The Korea Herald

Seoul shares spike 2% on eased U.S. rate woes, rating upgrade

South Korean stocks jumped nearly 2 percent on Wednesday, buoyed by eased concerns over a U.S. interest rate hike and the upgrade of Korea's sovereign credit rating by a global appraiser. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 1.96 percent, or 37.89 points, to 1,975.45, the highest level in about a month. Trading volume was moderate at 565.77 million shares worth 5.6 trillion won ($4.76 billion), with gainers outnumbering dec

Sept. 16, 2015

Stocks hit 1-month high ahead of FOMC meeting

Stocks and currency gained sharply in the domestic market Wednesday on the back of Standard & Poor’s upgrade of Korea’s sovereign rating a day earlier and the overnight increase of the U.S. bourse.The benchmark KOSPI rose 37.89 points, or 1.96 percent, from the previous trading session to close at 1,975.45. This marked the highest in one month since it reached 1,983.46 on Aug. 13.The equities’ gain is drawing attention as it comes ahead of the interest rate-setting meeting of Federal Open Market

Sept. 16, 2015

Stocks hit 1-month high ahead of FOMC meeting

Korea’s household debt ratio soars

South Korean households’ debt problem is higher than other emerging economies, a research report from a Swiss financial organization showed Tuesday.According to the Bank for International Settlements, the nation’s ratio of household debt to gross domestic product was 84 percent at the end of 2014. The debt figures include microcredit loans issued to the self-employed.Korea topped the list among the 14 major emerging countries, whose consumer loans were studied by the BIS, in the household debt-G

Sept. 15, 2015

Seoul shares inch up in range-bound trade

South Korean stocks edged up in range-bound trade on Tuesday as investors remained cautious ahead of the upcoming Fed decision on interest rates. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 percent, or 6.1 points, to 1,937.56. Trading volume was slim at 384.3 million shares worth 3.92 trillion won ($3.3 billion), with gainers outnumbering decliners 473 to 324.The index started lower but traded in a tight range before ex

Sept. 15, 2015

S. Korea asks U.S. to back creation of new Asia development bank

South Korea has asked the United States to support the establishment of a new Asian development bank that can fuel economic growth in a denuclearized North Korea, the finance ministry said Tuesday.The bank, first proposed by President Park Geun-hye in Dresden, Germany, last year, aims to help North Korea develop its economy after it gives up its nuclear ambitions. It also plans to support development projects in China's Liaoning, Jilin and Heilongjiang provinces, as well as Russia's Far East.The

Sept. 15, 2015

S. Korea logs trade surplus for 43rd month in Aug.

South Korea posted a trade surplus for the 43rd month in a row in August as imports dropped at a much faster pace than exports, customs data showed Tuesday.According to the data by the Korea Customs Service, the country's trade surplus reached $4.27 billion last month, up from $3.31 billion the year before but smaller than the $6.9 billion reached in July.Exports plunged 14.9 percent on-year to $39.24 billion in August, while imports nosedived 18.3 percent to $34.97 billion. In August 2014, expo

Sept. 15, 2015

Foreigners stay net sellers of S. Korean stocks in Aug.

Foreign investors remained net sellers of South Korean stocks in August for a third consecutive month, the financial watchdog said Tuesday, amid rising concerns that a massive outflow of foreign funds would deal a hard blow to Asia's fourth-largest economy.Foreigners dumped a net 3.94 trillion won ($3.34 billion) worth of local shares last month, expanding from a net selling of 2.26 trillion won the previous month, according to the Financial Supervisory Service.The August figure marks the highes

Sept. 15, 2015

Samsung Q3 earnings forecast to miss market estimates

South Korea's top tech giant Samsung Electronics Co. is expected to post weaker-than-expected earnings for the third quarter of 2015, analysts said Monday, due to the delayed recovery of its handset business.Samsung Electronics is expected to post an operating profit of 6.5 trillion won ($5.5 billion) in the July-September period, Korea Investment & Securities Co. said in a note to investors. The figure hovers below the 6.6 trillion won average outlook compiled by Yonhap Infomax, the financial a

Sept. 14, 2015

Financial fraud damage drops sharply in H1

The average amount of damage from financial fraud cases in South Korea dropped sharply in the first half of 2015 from a year earlier, the financial watchdog said Monday, amid stepped-up efforts to root out such scams.The amount averaged 26.1 billion won ($22.1 million) per month during the January-June period, down 22.5 percent from a monthly 33.7 billion won a year ago, according to the Financial Supervisory Service.In July and August, the figure fell to 19 billion won, the watchdog added.The F

Sept. 14, 2015

Investors to watch FOMC result

This Friday’s financial indexes of South Korea, along with the Australian, Japanese and Chinese counterparts, are expected to draw great attention from capital investors at home and abroad as they could possibly be a barometer for global funds’ flow direction.The Asia-Pacific markets will shortly be exposed to impacts from the overnight interest rate-setting of the Federal Open Market Committee, whose monthly meeting is slated for Sept. 16-17 in Washington.The decision of U.S. monetary policymak

Sept. 13, 2015

BOK keeps key rate at record low

Bank of Korea Gov. Lee Ju-yeol presides over a meeting of the Monetary Policy Board in Seoul on Friday. YonhapThe Bank of Korea held its record-low key interest rate steady in the face of rising global economic uncertainties over the monetary policy of the U.S. Federal Reserve and financial instability in China.The BOK’s Monetary Policy Board said Friday that it decided to freeze its benchmark policy rate at 1.5 percent.The central bank kept the base rate unchanged for the third straight month a

Sept. 11, 2015

Seoul shares sink 1.1 pct, ending 2-day bull run

South Korean stocks dropped 1.06 percent on Friday as investors opted to lock in recent gains following a sharp rally for the past two sessions, analysts said.The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 20.74 points to 1,941.37, snapping its two-session bullish run.Trading volume was slim at 495.3 million shares worth 4.59 trillion won ($3.87 billion), with gainers closely beating decliners at 418 to 381. "During the two previou

Sept. 11, 2015

Seoul shares start lower ahead of U.S Fed meeting

South Korean stocks opened lower on Friday as investors remained worried about a potential rate-hike decision by the U.S. central bank.The benchmark Korea Composite Stock Price Index shed 18.51 points, or 0.94 percent, to hit 1,943.6 in the first 15 minutes of trading.Large-cap Samsung Group shares led the decline. Tech giant Samsung Electronics fell 0.35 percent and Cheil Industries, the group's de facto holding company, lost 1.18 percent.Hyundai Motor fell 0.64 percent amid on-going wage negot

Sept. 11, 2015

Seoul shares shot up 1.44 pct on eased China woes

South Korean stocks rose two sessions in a row on Thursday on rising hopes for additional stimulus measures by China. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 27.91 points, or 1.44 percent, to 1,962.11, paring its earlier losses. Trading volume was slim at 454.8 million shares worth 5.4 trillion won ($4.52 billion), with winners beating decliners sharply at 631 to 175."The index started lower as overnight global markets finishe

Sept. 10, 2015

AIIB to launch huge project financing in Asia next year

The soon-to-be-established Asian Infrastructure Investment Bank plans to launch large-scale project financing to develop infrastructure in Asia next year, the China-led multilateral agency’s chief said Wednesday.　“In the next decade, Asia will be short of $8 trillion in its development funds … the AIIB will not wait long.” AIIB president-designate Jin Liqun said in Seoul.　Speaking at a news conference, he expressed hope that Korea will actively engage in the development projects.President Park G

Sept. 9, 2015

AIIB to launch huge project financing in Asia next year

Seoul shares spike 3 pct on China stimulus hopes

South Korean stocks rallied 2.96 percent Wednesday as investor sentiment was boosted by rising hopes for further economic stimulus measures by the Chinese government.The local currency rose sharply against the U.S. greenback.The benchmark Korea Composite Stock Price Index rose 55.52 points to 1,934.2. Trading volume was moderate at 509.2 million shares worth 5.2 trillion won ($4.37 billion), with gainers far outnumbering losers 767 to 64."The Chinese optimism swelled up around the globe and drov

Sept. 9, 2015

AIIB president-designate meets Korean officials, biz leaders

President-designate Jin Liqun of the Asian Infrastructure Investment Bank met with Korean officials including Finance Minister Choi Kyung-hwan and business leaders in Seoul on Tuesday.　The AIIB leader’s visit comes as the multilateral development bank led by China is ready to start funding infrastructure projects.　It was not immediately known the results of the meeting between Jin and Choi, but sources said the two leaders might have discussed ways for cooperation between Seoul and the banking i

Sept. 8, 2015

AIIB president-designate meets Korean officials, biz leaders

Seoul shares edge down on weak data from China

South Korean stocks closed 0.24 percent lower on Tuesday as weak Chinese trade data spawned renewed concerns over a slowdown in the world's second-largest economy. The local currency gained ground against the U.S. dollar, snapping a four-day losing streak.The benchmark Korea Composite Stock Price Index shed 4.54 points to 1,878.68. Trading volume was light at 385.3 million shares worth 4.7 trillion won ($3.9 billion), with decliners outnumbering gainers 580 to 237.Foreigners remained net sellers

Sept. 8, 2015

[Photo News] A punch of donation

Deloitte Korea CEO Ham Jong-ho hits the “donation punching” machine at the company’s Impact Day, an annual social contribution event initiated by its global headquarters, held at Yeouido IFC Mall in Seoul on Tuesday. This year, the accounting firm installed a punching machine so that every time any employee or citizen throws a punch, the corresponding points will be converted into a donation fund. Deloitte Korea

Sept. 8, 2015

Banks' foreign currency deposits sink to 14-month low

Foreign currency deposits at banks in South Korea tumbled to a 14-month low in August due mainly to an extended decline in Chinese yuan deposits, central bank data showed Tuesday.Outstanding foreign currency deposits held by local residents reached $59.69 billion as of end-August, down $1.18 billion from the previous month, according to the Bank of Korea.The August reading is the lowest since $58.95 billion posted in June 2014. It also marks the fourth straight month of decline.Residents include

Sept. 8, 2015