Seoul shares almost flat amid policy shift woes

South Korean stocks finished slightly lower Thursday after swerving in and out of positive territory for most of the session, as growing concerns over a possible tapering of monetary easing from the United States sapped investorsentiment, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) slipped 1.10 points, or 0.05 percent, to end at 2,000.10. Trading volume was moderate at 428.5 million shares worth 5.0 trillion won (US$4.

May 30, 2013

Seoul shares up 0.22 pct in late-morning trade

South Korean stocks traded 0.22 percent higher late Thursday morning, led by gains in blue-chip tech firms, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) added 4.33 points to 2,005.53 as of 11:20 a.m.    Top-cap tech heavyweight Samsung Electronics soared nearly 2 percent, with flat panel giant LG Display shooting up 2.5 percent.  In contrast, domestic-focused telecom shares trended in negative territory. No. 1 mobile carrier SK Telecom fell 2.6 percent and smallest pl

May 30, 2013

Seoul shares open higher on auto gains

South Korean stocks opened slightly higher Thursday, led by gains in auto-related shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 3.1 points, or 0.15 percent, to 2,004.30 in the first 15 minutes of trading. No. 1 carmaker Hyundai Motor gained nearly 1 percent, with its smaller affiliate Kia Motors jumping nearly 2.4 percent. Its auto-parts maker Hyundai Mobis also advanced 1.2 percent. The local currency was trading at 1,127.85 won against the U.S. dollar a

May 30, 2013

NTS probe targets 23 tax haven users

The National Tax Service said Wednesday that it has officially launched a probe into 23 individuals and companies suspected of evading tax payments through their accounts via paper companies set up in tax havens. Of the 23, eight may have allegedly avoided paying taxes through ghost companies in the British Virgin Islands, another eight people via Hong Kong and the rest through offshore accounts in Panama, it noted.It remains to be seen whether the list of 23 include those holding tax haven acco

May 29, 2013

Meritz under fire for delaying report on personal data leak

Meritz Fire & Marine Insurance Co. is under fire for reporting to regulators a massive leak of customers’ personal data three months after the fact. The insurance firm went through a massive leak of personal data of some 164,000 clients back in February, which went unreported to state regulator Financial Supervisory Service until Tuesday. The company issued a public statement and online apology about the delayed report the next day.“It was hard to understand how a case so severe got to us so lat

May 29, 2013

Seoul shares hit 2-month high on recovery hopes

South Korean stocks rose to the highest level in two months on Wednesday as solid U.S. economic data underpinned prospects for the global recovery, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.98 points or 0.75 percent to 2,001.20, the highest closing since March 29. Trading volume was moderate at 355.6 million shares worth 4.68 trillion won (US$4.14 billion) with gainers outpacing losers 460 to 350.   "Foreig

May 29, 2013

Prosecution raids Shinhan Bank over CJ Group's slush fund probe

Prosecutors on Wednesday raided the headquarters of Shinhan Bank as part of an investigation into allegations that CJ Group, a food and entertainment conglomerate, managed a massive slush fund overseas and evaded taxes.The prosecution has been looking into the origin and use of 24 billion won (US$21 million) that the Tokyo branch of Shinhan Bank, South Korea's No. 3 lender, loaned to CJ Group's overseas corporate body.A team of investigators and prosecutors of the Seoul Central District Prosecut

May 29, 2013

Seoul shares up 0.44 pct in late-morning trade

South Korean stocks traded 0.44 percent higher late Wednesday morning as investor sentiment was relieved by solid U.S. economic data and prospects for central banks' loose monetary policies, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.69 points to 1,994.91 as of 11:20 a.m.   STX Pan Ocean, STX Group's troubled shipper, jumped by the daily limit of 15 percent on speculation that the state-run Korea Development Bank would take over the shipper.  Market leader Sa

May 29, 2013

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday as investor sentiment got a boost from overnight gains in U.S. markets, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 11.69 points, or 0.59 percent to 1,997.91 in the first 15 minutes of trading.STX Pan Ocean, STX Group's troubled shipper, jumped by the daily limit of 15 percent on speculation that the state-run Korea Development Bank would take over the shipper.But power monopoly Korea Electric Power Corp. declined 4.19

May 29, 2013

Ssangyong E&C creditors reluctant to agree rescue

Following the financially distressed STX Group woes, commercial banks are suffering from critical liquidity problems at Ssangyong Engineering & Construction.While creditors of Ssangyong E&C have been pressured to bail out the ailing builder by financial authorities, some of them say that it would be better for the authorities to scrap the state effort to rescue the company, highlighting extremely insolvent assets.Research analysts as well as bank officials estimated that some 1.1 trillion won ($

May 28, 2013

Insurance funds score low on sovereign trust evaluation

Korea’s state-run funds that manage employment insurance, workers’ safety insurance, agriculture assets, and arts and culture businesses scored “low” in the government’s evaluation of sovereign management trusts, the Ministry of Strategy and Finance said Tuesday.In a report of over 140 funds to Cabinet members, the Finance Ministry said they performed below average in part due to a lack of professional human resources that can manage those funds worth some 14 trillion won ($12.4 billion).Meanwhi

May 28, 2013

Seoul shares edge up 0.32 pct on waned fears over yen's slide

South Korean stocks inched up 0.32 percent Tuesday, as concerns over the negative impact of the Japanese yen's fast descent on local exporters eased, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.25 points to finish at 1,986.22. Trading volume was light at 297.4 million shares worth 3.17 trillion won (US$2.82 billion) with gainers far outstripping losers 514 to 301.  "It's a tight session as there are no vents thi

May 28, 2013

Seoul shares up 0.3 pct in late-morning trade

South Korean stocks traded 0.3 percent higher late Tuesday morning, buoyed by gains in builders and IT services companies, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 6 points to 1,985.97 as of 11:20 a.m.  Daelim Industrial, a leading construction firm, climbed 2.6 percent and NHN Corp., the No. 1 Internet portal service provider, gained 1.6 percent.  In contrast, utilities and brokerages lost ground. State-run Korea Electric Power Corp. sank more than 2 percent

May 28, 2013

Seoul shares open higher on waning yen fear

South Korean stocks opened higher Tuesday, as a slowdown in the yen's depreciation encouraged investors to make risky bets, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.25 points, or 0.27 percent to 1,985.22 in the first 15 minutes of trading. Large-cap chemical makers and heavy industries led the gain, with LG Chem climbing 1.4 percent and Hyundai Heavy Industries, the world's largest shipyard, moving up 0.3 percent.The Japanese currency slowed its fast-descend

May 28, 2013

Cayman Islands’ investment in Korea tops W7.7tr

The Cayman Islands is the largest investor as a tax haven country in the South Korean market, data showed Monday, amid growing suspicions here that some of the money belongs to rich Korean nationals disguised as foreigners running off-book accounts.The amount of investment by the British overseas territory in local stocks and bonds reached 7.7 trillion won ($6.82 billion) at the end of April, with the number of investors standing at 2,796, according to the data by the Financial Supervisory Servi

May 27, 2013

Seoul opens international dispute arbitration center

The Seoul International Dispute Resolution Center opened on Monday to help local and foreign companies operating in Korea settle international business disputes, officials said.The Korea Commercial Arbitration Board, the Seoul Metropolitan Government, lawyers and nonprofit organizations joined together to establish the IDRC.KCBA officials said the new arbitration hearing center was established to promote Korea as the East Asian hub of international law as well as its advanced environment for glo

May 27, 2013

Seoul shares gain 0.33 pct on eased yen woes

South Korean stocks closed 0.33 percent higher Monday, as a hike in Japanese government bond yields last week lifted concerns over the yen's weakness, prompting foreigners to increase risky bets in local equities, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.52 points to finish at 1,979.97. Trading volume was light at 245.9 million shares worth 2.83 trillion won ($2.51 billion) with gainers outpacing decliners 444 to 367. "Worries about the weakening yen have aba

May 27, 2013