Seoul shares stay nearly flat in late morning trade

South Korean stocks traded nearly unchanged late Thursday morning as the central bank froze the key rate for three months in a row, analysts said.After swinging between positive and negative territory, the benchmark Korea Composite Stock Price Index edged down 0.13 percent, or 2.54 points, to 1,911.12 as of 11:20 a.m.The Bank of Korea held the base rate at a record low of 2 percent for January in line with the government's stimulus move to bolster growth.Last year, the central bank cut the polic

Jan. 15, 2015

Seoul shares open flat on sudden oil price hike

South Korean stocks opened nearly flat Thursday as investors took a wait-and-see approach following an unexpected surge in global oil prices, analysts said.The benchmark Korea Composite Stock Price Index inched up 0.76 point, or 0.04 percent, to 1,913.41 in the first 15 minutes of trading.Tech shares traded mixed, with Samsung Electronics edging up 0.07 percent while LG Electronics shed 0.97 percent. No. 2 chipmaker SK hynix climbed 0.82 percent.Both Hyundai Motor and its smaller affiliate Kia M

Jan. 15, 2015

Banks’ mortgage lending growth hits new high in December

Mortgage loans at South Korean lenders increased at a record pace in December as home buyers continued to borrow more amid an eased lending policy and low interest rates, central bank data showed Wednesday.Outstanding home-backed loans extended by local banks reached 406.9 trillion won ($377.6 billion) as of the end of December, adding a record 6.2 trillion won from the previous month, according to the preliminary data by the Bank of Korea.Overall household lending growth slightly slowed from th

Jan. 14, 2015

Korea’s M2 money supply grows most since 2010

South Korea’s M2 money supply expanded at the fastest pace in more than four years in November on a rise in household debt and continued current surplus streak, central bank data showed Wednesday.The M2 jumped 8.3 percent on-year to 2,079.3 trillion won ($1,929 trillion) in November, quickening from a 7.5 percent rise in the previous month, according to the Bank of Korea. The on-year growth is the fastest since August 2010 when the M2 expanded 8.7 percent.From a month earlier, the country’s M2 r

Jan. 14, 2015

Seoul shares down 0.18 pct on global economic woes

South Korean stocks ended 0.18 percent lower Wednesday as foreign investors offloaded shares amid ongoing global economic risk factors, analysts said. The South Korean won gained ground against the greenback.The benchmark Korea Composite Stock Price Index lost 3.48 points to 1,913.66 after a choppy trading session. Trading volume was low at 274.6 million shares worth 4.36 trillion won ($4.03 billion), with gainers beating decliners 407 to 368.Analysts said investors have become tolerant to persi

Jan. 14, 2015

Korea's M2 money supply grows most in over 4 years

South Korea's M2 money supply expanded at the fastest pace in more than four years in November on a rise in household debt and continued current surplus streak, central bank data showed Wednesday.The M2 jumped 8.3 percent on-year to 2,079.3 trillion won ($1,929.6 billion) in November, quickening from a 7.5 percent rise in the previous month, according to the Bank of Korea. The on-year growth is the fastest since August 2010 when the M2 expanded 8.7 percent.From a month earlier, the country's M2

Jan. 14, 2015

Banks' mortgage lending growth hits new high in Dec.

Mortgage loans at South Korean lenders increased at a record pace in December as home buyers continued to borrow more amid an eased lending policy and low interest rates, central bank data showed Wednesday.Outstanding home-backed loans extended by local banks reached 406.9 trillion won ($377.6 billion) as of the end of December, adding a record 6.2 trillion won from the previous month, according to the preliminary data by the Bank of Korea.Overall household lending growth slightly slowed from th

Jan. 14, 2015

S. Korean shares nearly flat in late morning trade

South Korean stocks traded nearly flat late Wednesday morning as investors took to the sidelines following overnight losses on Wall Street amid plunging crude oil prices.The benchmark Korea Composite Stock Price Index edged up 0.06 percent, or 1.24 point, to 1,918.38 as of 11:20 a.m.Tech shares gained ground, with market behemoth Samsung Electronics climbing 0.6 percent and chipmaker SK hynix moving up 0.61 percent. Flat screen manufacturer LG Display jumped 3.55 percent.Hyundai Motor Group affi

Jan. 14, 2015

Seoul shares open higher on techs, oil refiners

South Korean stocks opened higher Wednesday, led by gains in tech firms and oil refiners, analysts said.The benchmark Korea Composite Stock Price Index added 6.27 points, or 0.33 percent, to 1,923.41 in the first 15 minutes of trading.Tech shares gathered ground, with Samsung Electronics adding 0.37 percent and No. 2 chipmaker SK hynix climbing 1.33 percent. LG Electronics advanced 1.46 percent.Oil refiners also traded bullish, with SK Innovation rising 0.85 percent and S-Oil stepping up 1.85 pe

Jan. 14, 2015

FSS detects celebrities’ illicit overseas asset deals

The nation’s financial watchdog said Tuesday that dozens of high-profile people made illicit foreign exchange transactions amounting to a combined 130 billion won ($120 million) last year.The list of its findings included Hur Nam-kack, chairman of GS-affiliated trading group Samyang Tongsang; Shin Jung-hee, CEO of Donghwa Duty Free Shop; SM Entertainment chairman Lee Soo-man and actress Han Ye-seul.The Financial Supervisory Service revealed the illegal transactions after a six-month investigatio

Jan. 13, 2015

Hana Bank donates goods to Myanmar

Hana Bank donated 10,000 articles of clothing and materials to schools in need in Myanmar, the lender said Friday. Charity foundation Sarangbat chairman Choi Sung-kyun and Myanmar ambassador to Seoul Soe Lwin attended the donation ceremony held on Dec. 18 in Seoul.The materials were collected by Hana Bank employees, who have been sending clothing, stationery and recycled Hana Bank computers to Korea and nearby Asian countries since 2011.In addition, Hana Bank started a plan to carry out a 300 mi

Jan. 13, 2015

IMF rails at FSS over withheld data

The International Monetary Fund said it was unable to carry out an independent stress test to assess the country’s financial market stability due to the lack of available government data. While the IMF showed positive evaluation on Korea’s handling of the global financial crisis by “robust policy measures,” the international body also lashed at the Korean financial authorities for not turning in raw data that were requested to assess the country’s financial stability. “The (IMF’s) Financial Sect

Jan. 13, 2015

Shares down 0.2% on crude oil woes

South Korean stocks ended 0.2 percent lower Tuesday as persistent worries over weakening global oil prices sapped investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index moved down 3.81 points to 1,917.14. Trading volume was moderate at 309.7 million shares worth 4.66 trillion won ($4.3 billion) with decliners outnumbering gainers 469 to 329. “Concern over industries, including chemical, refined oil and steel, is

Jan. 13, 2015

Household loans increase by W7.5tr in November

Household loans extended by South Korean financial institutions rose by 7.5 trillion won ($6.9 billion) in November, slightly slowing from the previous month’s record gain but still marking a substantial increase, data showed Tuesday.Outstanding household lending by local lenders and non-banking institutions reached 738.2 trillion won in November, compared with 730.7 trillion won a month earlier, according to the data by the Bank of Korea.The on-month gain is slightly less than the record 7.8 tr

Jan. 13, 2015

S. Korea needs to prevent won from soaring vs yen, euro

South Korea needs to prevent the local currency from excessively appreciating against other currencies like the Japanese yen and euro by encouraging the moderate outflow of U.S. dollars to back up its export-oriented economy, a researcher said Tuesday."If the won rose against the yen and euro at a time of a strong dollar, its negative impact would be increased," Park Sung-wook, a researcher at the Korea Institute of Finance, said."The government should consider taking measures to induce the grad

Jan. 13, 2015

Seoul shares down 0.2 pct on crude oil woes

South Korean stocks ended 0.2 percent lower Tuesday as persistent worries over weakening global oil prices sapped investor sentiment, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved down 3.81 points to 1,917.14. Trading volume was moderate at 309.7 million shares worth 4.66 trillion won ($4.3 billion) with decliners outnumbering gainers 469 to 329."Concern over industries, including chemical, refined oil and steel, is gr

Jan. 13, 2015

China's 2014 trade surplus surges 45.9 pct to 2.35 tln yuan

China's trade surplus jumped 45.9 percent from a year ago to 2.35 trillion yuan (about $379 billion) in 2014, although the world's second-largest economy missed its growth target for trade last year.Exports rose 4.9 percent to 14.39 trillion yuan, but imports fell 0.6 percent to 12.04 trillion yuan, the General Administration of Customs said, without immediately giving figures in dollar terms.China's net trade grew 3.4 percent last year, well below its annual target of 7.5 percent.Chinese leader

Jan. 13, 2015

S. Korean shares surrender ground, trailing Wall Street losses

South Korean stocks traded lower late Tuesday morning as foreigners and institutions offloaded shares following overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index opened in negative territory and fell to 1,918.24 as of 11:20 a.m., a loss of 0.14 percent, or 2.71 points, from Monday' close.South Korean chipmaker SK hynix slipped 1.69 percent, and top steelmaker POSCO shed 2.41 percent. Naver, the country's largest portal operator, fell 0.93 percent.Sams

Jan. 13, 2015

KOSDAQ market stages strong performance

South Korea's tech-heavy secondary stock market has staged a robust performance this year on expectations of upward momentum following the government's policy pledge to support financial technology, data showed Tuesday.The tech-laden KOSDAQ index rose 1.77 points, or 0.31 percent, to end at 574.76 on Monday, extending its winning streak to four sessions, according to the data by the Korea Exchange.The Monday closing index marks the highest since Sept. 25, 2014, when the comparable figure was 583

Jan. 13, 2015