Seoul shares expected to trade higher despite budget cuts in U.S.

South Korean stocks are expected to trade higher next week despite automatic spending cuts in the United States, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 0.1 percent to 2,026.49 on Friday from the previous week.The KOSPI rebounded later this week as Ben Bernanke, the chairman of the U.S. Federal Reserve, made comments that suggested a continuation of the monetary easing policy.Weekly foreign net-buying totaled 70 billion won (US$64 million), while

March 2, 2013

Manufacturers’ March biz sentiment hits 8-month high

South Korean manufacturers’ business confidence for March rose to the highest level in eight months on a seasonal factor and hopes for the new government’s economic stimulus, the central bank said Thursday.The index gauging manufacturers’ outlook on business conditions came in at 76 for March, up from 72 recorded for February, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.It marked the highest level since the index hit 81

Feb. 28, 2013

Credit card transactions hit record high

Credit card transactions by Koreans traveling abroad hit a record high of nearly $10 billion in 2012.The Bank of Korea said Thursday that more than 20 million Koreans settled their bills overseas via credit card last year, up about 17 percent from 17.4 million the year before.Credit card payments overseas amounted to $9.4 billion, up about 9 percent from $8.6 billion in the same period.Although credit transactions reached an all-time high, payments per person stood at just $464 on average, down

Feb. 28, 2013

Hyundai, Daishin, IBK brokerages post deficits

The securities industry recorded worse-than-expected earnings during the October-December 2012 period amid a sharp drop in stock brokerage fees collected in the ongoing economic slowdown.Further, some major brokerage firms saw their performance fall into “deficit,” industry and Financial Supervisory Service data showed Thursday. Among them are Hyundai Securities, Daishin Securities and IBK Investment & Securities.Hyundai Securities, a subsidiary of Hyundai Group, is noted as one of the nation’s

Feb. 28, 2013

Automakers, steelmakers hit by weaker yen

South Korean automakers, steelmakers and others are expected to see their profitability decline as they lose their foothold in overseas markets due mainly to the weakening Japanese yen, a report said Thursday.According to the report compiled by the Korea Trade-Investment Promotion Agency, Japanese carmakers saw their combined sales in the U.S. soar 16 percent last month as the yen extended its loss against the U.S. dollar.The South Korean steelmakers are also expected to face a decline in their

Feb. 28, 2013

Tablet PC shipments in Korea to soar 49% this year: report

Tablet PC shipments in South Korea are expected to spike this year on a variety of product line-ups and growing use of mobile devices, a report showed on Thursday.According to the data by market researcher IDC Korea, shipments of tablet PCs in the country are estimated to reach 1.87 million this year, up 49 percent from last year.In 2012, the local tablet PC market contracted 10.1 percent on-year to 1.25 million as demand for smartphones dwarfed that for tablet PCs, the research firm said.IDC Ko

Feb. 28, 2013

Seoul shares up 1.12 pct on U.S. stimulus

South Korean stocks closed 1.12 percent higher on Thursday, spurred by the U.S. Fed's confirmation of its plan to maintain stimulus measures, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) surged22.45 points to 2,026.49. Trading volume was moderate at 414.3 million shares worth 4.09 trillion won (US$3.77 billion) with gainers outpacing losers 565 to 235."The anticipated automatic spending cuts by the United States had only

Feb. 28, 2013

Seoul shares up 0.81 pct in late-morning trade

South Korean stocks traded 0.81 percent higher late Thursday morning fueled by gains in blue chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 16.28 points to 2,020.32 as of 11:20 a.m.Blue chip exporters led the gain, with market behemoth Samsung Electronics advancing 1.31 percent and top chipmaker SK hynix adding 1.52 percent.Carmakers also gathered ground, with No. 1 player Hyundai Motor increasing 0.7 percent and its smaller affiliate Kia Motors cli

Feb. 28, 2013

Seoul shares open higher on U.S. gains

South Korean stocks opened higher Thursday, tracking overnight Wall Street gains spurred by the U.S.Fed's confirmation of its plan to maintain stimulus measures, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 14.59 points, or 0.73 percent, to 2,018.63 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 1.05 percent and top steelmaker POSCO gaining 0.28 percent. No. 1 carmaker Hyundai Motor mo

Feb. 28, 2013

Insurers push for lower repair costs for imported cars

The nonlife insurance industry said Wednesday that it has launched a project to induce a cut in repair costs for import cars.Dealers of import cars have long been under criticism for not publicizing prices of auto components. As a result, consumers and insurance firms had to bear quite high expenses for car repair.Since early January, the General Insurance Association of Korea ― in coordination with automobile (or nonlife) insurance firms ― has been looking into the optimum level of auto parts a

Feb. 27, 2013

Korea maintains current account surplus for a year

Korea maintained a current account surplus for the 12th consecutive month thanks to increased exports, despite foreign exchange volatility due to currency wars ignited by Japan’s weak yen policy.The Bank of Korea said Wednesday that the current account, the broadest measure of the country’s foreign trade, recorded a surplus of $2.25 billion in January, with exports reaching $47.1 billion.This is mostly in part due to increased outbound shipments of telecommunication products, petrochemicals and

Feb. 27, 2013

Foreign banks raise fees despite regulators’ efforts

Citibank Korea and Standard Chartered Bank Korea have raised commission fees for loan services despite state regulators’ efforts to lower them, according to reports.Since the third quarter of 2012, state financial regulators have publicized a list of banks’ service fees, in an attempt to cut lending fees that are closely related to loan interest. However, the two foreign banks raised lending fees, largely surpassing those of their domestic counterparts. For mortgage loan services, fees were 0.41

Feb. 27, 2013

Seoul shares up 0.2 pct on U.S. stimulus

South Korean stocks closed 0.2 percent higher on Wednesday on the back of the U.S. Federal Reserve's reassurance that it would maintain its stimulus measures, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.03 points to 2,004.04. Trading volume was moderate at 409.1 million shares worth 3.46 trillion won (US$3.18 billion) with gainers outpacing losers 460 to 344."Local shares traded almost flat due to the rising

Feb. 27, 2013

Seoul shares up 0.08 pct in late-morning trade

South Korean stocks traded 0.08 percent higher late Wednesday morning on the back of gains in techs and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.65 points to 2,001.66 as of 11:20 a.m.Big-cap tech firms led the increase, with market behemoth Samsung Electronics moving up 0.33 percent and its electronic components affiliate Samsung Electro-Mechanics advancing 0.11 percent.Carmakers also gathered ground, with No. 1 player Hyundai Motor increasing 0

Feb. 27, 2013

Seoul shares open higher on U.S. gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.21 points, or 0.26 percent, to 2,005.22 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.75 percent and top chipmaker SK hynix gaining 0.75 percent. No. 1 carmaker Hyundai Motor moved up 0.47 percent.U.S. stocks ended higher Tuesday on reports that the Fe

Feb. 27, 2013

Chaebol-banks rivalry reignited in credit card industry

Local chaebol and financial groups are engaging in another round of heated competition in the saturated credit card market.The excessive rivalry between the conglomerates and the banking groups over the money-spinning business stemmed from a credit card fiasco about 10 years ago.The 2003 woes from the reckless doling-out of credit cards led to a record-high number of credit defaulters and the downfall of then-No. 1 issuer LG Card.The latest competition looms large between the card units of Samsu

Feb. 26, 2013

Korea’s birth, death rates increase

Korea’s birth rate increased for the third consecutive year in 2012, while its death rate reached a 30-year high.According to Statistics Korea, the number of newborns reached 484,300 last year, up 2.8 percent from a year earlier.This marks the highest since 2007 when Korea had 493,200 babies.Its crude birth rate increased by 0.2 to 9.6 births per 1,000 people.Also, Korea’s total fertility rate bounced back to 1.30 births per woman throughout her lifetime.The fertility rate began to dive in 2001

Feb. 26, 2013

Shares down on eurozone woes

South Korean stocks closed 0.47 percent lower on Tuesday due to rising uncertainties over the eurozone following Italy’s election, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved down 9.51 points to 2,000.01. Trading volume was moderate at 422.2 million shares worth 3.5 trillion won ($3.22 billion) with losers outpacing gainers 479 to 336.“Investor sentiment was dented by the outcome of Italy’s elections,” said Bae Sung-young,

Feb. 26, 2013