Seoul shares open lower on eurozone woes

South Korean stocks got off to a weak start Tuesday as political uncertainties over the eurozone dented investor sentiment here, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.57 points, or 0.8 percent, to trade at 1937.64 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.18 percent and chipmaker SK hynix losing 1.23 percent. Flat panel giant LG Display shed 1.6 percent.Shipbuilders also tra

Feb. 5, 2013

Restructuring sweeps securities industry

Downsizing is sweeping the securities industry with firms tightening management and costs amid the slowdown in the manufacturing sector, the Korea Financial Investment Association and analysts said.Some 60 brokerage houses have reduced the number of their retail branches by almost 100 nationwide to 1,681 over the last year, with some 720 executives being let go. Mirae Asset Securities closed down the most retail branches at 39, followed by Tongyang Securities shutting down 20 of its offices. Han

Feb. 4, 2013

Won rises 1.18% to dollar, shares fall

The South Korean currency rose 1.18 percent to the U.S. dollar on Monday as investors’ risk-aversion eased on the back of improved U.S. economic data, dealers said.The Korean stocks ended 0.23 percent lower as investors stepped to the sidelines due to prolonged currency volatility in the foreign exchange market, analysts said.The local currency closed at 1,084.60 won against the greenback, up 12.8 won from the previous session.“The won gained ground as U.S. data eased concerns about the fragile

Feb. 4, 2013

Foreign-held Korean stocks edge up: KRX

Stock ownership by foreign investors on South Korea’s main bourse inched up in January from December2011 on growing optimism for an economic recovery, the stock market operator said Monday.Overseas investors held 34.58 percent of the total shares on the main bourse as of end-January, up 1.72 percentage points from 13 months earlier, the Korea Exchange said.Market watchers said the rise came as the country’s sovereign credit ratings rose last year, while major countries, including the U.S., injec

Feb. 4, 2013

Hyundai Card faces sanction

Financial regulatory officials have been in internal discussions about taking punitive measures against Hyundai Card for alleged business irregularities.Though few of Hyundai Card’s irregular practices have yet been made public, there is a high possibility that a “caution” or “warning” will be issued to the credit card issuer, according to market observers.The Financial Supervisory Service conducted an investigation into Hyundai Card by dispatching inspectors to its headquarters in the fourth qu

Feb. 4, 2013

BOK board member sees no need to alter interest rate for now

Bank of Korea board member Moon Woo-sik sees no immediate need to alter benchmark interest rates and says it’s “too early” for any central-bank response to the yen’s slide against the won. “There are good reasons why people tend to be more optimistic this year than last year,” Moon, 52, said in an interview in Seoul last week. There’s no “important reason to take monetary-policy actions quickly” unless the South Korean economy declines further, he said. Central bank policy makers meet Feb. 14 to

Feb. 4, 2013

Seoul shares fall 0.23 pct on currency woes

South Korean stocks ended 0.23 percent lower on Monday as investors stepped to the sidelines due to prolonged currency volatility in the foreign exchange market, analysts said Monday. The local currency surged against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 4.58 points to 1,953.21. Trading volume was moderate at 339.7 million shares worth 3.49 trillion won (US$3.22 billion), with decliners outpacing gainers 475 to 337."Despite positive economic indicators f

Feb. 4, 2013

Seoul shares up 0.27 pct in late-morning trade

South Korean stocks traded 0.27 percent higher late Monday morning as foreign investors scooped up local shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 5.25 points to 1,963.04 as of 11:20 a.m.Mobile carriers led the market gain, with leading SK Telecom increasing 2.94 percent and No. 2 player KT moving up 4.17 percent.No. 3 player LG Uplus climbed 3.91 percent.Shipbuilders also traded higher, with Daewoo Shipbuilding & Marine Engineering rising 0.17 percen

Feb. 4, 2013

Seoul shares open higher on U.S. gains

South Korean stocks began higher Monday as investor sentiment got a boost from last week's gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.45 percent, or 8.84 points, to 1966.63 in the first 15 minutes of trading.Shares gathered ground across the board, with tech behemoth Samsung Electronics increasing 0.14 percent and top steelmaker POSCO adding 1.81 percent. Leading builder Hyundai Engineering & Construction moved up 1.46 percent.U.S. stocks e

Feb. 4, 2013

Korea decoupling from global equity markets

Equities in the nation’s bourse are posting low profitability while major stock markets overseas have taken on a bullish trend.Korea’s “decoupling” from major countries in stocks has continued over the past four weeks, with its price-earnings ratio, measuring share profitability, recording a rather low 8.69.Hong Kong posted a P/E ratio of 16.07, followed by Taiwan with 14.52, the U.S. with 13.68, Australia with 13.15, Japan with 12.95, France with 11.39, the U.K. with 11.29, Germany with 11.24 a

Feb. 3, 2013

Shares likely to move in tight range this week

South Korea’s stock market may inch up this week on strong exports though it will likely move in a very tight range, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,957.79 on Friday, up 0.6 percent from a week earlier.The KOSPI had a weak start last week as the local currency continued to rise against the U.S. dollar, raising concerns over weak earnings by major exporters.The Korean won gained 19.6 percent against the Japanese yen last year, putting South Korean exporte

Feb. 3, 2013

Global currency row likely to last for some time: report

The current global currency row is expected to continue for the time being as monetary easing by major economies will likely spur emerging markets to take tougher moves to stem the appreciation of their currencies, a report said Friday. The stimulus plans by the United States and Japan have escalated foreign exchange volatility, sparking a currency conflict between the two global economic powerhouses and prompting other countries to hurry to curb the ascent of their currencies, according to the

Feb. 3, 2013

Woori Financial’s brand ranking sees big jump

Woori Financial Group saw its 2013 brand ranking, assessed by The Banker, climb more than 300 notches from last year.Woori ranked 77th in the yearly list of the top 500 banking brands by The Banker, a London-based financial magazine, a jump from 389th in 2012.Shinhan Financial Group and KB Financial Group took the positions of 51st (57th in 2012) and 65th (76th in 2012), respectively.Hana Financial Group, which acquired Korea Exchange Bank a year ago, also made the list at No. 116. Last year Woo

Feb. 3, 2013

Seoul shares sinks 0.21 pct on lingering woes

South Korean stocks ended 0.21 percent lower on Friday as investors stepped to the sidelines amid lingering concerns over economic uncertainties and ahead of the release of U.S. jobs data over the weekend, analysts said Friday.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 4.15 points to 1,957.79. Trading volume was moderate at 378.1 million share worth 4 trillion (US$3.7 billion), with decliners dwarfing gainers 534 to 273."There w

Feb. 1, 2013

Seoul shares down 0.68 pct in late-morning trade

South Korean stocks traded 0.68 percent lower late Friday morning as investors took to the sidelines ahead of a U.S. jobs data release this weekend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.25 points to 1,948.69 as of 11:20 a.m.Large caps were mixed. Market bellwether Samsung Electronics lost 1.31 percent but auto-parts maker Hyundai Mobis gained 1.4 percent.Doosan Heavy Industries & Construction sank 6.98 percent on rumors about a rights issue.The local curr

Feb. 1, 2013

Seoul shares turn lower after strong open

South Korean stocks shifted to negative territory after opening higher as investors took to the sidelines ahead of the expected release of U.S. jobs data this weekend, analysts said Friday.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.62 points, or 0.18 percent, to 1,958.32 in the first 15 minutes of trading.Market bellwether Samsung Electronics slipped 0.14 percent and top oil refiner SK Innovation fell 1.46 percent.In contrast, autos outperformed the KOSPI, with auto-parts mak

Feb. 1, 2013

Some favorable economic indices, but government officials cautious

Officials in the Finance Ministry and Statistics Korea have raised the possibility that the sagging economy will gradually vitalize in the coming months, citing favorable indices in the industrial sector.They took a prudent stance, however, on publicizing a positive outlook. They stressed that “as uncertainties at home and abroad still remain,” risk factors must be closely monitored to attain national economic recovery.Concerning the December data for industrial output from the state-run Statist

Jan. 31, 2013

FSC to allow financial firms to invest in nonprofit affiliates

South Korea’s financial regulator said Thursday it will submit a bill that would allow financial firms to invest in their non-profit affiliates, a move to loosen rules following a controversy over the banning of a local bank from funding its affiliated high school. The Financial Services Commission unveiled the bill, which excludes financial firms’ non-profit entities from those banned from transferring assets within firms under the same ownership.The bill is set for a 40-day public comment peri

Jan. 31, 2013