Shares end flat ahead of Spain bailout decision

South Korean stocks finished almost unchanged on Monday as investors sat on the sidelines ahead of Spain’s decision on a bailout plan proposed by the European Union, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.07 points, or 0.05 percent, to close at 2,003.44. Trading volume was moderate at 476.8 million shares worth 4.19 trillion won ($3.75 billion), but decliners outstripped gainers 458 to 364. “It’s most likely

Sept. 24, 2012

Korea’s labor productivity drops in Q2

South Korea’s labor productivity fell from a year earlier in the second quarter as the global economic downturn caused a drop in the country’s exports, the government said Monday.The labor productivity index for all industries in the April-June period came to 105.4, down 1.2 percent from the same period last year, according to the Ministry of Knowledge Economy.The figure, however, marks a slower drop of labor productivity from the first quarter when the index fell 2.3 percent on-year.Labor produ

Sept. 24, 2012

Interest payment on national debt to top W21tr

South Korea is expected to pay around 21 trillion won ($18.7 billion) in interest on its debt this year amid increased borrowing by the government to tide over the global economic crisis, data showed Monday.According to the data provided by the finance ministry to the National Assembly, interest payment on the nation’s debt will amount to some 21.5 trillion won this year, compared with last year’s 18.9 trillion won.Interest payment on the debt already reached 9.6 trillion won in the first seven

Sept. 24, 2012

SK Telecom eyes China healthcare market

SK Telecom Co., South Korea’s top mobile carrier, said Monday it has purchased a major stake in a Chinese medical equipment maker as part of its efforts to enter the world’s No. 2 economy.Under the deal with Xian Tianlong Science and Technology Co., SK Telecom acquired a 49 percent stake in the Chinese healthcare venture, the company said in a statement. The financial terms were undisclosed.“SK Telecom plans to provide its management expertise to Tianlong and cooperate on research and developmen

Sept. 24, 2012

KDB offers soft loans for small, medium-sized firms

Korea Development Bank on Monday introduced a special loan product with an average annual interest of 3.95 percent for small and medium-sized companies, a year after creating a sensation with a money market deposit account that offers a generous interest of 3.5 percent.KDB chairman Kang Man-soo told reporters that the low-interest loans for small firms worth a total of 3 trillion won ($2.7 billion) comes in celebration of Korea’s recent credit rating upgrade by Moody’s and Fitch to a level above

Sept. 24, 2012

Shares expected to take recess this week

South Korean stocks are expected to take another breather this week, moving only in a tight range due to the lack of any major drivers to spur the market, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 2,002.37 last week, down 0.6 percent from a week earlier when the key index surged to a five-month high of 2,007.58.Foreign investors purchased a combined net 1 trillion won ($895 million) worth of shares, while institutional investors sold off a net 800 billion

Sept. 23, 2012

Borrowings for stock investment surge

A growing number of small investors are investing in stocks on the secondary KOSDAQ market, particularly by applying for loans as they bet on a bullish market ahead of the Dec. 19 presidential election.According to the Financial Investment Association, stock investment-oriented outstanding loans to individuals increased by 29.8 percent over the past three months ― from 1.33 trillion won ($1.18 billion) at the end of June to 1.73 trillion won as of Sept. 20.The sort of lending means that investor

Sept. 23, 2012

Shares gain on foreign buying

South Korean stocks advanced 0.60 percent on Friday as foreigners sought after risky assets, buoyed by the recent stimulus measures from major economies, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index closed up 12.04 points to 2,002.37. Trading volume was heavy at 641.9 million shares worth 4.91 trillion won ($4.38 billion) with gainers outpacing losers 461 to 354. “At least, the expectations on the third quantitative easing from W

Sept. 21, 2012

International air passenger traffic hits new high in Aug.

South Korea’s international air passenger traffic surged to a new monthly high last month on a spike in visitors to and from Japan and China, the Transportation Ministry said Thursday.The number of international passengers to and from South Korea jumped 11.6 percent from a year earlier to 4.72 million in August, according to the Ministry of Land, Transport and Maritime Affairs.The August tally marks a new monthly record. The previous record of 4.34 million passengers was set only the previous mo

Sept. 20, 2012

Shares down 0.87% on weak China data

South Korean stocks closed 0.87 percent lower on Thursday as concerns over China’s weak manufacturing data weighed on investor sentiment here, analysts said. The local currency dropped against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 17.55 points to 1,990.33. Trading volume was heavy at 612.4 million shares worth 5.28 trillion won ($4.7 billion), with decliners outnumbering gainers 461 to 366.“The market expects the Chinese economy to make a turnaround. However, this

Sept. 20, 2012

Korea sees massive inflows of foreign capital

Global investors’ holding of local stocks to hit record high of W500trForeigners recently became net buyers of Korean stocks amid policies of the U.S. and European Union to boost the regional and global economies.Data released by the Financial Supervisory Service showed that foreign investors have bought local stocks and bonds worth a net 40.3 trillion won ($35.9 billion) so far this year.Their net buying of bonds and shares came to 15.3 trillion won and 25 trillion won, respectively, between Ja

Sept. 20, 2012

Seoul shares open lower on blue-chip losses

South Korean stocks opened lower on Thursday as shares lost ground across the board, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.61 points, or 0.43 percent, to 1999.27 in the first 15 minutes of trading.Tech blue chips led the decline, with market behemoth Samsung Electronics falling 1.07 percent and its smaller rival LG Electronics losing 0.26 percent. Leading car

Sept. 20, 2012

Shares gain 0.15% on Japan stimulus

South Korean stocks rose 0.15 percent on Wednesday as the Japanese central bank surprised the market with an asset purchase program to prevent a further slowdown, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 2.92 points to 2,007.88. Trading volume was heavy at 946.1 million shares worth 5.72 trillion won ($5.12 billion) with gainers outstripping losers 491 to 320. “Expectations for upward momentum revved up aga

Sept. 19, 2012

Seoul shares open lower on tech losses

South Korean stocks got off to a weak start on Wednesday as major tech firms suffered losses, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.18 points, or 0.36 percent, to 1,997.78 in the first 15 minutes of trading.Tech blue chips led the decline, with Samsung Electronics falling 0.76 percent and its smaller rival LG Electronics declining 0.52 percent following a law

Sept. 19, 2012

S. Korea increases budget to lure foreign investment

South Korea will sharply increase the budget intended to provide more support and incentives for foreign businesses interested in making investments here, the finance ministry said Wednesday.The government will set aside 300 billion won (US$268.1million) for next year, which will be used exclusively to attract foreign investment, according to the ministry. The amount is up 36.1 percent from 220.5

Sept. 19, 2012

Seoul shares opens higher on tech gains

South Korean stocks started higher Tuesday, led by gains in big tech firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained0.81 points, or 0.04 percent, to 2003.16 in the first 15 minutes of trading.Big-cap tech names led the rise, with market bellwether Samsung Electronics increasing 0.99 percent and SK hynix climbing 0.87 percent.The local currency was trading at 1,1

Sept. 18, 2012

New electronic payment system threatens credit card firms

A new type of electronic payment system with lower commissions than credit cards is due to launch around the end of this year, portending a major shakeup in the market for money transfers. Consumers will be able to buy products and services using just their phone numbers or smartphone applications, according to sources at the Financial Services Commission and in the electronic finance industry.“The technologies for the service are ready,” an FSC official said. “We expect to unveil the service on

Sept. 17, 2012