SEOUL -- South Korean stocks closed 0.77 percent higher Wednesday, buoyed by easing Chinese inflation data that offset heightening fears over North Korea's repeated war threats, analysts said. The local currency inched up against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.84 points to finish at 1,935.58. Trading volume was light at 312.4 million shares worth 4.08 trillion won (US$3.57 billion) with advancers far outpacing decliners 640 to 187.   "A c

April 10, 2013

South Korean stocks traded 0.62 percent higher late Wednesday morning, led by gains in steelmakers and chemical firms, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) advanced 11.96 points to 1,932.70 as of 11:20 a.m.    Blue-chip local zinc smelter Korea Zinc soared more than 4 percent and leading chemical maker LG Chem jumped 3.2 percent.  In contrast, defensive shares lost ground, with state-run gas provider Korea Gas Corp. falling nearly 2 percent. Top-cap Samsung El

April 10, 2013

The Korean won has fallen the most against the dollar among global currencies this year after the Japanese yen.The won lost more than 6 percent between January and April 8 this year, losing more of its value against the dollar than 28 other currencies including the euro, the British pound and the Canadian dollar, according to data by the Bank of Korea.The Philippine peso shed 0.70 percent, and Malaysian ringgit 0.07 percent, one of the lowest falls against the dollar among Asian currencies, whic

April 9, 2013

South Korea’s financial regulator said Tuesday that it has instructed commercial banks to roll over their loans issued to companies operating at the inter-Korean Gaeseong Industrial Complex.The Financial Supervisory Service’s regulatory policy came after North Korea suspended operations of the complex by withdrawing most of its workers in the North’s border city between Monday and Tuesday.“In a bid to minimize losses to South Korean companies operating in Gaeseong, banks will abstain from retrie

April 9, 2013

The Korean central government’s debt amounted to 425.1 trillion won ($373.3 billion) in 2012, up 22.3 trillion won from a year earlier, the Ministry of Strategy and Finance said Tuesday.The central government’s debt accounted for 33.4 percent of the country’s gross domestic product.The total state debt which includes regional governments’ preliminary debt estimation of 18.7 trillion won reached 443.8 trillion won, up 23.3 trillion won in the same period. This accounts for 35 percent of the GDP,

April 9, 2013

The top five conglomerates’ presence in the local stock market reached an all-time high last month, data showed Tuesday, as exporters gathered ground on the global economic recovery.The combined market capitalization of the top five business groups’ listed affiliates reached 636.2 trillion won ($555.1 billion) as of end-March, according to the data compiled by the bourse operator Korea Exchange.The number accounts for 54.8 percent of the combined market cap of the companies listed on the main bo

April 9, 2013

South Korean experts on carbon emission trading on Tuesday called on the government to delay the start of its system slated for 2015, saying it may hurt local industry. The system requires companies to take action to reduce greenhouse gas emission levels or buy rights to release gases if they are unable to do so. Companies can also sell emission rights and receive cash payments.“It is necessary to rearrange the schedule to enforce the carbon emission trading system as it may have a negative impa

April 9, 2013

South Korean stocks closed almost flat Tuesday as investors’ sentiment was dented by the heightened tension with North Korea, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 2.06 points, or 0.11 percent, to close at 1,920.74. Trading volume was moderate at 347.2 million shares worth 3.79 trillion won ($3.31 billion), with decliners outnumbering gainers 508 to 293.“The tension on the Korean Peninsula is expected to continue

April 9, 2013

The Industrial Bank of Korea on Monday revealed plans to offer rescue loans to embattled South Korean firms operating in the Gaeseong Industrial Complex.The IBK set aside a 100 billion won ($88 million) rescue loan fund for these companies to help them cover costs amid heightening inter-Korean tensions which have hindered regular operations. Pyongyang has blocked South Korean vehicles and workers from entering the inter-Korean industrial complex since last Wednesday. Unable to provide materials,

April 8, 2013

South Korea’s state-run pension fund has expanded its stakes in the country’s blue-chip shares last year amid growing calls that it should exercise its voting right as a major stakeholder, data showed Monday. The National Pension Fund either increased its stock holding or held it steady in 20 out of 30 companies for which it holds a 5 percent stake or more as of the end of 2012, compared with the previous year, according to the data by the Financial Supervisory Service. It reduced its holdings i

April 8, 2013

Moody’s Investors Service on Monday raised the possibility that it could downgrade South Korea’s sovereign rating due to escalating tension on the Korean Peninsula.Casting a sort of warning over the nation’s sovereign risk, the U.S.-based rating agency said North Korea’s relaunch of nuclear plant operations is negatively affecting the South’s credit standing.“North Korea’s belligerent actions are credit negative for South Korea because they have increased the chance of a serious military clash,”

April 8, 2013

The Korean stock market is expected to rebound as its fundamentals remain untouched despite increasing threats from North Korea.Also, Korean shares will pick up after bearish trading last Friday on the Bank of Japan’s easy-money policy, as the country is set to follow up on its stimulus measures soon, analysts suggested.“We expect to see share prices stay low in the beginning of the week and pick up towards the end of the week,” said Kwak Joong-bo, an analyst at Samsung Securities.“The Bank of K

April 7, 2013

The Korean economy is likely to recover slower than expected, despite slight improvements in demand and exports, the state-run Korea Development Institute said on Sunday.The KDI report said that industrial production continued to show weak performance between January and February this year, with February’s data showing a 0.8 percent decline from in January.Facility investment declined as well, indicating that manufacturers are striving to cut costs to further offset their first quarter slowdown.

April 7, 2013

Sovereign risks of Northeast Asian economies ― South Korea, Japan and China ― are increasing as North Korea ratchets up its threats against the allied forces of South Korea and the U.S.This heightened regional tension may further drive local stocks and currency to spiral downward going forward as North Korea’s unpredictable bellicose action is undermining investors’ sentiment, analysts said.South Korea, given its closest proximity to the North, has seen its sovereign risk on state bonds measured

April 7, 2013

The number of active accounts for stock trading in South Korea declined in March from a month earlier amid a prolonged bear market stemming from rising economic and political uncertainties, data showed Friday.South Korean investors held 18.9 million active stock accounts as of end-March, down 3.9 percent from 19.7 million accounts tallied in end-February, according to the data compiled by the Korea Financial Investment Association.The number fell below the 19 million mark for the first time in 1

April 5, 2013

 South Korean stocks slumped 1.64 percent on Friday as foreigners beefed up their net selling amid lingering North Korea risks, analysts said Friday. The local currency sank against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 32.22 points to 1,927.23, extending its losing streak to a fifth straight session. Trading volume was moderate at 364.3 million shares worth 4.8 trillion won ($4.2 billion), with decliners far outnumbering gainers 639 to 171.   "On top

April 5, 2013

South Korean financial markets were rattled Thursday by escalating geopolitical risks stemming from a torrent of threats from North Korea, with the key stock index tumbling 1.2 percent and the local currency sinking against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 23.77 points to 1,959.45, the biggest daily fall this year. Trading volume was moderate at 407 million shares worth 4.6 trillion won ($4.1 billion), with decliners far outnumbering gainers 614 to 225.“Nor

April 4, 2013