Seoul shares down 0.09 pct in late-morning trade

South Korean stocks traded 0.09 percent lower late Thursday morning due to losses in large-cap exporters, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) dipped 1.8 points to 1,978.61 as of 11:20 a.m.Tech giant Samsung Electronics fell 0.61 percent and LG Display, a major screen supplier of Apple, dropped 2.42 percent.Carmakers continued bearish movement amid the yen weakness, with industry leader Hyundai Motor sliding 1.38 percent.However, top steelmaker POSCO rose 1.94

Jan. 24, 2013

Seoul shares start lower on poor economic data

South Korean stocks opened lower Thursday on the country's lower-than-expected growth, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.52 points, or 0.63 percent, to 1,967.89 in the first 15 minutes of trading.Large-cap shares led the decline, with market bellwether Samsung Electronics falling 1.36 percent.Top shipbuilder Hyundai Heavy Industries lost 1.1 percent and No. 1 carmaker Hyundai Motor slid 1.83 percent.The country's central bank said earlier in the day th

Jan. 24, 2013

Shares dip ahead of earnings releases

South Korean stocks dropped 0.81 percent Wednesday as investors took to the sidelines ahead of releases of fourth-quarter earnings of big-name companies, analysts said. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 16.11 points to finish at 1,980.41. Trading volume was moderate at 485.7 million shares worth 4.16 trillion won ($3.9 billion) with losers outnumbering winners 500 to 300.“Investors remain cautious to see how large-cap com

Jan. 23, 2013

Samsung Card emerges as No. 2 in industry

Samsung Card Co., the credit card arm of South Korea’s top conglomerate Samsung Group, has become the No. 2 player in the local industry thanks to the company’s stepped-up efforts to boost its market share, sources said Wednesday.The market share of Samsung Card reached 14.1 percent in the second quarter of last year, trailing only Shinhan Card Co. with 20.8 percent and outpacing rivals such as KB Kookmin Card Co. and Hyundai Card Co. KB Kookmin Card and Hyundai Card accounted for 13.3 percent a

Jan. 23, 2013

FSS to start magnetic-strip card phase-out in February

Cash cards that use magnetic strips for transactions will be partially banned at automated teller machines starting Feb. 1.Under regulatory countermeasures to minimize financial scams including forgery of credit cards or cash cards, the Financial Supervisory Service has advised consumers to replace their magnetic cards with “integrated circuit” cards over the past year.“As an initial step, cash transactions with magnetic-strip cards will not be available at about 50 percent of ATMs at financial

Jan. 23, 2013

Seoul shares dip 0.81 pct ahead of earnings releases

South Korean stocks dropped 0.81 percent Wednesday as investors took to the sidelines ahead of releases of fourth-quarter earnings of big-name companies, analysts said. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 16.11 points to finish at 1,980.41. Trading volume was moderate at 485.7 million shares worth 4.16 trillion won (US$3.9 billion) with losers outnumbering winners 500 to 300."Investors remain cautious to see how lar

Jan. 23, 2013

Seoul shares up 0.04 pct in late-morning trade

South Korean stocks traded a modest 0.04 percent higher late Wednesday morning led by gains in large-cap exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.71 points to 1,997.23 as of 11:20 a.m.Techs led the rise, with market bellwether Samsung Electronics adding 0.81 percent and LG Electronics, the country's second-largest home appliances maker, climbing 0.39 percent.Top automaker Hyundai Motor gained 2.1 percent and its smaller affiliate Kia Motors rose 1.1

Jan. 23, 2013

Seoul shares open higher on slowdown in yen weakness

South Korean stocks got off to a strong start on Wednesday as investor sentiment was boosted by the slowdown of the yen depreciation, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.7 points, or 0.54 percent, to 2,007.22 in the first 15 minutes of trading.Large-cap exporters led the increase, with tech behemoth Samsung Electronics gaining 1.28 percent and top steelmaker POSCO climbing 0.55 percent.The country's biggest automaker Hyundai Motor jumped 2.1 percent, and

Jan. 23, 2013

Seoul property market to rally

The sluggish real estate market in Seoul will bounce back this year after bottoming out in the coming months, BoA-Merrill Lynch predicted Tuesday.“Thanks to the recent reduction of housing supply and the growing feasibility of the government-led regulation easing on property transactions, there is a high possibility that the Seoul region real estate market will be vitalized in 2013,” the Korea Center for International Finance said, citing a report from BoA-Merrill Lynch.However, the research cen

Jan. 22, 2013

Shares up on yen weakness

South Korean stocks closed 0.49 percent higher on Tuesday as investors remained cautious over the impact of Japan’s monetary easing to stimulate the economy, analysts said. The local currency edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 9.66 points to finish at 1,996.52. Trading volume was moderate at 547.9 million shares worth 4.2 trillion won ($3.95 billion) with gainers slightly outnumbering decliners 404 to 399.“Investors are now less worried about

Jan. 22, 2013

Lotte Card investigated over consumer complaints

The Financial Supervisory Service conducted a two-month investigation into Lotte Card, as the company ranked bottom in consumer protection among five major credit card issuers.“(For an intensive probe), we dispatched inspectors to the headquarters of Lotte Card between September and October (in 2012),” an FSS official told The Korea Herald on Tuesday.In addition to the on-site investigation, the FSS summoned Lotte Card’s executives to be held accountable for the poor grade and called on them to

Jan. 22, 2013

Seoul shares close 0.49 pct up on yen weakness

South Korean stocks closed 0.49 percent higher on Tuesday as investors remained cautious over the impact of Japan's monetary easing to stimulate the economy, analysts said. The local currency edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.66 points to finish at 1,996.52. Trading volume was moderate at 547.9 million shares worth 4.2 trillion won (US$3.95 billion) with gainers slightly outnumbering decliners 404 to 399."Investors are now less worr

Jan. 22, 2013

Seoul shares up 0.06 pct in late-morning trade

South Korean stocks traded 0.06 percent higher late Tuesday morning as investors sat on the sidelines ahead of the results of Japan's key policy meeting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 1.15 points to 1,988.01 as of 11:20 a.m.Tech shares led the rise, with Samsung Electronics gaining 1.24 percent and LG Display rising 2.28 percent. Top mobile carrier SK Telecom advanced 1.78 percent and No. 2 player KT rose 1.89 percent.The Japanese central bank is exp

Jan. 22, 2013

Seoul shares trade higher after weak start

South Korean stocks opened a tad lower Tuesday but soon moved to positive territory on gains in auto and tech shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.33 points, or 0.07 percent, to 1,988.19 in the first 15 minutes of trading.Market bellwether Samsung Electronics climbed 0.21 percent and LG Display advanced 1.58 percent.Top automaker Hyundai Motor gained 0.24 percent and its smaller affiliate Kia Motors added 0.56 percent.The local currency was changin

Jan. 22, 2013

Shares edge down on earnings woes

South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The benchmark Korea Composite Stock Price Index shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won ($3.54 billion) with gainers outpacing decliners 459 to 352.“The mood is quite positive in recent times. China’s fourth-quarter growth met market expectations and U.S. policy

Jan. 21, 2013

KoFC to increase financial support to SMEs

The Korea Finance Corp. plans to increase its financial support to the nation’s small and medium companies in 2013, the state-run finance promoter said on Monday in a New Year’s press conference. The state-run agency plans to assign about 7.6 trillion won, or about two-thirds of the company’s 12.2 trillion won capital for this year, to support small and medium enterprises.“We will be spending 62 percent of our total budget to support small and medium-sized companies,” said KoFC president and chi

Jan. 21, 2013

Won’s gains most against yen in 14 years

The South Korean currency’s ascent to the Japanese yen hit a 14-year high last year, the central bank said Monday, spawning concerns about its impact on Seoul’s exports.The local currency reached 1,238.3 won per 100 yen as of the end of 2012, up 19.6 percent from a year earlier, according to the Bank of Korea.The 2012 numbers marked the strongest gain since the won appreciated 21.8 percent against the Japanese yen in 1998, it added.Last year, the local currency also appreciated 7.6 percent per t

Jan. 21, 2013