Seoul shares fall on reduced foreign buys, weak Chinese markets

South Korean stocks trimmed earlier gains to end flat due to reduced foreign buying and poor-performing Chinese stocks. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 2.71 points, or 0.13 percent, to 2,047.76.The main index fell after marking a 1.61 percent increase for the whole of last week. On Friday, it closed at 2,050.47 points, hitting fresh yearly highs.Kim Ye-eun, an analyst at LIG Investment & Securities, said the local stocks fel

Aug. 16, 2016

[News Focus] Lenders seek to expand overseas presence with mobile banking

Following failed attempts at physical operations abroad, Korean banks are trying again to expand overseas, this time by focusing on tech-savvy consumers. They have ditched their Korean names and brick-and-mortar branches in foreign countries, targeting young consumers instead with mobile banking services.  Woori Bank officials and local staff attend a ceremony to launch “WiBee Bank” to offer online loan applications and currency exchange services in Cambodia in September. (Woori Bank)Shinhan Ban

Aug. 16, 2016

Foreign ownership of Korean stocks grows 10%

Foreign ownership of South Korean stocks grew about 10 percent from a year earlier, the country’s stock market operator announced Tuesday. According to the Korea Exchange, foreign investors, as of Aug. 10, owned a total of 464.1 trillion won ($424 billion) of shares listed on the benchmark securities trading index Kospi and techy-heavy Kosdaq. Their holdings accounted for 30.6 percent of total market capitalization.Compared to the end of 2015, the market capitalization held by foreign investors

Aug. 16, 2016

Seoul stocks open higher on U.S. gains

South Korean shares opened higher Tuesday, tracking gains on Wall Street, helped by positive U.S. economic data and a rebound in global oil prices.The benchmark Korea Composite Stock Price Index rose 9.12 points, or 0.44 percent, to 2,059.59 in the first 15 minutes of trading.The main index continued to gain after marking a 1.61 percent increase for the whole of last week. On Friday, it closed at 2,050.47 points, hitting fresh yearly highs.Investors will closely watch the minutes of the Federal

Aug. 16, 2016

[Graphic News] Budget for 2017 set to exceed W400tr

South Korea’s national budget for next year is expected to exceed 400 trillion won ($362 billion) for the first time, as the government plans to spend more to generate jobs as well as tackle the low birthrate and rapidly aging population. As the government and the ruling Saenuri party have recently agreed to raise the 2017 budget by 3 to 4 percent, the annual budget is likely be around 398 trillion won to 402 trillion won next year, according to government officials.This year, the government’s o

Aug. 15, 2016

[KOSDAQ Star] Strong Japanese partner to defend YG from THAAD risk

Big Bang, Psy, 2NE1, iKON, Akdong Musician -- these are just a few of the performing artists under YG Entertainment run by Yang Hyun-seok, an influential producer of K-pop and a former member of Korea’s first hip-hop group Seo Taeji and the Boys. Established in 1998, YG Entertainment went public on the KOSDAQ in 2011. In the same year, the company created the joint venture YGEX with AVEX, one of the biggest entertainment businesses in Japan.The company’s market value is traded at 34,150 won ($30

Aug. 15, 2016

Samsung Securities eyes Indian investment through ETNs

Samsung Securities, the brokerage firm of Samsung Group, said that it listed three types of Samsung India Nifty50 Futures Exchange-Traded Notes on the stock market earlier this month to make it easy for customers to invest in India. Introduced on Aug. 4, the financial derivatives are Korea’s first ETN investment in the Indian market, the securities house said.  A model promotes Samsung India Nifty50 Futures Exchange-Traded Notes. (Samsung Securities)According to the brokerage, customers can set

Aug. 15, 2016

Seoul stocks extend gains for 7th day to hit fresh yearly highs

South Korean stocks edged up on Friday, backed by a rebound in oil prices and bullish sentiment in U.S. stock markets, extending their winning streak for the seventh consecutive session and hitting fresh yearly highs. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 1.67 points, or 0.08 percent, to close at 2,050.47. Trade volume was moderate at 372 million shares worth 4.53 trillion won ($4.1 billion), with gainers outnumbering losers 519 to 284.A

Aug. 12, 2016

Seoul stocks retreat from yearly highs on weak China data

South Korean shares traded lower late Friday morning, retreating from fresh yearly highs a day ago, after China's latest data showed its factory production and investment slowed. The benchmark Korea Composite Stock Price Index shed 2.15 points, or 0.1 percent, to 2,046.65 as of 11:20 a.m.China, South Korea's No. 1 export destination, reported that its July factory output rose six percent on year, missing analysts' expectation. After starting slightly higher, the KOSPI stock index swung between g

Aug. 12, 2016

Foreign bankers expect BOK to cut key rate in October

Global investment banks predict that South Korea's central bank will slash the benchmark interest rate once again within this year amid unfavorable economic conditions, a survey showed Friday.Some expect the Bank of Korea to lower the rate a few more times before July next year, as the slump of Asia's fourth-largest economy persists, according to the report by the Korea Center for International Finance. The BOK cut the policy rate to a record low of 1.25 percent in June but kept it unchanged in

Aug. 12, 2016

Seoul stocks start higher on rebound in oil prices

South Korean shares opened higher on Friday, thanks to a rebound in global oil prices and bullish sentiment in U.S. stock markets.The benchmark Korea Composite Stock Price Index rose 6.98 points, or 0.34 percent, to 2,055.78 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics gaining 0.32 percent. Major chipmaker SK hynix declined 0.72 percent. Top automaker Hyundai Motor edged up 0.74 percent, and top steelmaker POSCO rose 1.86 percent.Naver,

Aug. 12, 2016

Korea discloses its ODA information to international aid transparency body

South Korea has disclosed information on hundreds of its official development assistance projects to an international aid transparency agency, the Seoul government said Wednesday.The disclosure to the International Aid Transparency Initiative was part of Seoul's efforts to enhance transparency in the implementation of its overseas aid programs, officials at the Office for Government Policy Coordination under the Prime Minister's Office said. It marked the first time for an Asian IATI member to r

Aug. 11, 2016

Seoul stocks up for 6 days to hit fresh yearly highs

South Korean stocks rose slightly on Thursday on the back of gains in tech stocks, extending its winning streak for a sixth consecutive session and hitting fresh yearly highs, despite a renewed slump in global oil prices. The benchmark Korea Composite Stock Price Index rose 4.16 points, or 0.2 percent, to close at 2,048.80. Trade volume was moderate at 342 million shares worth 4.42 trillion won ($4 billion), with losers outnumbering gainers 419 to 370.Trading was choppy. The market opened slight

Aug. 11, 2016

Strong foreign appetite sends Kosdaq to a new high

Korea’s tech-heavy stock market Kosdaq rose to a new high in its market capitalization on a strong foreign appetite for Korean biotech firms, experts said Thursday. According to Korea Exchange, the aggregate market cap of the secondary exchange came in at 216.7 trillion won at Wednesday’s close, the largest ever since its creation in 1996. It was 7.5 percent larger compared to a year earlier. The composite Kosdaq index closed at 707.46 points, up 3.7 percent from the previous year. The combined

Aug. 11, 2016