Shares expected to be rangebound this week

South Korea’s stock market is expected to remain in a tight range this week as investors wait on the U.S. fiscal cliff issue, analysts said.The country’s key stock index, the KOSPI, gained 21.57 points, or 1.27 percent, last week to close at 1,932.90 on Friday, on hopes that U.S. lawmakers and President Barack Obama will find a compromise on the U.S. fiscal issue.“Until the issue is addressed, investors will remain cautious on betting, and be engaged in trading and just be on the lookout for und

Dec. 2, 2012

Exports of Korean food rise on Korean Wave

Exports of Korean traditional foods of kimchi and red pepper paste rose sharply over the past three years on the back of the Korean wave, industry and customs data showed Tuesday.According to the data, exports of kimchi, a spicy fermented dish usually made with cabbage or radish, came to $88.82 million in the January-October period.Overall exports of kimchi for all of 2012 are expected to reach $107 million, up from $104.6 million last year, the data indicated.Outbound shipments of kimchi have r

Nov. 27, 2012

Shares up on Greek debt deal

South Korean stocks closed 0.87 percent higher on Tuesday as eurozone agreements to cut Greek debts and aid the debt-ridden country helped ease investor jitters, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 16.69 points to 1,925.2. Trading volume was moderate at 572.1 million shares worth 4.49 trillion won ($4.14 billion), with decliners outnumbering gainers 425 to 392.“The recent development in the Greece situation, cou

Nov. 27, 2012

Korea’s total debt reaches 2.3 times its GDP: regulator

South Korea’s total debt has ballooned to more than double the value of its gross domestic product, the financial regulator said Tuesday, calling for all-out efforts to rein in corporate and household debt.The country’s aggregate debt owed by the government, companies and households stood at 234 percent of its GDP as of the end of June, according to data by the Financial Supervisory Service. The debt-to-GDP ratio came in at 152 percent in 2000 for Asia’s fourth-largest economy, before jumping to

Nov. 27, 2012

S. Korea to further tighten banks’ handling of currency forwards

South Korea said Tuesday it will lower the ceiling of foreign exchange forward positions held by local and foreign banks by 25 percent in a bid to curb the volatility of cross-border capital flows.The move will restrict local branches of foreign banks from holding currency forward deals to 150 percent of their equity capital from the current 200 percent. The ceiling for domestic banks will be lowered to 30 percent from 40 percent, the government said. The move will fully take effect starting on

Nov. 27, 2012

Shares inch down ahead of key events

South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389. “The eurozone finance ministers gathered to decide a bailout for Greece

Nov. 26, 2012

Kangwon Land shares soar on expansion approval

By Seo Jee-yeon The government’s approval of a casino facility expansion has been pushing the stock price of Kangwon Land to hit a record high in 52 weeks.The company’s shares soared 13.31 percent to 31,500 won ($29) on Monday. The jump was expected as the disclosure was issued after the stock market closed last Friday. According to company officials, the state-invested casino and resort operator, located in Jeongseon County, Gangwon Province, will double the floor of the game room to 11,824 squ

Nov. 26, 2012

Banks eye Myanmar market

By Kim Yon-seMajor commercial banks are poised to actively make inroads into Myanmar as the country is starting to implement an open-door policy toward international activity.Following Woori Bank and Hana Bank, which opened liaison offices in the Southeast Asian country last month, Shinhan Bank plans to join the movement as early as the first half of next year.The state-run Industrial Bank of Korea is also preparing to tap the new market in a bid to overcome the saturated market conditions at ho

Nov. 26, 2012

Global sales of Samsung’s Galaxy Note 2 top 5m

South Korean tech giant Samsung Electronics Co. said Sunday worldwide sales of its Galaxy Note 2 have exceeded 5 million units since its rollout here two months ago. Shipments of the 5.5-inch phablet, a hybrid of a smartphone and a tablet PC, achieved the landmark in two months after it was first released in South Korea in late September, the company said in a statement.The Galaxy Note 2 recorded a much faster sales increase than the previous Galaxy Note model, which saw global sales top 5 milli

Nov. 25, 2012

Daewoo International bags $1.06b deal from Algeria

Daewoo International Corp., a leading South Korean trading company, said Sunday a consortium led by the company has clinched a $1.06 billion contract to build a cogeneration power plant in Algeria.The turnkey contract calls for Daewoo International, Hyundai Engineering & Construction Co. and Hyundai Engineering Co. to build the 1,200-megawatt power plant in an area some 230 kilometers southeast of Algiers, the capital of the African country. It will take 39 months to complete the cogeneration po

Nov. 25, 2012

Shares to stay stagnant on delayed fiscal cliff talks

The South Korean stock market is likely to remain stagnant this week as investors are expected to take a wait-and-see stance on the U.S. fiscal cliff issue, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,911.33 this week, up 2.1 percent from the previous week.Earlier last week, the KOSPI moved up as U.S. lawmakers and President Barack Obama successfully began talks on the U.S. fiscal issue, while rising hopes for financial aid to Greece also gave a boost to

Nov. 25, 2012

Lone Star sues Korean government

Lone Star Funds has filed investor-state dispute arbitration claims against the Korean government for delaying the sale of the U.S.-based private equity firm’s controlling stake in Korea Exchange Bank, officials in Seoul said on Thursday.The equity firm brought the Korean government to the Washington-based International Center for Settlement of Investment Disputes, accusing it of violating a bilateral investment treaty between Korea and Belgium.This marked the first time that the Korean governme

Nov. 22, 2012

Shares gain on Greece optimism

South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362.“Expectations that the eurozone is get

Nov. 22, 2012

Seoul shares gain 0.82 percent on Greece optimism

South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362."Expectations that the eurozon

Nov. 22, 2012

Shares slip on renewed Greece woes

South Korean stocks shed 0.32 percent Wednesday as eurozone leaders’ failure to sort out a Greece aid plan unnerved investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. After opening higher, the benchmark Korea Composite Stock Price Index retreated 6.14 points to close at 1,884.04, snapping a two-day rally. Trading volume was moderate at 371.6 million shares worth 3.90 trillion won ($3.59 billion), with losers outstripping gainers 545 to 271. “Uncertainties

Nov. 21, 2012

Samsung C&T as prime bidder for Turkey hospital

A consortium led by Samsung C&T Corp., the construction and trading arm of South Korea’s Samsung Group, has been selected as a preferred bidder for a $750 million project to build a large hospital in Turkey, a Samsung official said Wednesday.The order placed by Turkey’s government calls for the construction of a 540,000-square-meter hospital in the southeastern Turkish city of Gaziantep, according to the official.The South Korean builder is expected to win a portion worth $180 million out of the

Nov. 21, 2012

Korea Exchange to launch new stock index next week

South Korea’s stock market operator, the Korea Exchange, said Wednesday it will introduce a new stock index to provide reliable data to investors seeking safer and profitable investments.The index, dubbed the S&P/KRX Dynamic Asset Exchange Index and based on the KOSPI 200 Index and 10-year U.S. Treasuries, is scheduled to be launched at the first trading session of next week, the KRX said. It will be presented from 9:01 a.m. to 3:00 p.m., with the base standing at 1,000.000, it added.The KOSPI 2

Nov. 21, 2012