Seoul shares end 0.45 pct higher on last day of trading

South Korean stocks closed 0.45 percent higher on Monday, the last trading day of the year, as gains of bank shares and automakers propped up the market, analysts said. The local currency fell against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) gained 9.06 points to 2,011.34. Trading volume was moderate at 167.8 million shares worth 3.17 trillion won ($3.01 billion) with gainers outpacing losers 494 to 311."Amid thin trading, the local

Dec. 30, 2013

Seoul shares up 0.04 pct in late-morning trade

South Korean stocks traded 0.04 percent higher late Monday morning, the last day of trading, as bank shares and carmakers gained ground, analysts said.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 0.72 points to 2,003 as of 11:20 a.m.Bank shares and carmakers gained ground. Top banking group Woori Finance rose 3.52 percent and industry leader Hyundai Motor gained 1.96 percent.But market leader Samsung Electronics shed 2.01 percent, and chip giant SK

Dec. 30, 2013

S. Korea ranks 13th worldwide in market cap

The combined market capitalization of South Korean firms listed on the main and secondary bourse ranks 13th among global peers, claiming 1.97 percent of the total, data showed Monday.The combined market cap of the world's 20 major stock markets reached a record high of US$63.39 trillion as of the end of November, increasing 15.9 percent from $54.7 trillion won tallied at the end of 2012, according to the data by the bourse operator Korea Exchange (KRX). The data are based on figures given by the

Dec. 30, 2013

Seoul shares open higher on utility, telecom shares

South Korean stocks started slightly higher on Monday with gains in utility and telecom stocks, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.77 point, or 0.04 percent, to 2,002.82 in the first 15 minutes of trading. Utility and telecom shares led the overall market rise with SK Telecom rising 1.54 percent.But tech and other major market cap shares remained in negative terrain. Top market cap Samsung Electronics lost 0.93 percent.The local currency was trading at

Dec. 30, 2013

HMC worst equity forecaster this year

HMC Investment Securities, a brokerage subsidiary of Korea’s largest automaker Hyundai Motor, made the worst equity forecast for 2013, projecting late last year that the benchmark KOSPI would reach over 2,500 points, according to industry data.KDB Daewoo Securities had the lowest KOSPI projection with 1,750.Nineteen domestic brokerage houses, including HMC Investment, missed the mark by being overly optimistic without taking the unavoidable U.S. monetary stimulus cuts and Japan’s fiscal and mone

Dec. 29, 2013

Local banking groups' earnings likely to fall 29 pct on-year in 2013

Earnings of South Korean banking groups are likely to fall 29 percent this year from the previous year as lending margins decline amid a long streak of low rates, industry data showed Sunday.The combined earnings of six banking groups are estimated to reach 5.93 trillion won (US$5.62 billion) this year, compared with 8.35 trillion won the previous year, according to the data.The banking groups include Woori Finance Holdings Co., KB Financial Group, Shinhan Financial Group and Hana Financial Grou

Dec. 29, 2013

Shinhan Bank appoints first female exec

Shinhan Bank appoints first female execShinhan Bank said Friday that it named its first female executive since its establishment.Shin Soon-cheol, who has been appointed to assistant deputy CEO, started her banking career in 1979 at Chohung Bank, which was absorbed into Shinhan in 2006.The 53-year-old has been evaluated as a well-skilled and sincere banker among her colleagues, a spokesman said.Shinhan Bank, in the unveiling of its yearly personnel policy on the day, said the appointment of the g

Dec. 27, 2013

Franklin Templeton cuts exposure to Korean bonds

U.S.-based investor Franklin Templeton Investments, the biggest overseas owner of South Korean bonds, has scaled back its exposure to local bonds for the second consecutive month, stoking concerns over possible capital outflows from the country, industry sources said Friday.According to NH Investment & Securities, six out of nine Franklin Templeton‘s funds that have exposures to Korean bonds had $13.22 billion worth of local bonds in their portfolio as of end-November, down $360 million from a m

Dec. 27, 2013

KONEX market shows tepid growth since launch

The new venture-focused bourse in South Korea posted a sluggish growth since its launch in July, the financial regulator said Friday, giving weight to calls to revise its strict entry rules to spur expansion. The average daily turnover of the Korea New Exchange reached 390 million won ($369,500) between July and Dec. 26, with its trading volume coming in at 60,000 shares per day in the same period, according to the Financial Services Commission. KONEX debuted on July 1 as part of the government‘

Dec. 27, 2013

Seoul shares inch up on Wall Street gains

South Korean stocks ended 0.15 percent higher on Friday as overnight gains on Wall Street boosted market sentiment here, offsetting falls in high-dividend stocks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.98 points to 2,002.28. Trading volume was light at 203 million shares worth 2.89 trillion won (US$2.75 billion), with gainers outnumbering decliners 425 to 374.Analysts said another strong performance of the U.S

Dec. 27, 2013

Seoul shares edge up in late morning trade

South Korean stocks traded 0.07 percent higher late Friday morning on gains in automakers and financial shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.36 points to 2,000.33 as of 11:10 a.m.Tech and financial shares led the overall market decline, with top market cap Samsung Electronics falling 0.05 percent.Automakers remained in the positive terrain. Industry leader Hyundai Motor rose 1.55 percent, and its smaller affiliate Kia Motors advanced 1.27 percent.

Dec. 27, 2013

Seoul shares open lower on tech, financial losses

South Korean stocks started lower on Friday with losses in tech and financial stocks, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.79 points, or 0.44 percent, to 1,990.51 in the first 15 minutes of trading. Tech and financial shares led the overall market decline, with top market cap Samsung Electronics falling 0.07 percent.Automakers remained in the positive terrain. Industry leader Hyundai Motor rose 0.22 percent, and its smaller affiliate Kia Motors advanced 0

Dec. 27, 2013

No. 1 financial group broken up for sale

Woori Financial Group, Korea’s first holding firm-owned financial services company, has embarked on a full-scale process to dispose of its businesses within a year.Under policymakers’ full-fledged action scheme to retrieve taxpayers’ money by selling the state-funded Woori’s 14 units one by one, the group started the process of minimizing any negative effects that would affect bidding prices.Woori Financial has secured the No. 1 position by total assets in the market over the past few years afte

Dec. 26, 2013

Minister reiterates position on new KTX firm

Deputy Prime Minister and Finance Minister Hyun Oh-seok reiterated on Thursday that the planned establishment of the state-run Korea Railroad Corp. unit that will be operating a new railway was primarily to improve its services for the people.In a public statement, the deputy prime minister said the so-called Suseo Korea Train Express subsidiary was intended to spur competition, which would help reduce rail fares for passengers.“KORAIL has monopolized the country’s rail operations over the last

Dec. 26, 2013

Samsung may miss Q4 target due to volatile forex: analysts

South Korean tech giant Samsung Electronics Co. is expected to post weaker-than-expected earnings for the fourth quarter of 2013, analysts said Thursday, due to the volatile foreign exchange market.Analysts here earlier predicted the world’s No. 1 smartphone maker would reap an operating profit of 10.2 trillion won ($9.62 billion) on average for the October-December period, according to the market researcher FnGuide.A handful of local brokerage houses, however, said Samsung’s fourth-quarter earn

Dec. 26, 2013

Seoul shares almost flat on lack of market momentum

South Korean stocks closed almost unchanged Thursday as investors took to the sidelines, cautious about buying shares amid a dearth of major market momentum, analysts said. The local currency remained flat against the U.S. dollar. The country's key stock index, the KOSPI, slipped 2.29 points, or 0.11 percent, to finish at 1,999.30. Trading volume was light at 215 million shares worth 3.16 trillion won ($2.98 billion) with gainers outpacing decliners 405 to 394. Analysts said investors are not te

Dec. 26, 2013

Rail strike hampers overall industrial activities

The logistics sector is estimated to have posted operating losses of about 6 billion won ($5.7 million) over the past weeks in the wake of the railway union’s ongoing strike launched early this month, according to the state-run Korea Railroad Corp. on Sunday.KORAIL officials said the number of available freight trains fell by 2,546 (or about 170 trains a day) nationwide between Dec. 9 and Dec. 23.As a result, shipments on freight trains during the period were equivalent to only 39 percent of the

Dec. 25, 2013

Big change looms in brokerage sector

The sale of Woori Investment & Securities is expected to reshape the landscape of the nation’s brokerage industry as chances are high that a minor player will take over the securities giant.On Tuesday, the government selected NongHyup Financial Group Inc. as the preferred bidder for three units of the state-run Woori Finance Holdings Co., the nation’s largest banking group in terms of assets.If NongHyup’s deal with Woori is successful, NH Investment & Securities Co., under NongHyup’s wing, will

Dec. 25, 2013