Bank federation calls for fintech deregulation

The Korea Federation of Banks on Monday called on the incoming policymakers to steer clear of a set of regulations that it said have deterred local banks from dealing with the environment shift in financial circles.The banking federation suggested the new Moon Jae-in administration publicize fingerprints and ease regulation on servers for cloud computing and blockchain technology, based on which the federation said the banks would be able to pursue innovation. “Privacy is important,&r

May 29, 2017

Seoul stocks down 0.10% on profit-taking

South Korean stocks ended slightly lower Monday on increased selling by institutions. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 2.33 points, or 0.10 percent, to 2,352.97.Bae Sung-young, a market analyst at KB Securities Co., said institutions offloaded stocks in apparent profit-taking, which is to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said Samsung Electronics and other major large-

May 29, 2017

Korea set to take immediate action against any turbulence in market

The South Korean government said Monday that it will take immediate action against any turbulence in the local financial market and the national economy sparked by North Korea's latest missile launch.Around 5:39 a.m., North Korea fired a short-range ballistic missile, presumed to be a Scud type, from its eastern coast. It marked the communist nation's ninth missile test this year and the third since the new Moon Jae-in administration took office May 10.The liberal government had been seeking to

May 29, 2017

Mirae Asset expands clout in global ETF market

Mirae Asset Global Investment’s exchange-traded fund business has been increasing its dominance in the global financial market, the company said Monday.The ETF business, currently managing over 15 trillion won ($13.4 billion), can be divided into three brands: Horizons (US, Canada, Hong Kong, and Columbia), Tiger (Korea), and BetaShares (Australia).  Both the firm’s net assets and number of listed ETFs have doubled over the past six years since Mirae Asset has extended the busin

May 29, 2017

Citibank Korea launches ATMs for US dollar withdrawals

Citibank Korea said Monday it has introduced automated teller machines enabling bank account holders with local currency to withdraw money in US dollars.The ATMs for foreign exchange transaction were installed in two branches in southern Seoul -- Banpo and Cheongdam -- on Thursday.The Korean unit of the New York-based banking giant added it plans to set up the machines in three more branches in Seoul and the metropolitan area.  Using the ATMs, the won account holders can enjoy higher benefi

May 29, 2017

Corporate loans rise slightly in Q1

Loans extended to local businesses rose slightly in the first quarter from a quarter earlier on increased operating expenses and facility investments, central bank data showed Monday.Outstanding corporate loans came to 1,001.7 trillion won ($894 billion) in the January-March period, up 1.6 percent from a quarter earlier, according to data from the Bank of Korea. Compared to a year earlier, the first quarter figure marked a 4.4 percent gain.In terms of where the money was spent, loans extended to

May 29, 2017

Seoul shares up 0.45% in late morning trade

South Korean stocks extended gains late Monday on increased foreign buying.The benchmark Korea Composite Stock Price Index gained 10.49 points, or 0.45 percent, to 2,365.79 as of 11:15 a.m.The broad index didn't track Friday's losses on Wall Street.The Dow Jones industrial average fell 0.01 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors bought large-cap stocks, giving a boost to the main index.Bae Sung-young, a market analyst at KB Securities Co., also

May 29, 2017

Korean shares open higher on foreign buying

South Korean stocks opened higher Monday on increased foreign buying.The benchmark Korea Composite Stock Price Index gained 8.11 points, or 0.34 percent, to 2,363.41 in the first 15 minutes of trading. The broad index didn't track Friday's losses on Wall Street.The Dow Jones industrial average dropped 0.01 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors bought large-cap stocks, giving a boost to the main index.Large-cap stocks were mixed across the boar

May 29, 2017

Korea ranks 3rd in foreign net stock buying in Asia

South Korea ranks third in foreign investors' net stock buying among Asian countries, excluding China and Japan, this year, with its stock market performing the best in the region, data showed Monday.Offshore investors bought a net $5.59 billion worth of South Korean stocks between January and April, the third largest among Asian nations after India's $7.11 billion and Taiwan's $6.69 billion, according to the data from the Korea Exchange.  China and Japan were excluded from the rankings as

May 29, 2017

Q2 optimism, bullish IT lift Kospi outlook

The main stock market’s consensus net profit estimate for this year has been raised in the wake of a strong earnings forecast for the second quarter and buoyancy of IT firms at home and abroad.The estimated net profit of all 536 listed firms on the first-tier Korea Composite Stock Price Index came to 143.6 trillion won ($128.3 billion), according to data by market tracker FnGuide as of Friday. Compared to a January projection, when it stood at 126.9 trillion won, the annual net profit fore

May 28, 2017

Alternative investment funds post sharp growth

The size of funds that invest in real estate and nontraditional assets has topped the 100 trillion-won ($89 billion) mark as investors poured money into alternative vehicles seeking stable returns, industry data showed Sunday.According to the data compiled by the Korea Financial Investment Association, real estate funds and special asset funds with exposure to commodities, weather, artworks and other alternative investment vehicles had 103.92 trillion won worth of assets under management as of W

May 28, 2017

Shares of Hyundai Heavy, shipbuilders rise on recovery hope, oil prices

Hyundai Heavy Industries Co. and other major shipyards have seen their stock prices continue to build up gains hitting yearly highs on expectations that the shipbuilding sector is on a recovery track, analysts said Sunday.Hyundai Heavy closed at 179,500 won ($160) on the Seoul bourse on Friday, marking a yearly high, with its smaller rival Samsung Heavy Industries Co. finishing at 12,500 won, also hitting a 52-week high. The rise comes on expectations of rising oil prices and overall trade spurr

May 28, 2017

Seoul shares to maintain upward move next week on sound economic data

South Korean stocks are expected to continue to build up gains next week on the back of strong economic data, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,355.30 on Friday, up 2.9 percent from the previous week, renewing its all-time high.On Monday, South Korean shares breached the 2,300-point mark for the first time ever as foreign investors scooped up major tech stocks amid sound corporate earnings.The index continued to set fresh record highs this week, m

May 27, 2017

Seoul stocks sets another record for 5th consecutive session

South Korean shares extended their winning streak to end at a new record high Friday on the back of improved investors' sentiment on gains from the Wall Street, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index added 12.37 points, or 0.53 percent, to reach an all-time high of 2,355.30. Trade volume was moderate at 309.17 million shares worth 6.03 trillion won ($5.38 billion), with advancers far outnumbering losers 499 to 307.It also marks th

May 26, 2017

KB Kookmin Bank sells $400m in bonds in Taiwan

South Korea's top lender KB Kookmin Bank said Friday that it has successfully issued $400 million worth of bonds in Taiwan, becoming the first local bank to do so.The Formosa bonds will mature in five years and carry a floating rate with the spread set at 0.95 percentage point plus the three-month London Interbank Offered Rate, a benchmark interest rate in the global financial market, the bank said. Formosa bonds refer to bonds issued in Taiwan but denominated in a currency other than the Taiwan

May 26, 2017

Foreign investors’ daily trading hits record

The average daily stock trading by foreign investors reached nearly 2 trillion won ($1.78 billion) this month, the highest ever in recorded history, according to the Korea Exchange on Friday. In the past 25 days, the average trading value by foreigners for Korean stocks has been 1.99 trillion won, marking the highest value recorded since the Korea Composite Stock Price Index started collecting foreign investors’ data from April 2005. The previous record was 1.9 trillion won in October 2007

May 26, 2017

Seoul shares up 0.42% in late-morning trade

South Korean stocks traded 0.42 percent higher late Friday morning, led by gains in logistics and tech firms, analysts said. The benchmark Korea Composite Stock Price Index rose 9.73 points, or 0.42 percent, to 2,352.66 as of 11:20 a.m.CJ Logistics climbed 1.3 percent, and market bellwether Samsung Electronics gained 0.6 percent. In contrast, autos trended lower. Top automaker Hyundai Motor was down 0.6 percent, with its smaller affiliate Kia Motors falling 0.4 percent. The local currency was ch

May 26, 2017

Seoul shares open tad higher after rally

South Korean stocks opened with a marginal gain on Friday, taking a breather from the previous session's rally that hit an all-time high, analysts said. The benchmark Korea Composite Stock Price Index was up 0.91 point, or 0.04 percent to trade at 2,343.84 in the first 15 minutes of trading.The main index closed at a record high on Thursday, fueled by the rate freeze of the central bank, which hinted at an upward adjustment of its growth outlook from the current forecast of 2.6 percent, citing r

May 26, 2017

Stock-related floating money rises steadily amid uncertainty

Money floating around the South Korean stock market has grown steadily this year as investors park funds in short-term equity-related vehicles amid financial uncertainty and a recent market rally, data showed Friday.The amount of money sitting idle around the local equity market came to 298 trillion won ($266 billion) as of Thursday, up 12.4 percent from the end of 2016, according to the data by the Korea Financial Investment Association. The figure includes 23.6 trillion won in investor deposit

May 26, 2017

NPS to expand stock investment to 45% by 2022

South Korea’s pension behemoth the National Pension Service said it has decided to allocate more funds in stock investment, up to 45 percent of the total fund, by 2022.Currently managing about 563 trillion won ($503 billion) fund, the NPS’ fund management committee decided on the five-year investment portfolio during 2018-2022 in a meeting at a hotel in Seoul, Thursday. According to the latest decision, the nation’s largest institutional investor will expand stock investment fr

May 25, 2017