Seoul shares open lower on blue-chip losses

South Korean stocks opened lower Wednesday as market heavyweights lost ground on woes over a widely expected rate hike in the U.S.The benchmark Korea Composite Stock Price Index shed 6.5 points, or 0.32 percent, to 2,017.43 in the first 15 minutes of trading. Top market cap Samsung Electronics fell 1.44 percent after the tech giant appointed a new head for its flagship mobile business that is struggling with falling margins amid tougher global competition. In contrast, automakers traded bullish

Dec. 2, 2015

Shinhan Card launches joint venture in Indonesia

Shinhan Card Co., South Korea's leading credit card company, said Wednesday it has established a joint venture with an Indonesian carmaker to tap into the credit market in the Southeast Asian country.   Shinhan Indo Finance set sail earlier in the day to provide a range of vehicle-related financing and leasing, while planning to expand into the credit card business starting in the second half of next year, according to Shinhan Card.Shinhan's Indonesian partner is Swadharma Indotama Finance, a fi

Dec. 2, 2015

Seoul shares jump 1.6% on blue-chip gains

South Korean stocks jumped 1.6 percent Tuesday as investors hunted for bargains after the previous day's steep fall, picking up auto, steel and other large-cap shares. The local currency rose slightly against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 31.96 points to 2,023.93. This followed a 1.82 percent plunge on Monday. Trade volume was moderate at 560.61 million shares worth 4.8 trillion won ($4.1 billion), with gainers outpacing decliners 528 to 286."Investors see

Dec. 1, 2015

State debt clearer says to jack up bad debt purchase next year

South Korea's state-run debt clearer said Tuesday it has bought bad debt worth 4.2 trillion won ($3.62 billion) this year and plans to expand the amount next year to help banks and policy lenders have clean balance sheets."We've bought 2.1 trillion won in non-performing loans from financial institutions and another 2.1 trillion won of debt from policy lending agencies so far this year," Hong Young-man, chief of the Korea Asset Management Corp., told reporters.The figure for 2015 is a 35-percent

Dec. 1, 2015

Seoul shares up 1.2% higher on blue-chip gains

South Korean stocks traded higher late Tuesday morning as investors picked up tech, steel and other large-cap shares following a marked loss in the previous day. The benchmark Korea Composite Stock Price Index rose 23.67 points, or 1.19 percent, to 2,015.64 as of 11:20 a.m. This followed a 1.82 percent plunge on Monday.Tech issues rebounded, with Samsung Electronics and Internet portal operator Naver jumping 1.79 percent and 1.74 percent, respectively. Steelmaking giant POSCO surged nearly 3 per

Dec. 1, 2015

Banks' loan delinquency rate edges up in Oct.

The delinquency rate for loans extended by South Korean banks edged up in October from a month earlier due to a rise in soured loans extended to small- and mid-sized enterprises, the financial watchdog said Tuesday.The average delinquency rate for bank loans stood at 0.7 percent at the end of October, up 0.04 percentage point from a month earlier, according to the Financial Supervisory Service.From a year earlier, the figure dropped 0.2 percentage point, it added.Loans with both the principal an

Dec. 1, 2015

Seoul shares plunge 1.82% on China rout

South Korean stocks plunged 1.82 percent Monday as investors dumped techs, brokerages and other large caps, dismayed by extended losses in China, analysts said.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 37.02 points to 1,991.97. Trade volume was moderate at 438.6 million shares worth 6.37 trillion won ($5.5 billion), with losers outpacing gainers 623 to 204.The drop is the sharpest since Sept. 23, when the index fell 1.89 percent. "An ext

Nov. 30, 2015

Korea to float yuan-based FX bonds in China within the year

South Korea will issue yuan-denominated foreign exchange stabilization bonds in China within the year to better meet rising demand for the Chinese currency and help local firms do business in the world's No. 2 economy, a government source said Monday.According to the finance ministry source, the government expects to get permission from the People's Bank of China so it can sell the bonds in December."The government is weighing the time for the sale, by checking financial market conditions," the

Nov. 30, 2015

Rise in industrial lending quickens in Q3

South Korean banks' industrial loans continued to rise in the third quarter with their growth pace also quickening from three months earlier, central bank data showed Monday.Outstanding bank loans to local companies came to 931.8 trillion won ($804.87 billion) at the end of September, up 6.8 percent from a year earlier, according to the data from the Bank of Korea.From three months earlier, the amount increased by 20 trillion won, quickening from a 12.3 trillion won rise in the April-June period

Nov. 30, 2015

Korean won to further fall against greenback in 2016: experts

The South Korean currency is likely to further lose ground against the U.S. dollar next year should the Fed raise interest rates in December as expected, experts said Monday.But the dollar may not be as strong as it is this year as the effects of the potential rate hike would fade away soon, they noted.Five major brokerage houses have forecast the South Korean currency to trade at an average of 1,192.60 won to the greenback in 2016. The local currency ended at 1,153 won against the U.S. dollar a

Nov. 30, 2015

Seoul shares down on China shock

South Korean stocks traded sharply lower late Monday morning as investors were spooked by a plunge in the Chinese market late last week. The benchmark Korea Composite Stock Price Index dropped 31.05 points, or 1.53 percent, to 1,997.94 as of 11:20 a.m.Most blue chips traded lower, with tech and brokerage companies among marked decliners. Samsung Electronics fell nearly 3 percent, while panel maker LG Display lost 1.75 percent. Samsung Securities also shed 2.2 percent. On Friday, the Shanghai Com

Nov. 30, 2015

Seoul shares open lower on tech, brokerage losses

South Korean stocks opened lower Monday as tech firms, brokerages and other large-cap issues lost ground.The benchmark Korea Composite Stock Price Index fell 16.18 points, or 0.8 percent, to 2,012.81 in the first 15 minutes of trading.Market bellwether Samsung Electronics dropped nearly 1 percent, while panel maker LG Display plunged about 4 percent. Major brokerage firms also started lower.The local currency was trading at 1,158.95 won against the U.S. dollar as of 9:15 a.m., down 5.95 won from

Nov. 30, 2015

Listed firms' debt ratio inches down in Q3

The financial stability of South Korea's listed firms has improved in the third quarter as their equity capital grew faster than liabilities, the main bourse operator said Monday.The average debt-to-equity ratio for 611 companies listed on the main KOSPI market came to 122.03 percent at the end of September, down 3.32 percentage points from the end of 2014, to sit at 1.19 quadrillion won ($1.03 trillion), according to the data compiled by the Korea Exchange.The debt ratio is calculated by dividi

Nov. 30, 2015

Key economic indexes to slip this year

South Korea faces a weak economic growth forecast this year as most of its key indexes are likely to end low, affected by the Middle East respiratory syndrome in the second quarter and the overall slowdown in China’s economy.The country’s growth rate is expected to sink back into the 2 percent range, the trade volume to drop below 1 trillion won ($865 million), and the inflation rate to hit a record low since the Asian financial crisis in the late 1990s.Leading economic institutes have revised t

Nov. 29, 2015