Seoul shares open higher on U.S. gain

South Korean stocks opened higher Friday tracking overnight gains on Wall Street sparked by improved U.S. economic data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.44 points, or 0.79 percent, to 1,849.14 in the first 15 minutes of trading.Shares gathered ground across the board, with top steelmaker POSCO adding 0.68 percent and No. 1 carmaker Hyundai Motor climbing 2.29 percent. Leading chipmaker SK hyix gained 0.33 percent.U.S. stocks closed higher Thursday

June 28, 2013

Korea, China see stronger coupling in indices

The coupling effect of equity price changes has become increasingly visible on the main bourses of Korea and China, stock research analysts reported Thursday.The two countries have seen concurrent rises and falls in their benchmark indices since June 13 on every day except one.On those days, the indices saw continued drops compared to the previous days, except June 14 and 17 when they both went up. The coupling effect is reflective of the increasing influence of the Chinese economy and stock mar

June 27, 2013

CEOs to face stiffer censures for info leaks

The Financial Supervisory Service is poised to turn up the heat on chiefs of companies whose customers were inconvenienced or faced damage due to cyber security lapses.Chief executives in the financial industry will likely be held more accountable when their firms undergo leaks of customers’ private information through hacker attacks.Officials at the FSS said Thursday that the regulatory agency will unveil a package of comprehensive countermeasures, aimed at bolstering financial firms’ security

June 27, 2013

Seoul shares spike 2.87 pct on eased policy woes

South Korean stocks shot up 2.87 percent Thursday, as investors opted to scoop up shares after policy jitters stemming from the U.S. and China waned, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) surged 51.25 points to close at 1,834.70. Trading volume was light at 281.4 million shares worth 4.06 trillion won (US$3.51 billion) with gainers far outnumbering decliners 743 to 115.   "The index is quickly making up for its s

June 27, 2013

Seoul shares soar 2 pct on eased policy woes

South Korean stocks opened sharply higher Thursday, as disappointing U.S. growth data eased concerns that its government may start withdrawing its monetary easing policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 35.93 points, or 2.01 percent, to 1,819.38 in the first 15 minutes of trading. Top-listed firms gathered ground, with Samsung Electronics shooting up nearly 4 percent and Hyundai Motor gaining 2.4 percent. The U.S. economy expanded 1.8 percent on-year

June 27, 2013

NongHyup Bank leaks customers’ info to waste collector

NongHyup Bank’s lax handling of customers’ private information was hit by controversy again, only three months after the March 20 hacking fiasco involving its customer database, sources said Wednesday.One of the bank’s local branches allegedly violated the regulation on the safe disposal of customer information, leaking about 10,000 customers’ personal data on June 15.The branch officials handed over the documents to secondhand dealers who collect street waste and re-sell it to recycling compani

June 26, 2013

Global interest rates rise on QE exit

The announcement of the U.S. Federal Reserve’s plan to scale back its monetary stimulus has sent interest rates on long-term state bonds around the world upward, indicating that the end of a low-interest era is nearing.Expectations that a tight monetary policy will follow the tapering of quantitative easing in the U.S. on the back of economic recovery have led investors worldwide to unload their fixed-income securities to avert further losing value on their bonds, analysts said.The basic scenari

June 26, 2013

Conglomerates’ cashable assets gain 10.9%

Cashable assets held by South Korean business groups climbed 10.9 percent in the first quarter from three months earlier, as they reduced investment amid economic uncertainty, data showed Wednesday.South Korea’s top 10 business groups held 147.3 trillion won ($127.5 billion) in cashable assets as of end-March, compared to 132.8 trillion won tallied in end-December 2012, the data compiled by CEO Score showed.Cashable assets cover cash, cash equivalents and other financial products with a maturity

June 26, 2013

Corporate investment expected to grow in H2

The facility investment of South Korean manufacturers is expected to grow slightly in the second half of the year thanks to their plans to improve superannuated facilities, a poll showed Wednesday.According to the survey of 1,000 manufacturers by the Korea Chamber of Commerce and Industry, 34.4 percent of the respondents said that they will increase their capital spending to improve superannuated facilities in the second half of the year compared with a year ago, while 22.2 percent said they wil

June 26, 2013

Seoul shares little changed amid policy uncertainties

South Korean stocks closed almost flat after a choppy session on Wednesday, as no clear sign on the U.S.'s next move regarding their monetary policies added jitters to investor sentimentThe benchmark Korea Composite Stock Price Index (KOSPI) finished up 2.82 points, or 0.16 percent to 1,783.45. Trading volume was light at 292.4 million shares worth 4.04 trillion won ($3.49 billion) with gainers far outpacing decliners 610 to 216. "Investors are showing their distrust toward policies, especially

June 26, 2013

Seoul shares down 0.1 pct in late-morning trade

South Korean stocks pared earlier gains to trade 0.1 percent lower late Wednesday morning, dented by losses of Samsung Electronics Co.   The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.8 points to 1,778.83 as of 11:20 a.m.   Top-cap Samsung Electronics slumped more than 2.5 percent, driving down the main index. The tech heavyweight accounts for about 17 percent of the KOSPI's total market cap.   In contrast, other blue-chip exporters gathered ground, with Kia Motors, an automaker,

June 26, 2013

Seoul shares open higher on eased Chinese woes

South Korean stocks opened higher Wednesday as China's central bank announced Tuesday it may add more liquidity to the market amid worries that the economy there is slowing down, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.58 points, or 0.59 percent, to 1,791.21 in the first 15 minutes of trading.Tech blue chips gathered ground, with LG Electronics rising 2.3 percent and top chipmaker SK hynix adding 2.03 percent. Top flat panel maker LG Dispay gained 1.93 per

June 26, 2013

Gov't to sell Woori Finance in 3 batches by 2014

The government said Wednesday that it plans to sell Woori Finance Holdings Co. in three batches by the end of next year, its fourth attempt since 2010 to recoup massive amounts of taxpayers' money, which were spent to save the country's largest banking group.The Financial Services Commission (FSC), the country's financial regulator, said it will put 14 units of Woori Finance up for sale in the three groups -- its mainstay Woori Bank, two regional banks, and other units including a brokerage hous

June 26, 2013

Finance chief assures firms that regulations will be pruned

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Tuesday that the government would retool and improve some of its regulations that may have eroded confidence and hindered business growth.Hyun met with leaders of Korea’s five business groups, including the Federation of Korean Industries, in a bid to ease concerns over the government’s push to tame unfair business practices and tax avoidance that may have increased tension in the industry.The minister of Trade, Industry and Energy and

June 25, 2013

Seoul stocks lose 120 points in five days

Korea’s stock market suffered major losses in the past week, hit by the credit tightening fears in China, which emerged as a fresh negative factor in addition to the U.S. policy to scale back stimulus.Affected by the two biggest economies’ simultaneous moves toward monetary tightening, the benchmark KOSPI lost for the fifth consecutive trading session to close at 1,780.63 on Tuesday. It dropped 18.38 points, or 1.02 percent, from a session earlier.Seoul shares dropped 119.99 points, or 6.3 perce

June 25, 2013

21 firms to be listed on new venture-driven market

South Korea’s bourse operator said Tuesday it has selected 21 firms to be listed on the Korea New Exchange market, which is set to launch in July to assist the growth of small players.Earlier this month, 10 brokerage houses, which were selected as authorized supervisors by the Korea Exchange to evaluate and supervise firms to be listed on the envisioned market, handed in the list of 21 candidates.“The KRX finalized the list based on the firms’ growth potential as well as leadership of their mana

June 25, 2013

6th round of Korea-China FTA talks set for July 2-4

South Korea and China will hold a fresh round of negotiations for a bilateral free trade agreement early next month, the Seoul government said Tuesday.The sixth round of the FTA negotiations between Seoul and Beijing will be held July 2-4 in South Korea’s largest port city of Busan, according to the Ministry of Trade, Industry and Energy.“At the upcoming round of negotiations, the two sides will work to come up with a draft on the modality of their FTA negotiations, and also work to reach an agr

June 25, 2013