KB Financial chief clinches second term, hands over bank chief post

KB Financial Group on Monday separated the group chairman post and its flagship bank president role for the first time in three years, signaling its new business momentum as the nation’s top-tier banking group, officials said.The group’s shareholders’ meeting confirmed through an extraordinary meeting that incumbent Chairman and bank chief Yoon Jong-kyoo is to serve for another three-year term, this time as the group’s chairman only. The Kookmin Bank president post is to

Nov. 20, 2017

Kosdaq roars to 10-year high on biotech boom

South Korea‘s second-tier Kosdaq market hit a 10-year high in its closing mark Monday, riding on a biopharma boom.Kosdaq closed at 785.32 Monday, up 1.22 percent from the previous session Friday. The index jumped by 16.7 percent for the month.The closing mark was the highest in over a decade since Kosdaq, designed in its birth to benchmark US’ tech-heavy Nasdaq, closed at 794.08 on Nov. 7, 2007.A combined market cap of Kosdaq hit an all-time high at 275.5 trillion won ($250.6 billion

Nov. 20, 2017

Seoul stocks slip on institutional selling

South Korean stocks ended lower Monday as institutional investors dumped major tech stocks to lock in recent gains, analysts said. The Korean won lost against the US dollar.The benchmark Korea Composite Stock Price Index shed 6.32 points, or 0.25 percent, to close at 2,527.67. Trade volume was moderate at 400 million shares worth 5.8 trillion won ($5.3 billion), with gainers outnumbering losers 443 to 365.Institutional investors offloaded a net 339.6 billion won worth of local stocks, while indi

Nov. 20, 2017

Biotech momentum adds more Kosdaq stocks to top 200

Biotech momentum in the second-tier Kosdaq market has led 33 Kosdaq stocks to enter the list of top 200 listed firms in market cap both on the Kosdaq and top-tier Kospi, as of Friday, up from 23 at the end of 2016, data showed Monday. 　The 10 new Kosdaq-listed firms include biosimilar drug marketer Celltrion Healthcare and antirheumatic drugmaker TissueGene, which made their market debuts in July and earlier this month, respectively, according to data from the Korea Exchange. The firms’ ma

Nov. 20, 2017

[Monitor] Ups and downs Kospi since 1998

South Korea’s benchmark Kospi closed at 2,533.99 on Friday, making a dramatic growth from 280 on June 16, 1998.For nearly two decades, the Korean stock market fluctuated with major political and economic events. The 1997-98 Asian Financial Crisis hit the nation‘s economy hard, dragging the Kospi to 280 points. The stock market again took subsequent hits when the dot com bubble bust in the early 2000s and with the beginning of the global financial crisis in 2008. Despite the nega

Nov. 19, 2017

Seoul’s average housing cost W100m higher than Tokyo

The cost to purchase a home in South Korea’s capital of Seoul surpasses that of Tokyo and is quickly catching up to New York, according to a report by the National Assembly Research Service on Sunday. 　The report showed that the price of a Seoul home cost an average of 100 million won ($91,500) more than that of a house in Japan’s capital. The median price for a Seoul home stood at 434.85 million won as of late last year, compared to Tokyo’s 311.36 million won.  　Purchasin

Nov. 19, 2017

Sharp growth of tech-heavy KOSDAQ market casts woe about bubble

South Korea's secondary bourse has posted sharp growth on hope for government policies rather than listed firms' financial health, raising concerns about a possible bubble, analysts said Saturday.   On Friday, the KOSDAQ market closed 0.56 percent higher at 775.85, mainly led by pharmaceutical companies. The figure marks a whopping 22.7 percent growth from the 632.04 posted in the first session of 2017.   Analysts said the growth was mainly attributable to the government's pl

Nov. 18, 2017

KOSPI forecast to move within tight range next week

Seoul shares are expected to move in a tight range next week as investors remain guarded amid the rising odds of Federal Reserve's interest rate hike and uncertainties over the U.S. tax reform plan, analysts said Saturday.   The benchmark Korea composite Stock Price Index (KOSPI) closed at 2,533.99 points on Friday, down 0.35 percent from a week ago.    The index retreated four sessions on uncertainties over U.S. corporate tax cuts and fluctuating oil prices, which was driven

Nov. 18, 2017

[Photo News] Snuffing out counterfeit currency

Donning white coats in a lab-like atmosphere, officials at the counterfeit countermeasures center at Seoul‘s KEB Hana Bank headquarters are armed with state-of-the-art digital forensics technology that are able to detect even the most precise, fine-grained currency replications. The number of foreign currency counterfeiters is rapidly increasing as more foreign tourists travel to Korea.  The number of counterfeit bills, which averaged around 500 bills per year, exceeded 1,500 last yea

Nov. 17, 2017

Woori Bank to announce candidates for new CEO next week

Woori Bank, South Korea's No. 3 retail lender, said Friday it will announce candidates for the bank's new chief executive job next week, without publicly taking applications for the post. The decision to skip receiving applications, which was made at the bank's chief executive nomination committee earlier in the day, is aimed at swiftly appointing a new chief executive, sources said.Next week, the bank will unveil a list of candidates, who have been recommended by headhunters, for the job and gu

Nov. 17, 2017

Korean shares inch down despite foreingers' buying spree

South Korean stocks closed slightly lower Friday as institutions and retail investors dumped local stocks offsetting a buying spree by foreign traders. The South Korean won extended its rally against the US dollar.The benchmark Korea Composite Stock Price Index slipped 0.8 point, or 0.03 percent, to close at 2,533.99. Trade volume was moderate as 355.21 million shares worth 6.46 trillion won ($5.88 billion) changed hands, with gainers barely beating losers 404 to 394.The index started higher on

Nov. 17, 2017

Three major groups take lion's share of corporate earnings

South Korea's top conglomerate Samsung and two other major business groups took the lion's share of listed firms' earnings this year as their subsidiaries posted stellar performances, data showed Thursday.According to the data from the Korea Exchange, 29 listed companies belonging to Samsung, LG and SK groups registered a combined net profit of 56.2 trillion won ($50.7 billion) in the first nine months of the year, 2.1 times the amount during the same period a year earlier. The figure accounted

Nov. 16, 2017

S. Korea, Canada agree on currency swap deal

South Korea and Canada clinched a standing bilateral currency swap deal that will help expand financial exchanges between the two countries, Seoul's central bank said Thursday.Bank of Korea Governor Lee Ju-yeol and his Canadian counterpart Stephen S. Poloz signed the agreement at a ceremony at the Bank of Canada's head office in Ottawa, on Wednesday, according to the BOK. The liquidity swap arrangement does not stipulate any ceilings. "The arrangement allows for the provision of liquidity i

Nov. 16, 2017

S. Korea’s economy to remain stable in 2018: Moody‘s

Global ratings agency Moody’s on Wednesday forecast that South Korea’s economic growth and its companies’ credit conditions will remain stable in 2018 on the back of synchronized growth throughout the globe.“For the first time since the global financial crisis, we expect growth in all major areas next year,” Christian de Guzman, vice president and senior credit officer of Moody’s sovereign risk group, said in a media briefing.The press event, held jointly by M

Nov. 16, 2017

Korean stocks retreat on lack of momentum

South Korean stocks extended a fifth-day losing streak Wednesday as upward momentum faded after enjoying a sharp rally and investors grew cautious over economic uncertainties at home and abroad. The Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index dropped 8.38 points, or 0.33 percent, to close at 2,518.26. Trade volume was moderate as 394.23 million shares worth 7.19 trillion won ($6.46 billion) changed hands with losers far outnumbering gainers 563 to 270.&q

Nov. 15, 2017

Card firms' Q3 profit tumbles 20% on fee cuts

South Korean credit card companies saw their third-quarter earnings plunge due mainly to a cut in their fee rates on member stores, data showed Wednesday.The combined net income of eight stand-alone card firms stood at 419.6 billion won ($375 million) in the July-September period, down 20 percent from a year earlier, according to the data by the Financial Supervisory Service and industry sources. The nosedive was attributed to the fee-rate cut conducted in August. The card issuers lowered their

Nov. 15, 2017

Seoul stocks down on weak Chinese economic data

South Korean stocks finished lower Tuesday as investors took to the sidelines over weak Chinese economic data and uncertainties over US tax policy. The Korean won strengthened against the greenback.The benchmark Korea Composite Stock Price Index lost 3.71 points, or 0.15 percent, to close at 2,526.64. Trade volume was relatively light, as 283.65 million shares worth 5.67 trillion won ($5.07 billion) changing hands, with losers outnumbering gainers 432 to 372.Market heavyweights had a bearish day

Nov. 14, 2017

Brokerages upbeat on stock market in 2018

South Korea's main stock market is expected to gain further ground next year on a stronger economy with the key index breaching the 2,900-point level, local brokerages said Tuesday.Driven by brisk foreign buying stemming from resilient corporate earnings, the benchmark Korea Composite Stock Price Index had been renewing all-time highs before going south in recent sessions. The KOSPI hit an all-time high of 2,557.97 on Nov. 3 before closing at 2,530.35 Monday.In a research note, KB Securities Co.

Nov. 14, 2017

Five local brokerages obtain license for investment banking

The nation’s financial regulator on Monday gave approval to five brokerage companies on starting investment banking businesses, as part of the government’s economic blueprint to boost the global competitiveness of local financial players.The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, according to the Financial Services Commission. Among them, Korea Investment & S

Nov. 13, 2017

Government vows incentives to ‘social finance’ players

Financial authorities on Monday vowed full-fledged support for companies that pursue social values, under a long-term vision that co-prosperity is vital for the nation‘s economic sustainability.“In order for the social finance model to settle as an independent and sustainable economic system, it is crucial to build a related hardware,” said Choi Jong-ku, chairman of the Financial Services Commission, in a meeting with the FSC-affiliated Financial Development Council members. Ca

Nov. 13, 2017