013.The so-called Korea New Exchange, or KONEX, offers a whole new opportunity for both institutional investors and innovators to raise and redeem capital needed for venture business in a shorter time period.This will also make venture entrepreneurs less dependent on bank loans, which significantl

June 30, 2013

Shares likely to move upwards this week

South Korean stocks are expected to gather ground this week after a steep decline, as fear of a sudden liquidity squeeze from an unwinding of the U.S. easy-money policy has waned, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,863.32 on Friday, up 2.22 percent from the previous week. The main index underwent a roller coaster trading, dipping more than 2 percent on the first two days before reverting back upon a strong rebound of 4.64 percent over the remaining three se

June 30, 2013

Eximbank inks loan deal with Chinese counterpart

The Export-Import Bank of Korea said Friday it has clinched a loan deal with its Chinese counterpart to provide Korean firms with loans and guarantees for their overseas projects.Under the agreement, Eximbank Korea will extend a loan to a domestic company doing business in another country, with the Export-Import Bank of China giving a guarantee on the company’s equipment if it is made in China to be used in the overseas project, the Seoul-based policy lender said in a statement.The joint loan an

June 28, 2013

Money lenders to scrap joint surety from July

Big money lenders are scrapping a joint liability system from next month, financial sources said Friday, to fall in line with the regulator’s efforts to reform the outdated lending practice and prevent a chain of defaults.Five major money lenders, including A&P Financial Co. which owns top player Rush N Cash, have decided to abolish the joint surety system on fresh loans from July 1, according to the companies and the Financial Services Commission, the financial watchdog.A joint surety states th

June 28, 2013

Korea to increase rewards for tax evasion tipoffs

The government plans to increase the cash rewards given to people reporting tax evasion or providing related information to authorities, the Finance Ministry said Friday.According to the ministry, the government will sharply increase the amount given to those tipping off authorities about tax evasions starting from July. In some cases, the amount will triple.Under the revised rules, those who report evasion worth 500 million won ($437,445) to authorities can receive 75 million won as a cash rewa

June 28, 2013

Industrial output shrinks 0.4% in May

South Korea’s industrial output shrank in May from a month earlier amid heightened global economic uncertainty, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries shrank 0.4 percent last month from a month earlier. From a year earlier, it also fell 1.4 percent.The drop came a month after the output turned around from four previous months of contractions. The output in the service sector still edge

June 28, 2013

Irregularities plague brokerages, insurers

The number of irregular business practices in the securities and insurance sectors, has surged this year, financial regulators revealed on Friday.According to the Financial Supervisory Service, 29 securities firms’ headquarters or branches were sanctioned in the first half of the year for breaching regulatory rules.They included Samsung Securities, Woori Investment & Securities, Kyobo Securities, Daishin Securities, SK Securities, Hana Daetoo Securities and NongHyup Securities.The FSS also repri

June 28, 2013

Seoul shares gain 1.56 pct on abated U.S., China woes

South Korean stocks added 1.56 percent Friday as investors' sentiment was boosted by eased concerns over the United States policy moves and the Chinese economy, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 28.62 points to close at 1,863.32. Trading volume was low at 246 million shares worth 4.34 trillion won (US$3.8 billion) with gainers outpacing losers 631 to 197.Analysts said investors' sentiment got a boost as

June 28, 2013