Seoul shares down 0.47 pct following rally

 South Korean stocks closed 0.47 percent lower on Thursday as investors took a breather following a six-session rally, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) slid 9.42 points to 2,015.22. Trading volume was moderate at 385.9 million shares worth 4 trillion won (US$3.7 billion), with decliners outnumbering gainers 527 to 279.Foreigners extended their net buying to a fourth straight session, while institutions shifted

Feb. 21, 2013

Seoul shares down 0.46 pct in late-morning trade

South Korean stocks traded 0.46 percent lower late Thursday morning due to losses in brokerage houses and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) decreased 9.26 points to 2,015.38 as of 11:20 a.m.Brokerage houses traded lower, with Samsung Securities falling 1.05 percent and KDB Daewoo Securities losing 1.21 percent. Woori Investment & Securities moved down 1.17 percent.Logistics shares also lost ground, with Hanjin Shipping declining 2.19 percent a

Feb. 21, 2013

Seoul shares open lower on U.S. losses

South Korean stocks got off to a weak start on Thursday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.82 points, or 0.34 percent, to 2,017.82 in the first 15 minutes of trading.Large caps mostly retreated, with market bellwether Samsung Electronics slipping 0.19 percent and the country's top steelmaker POSCO slumping 1.35 percent.The local currency was trading at 1,081.85 won to the U.S. dollar as of 9:15 a.m., down 3.35 w

Feb. 21, 2013

Shinhan Financial may face rating downgrade

Investigations into Shinhan Financial Group by the prosecution and the financial regulators over a series of alleged wrongdoings may damage the lender’s credit rating this year, market insiders said Wednesday. They said Shinhan Financial would have to be wary of another downgrade in its credit rating this year, following a case from its embezzlement scandal in 2010.Their negative outlook on Shinhan Financial ― though it posted the highest earnings among Korea’s financial firms last year ― is bas

Feb. 20, 2013

Shares jump 1.95% on exporters

South Korean stocks ended 1.95 percent higher on Wednesday as a rosy outlook on the global economy prompted investors to pick up blue-chip exporters, analysts said.The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 38.81 points to 2,024.64. Trading volume was moderate at 401.6 million shares worth 4.8 trillion won ($4.5 billion), with gainers far outnumbering decliners 559 to 233.Foreigners and institutions snapped up shares, but retail inv

Feb. 20, 2013

Seoul shares jump 1.95 pct on exporters

South Korean stocks ended 1.95 percent higher on Wednesday as a rosy outlook on the global economy prompted investors to pick up blue-chip exporters, analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) climbed38.81 points to 2,024.64. Trading volume was moderate at 401.6 million shares worth 4.8 trillion won (US$4.5 billion), with gainers far outnumbering decliners 559 to 233.Foreigners and institutions snapped up shares, but re

Feb. 20, 2013

Seoul shares up 1.16 pct in late-morning trade

South Korean stocks traded 1.16 percent higher late Wednesday morning, fueled by gains in blue chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 23.09 points to 2,008.92 as of 11:20 a.m. Shares gathered ground across the board, with market bellwether Samsung Electronics advancing 1.94 percent and top chipmaker SK hynix adding 2.13 percent. Hyundai Engineering & Construction moved up 1.63 percent.Carmakers also traded higher, with No. 1 industry player

Feb. 20, 2013

Seoul shares open higher on exporters

South Korean stocks got off to a strong start on Wednesday, buoyed by gains in key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.61 points, or 0.53 percent, to 1,996.44 in the first 15 minutes of trading.Market bellwether Samsung Electronics gained 0.6 percent and No. 2 memory chip maker SK hynix climbed 2.32 percent.In contrast, defensive shares were trading in negative territory, with discount chain operator E-mart falling 1.76 percent. The local curr

Feb. 20, 2013

‘Phishing’ warning issued to 17m consumers

The nation’s leading cyber-settlement provider recently informed its some 17 million customers of the growing risk of their accredited certificates being stolen for financial fraud.The figure accounts for around 75 percent of Korea’s financial consumers who hold Internet banking accounts.In an email to consumers, the Korea Financial Telecommunications & Clearings Institute said that Internet banking users should be particularly cautious about a “new type of phishing” scam.KFTC said the practice

Feb. 19, 2013

IMF revises down Korea’s economic growth forecast

The International Monetary Fund has lowered Korea’s economic growth forecast to 3.2 percent this year, down from its initial forecast of 3.6 percent.The revision was disclosed to financial policymakers at the Group of 20 finance ministers and central bank governors’ meeting in Moscow last week.The IMF also predicted that Korea would grow 3.9 percent in 2014.The global financial organization initially had a GDP outlook of 3.6 percent in October 2011 in its report.However, the drop came as the IMF

Feb. 19, 2013

Samsung Electronics to continue to record strong earnings: investment bank

HONG KONG (Yonhap) -- Samsung Electronics Co. will continue to record strong earnings this year, largely thanks to its robust sales of smartphones, an investment bank said Tuesday.Barclays raised its forecast for Samsung Electronics' 2013 operating profit by 5 percent to 39.9 trillion won (US$36.9 billion).It also raised its estimate of Samsung Electronics' first quarter operating profit to 8.55 trillion won from 8.18 trillion won, reflecting stronger-than-expected smartphone shipments and solid

Feb. 19, 2013

Seoul shares up 0.2 pct on auto gains

South Korean stocks rose 0.2 percent on Tuesday, buoyed by automakers, but gains were limited as investors stepped to the sidelines ahead of major events, analysts said Tuesday. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 3.92 points to 1,985.83. Trading volume was moderate at 339.9 million shares worth 2.8 trillion won (US$2.6 billion), with gainers outnumbering decliners 435 to 366."Investors refrained from trading ahead of It

Feb. 19, 2013

Seoul shares up 0.25 pct in late-morning trade

South Korean stocks traded 0.25 percent higher late Tuesday morning on the back of gains in carmakers and construction firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.98 points to 1,986.89 as of 11:20 a.m.Carmakers led the market gain, with No. 1 player Hyundai Motor advancing 0.95 percent and its smaller affiliate Kia Motors adding 1.9 percent. Top auto parts manufacturer Hyundai Mobis moved up 1.18 percent.Local builders also traded higher, with Daewoo E

Feb. 19, 2013

Seoul shares open higher on automakers

South Korean stocks began higher on Tuesday on the back of gains in major automakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.31 points, or 0.02 percent, to 1,982.22 in the first 15 minutes of trading.Autos led the climb with the country's top automaker Hyundai Motor gaining 0.72 percent and its parts affiliate Hyundai Mobis adding 0.84 percent. Some large caps, however, traded in negative territory, with market bellwether Samsung Electronics slipping 0.

Feb. 19, 2013

Biz sentiment among self-employed worsens

SEJONG (Yonhap News) ― Business sentiment among the self-employed in South Korea worsened in January, data showed Monday, indicating that the prolonged sluggish domestic consumption is presenting tough market conditions for many small-sized business owners. According to data by the Small Enterprise Development Agency, the business survey index among self-employed people for the current market conditions stood at 65.5 last month, down 24.3 from a month earlier. It also dropped by 17.3 from a year

Feb. 18, 2013

Shares end almost flat on weakening yen

South Korean stocks closed nearly flat on Monday as lingering concerns over a weakening Japanese yen weighed on major exporters, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index inched up 0.73 points, or 0.04 percent, to 1,981.91. Trading volume was moderate at 411.6 million shares worth 2.8 trillion won ($2.6 billion) with decliners outnumbering gainers 412 to 383.“The G-20 meeting kept mum on the weakening Japanese yen. There has be

Feb. 18, 2013

Floating capital hits record high

Korea saw a record high level of capital invested in short-term financial instruments as dim outlooks on the economy made investors reluctant to invest in assets with long maturities.Short-term investments ― floating capital that can be immediately transferrable ― in financial products such as securities accounts, repurchase agreements and money market funds amounted to a record 666 trillion won ($617 billion) in December 2012, according to data from the Bank of Korea and Korea Financial Investm

Feb. 18, 2013