Shares stay flat on external woes, U.S. growth

South Korean stocks closed unchanged Monday as protracted uncertainties over global growth weighed down investor sentiment despite forecast-beating U.S. growth data, analysts said. The local currency rose against the U.S. dollar. After bobbing in and out of positive territory, the benchmark Korea Composite Stock Price Index finished at 1,891.52, up 0.09 points from Friday’s close. Trading volume was moderate at 365.6 million shares worth 4.11 trillion won ($3.74 billion) with losers outpacing ga

Oct. 29, 2012

Won climbs most among Asian currencies

The Korean won has climbed the most against the U.S. dollar among Asian currencies since July as quantitative easing by Europe, the U.S. and Japan added to global liquidity, some of which flowed into Asian emerging markets.The Korean won has gained 4.3 percent against the greenback since July 2 when European Central Bank president Mario Draghi hinted at a nontraditional monetary policy, marking the steepest appreciation among Asian currencies, according to data from the Bank of Korea.The domesti

Oct. 29, 2012

Stronger won expected despite low growth

The Korean won is continuously appreciating against the U.S. dollar despite a series of gloomy indices over Korea’s economic growth for this year.Though growth of the nation’s gross domestic product stayed at 1.6 percent in the third quarter of the year, falling below 2 percent for the first time since the third quarter of 2009, the dollar continued to lose ground against the Korean currency.The dollar finally slid below 1,100 won last week after gradually losing value over the past few months ―

Oct. 28, 2012

Shares may gain ground this week

The South Korean stock market may gain ground this week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea’s third-quarter g

Oct. 28, 2012

Seoul shares may gain ground next week: analysts

The South Korean stock market may gain ground next week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea's third-quarter g

Oct. 27, 2012

Korean won hits over 1-year high to dollar, shares up

The South Korean currency on Thursday rose to the highest level against the U.S. dollar in more than one year amid foreign capital inflows, dealers said. The local currency ended at 1,098.20 won against the greenback, up 5.4 won from the previous session’s close. It marked the first time that the won appreciated to the 1,000-level since Sept. 9, 2011.So far this year, the Korean currency has appreciated 4.88 percent to the dollar amid sustained inflows of foreign capital and Korea’s relatively s

Oct. 25, 2012

Korean Air swings to profit in Q3

Korean Air Lines Co., South Korea’s top air carrier, said Thursday it swung to a net profit in the third quarter of this year on increased air travel and cost-cutting efforts.The airline posted a net profit of 263.7 billion won ($239 million) in the three months ended Sept. 30, a drastic turnaround from a 544.4 billion won loss a year earlier, the carrier said in a regulatory filing.Sales gained 3.1 percent on-year to 3.28 trillion won in the third quarter, and operating profit jumped 43.1 perce

Oct. 25, 2012

Seoul shares open lower on weak corporate earnings

South Korean stocks started lower on Thursday as a grim outlook for local firms' third-quarter earnings dented investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 4.86 points, or 0.25 percent, to 1,909.10 in the first 15 minutes of trading.Tech blue chips led the decline, with market bellwether Samsung Electronics sliding 0.46 percent and flat panel giant LG Display losing 0.33 percent.Leading carmaker Hyundai Motor fell 2.06 percent and its smaller af

Oct. 25, 2012

KB starts donation event to support the poor

KB Kookmin Bank announced on Monday the start of a donation event to support low-income families to commemorate surpassing 5 million users of the bank’s smartphone banking service.Users of “Star Banking,” the smartphone banking service, can participate in the event to help out families composed of grandparents and their grandchildren with by simply “touching” the screen. The bank accumulates 500 won per participant and donates the total to 500 households in need through Korea Food for the Hungry

Oct. 24, 2012

Shares slip on economy, earnings woes

South Korean stocks fell 0.67 percent on Wednesday as concerns about the economic slowdown and weak corporate earnings continued to weigh down investor sentiment, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 12.85 points to 1,913.96, marking the fourth straight session of losses. Trading volume was moderate at 558.4 billion shares worth 5.58 trillion won ($5.06 billion) with losers outpacing gainers 491 to 328.“Without cl

Oct. 24, 2012

Shares slip on earnings woes

South Korean stocks closed 0.76 percent lower as bleak corporate earnings outlook of local big-name companies weighed heavily on the market, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 14.78 points to 1,926.81. Trading volume was moderate at 528.4 million shares worth 4.11 trillion won ($3.72 billion), with decliners outnumbering gainers 435 to 377.“Investors already knew that companies performed bad in the third quarter.

Oct. 23, 2012

Insurance to be required for on-call chauffeur services

A bill has been submitted to the National Assembly to make insurance mandatory for on-call chauffeur service providers as an increasing number of accidents occur while these services are taking place for drunk drivers.About 23,000 car accidents involving on-call drivers were reported to insurance companies in 2010 and 22,000 cases last year, according to the Financial Supervisory Service and the insurance industry.These accidents fall under special contract categories for car insurance in which

Oct. 22, 2012

Shares down on EU disappointment

South Korean stocks closed 0.12 percent lower on Monday as investors were disheartened by a recent European Union summit and downbeat earnings from U.S. firms, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.25 points to 1,941.59 in the first 15 minutes of trading. Trading volume was moderate at 453.8 million shares worth 3.8 trillion won ($3.4 billion), with decliners outnumbering gainers 444 to 369.“The EU policy event di

Oct. 22, 2012

Seoul shares start lower on U.S. losses

South Korean stocks got off to a weak start Monday as investor sentiment was dampened by losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.12 points, or 1.24 percent, to trade at 1,919.72 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.54 percent and leading carmaker Hyundai Motor decreasing 1.1 percent. Top steelmaker POSCO shed 1.12 percent.U.S. stocks ended lower on

Oct. 22, 2012

Stocks expected to continue upward movement

South Korean stocks are expected to show an upward movement this week though the movement range may be limited by external uncertainties that remain in the global market, analysts said.The country’s key stock index, the Korea Composite Stock Price Index, closed 10.58 points or 0.54 percent higher from the previous week’s close at 1,943.84 last Friday.The index dropped more than 15 points on Friday alone following what market analysts called poorer-than-expected corporate earnings for the third q

Oct. 21, 2012

Consumers with disposal income below W500,000 banned from getting new cards

Financial consumers whose disposal income does not exceed 500,000 won ($450) will be ineligible to apply for a new credit card under new measures.“Irrespective of consumers’ personal credit standing, credit card firms will be allowed to issue a new card to those with monthly disposal income ― or total earnings minus debt payment ― above 500,000 won,” the Financial Supervisory Service said in a statement on Sunday.An FSS official said the action is designed to prevent issuers from recklessly doli

Oct. 21, 2012