Stocks open lower on profit-taking

South Korean stocks opened lower on Thursday, as investors attempted to cash in recent gains, but top market cap Samsung Electronics continued to build up gains.The benchmark Korea Composite Stock Price Index added 3.6 points, or 0.15 percent, to 2,343.78 in the first 15 minutes of trading. Large-cap stocks were mixed across the board.Market kingpin Samsung Electronics was up 0.22 percent, continuing a two-day winning streak. Hyundai Motor, the No. 1 automaker, moved up

June 1, 2017

Banks' Q1 capital ratio improves on reduced risky assets

South Korean banks saw their financial health improve slightly in the first-quarter of this year, helped by less exposure to risky assets, the financial regulator said Thursday. The average capital adequacy ratio of 17 commercial and state-run banks stood at 15.14 percent as of end-March, up 0.33 percentage point from the previous quarter, according to the Financial Supervisory Service. A key barometer of financial soundness, the ratio measures the proportion of a bank's capital to its risk-weig

June 1, 2017

Board member says BOK should keep monetary easing policy

South Korea's central bank should maintain the current monetary easing policy to support growth, a member of the Bank of Korea's monetary policy board said Wednesday.Koh Seung-beom made the case during a luncheon meeting with reporters at the BOK headquarters in central Seoul, noting the recovery of domestic demand is not strong yet. He also said he does not believe a US rate hike could trigger any immediate foreign capital outflows from South Korea.His comments came six days after the BOK's mon

May 31, 2017

[Monitor] Average W3.6tr traded via smartphone

The use and the amount of money traded via smartphone banking apps has continues to surge becoming a major transaction platform, the Bank of Korea’s data showed.As of the first quarter this year, an average of 94.12 million transactions were made through smartphone banking, up 7.3 percent from the previous quarter, accounting for up 61 percent of all internet banking.Daily transactions averaged 3.63 trillion won, up 8.3 percent from the previous quarter.As of the end of March, a total of 7

May 31, 2017

Kosdaq logs record highs for 2 straight days

South Korea’s tech-heavy stock market hit this year’s record high for two consecutive days, topping the 650 mark for the first time in more than seven months on Wednesday. The benchmark Korean Securities Dealers Automated Quotations closed at 652.04, up 0.46 percent from the previous trading day Tuesday, when it closed at 649.06.The index for the second-tier market had not surpassed 650 mark since Oct. 21, 2016, when it came to 651.77. After reaching 643.68 on Jan. 6, the figure has

May 31, 2017

Mirae Asset Daewoo denies plan to acquire SK Securities

Mirae Asset Daewoo on Wednesday denied recent reports that the company is considering taking over SK Securities. A report on the previous day said that the company would push forward several takeovers to expand its equities and develop itself into a mega investment bank. It also predicted that SK Securities is the leading candidate as there were rumors that Mirae Asset Daewoo Chairman Park Hyeon-joo had made a visit to the SK group recently.Such news had led to the jump in SK Securities’ s

May 31, 2017

Lee Jung-hee to head Deloitte Anjin

Deloitte Anjin has named its new CEO Lee Jung-hee, who has been managing partner in Deloitte Tax group since 2010, the accounting firm said Wednesday.Lee will take the helm starting Thursday. The career accountant, known for his expertise as a corporate tax adviser for multinational companies, is expected to serve a 3-year term.Lee was nominated as a sole candidate for the chief executive in a committee Friday. The committee put it to a vote in favor Monday.Born in 1960, Lee became a certif

May 31, 2017

KB Savings Bank to launch simplify sign-in service

KB Savings Bank will launch a simplified authorizing service next month, allowing users to access smartphone banking services without certificate verification or other security media.The service will enable customers who have downloaded KB Savings Bank’s smartphone application to open new bank accounts and utilize financial services with their personal identification numbers only. It can be used straight after a simple procedure of a non-face-to-face real name confirmation process as long

May 31, 2017

Korean institutional investment into foreign stocks, bonds hits new high

Investment by South Korean institutional investors into foreign bonds and stocks hit a record high at the end of March this year, official data showed Wednesday. The data suggested that appetite by South Korean insurers, brokerages and asset management firms for riskier assets in foreign countries improved amid record-low interest rates at home.  The total holdings of foreign bonds and stocks by South Korean institutional investors stood at $192.9 billion at the end of March, the Bank of Ko

May 31, 2017

Seoul shares up in late morning trading

South Korean shares traded higher late Wednesday morning as foreign and institutional buyers scooped up big cap stocks amid a massive selling spree by individuals.The benchmark Korea Composite Stock Price Index added 9.42 points, or 0.4 percent, to 2,353.10 as of 11:20 a.m.The index opened lower on losses in market heavyweights, including market bellwether Samsung Electronics. However, the local index pared earlier losses as most market heavyweights turned higher.Top cap Samsung Electronics adva

May 31, 2017

Seoul shares open tad lower on large-cap losses

South Korean stocks started marginally lower Wednesday mainly on the back of losses in top-listed firms, analysts said. The benchmark Korea Composite Stock Price Index inched down 3.55 points, or 0.15 percent, to trade at 2,340.13 in the first 15 minutes of trading.Top-cap Samsung Electronics edged down 0.09 percent, with chipmaker SK hynix sliding 1.22 percent.Medical and insurance shares, however, started in positive terrain, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Gro

May 31, 2017

Samsung Asset Management launches RIF to meet Korean needs

Samsung Asset Management and Capital Group teamed up to launch Tuesday a set of retirement income funds, which they said are expected to “meet Korean retirement needs.” The RIFs mark the first pension funds in South Korea that allow retirees to withdraw money from the funds. The four types of pension schemes by the asset management arm under Korea’s largest conglomerate were based on the US financial services firm’s diversified investment portfolio.  Income fund subs

May 30, 2017

Seoul stocks down 0.39% on profit-taking

South Korean stocks ended slightly lower Tuesday as foreign investors and institutions offloaded large-cap stocks in an apparent move to lock in profits. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 9.29 points, or 0.39 percent, to 2,343.68.Bae Sung-young, a market analyst at KB Securities Co., said institutions and foreign investors sold Samsung Electronics and other major technology stocks in an apparent profit-taking move.This, he said caused

May 30, 2017

Non-performing loans decline as shipbuilding restructuring nears end

The volume of non-performing loans have fallen to pre-global financial crisis levels following the completion of the government’s large-scale restructuring of Korea’s ailing shipbuilding and shipping industries, according to the Financial Supervisory Service on Tuesday. The FSS announced that non-performing loans held by local banks reached 23.7 trillion won ($21.1 billion), or 1.38 percent, at the end of the first quarter, a 0.04 percentage point improvement compared to the end of l

May 30, 2017

‘Kospi’s rally solely led by Samsung'

A significant surge by the nation’s major market index was entirely driven by Samsung Electronics, and without the tech giant’s contribution, the benchmark index could have fallen, a study showed Tuesday.According to the report by Korea Capital Market Institute, a private research center on the nation’s stock market, the Korea Composite Stock Price Index saw an increase of 211 points over a year solely led by Samsung Electronics’ stock price growth, which added 231 points

May 30, 2017

Tighter rules for home loans to apply to all mutual savings institutions

The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay both interest and a part of principal until maturity. A total of 1,925 mutual savings institutions and credit units with assets below 100 billion won ($89 million) each wil

May 30, 2017

Rates for household loans inch down in April

Bank lending rates on new household loans inched down in April and interest rates paid by banks on new deposits also fell, central bank data showed Tuesday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in April, down 0.02 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt reached a record high of 1,359.7 trillion won

May 30, 2017

Korean shares down 0.72% in late morning trade on profit-taking

South Korean stocks traded lower late Tuesday morning as foreign investors and institutions offloaded large-cap stocks in apparent move to lock in profits.The benchmark Korea Composite Stock Price Index lost 16.85 points, or 0.72 percent, to 2,336.12  as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors and institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse.    Bae Sung-y

May 30, 2017

Korean shares open higher on foreign, institution buying

South Korean stocks opened higher Tuesday on increased buying by foreigners and institutions.The benchmark Korea Composite Stock Price Index gained 1.03 points, or 0.04 percent, to 2,354.00 in the first 20 minutes of trading.Bae Sung-young, a market analyst at KB Securities Co., said the index moved in a tight range due to a lack of upside momentum.Large-cap stocks were mixed across the board.Top automaker Hyundai Motor gained 0.62 percent, and auto parts maker Hyundai Mobis Co. was up 0.18 perc

May 30, 2017

Internet banking users up in Q1

South Korea's Internet banking service rose at a fast clip in the first quarter with both the number of users and daily transactions reaching record highs, central bank data showed Tuesday.In the three months that ended on March 31, the number of Internet and smartphone banking service users came to 125.32 million, up 2.3 percent from the previous quarter, according to the data from the Bank of Korea. The number is the sum of all registered users of 16 Internet and smartphone banking service pro

May 30, 2017