South Korean shares extended a winning streak into a fourth day on Thursday, paring early losses, as foreigners stuck to a buying mode. The South Korean won rose sharply against the U.S. dollar after the nation's central bank froze the key interest rate at the record low of 1.25 percent.The benchmark Korea Composite Stock Price Index added 3.22 points, or 0.16 percent, to 2,008.77.Trade volume recorded 334.3 million shares worth 4.2 trillion won ($3.7 billion), with decliners outnumbering advanc

July 14, 2016

Hyundai Heavy Industries Co., a troubled shipyard, is seeking to sell its brokerage unit as part of its restructuring drive, but its bid may fall through due to lack of potential investors, industry sources said Thursday.According to the sources, Hyundai Heavy plans to sell an 85.3 percent stake in HI Investment & Securities Co. which is held by its affiliate, Hyundai Mipo Dockyard Co., a deal estimated at around 500 billion won ($439 million).Hyundai Heavy plans to complete the sale of the brok

July 14, 2016

South Korea’s Ministry of Strategy and Finance said Thursday that it is expected to come up with detailed figures for its supplementary budget after a Cabinet meeting next week.The Finance Ministry announced last month that it will carry out an expansionary fiscal policy by allocating extra spending of some 10 trillion won ($8.7 billion) for job creation in the latter half of this year.Local media reported that the Finance Ministry has reached an agreement with the Saenuri Party to spend around

July 14, 2016

Prosecutors on Thursday summoned a senior prosecutor who has come under public scrutiny over suspicious stock transactions.Jin Kyung-joon appeared before the Seoul Central District Prosecutors' Office in southern Seoul to face questioning over the wealth he amassed through shares of Nexon Co., the country's leading online game maker."I admit to my wrongdoings and take it seriously," Jin told reporters before entering the prosecutors' office."I sincerely apologize for hiding the truth to cover my

July 14, 2016

South Korea's corporate global bonds have become an investment attraction in overseas markets, helped by the country's sturdy credit ratings, finance industry officials said Thursday.Korea Gas Corp. earlier this week sold $900 million in five- and 10-year dollar-denominated bonds. Presale estimated demand was for $4 billion from 240 institutions. The yield for five-year notes settled at 1.920 percent and 10-year notes at 2.325 percent. The yield for the latter was the lowest for a South Korean c

July 14, 2016

South Korean shares opened slightly lower Thursday, bucking the trend on Wall Street, as investors sought to lock in recent gains.The benchmark Korea Composite Stock Price Index fell 1.34 points, or 0.07 percent, to 2,004.21 in the first 15 minutes of trading.Keen attention is being paid to whether the KOSPI will be able to maintain momentum after reaching a monthly high a day earlier.Traders are waiting for a statement on the results of the Bank of Korea's monthly monetary policy meeting later

July 14, 2016

Cross-border investment between South Korea and China is on a steep rise, data showed Wednesday, apparently boosted by the countries' bilateral free trade pact.In the first five months of the year, new South Korean investment that arrived in China came to US$2.2 billion, up 12.2 percent from the same period last year, according to the data from the Korea International Trade Association.The amount surpassed Japan's $1.47 billion investment arriving in China over the cited period. South Korean inv

July 13, 2016

[THE INVESTOR] South Korean share prices ended higher on the third straight day July 13 to hit a one-month high. The upward momentum was driven mainly by foreign buying, according to analysts. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 14.32 points, or 0.72 percent, to 2,005.55.It marks the first time in about three weeks that the KOSPI recovered the 2,000-point level.Trade volume came to 353.3 million shares worth 4.6 trillion won

July 13, 2016

The Korean government may soon launch its fifth attempt to privatize Woori Bank and recoup the money it injected 16 years ago to bailout the bank, officials and deal observers said Wednesday. “(The authorities) are showing a strong will to complete the sale and are speeding up preparations,” said an official at the Korea Deposit Insurance Corp. The state-run KDIC owns 51.04 percent of Woori, the country’s second-largest lender. A committee overseeing the public funds management under the Financi

July 13, 2016

An electronic screen at KEB-Hana Bank shows KOSPI recovered the 2,000-point level in three weeks on Wednesday. Yonhap

July 13, 2016

South Korean shares pulled off a third straight day of gains to end at one-month high on Wednesday, riding on a global risk-on mood. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 14.32 points, or 0.72 percent, to 2,005.55.It marks the first time in about three weeks that the KOSPI recovered the 2,000-point level.It opened higher on foreigners‘ buying binge but pared early gains as individual and institutional investors sought profit-ta

July 13, 2016

[THE INVESTOR] South Korea’s household debt secured against residential properties broke the 500 trillion won (US$ 436 billion) mark for the first time in June, central back data showed on July 13. According to the Bank of Korea, household debt secured against residential properties rose 4.8 trillion won in June to reach 500.9 trillion won. Overall household debt hit 667.5 trillion won, up 6.6 trillion won from May. Compared to end of June 2015, the figure is 28.4 trillion won higher. Experts sa

July 13, 2016