South Korean stocks closed almost flat Tuesday, as investors took a breather following previous rallies amid signs of growth in China and Europe, analysts said.The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.02 points, or 0.11 percent, to finish at 1,885.84. Trading volume was moderate at 403 million shares worth 3.71 trillion won (US$3.33 billion) with decliners outnumbering gainers 535 to 256. Analysts said the KOSPI's marginal dr

Aug. 27, 2013

South Korean stocks traded 0.18 percent higher late Tuesday morning, paring earlier losses with gains led by builders and state-run firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.48 points to 1,891.34 as of 11:20 a.m. Hyundai Engineering & Construction, one of the nation's top builders, jumped more than 2 percent, with state-run electricity provider Korea Electric Power Corp rising 1.8 percent. Top-cap Samsung Electronics also gained 0.3 percent. The local

Aug. 27, 2013

South Korean stocks began marginally lower Tuesday on losses in shares of large-cap insurers and brokerage houses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.84 points, or 0.04 percent to 1,887.02 in the first 15 minutes of trading. Leading player Samsung Life Insurance fell 0.5 percent with No.2 banking group KB Financial Group sliding more than 1 percent. Analysts predicted the main index to start weaker as investors may opt for profit-taking after the

Aug. 27, 2013

The Ministry of Strategy and Finance said Monday that it proposed amendments to customs legislations allowing the expansion of duty free shops operated by small and medium enterprises.The revision also included downsizing duty free shops owned by conglomerates such as Lotte and Shinsegae, and restricting them to maintain a market share below 60 percent.SMEs, meanwhile, will be able to see the benefits from this revision that will allow an increase in the number of their shops to account for more

Aug. 26, 2013

Financial markets in emerging economies with current account deficits such as India and Indonesia have been facing increased capital outflows driven by the U.S. plan to soon end monetary stimulus.These countries’ stocks, bonds and currencies have weakened, and their sovereign risks, measured by credit default swap premiums, increased over the past two weeks.However, such negative effects have not spilled over to Korea, further justifying market analysts’ claims that Asia’s fourth-largest economy

Aug. 26, 2013

Data from the Korea Financial Investment Association showed Monday that six out of the 23 foreign asset management firms operating in Korea reported losses during the second quarter of the year.They included Goldman Sachs Wealth Management, which posted an operating loss of 3.15 billion won ($2.7 million) during the April-June period. As its deficit deepened from 263 million won over the same period last year, the U.S.-based firm has decided to close down its business in Korea.CBRE Global Invest

Aug. 26, 2013

South Korean stocks shot up nearly 1 percent Monday as stabilizing emerging markets helped investors dispel concern about a financial jolt, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 17.70 points to close at 1,887.86. Trading volume was moderate at 312.4 million shares worth 3.23 trillion won (US$2.90 billion) with gainers outstripping decliners 535 to 266. "External risks needed to be eased for the main index

Aug. 26, 2013

South Korean stocks traded 0.82 percent higher late Monday morning, driven by gains in heavy industries and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 15.42 percent to 1,885.58 as of 11:20 a.m.Hyundai Heavy Industries, the world's biggest shipyard, soared 2.5 percent, and LG Chem, a leading chemical maker, jumped more than 3 percent. In contrast, shipping lines trended lower, with STX Pan Ocean slumping 3.5 percent. The local currency was c

Aug. 26, 2013

The average annual income of bankers in South Korea reached 120 million won (US$107,768) last year, with a few banks raising their salaries by a double-digit figure over a few-year period, data showed Monday.The 2012 annual income of full-time employees at 11 banks rose at an average rate of 11.5 percent last year, from 83 million won in 2010, according to the data by the Financial Consumer Agency, a local advocate group.Hana Bank raised the pay of its workers by a whopping 57.46 percent between

Aug. 26, 2013

South Korean stocks got off to a strong start Monday, led by bullish large-cap shares, as investors opt for risky bets on the main bourse after steep falls last week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 8.87 points, or 0.47 percent, to 1,879.03 in the first 15 minutes of trading. Auto and telecom stocks gathered ground, with Hyundai Motor soaring 2.19 percent and top mobile carrier SK Telecom rising 1.4 percent. Market watchers expect the KOSPI to move

Aug. 26, 2013

Seoul office worker Jasmine HS Kim and her husband are contemplating what to do when their apartment lease expires at the end of this year.Their owner has already notified them through a real estate agent that she is considering shifting to billing monthly rents, and would no longer accept large-sum deposits, or “jeonse.”This has prompted them to start looking for available and affordable jeonse apartments in Seoul, but Kim said there are not many choices in the market. Apartment prices are too

Aug. 25, 2013

The quarterly net profits of local brokerages declined sharply in the first fiscal quarter this year, the nation’s financial regulator said on Sunday. The Financial Supervisory Service said that the 62 securities companies operating here posted a combined quarterly net profit of about 120 billion won ($108 million) in the January-March period, down 73.3 percent from the 446 billion won in the previous quarter. Twenty-one of the 62 securities companies operating here ― 13 local firms and eight fo

Aug. 25, 2013

Nine out of South Korea's top 10 family-controlled conglomerates saw their stock market capitalizations plunge this year due to weak earnings stemming from a prolonged economic slump, data showed Sunday.The combined market value of the 90 listed companies belonging to the 10 biggest conglomerates, known as chaebol, came to 630.9 trillion won (US$567 billion) as of Friday, down 9.4 percent from the beginning of this year, according to the data by financial information provider FnGuide.During the

Aug. 25, 2013

Some stock brokerage firms have decided to close down amid a worsening business environment in the domestic market, according to financial industry sources.A few securities firms recently tendered applications for “returning their business license” to financial authorities, said a source.Citing the saturated market, the sources said the low profitability in the securities sector is somewhat attributable to the oversupply under which the number of brokerage houses comes to 62.“It is time to serio

Aug. 23, 2013

South Korea is expected to lower a taxation rate on home purchases regardless of multiple home ownership in a bid to boost the sagging property market, sources said Friday.The government is considering cutting the acquisition tax on houses valued at less than 600 million won ($537,100) by 1 percentage point to 1 percent, according to government sources.The tax levied on buying homes valued at more than 900 million won will also be lowered to 3 percent from the current 4 percent, while the acquis

Aug. 23, 2013

Annual growth of South Korean households‘ monthly income picked up in the second quarter from three months earlier, but their spending still remained weak, a government report showed Friday.Households’ monthly income averaged 4.04 million won ($3,608) in the April-June period, up 2.5 percent from a year earlier, according to the report by Statistics Korea. In the first quarter, household income grew 1.7 percent on-year.Inflation-adjusted household income rose 1.3 percent last quarter, quickening

Aug. 23, 2013

South Korean stocks added 1.14 percent Friday, as investor sentiment buoyed on signs of improvement in advanced economies, analysts said. The local currency sharply gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 21.04 points to 1,870.16. Trading volume was moderate at 368 million shares worth 3.82 trillion won (US$3.42 billion) with gainers outpacing losers 609 to 188.Market watchers said Seoul shares recouped losses made in the previous trading

Aug. 23, 2013