Value of stocks owned by 100 richest shareholders jumps 21.3%

The combined value of stocks owned by South Korea's 100 richest stockholders has jumped 21.3 percent, helped by a rally in the stock market, industry data showed Thursday. The benchmark Korea Composite Stock Price Index gained 16.3 percent to 2,357.53 on Wednesday, compared with a closing price of 2,026.16 as of Jan. 2 this year. According to the data by industry tracker Chaebul.com, the value of stocks owned by the 100 richest stockholders stood at 113.2 trillion won ($99.1 billion), up from 93

June 22, 2017

Mortgage applications soar on anti-speculation steps

South Korea's four major lenders saw mortgage applications jump nearly 11 percent shortly after the government unveiled measures to cool the property market this week, sources said Thursday.The finance ministry announced Monday it will start tightening credit early next month as part of efforts to counter signs of overheating real estate markets in Seoul and several other regions.According to the sources, mortgage applications filed Tuesday with the four largest lenders in the country -- KB Kook

June 22, 2017

Seoul shares open higher despite US losses

South Korean stocks opened higher Thursday despite overnight losses on Wall Street, led by gains in top cap Samsung Electronics. The won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 1.56 points, or 0.07 percent, to 2,359.09. Foreigners turned net buyers after shedding 183 billion won worth of stocks in the previous session. On Wednesday (local time), the Dow Jones industrial average moved down 0.27 percent to end at 21,410.03. Large-cap stocks mostly rose

June 22, 2017

Probe on NCsoft short selling launched

The financial regulators launched a probe Wednesday on the massive short sellings of the game developer NCsoft the previous day, amid market concerns over alleged insider trading. On Tuesday, a day before the highly-anticipated release of the mobile game “Lineage M,” stocks of its developer NCsoft plunged 11.4 percent in the closing compared to Monday. This came on the heels of a hearsay circulating online at around 2:30 p.m. that the mobile version of the mega-hit PC game “Lin

June 21, 2017

[Monitor] Nearly half of Korean workers pay no income tax

Nearly half of South Korean workers paid no income tax in 2015, a state-run think tank‘s report showed Tuesday.According to the report by the state-run Korea Institute of Public Finance, 46.5 percent of 17 million wage earners were exempted from paying income tax in the year, jumping from 32.2 percent in 2013. The increase was attributed to the government’s change of income tax deduction programs in 2014 to allow higher deduction rates to low income earners.The proportion in Korea wa

June 21, 2017

MSCI decision unlikely to dampen Korean stock markets: FSC

South Korea’s stock markets are unlikely to be dampened despite foreign cash flight triggered by the MSCI’s plans to add China A Large Cap shares to its benchmark emerging markets index starting next year, according to the Financial Services Commission on Wednesday.The looming investors’ capital exodus of up to 4.3 trillion won ($3.76 billion) and reduction of their proportion in the emerging markets index by between 0.23 percent and 15.27 percent “will put little pressur

June 21, 2017

Seoul stocks end lower on foreign selling, US losses

South Korean stocks ended lower on Wednesday as foreigners turned net sellers tracking losses on Wall Street. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 11.70 points, or 0.49 percent, to close at 2,357.53. Trade volume was moderate at 356.21 million shares worth 6.34 trillion won ($5.5 billion), with decliners outnumbering advancers 516 to 296.Foreigners sold a net 180.29 billion won worth of stocks and institutional investors also dumped share

June 21, 2017

‘Coinless Society’ project gets tepid response

Kim Kyung-min, 27, was not aware of a pilot project by the Bank of Korea to reduce the use of coins until she was told by The Korea Herald.“Things would be convenient if I were able to receive change directly through my bank account,” Kim said, adding that carrying coins “can sometimes be a hassle.” Dubbed “Coinless Society,” the BOK’s project has got a lukewarm response from the public during its two months of operation. The project encourages users to

June 21, 2017

Korean shares extend losses on foreign selling

South Korean shares extended losses late Wednesday morning as foreigners dumped stocks on profit taking. The won traded lower against the dollar.  The benchmark Korea Composite Stock Price Index fell 12.58 points, or 0.53 percent, to 2,356.65 as of 11:20 a.m. Foreigners and institutional investors offloaded a combined 182 billion won ($159 million) worth of stocks. But individuals bought a net 163 billion won worth of stocks.  Large-cap stocks were mostly trading lower. Market bel

June 21, 2017

Seoul shares open lower on US losses

South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street. The won fell against the dollar.The benchmark Korea Composite Stock Price Index fell 13.73 points, or 0.58 percent, to 2,355.50. On Tuesday (local time), the Dow Jones industrial average moved down 0.29 percent to end at 21,467.14, while the tech-heavy Nasdaq Composite also declined 0.82 percent to 6,188.03.Analysts expected the addition of China blue-chip stocks to MSCI's emerging markets index from next year

June 21, 2017

Seoul stocks down on profit-taking, Samsung hits fresh record high

South Korean stocks ended lower on Tuesday as institutions went on profit taking, but top cap Samsung Electronics and second most-valued SK hynix surged to fresh record highs, aided by heavy foreign buying. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 1.67 points, or 0.07 percent, to close at 2,369.23. Trade volume was moderate at 346.16 million shares worth 6.67 trillion won, with decliners outnumbering advancers 618 to 199.Institutional investo

June 20, 2017

Likelihood of capital outflow low in case of reversal in Korea-US rate gap

The likelihood of a capital outflow from South Korea is low even if the interest rate gap between Korea and the US is reversed, as the local currency is expected to remain strong, an analyst said Tuesday. Kim Jae-chil, a researcher at the Korea Capital Market Institute, said volatility in the local foreign exchange market will likely be limited due to various conditions. South Korea's sovereign bonds are also attractive for investors in Europe, where several central banks slashed interest rates

June 20, 2017

Naming of new BOK policymaker delayed

The naming of a new member of the Bank of Korea’s monetary policy committee has been delayed, leaving the central bank without a tie-breaking vote in the upcoming rate-setting meeting in July.Jang Byung-wha, senior deputy governor at the BOK and a member of the bank’s seven-member board, is to finish his three-year term as board member Saturday this week. The deputy governor is appointed by the president, based on the recommendation by the BOK governor. However, BOK Gov. Lee Ju-yeol

June 20, 2017

Korean shares lose ground on profit-taking

South Korean shares lost ground late Tuesday morning as institutions engaged in profit-taking. The won traded higher against the dollar.  The benchmark Korea Composite Stock Price Index surrendered 1.30 points, or 0.05 percent, to 2,369.60 as of 11:20 a.m.Institutional investors offloaded a net 232 billion won ($204 million) worth of stocks.Foreigners and individuals bought stocks worth a combined 217 billion won, keeping the main index from falling further.Large-cap stocks were mixed acros

June 20, 2017

Movie shares fare ill despite stock-market bull run

Despite a stock-market bull run, movie theater operators and distributors in South Korea have suffered severe setbacks in their share prices this month due to a drop in the number of cinemagoers.Shares of South Korea's top cinema chain CJ CGV listed on the main bourse closed at 72,600 won ($63.9) on Monday, down a whopping 12.5 percent from June 1, according to the Korea Exchange on Tuesday.Media company Jcontentree Corp., the operator of multi-screen theater chain Megabox, which is registered w

June 20, 2017

Seoul shares open higher on US gains

South Korean stocks opened higher Tuesday, tracking gains on Wall Street. The won traded lower against the dollar.The benchmark Korea Composite Stock Price Index rose 5.48 points, or 0.23 percent, to 2,376.38.On Monday (US time), the Dow Jones industrial average moved up 0.68 percent to end at 21,528.99, while the tech-heavy Nasdaq Composite also advanced 1.42 percent to 6,239.01.Large-cap stocks were mixed across the board.Market bellwether Samsung Electronics rose 1.59 percent, and major chipm

June 20, 2017

Seoul stocks end higher on foreign buying

South Korean stocks ended slightly higher Monday as foreigners turned net buyers. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 9.07 points, or 0.38 percent, to close at 2,370.90. Trade volume was moderate at 288 million shares worth 5.35 trillion won ($4.7 billion), with decliners outnumbering advancers 418 to 388.Foreigners bought 124.19 billion won worth of stocks, turning net buyers after dumping 163 billion won worth of stocks in the previous

June 19, 2017

KAMCO shares know-how with entities overseas

Korea Asset Management Corp. is building a track record of sharing knowledge abroad on nonperforming loan resolution.On Thursday, the state-run asset manager shared with a group of Vietnamese officials its know how on debt resolution and its experience of overcoming a financial crisis in 1998, during a session held in Busan.The firm has opened doors not only to offshore public representatives, but also academic circles. Students and faculty members from the Paris Dauphine University and Universi

June 19, 2017

Korean shares extend gains on foreign buying

South Korean shares extended gains late Monday morning as foreigners turned net buyers. The won traded higher against the dollar.  The benchmark Korea Composite Stock Price Index rose 14.48 points, or 0.61 percent, to 2,376.31 as of 11:20 a.m.Foreigners were net buyers of local stocks worth 19.38 billion won ($17 million). They offloaded 163 billion won worth of stocks in the previous session. Institutions also bought 62.48 billion won worth of shares. But individuals sold 92.87 billion won

June 19, 2017