KT’s net profit jumps 45.6 percent in Q3

South Korean telecom giant KT Corp. on Monday reported a 45.6 percent surge in its third-quarter earnings, driven by a profit increase in its wireless business and affiliates such as BC Card.Net profit came to 372.3 billion won ($340.9 million), compared with 255.7 billion won a year ago, the No. 2 mobile carrier and top fixed-line operator said in a regulatory filing. Sales increased 30.6 percent on-year to 6.5 trillion won over the cited period, and operating profit gained 4.3 percent to 538.8

Nov. 5, 2012

Samsung sees record monthly TV sales in U.S.

Samsung Electronics Co., the world’s top maker of smartphones, computer memory chips and flat-panel TVs, said Monday it sold a record 1.15 million TVs in the U.S. market in October.The monthly figure comes after Samsung broke the 1-million mark for the first time in October last year, the company said.Samsung attributed the rosy figure to enhanced marketing efforts for larger, premium TV models, such as the 75-inch ES9000 smart TV.Meanwhile, the sales data come as the global TV industry is under

Nov. 5, 2012

Shares dip 0.55% on auto falls

South Korean stocks closed 0.55 percent lower on Monday as key automakers Hyundai Motor and Kia Motors tumbled after U.S. officials found they exaggerated the fuel efficiency of their latest models, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 10.5 points to 1,908.22. Trading volume was light at 336 million shares worth 4.54 trillion won ($4.16 billion), with decliners outnumbering gainers 447 to 369.“Since Hyundai and Kia

Nov. 5, 2012

FSC criticized for lax supervision of brokerages

Financial regulators were under criticism for their apparently negligent supervision of the brokerage industry as evidence of a group of securities firms’ interest rate-fixing was revealed by antitrust regulators.Last Sunday, 20 local securities firms were reprimanded by the Fair Trade Commission with fines amounting to a combined 19.2 billion won ($17.5 million) for colluding to fix rates on some “small-denomination bonds.”The antitrust regulator also filed a complaint with the prosecution agai

Nov. 5, 2012

Foreign investors turn net sellers of Korean stocks

Foreign investors turned net sellers of local stocks last month, stemming a two-month straight buying binge due largely to persisting global uncertainties, the financial regulator said Monday. Overseas investors dumped a net 1.1 trillion won ($1.0 billion) worth of local equities in October, the largest net selling since the 3.38 trillion won tallied in May, according to the Financial Supervisory Service. Foreigners had remained net buyers for the two previous months, snapping up a net 9.6 trill

Nov. 5, 2012

Shares likely to rebound this week

South Korean shares may gather ground next week as stimulus hopes build up ahead of impending leadership changes in the U.S. and China, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1918.72 last week, up 1.4 percent from a week earlier, boosted by improved consumer sentiment in the U.S.Foreign investors purchased a combined net 170 billion won ($155.7 million) worth of shares, while institutional investors purchased a net 130 billion won. Individual investors

Nov. 4, 2012

Korea’s debt holdings near $3tr mark

South Korea’s total debt in the private and public sectors neared the 3,000 trillion won ($2.75 trillion) mark in the second quarter of this year, spawning concerns that high indebtedness will undercut economic growth, data showed Sunday.Combined debt held by the government, companies and households amounted to 296,2 trillion won as of end-June, accounting for 233.8 percent of the nominal gross domestic product, according to data.The ratio of such debt to the GDP stood at 231.1 percent as of the

Nov. 4, 2012

Watchdog fines 20 brokerages for fixing bond rates

South Korea's antitrust watchdog said Sunday it has decided to fine 20 local securities firms a combined 19.2 billion won ($17.6 million) for colluding to fix rates on some small-denomination bonds.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six securities firms, including industry leader KDB Daewoo Securities, which are viewed as being deeply involved in the rate-fixing.Korean consumers are required to buy small bonds including national housing

Nov. 4, 2012

Shares gain 1.07% on U.S., China data

Korean stocks advanced 1.07 percent Friday, cheered by improved U.S. and Chinese economic indicators, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 20.28 points to finish at 1,918.72. Trading volume was moderate at 434.9 million shares worth 5.46 trillion won ($5 billion) with gainers outpacing losers 518 to 307.“Good economic data in the U.S. and China offset the prolonged eurozone and fiscal cliff risks, though the gain w

Nov. 2, 2012

LG International to sell stake in GS Retail

LG International, a South Korean trading company, said Friday that it will dispose of its remaining stake in GS Retail Co. to finance its overseas resource exploration and improve its financial health. LG plans to sell its 11.97 percent stake, or 9.21 million shares, in GS Retail, a local convenience chain operator, through a block deal after the close of the local stock market, the company said in a regulatory filing.The stake sale will lower LG’s stake in GS Retail to zero, said LG, the tradin

Nov. 2, 2012

Korean stocks start higher on foreign buying

South Korean stocks opened higher Friday, led by gains in tech and auto shares, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 19.27 points, or 1.02 percent to 1,917.71 in the first 15 minutes of trading.    Shares gathered ground across the board, with market bellwether Samsung Electronics increasing 1.31 percent and chipmaker SK hynix adding 3.14 percent.   Top auto parts maker Hyundai Mobis gained 1.67 percent and its affiliate Kia Motors added 0.67 percent.   U

Nov. 2, 2012

Shares dip on autos, shipbuilders

South Korean stocks sank 0.71 percent Thursday as investors dumped auto shares on a dim industry outlook in addition to the recent appreciation of the local currency. The Korean won lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index retreated 13.62 points to finish at 1,898.44. Trading volume was moderate at 395.6 million shares worth 5.17 trillion won ($4.74 billion) with decliners outpacing gainers 505 to 305. “There are growing negative market prospects about auto s

Nov. 1, 2012

Shares gain on institutional buying

South Korean stocks closed 0.66 percent higher on institutional buying on Wednesday, despite the market fretting over the U.S. presidential election next week, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index finished up 12.50 points to 1,912.08. Trading volume was moderate at 391.7 million shares worth 3.76 trillion won ($3.44 billion) with gainers outpacing losers 562 to 257. “The new U.S. administration will most likely

Oct. 31, 2012

BOK warns against potential outflow of foreign capital

South Korea’s central bank on Wednesday warned against an increase in volatility of cross-border capital movements as the prolonged economic slowdown could spark a reversal of foreign funds inflows.A series of credit rating upgrades on Korea and quantitative easing by major central banks are helping more foreign capital flow to into Asia’s fourth-largest economy, making the won appreciate more than 5 percent to the U.S. dollar so far this year.The warning came as risks of a sudden reversal of fo

Oct. 31, 2012

More Koreans spending heavily overseas

More South Koreans are swiping their cards outside the country. Overseas credit card spending is increasing every year, according to Korea Customs Service on Wednesday, and over 60,000 spent more than $20,000 (21.8 million won) last year.The biggest spenders reached 63,727 in number in 2011, a jump of 16.9 percent compared to 2010 and 64 percent compared to 2009, when the won-dollar exchange rate hit the ceiling right after the global financial crisis, KCS’s report on 2008-2011 credit card spend

Oct. 31, 2012

Seoul shares open higher on blue-chip gains

South Korean stocks started higher on Wednesday, fueled by gains in blue-chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 0.53 percent, or 10.02 points, to 1909.60 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics rising 0.46 percent and its smaller rival LG Electronics gaining 0.4 percent. Leading automaker Hyundai Motor climbed 0.67 percent.The U.S. stock market was closed on Tue

Oct. 31, 2012

Shares edge up on foreign, institutional buying

South Korean stocks closed 0.43 percent higher Tuesday, driven by foreign and institutional buying amid widening political uncertainties over the U.S. presidential race, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 8.06 points to finish at 1,899.58. Trading volume as light at 317.6 million shares worth 3.20 trillion won ($2.92 billion) with gainers outstripping losers 485 to 313. “Political uncertainties over how the U.S.

Oct. 30, 2012