Seoul shares up 0.31 percent in late-morning trade

South Korean stocks traded 0.31 percent higher late Wednesday morning, driven by gains in financial firms and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.11 points to 1,971.85 as of 11:20 a.m.Shinhan Financial Group, the biggest banking firm by market cap, soared nearly 3 percent, with leading supermarket chain E-mart hiking more than 3 percent. Shares of IT companies fell. NAVER, the top Internet portal provider, dipped 3 percent, and NC Soft, a m

Dec. 18, 2013

Seoul shares open higher ahead of FOMC results

South Korean stocks began higher Wednesday as eyes are set on what U.S. Federal Reserve will say about the stimulus cut after its policy meeting, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.10 points, or 0.36 percent to 1,972.84 in the first 15 minutes of trading. Tech and auto shares led the gain, with market bellwether Samsung Electronics advancing 0.6 percent and Hyundai Mobis, an auto parts-maker, climbing 1.2 percent. The two-day Federal Open Market Committ

Dec. 18, 2013

Daewoo E&C probed for accounting fraud

The Financial Supervisory Service has launched a probe into alleged accounting fraud by Daewoo Engineering & Construction Co., officials said Tuesday.The FSS said it opened the investigation after obtaining information on suspicions of window dressing by the country’s third-largest construction company.The builder’s stock price fell after the news of the probe launch, hitting 6,940 won per share, down 11.14 percent from the previous day. “The price is expected to continue to drop for the moment,

Dec. 17, 2013

Exchange rate projected to fall below 1,000 won

The won is expected to further strengthen against the dollar as Korea will continue to achieve current account surpluses on the back of a global economic recovery, analysts said.The exchange rate fell 0.4 won to 1,051.1 won Tuesday, near this year’s low of 1,051 won.The general market outlook for the Korean won seemed that it will gain a lot faster against major global currencies such as the U.S. dollar, the euro and the Japanese yen.Analysts have noted that the won-dollar rate could potentially

Dec. 17, 2013

KB Tokyo branch worker found dead amid probe

A male Korean employee at KB Kookmin Bank’s Tokyo branch allegedly committed suicide amid a probe by the two countries into the lender’s wrongdoings, according to financial industry sources on Tuesday.KB Kookmin Bank and its parent company KB Financial Group have dispatched a group of executives to the branch to confirm the facts and background information surrounding his death, while Japanese police reportedly have yet to verify whether the incident was a suicide.A former manager of the branch

Dec. 17, 2013

LS Mtron gets $500m order for tractors

LS Mtron Ltd. will provide tractors worth $500 million to Uzbekistan over five years starting in 2014, the South Korean company said Tuesday.LS Mtron will supply 24,570 tractors of six different models to Agromash Sanoat Invest LLC, with manufacturing technologies that will allow the state-run agricultural machinery company to localize parts production for the tractors, the company said.LS Mtron, a unit of LS Corp., a holding company, called the deal meaningful in tapping the Central Asian marke

Dec. 17, 2013

SK Lubricants to supply to GM

South Korea’s SK Lubricants Co., a unit of SK Innovation Co., said Tuesday it will provide lubricants for engine oil production and automatic transmissions to U.S. automaker General Motors Co. over the next three years from 2014. SK Lubricants said it plans to supply about 280,000 barrels of lubricants a year to the automaker. The company has also renewed a similar deal with GM signed in 2009, it said.Along with GM, SK Lubricants supplies to South Korea’s Hyundai Motor Co. and its affiliate Kia

Dec. 17, 2013

Seoul shares little changed ahead of FOMC meeting

South Korean stocks closed almost flat Tuesday as investors took to the sidelines over uncertain U.S. monetary policy ahead of its regular meeting, analysts said. The local currency edged up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.59 points, or 0.23 percent, to close at 1,965.74. Trading volume was light at 223.5 million shares worth 3.39 trillion won ($3.22 billion), with decliners outnumbering gainers 434 to 366. "Investors were directionless as

Dec. 17, 2013

Seoul shares up 0.7 pct in late-morning trade

South Korean stocks traded 0.7 percent higher late Tuesday morning, as blue-chip shipyards and shipping firms widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.56 points to 1,974.71 as of 11:20 a.m.Hyundai Heavy Industries, the world's largest shipyard, soared nearly 4 percent, with Hyundai Merchant Marine, a major shipping line, rising more than 2 percent. In contrast, state-run companies and builders lost ground.Korea Gas tumbled over 6 percent,

Dec. 17, 2013

Seoul shares open higher on tech, telecom gains

South Korean stocks got off to a strong start Tuesday buoyed by gains in telecom and tech companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 12.43 points, or 0.63 percent, to 1,973.58 in the first 15 minutes of trading. Hyundai Mobis, a blue-chip auto parts maker, jumped more than 2 percent, with top mobile carrier SK Telecom rising 1.6 percent. The local currency was trading at 1,051.55 won against the U.S. dollar as of 9:15 a.m., down 0.05 won from Monday

Dec. 17, 2013

U.S. QE decision set to trigger volatile trading

Trading of Korean stocks, bonds and currency could become volatile as the U.S. Federal Open Market Committee is expected to lean toward monetary stimulus cuts due to improved data in the world’s largest economy, analysts said Monday.Asia’s fourth-largest economy will need to brace for further possible foreign selloffs as the FOMC holds meeting from Dec. 17-18. Many economists believe that FOMC members may vote for an early start of its quantitative easing tapering.The global markets are expected

Dec. 16, 2013

G20 conference to kick off in Seoul

The Ministry of Strategy and Finance said Monday that it will jointly host the G20 Seoul Conference with Australia’s Department of Finance, the Korea Institute of Finance and the Korea Development Institute on Dec. 18-19.The Seoul Conference will invite finance vice ministers, deputies, professors, researchers and analysts of G20 economies to discuss global financial market systems.Some 200 dignitaries from G20 countries and international financial institutions, including central banks, will gat

Dec. 16, 2013

Korea, Japan launch probe of Kookmin unit in Tokyo

South Korean and Japanese financial authorities have begun a joint investigation on suspected irregularities at Kookmin Bank’s overseas unit in Tokyo, the latest effort by the regulator here to clamp down on corruption involving financial companies, watchdog officials said Monday. The Seoul-based Financial Supervisory Service and the Financial Services Agency in Japan have agreed to work together on the alleged slush fund operations at the Kookmin Bank’s Tokyo branch, according to FSS officials.

Dec. 16, 2013

Korea’s risk premium falls despite N.K’s political upheaval

South Korea’s credit default risks reached a yearly low last week, data showed Sunday, despite North Korea’s high-profile execution of its leader Kim Jong-un’s once-powerful uncle.According to market researcher SuperDerivatives, the credit default swap premium for South Korean state bonds came to 55.33 basis points on Friday, down 2.44 basis points from the previous day.The spread reflects the cost of hedging credit risks on corporate or sovereign debt. A rise implies a deterioration in the cred

Dec. 16, 2013

KB, Nonghyup bid for Woori's brokerage unit

Woori Finance Holdings Co. on Monday closed the bidding for its brokerage arm and three other units, as the government goes full steam ahead with privatizing South Korea's largest banking firm. KB Financial Group Inc., the second-largest banking firm here, and state-run NongHyup Financial Inc. had placed their bids for Woori Investment & Securities, WooriAviva Life Insurance Co., Woori Asset Management Co. and Woori FG Savings Bank as of 5 p.m., the lenders said.PineStreet Group Co., a local alt

Dec. 16, 2013

Seoul shares end tad lower on tapering woes

South Korean stocks closed slightly lower Monday as fear of a sudden U.S. stimulus cut weighed down investor sentiment, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.76 points, or 0.09 percent, to finish at 1,961.15. Trading volume was light at 209.9 million shares worth 2.81 trillion won ($2.67 billion) with decliners far outpacing gainers 545 to 263. "What worries investors the most is that they can't 'pictur

Dec. 16, 2013

Seoul shares turn higher after weak start

South Korean stocks turned higher Monday after a weak start amid fear of an early U.S. stimulus cut that is likely to keep investors cautious about their bets this week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.25 points, or 0.11 percent, to 1,965.16 in the first 15 minutes of trading. The session began 0.12 percent lower at the opening bell. Blue-chip tech and public firms gained, with chip giant SK hynix climbing 1.2 percent and state-run electricity provid

Dec. 16, 2013

Deregulations for brokerages face industry skepticism

Financial authorities are about to further deregulate laws governing the capital market as a last resort to save the declining securities sector, but industry watchers see the measures as less than satisfactory. The Financial Services Commission on Sunday unveiled a set of deregulatory measures to encourage brokerage houses that were able to stay afloat in the troubled environment to either take over or merge with their ailing peers.Those that pursue mergers and acquisitions in the industry with

Dec. 15, 2013

Hanmag Securities nearing insolvency after trading glitch

The Korea Exchange suspended the stock trading business of Hanmag Securities, which incurred technical faults in operation of investors’ sell and buy orders on Thursday.The brokerage firm is estimated to have suffered losses worth 46 billion won on the day ($41 million) due to its order mistake, according to the main bourse.Hanmag said it failed to settle all transactions on Friday, making the firm virtually bankrupt. Considering the firm’s equity capital stays at 19.8 billion won as of October,

Dec. 13, 2013