South Korean stocks finished 0.58 percent down Thursday as the strengthening won weighed heavily on the local big-name exporters, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 11.69 points to 2019.41. Trading volume was moderate at 484.5 million shares worth 5.99 trillion won ($5.64 billion) with gainers outnumbering losers 440 to 375.“Large-cap exporters such as Hyundai Motor are directly affected by the weakening Ja

Jan. 3, 2013

Halla Climate Control Corp. fell the most in almost five months in Seoul trading after Hyundai Motor Co. chose Japan’s Denso Corp. to supply air-control equipment.Halla Climate, a maker of car air-control systems and components, slumped 11.4 percent to 21,400 won at the close in Seoul, its biggest drop since Aug. 7. South Korea’s benchmark KOSPI index declined 0.6 percent.Hyundai Motor will use Denso’s air-control parts for U.S.- made Sonata sedans, the auto company, South Korea’s biggest carmak

Jan. 3, 2013

South Korea’s peak electricity consumption shot up to a new all-time high Thursday as temperatures dropped to the lowest so far this winter.The peak demand surged to 76.93 million kilowatts at 10:18 a.m. with the average consumption between 10 a.m. to 11 a.m. coming to 76.52 million kilowatts, according to the state-run Korea Power Exchange.Such a record demand came as the mercury dropped to as low as minus 16.4 degrees Celsius in Seoul, the lowest since the ongoing cold season began.The electri

Jan. 3, 2013

LG Electronics Inc., which has been ramping up efforts to regain a presence in the mobile phone industry, has sold more than 1 million Optimus Vu phones locally, the company said Monday.The Optimus Vu series, which includes the Optimus Vu and the Optimus Vu 2 phones, features a 4:3 display that was designed to enhance readability of Web pages and e-books.LG Electronics locally released the Optimus Vu in March and Optimus Vu 2 in September. The handset maker has rolled out the Optimus VU in Asia,

Jan. 1, 2013

Hyundai Mipo Dockyard Co., a South Korean shipbuilder, has clinched a 331 billion won ($311 million) deal to build 10 vessels, the company said Monday.Under the deal with an American shipping firm, Hyundai Mipo will deliver the vessels carrying petrochemical goods by June 2015, the company said in a regulatory filing.Hyundai Mipo, a unit of South Korea’s leading shipbuilder Hyundai Heavy Industries Co., did not identify the name of the buyer.Hyundai Mipo said it targets orders worth $3.2 billion

Jan. 1, 2013

POSCO, South Korea’s leading steelmaker, said Tuesday it has acquired a stake in a Canadian mining company as part of its efforts to diversify its profit source. A consortium that includes POSCO has secured a 15 percent stake worth $1.1 billion in ArcelorMittal Mines Canada, the company said in a statement. POSCO will invest $270 million, with China Steel, the largest steelmaker in Taiwan, to pay $540 million for the deal, it said. The remainder needed for the acquisition will be raised from ins

Jan. 1, 2013

The “comprehensive financial income” tax, which used to be imposed on interest and dividend incomes of more than 40 million won, will now be applied to such incomes of more than 20 million won under a revised income tax bill passed by the National Assembly on Tuesday.The revision is expected to raise the popularity of tax-saving financial products such as inflation-indexed sovereign bonds and Brazilian bonds.Fixed deposits and installment savings at banks which incur interest and general equity-

Jan. 1, 2013

The combined market capitalization of South Korean firms listed on the main and secondary bourse ranks 15th among global peers by claiming 2.15 percent of the total, data showed Monday.The combined market cap of the world's 20 major stock markets reached US$52.7 trillion as of the end of November, increasing 9.56 percent from end of 2011, according to data by the bourse operator Korea Exchange.The KRX, which operates the benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ marke

Dec. 31, 2012

South Korea’s per-capita gross domestic product is estimated to only marginally inch up in 2012 compared with the previous year due to the slowing economy, a report showed Sunday.Korea’s per-capita GDP is estimated to reach $22,705 in 2012, up 1.3 percent from a year earlier, according to a report by Korea Investment & Securities Co.In calculating the figures, the full-year economic growth rate was estimated at 2.3 percent and the local currency was set at an average of 1,127.1 against the dolla

Dec. 30, 2012

South Korea’s stock market will likely remain choppy with no clear direction this week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($28 billion) for the October-December peri

Dec. 30, 2012

Trade Minister Bark Tae-ho will sign up as a candidate for director-general of the World Trade Organization, the ministry said Friday."The government has decided that Trade Minister Bark Tae-ho will run for WTO director-general to be elected by late May next year. His candidacy will be registered through the Permanent Mission of the Republic of Korea to the U.N. Secretariat and International Organizations in Geneva,"  the ministry said in a statement.Incumbent WTO director-general Pascal Lamy’s

Dec. 28, 2012

South Korean consumers’ confidence stayed below par for the fifth straight month in December as the economy loses steam on weak domestic demand, the central bank said Wednesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 99 for December, unchanged from the previous month, according to a monthly survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists. The survey, based

Dec. 26, 2012

South Korean stocks inched up 0.02 percent on Wednesday as concerns about the U.S. fiscal cliff issue weighed on foreign and institutional buying, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 0.43 points to 1,982.25. Trading volume was moderate at 419.6 million shares worth 3.48 trillion won ($3.24 billion), with gainers outnumbering decliners 457 to 365.“Foreigners and institutions picked up shares on ex-dividend demand,”

Dec. 26, 2012

South Korean stocks got off to a strong start on Wednesday, buoyed by gains in key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 13.48 points, or 0.68 percent, to 1,995.3 in the first 15 minutes of trading.Blue chips shored up the KOSPI, with market bellwether Samsung Electronics adding 0.75 percent and the country‘s top automaker Hyundai Motor rising 0.9 percent.The local currency was trading at 1,073.55 won to the U.S. dollar as of 9:15 a.m., up 0.65

Dec. 26, 2012

The value of initial public offerings and rights offerings on the South Korean stock market this year hit the lowest level since the 1997 Asian financial crisis, according to industry data. IPOs on the local stock market stood at 466.4 billion won ($434.5 million) so far this year, the lowest level since 1998 when they came to 300 billion won due to fallout from the 1997 crisis, according to data by the Financial Supervisory Service and the Korea Exchange. Rights offerings reached 1.65 trillion

Dec. 25, 2012

The local financial sector plans to tighten its belt once again to prepare for a lackluster economy amid sluggish business conditions in the global markets. Costs will be kept to a minimum and efficiency maximized, while at the same time, financial companies will focus on increasing their overseas reach to develop new sources of profit, industry sources said on Tuesday. This won’t be the first time the sector has tried to streamline its operations, but sources said the situation could be a bless

Dec. 25, 2012