Banks' foreign currency deposits fall in April

Foreign currency deposits held by banks operating in South Korea fell in April as exporters reduced their deposits of dollar-denominated earnings, central bank data showed Tuesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $67.39 billion in April, down from 70.54 billion a month earlier, the Bank of Korea said in a statement.  Broken down, foreign currency deposits held by domestic lenders came to $57.98 billion in April, down from $60.33 billio

May 16, 2017

Seoul shares tad down on bearish retailers, pharmaceuticals

South Korean stocks inched down after a strong start late Tuesday morning, as shares of key retailers and pharmaceutical companies widened losses, analysts said.The benchmark Korea Composite Stock Price Index retreated 0.9 points, or 0.04 percent, to 2,289.75 as of 11:20 a.m. Lotte Shopping, which runs the department store and hypermarket chain units of Lotte Group, the country's fifth-largest conglomerate, fell 1.3 percent. Another leading retailer Shinsegae also slid 1.8 percent. Pharmaceutica

May 16, 2017

Korean bourse emerges as top performer worldwide

The South Korean stock market has emerged as the best performer in the world over the past month on the back of strong foreign buying, data showed Tuesday.The benchmark Korea Composite Stock Price Index closed at 2,286.02 Friday, up 7.4 percent from a month earlier and the highest rise among bourses in major advanced and emerging markets, according to the data by the Korea Exchange and the Korea Center for International Finance. Japan's Nikkei 225 came next with a 7.2 percent increase over the c

May 16, 2017

Seoul shares open higher on tech blue chips

South Korean stocks got off to a strong start Tuesday, buoyed by bullish tech large caps, analysts said. The benchmark Korea Composite Stock Price Index climbed 13.38 points, or 0.58 percent, to trade at 2,304.03 in the first 15 minutes of trading. Market behemoth Samsung Electronics gained more than 1 percent, with chipmaker SK hynix advancing nearly 2 percent. Brokerage firms also gathered ground, led by an around 2 percent gain by Mirae Asset Daewoo Securities. On the other hand, domesti

May 16, 2017

Seoul stocks end higher despite foreign selling

South Korean stocks closed higher on Monday as individual and institutional buyers scooped up big cap stocks offseting a selling spree by foreigners amid uncertainties at both home and abroad, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 4.63 points, or 0.20 percent, to close at 2,290.65. Trade volume was moderate at 248 million shares worth 4.58 trillion won ($4.07 billion), with losers outnumbering gainers 406 to 393.Foreign

May 15, 2017

Rising debt highlights Moon's relief pledge

The ongoing increase of household debt brings focus on whether President Moon Jae-in will manage to fulfill his pledge of curbing swelling household debt, which has long been a drag on South Korea’s economy.Household borrowing from lenders in Asia’s fourth-largest economy rose 7.3 trillion won ($6.5 billion) in April, according to preliminary data from the Financial Services Commission on Monday. The monthly increase was sharper compared to the previous month. The volume of debt rose

May 15, 2017

Finance Ministry preparing for looming tax hikes

With President Moon Jae-in promising to create 810,000 jobs and enhance welfare for ordinary people, the new government needs a big boost in fiscal income to execute jobs and welfare programs.The Finance Ministry is preparing for a possible change in its tax code plan, which is expected to be completed by the end of July, according to ministry officials. After announcing the tax code plan, the ministry has to submit the plan along with the 2018 budget proposal to the National Assembly by Sept. 1

May 15, 2017

Dollar-won exchange volatility narrows in April

The dollar-won volatility eased in April from a month earlier in line with eased volatility in the global financial markets, central bank data showed Monday.The session-over-session changes in the dollar-won exchange rates averaged 0.43 percent last month, compared to 0.47 in March, the Bank of Korea said in a statement.  "The won fell against the dollar in April due to geopolitical risks and remittances of dividends by foreign investors," the statement said.Tensions heightened on

May 15, 2017

Seoul shares up in late morning trading

South Korean shares traded higher late Monday morning as institutional buyers scooped up big cap stocks amid a massive selling spree by foreigners.The benchmark Korea Composite Stock Price Index added 6.35 points, or 0.28 percent, to 2,293.37 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 added 0.74 percent,

May 15, 2017

Stock market's daily turnover hits 22-month high

The daily turnover of South Korea's main stock market has reached a 22-month high in May on the back of strong foreign buying, data showed Monday.The daily value of shares traded on the main stock market has averaged 6.67 trillion won ($5.92 billion) through Friday this month, up 45 percent from the previous month and 32.4 percent from a year earlier, according to the data by the bourse operator Korea Exchange. In particular, the turnover reached a monthly peak of 9.38 trillion won on May 10, a

May 15, 2017

Seoul shares open lower on foreign selling

South Korean stocks opened lower Monday as foreign investors continued to dump market heavyweights, such as Samsung Electronics amid lingering geopolitical uncertainties.The benchmark Korea Composite Stock Price Index lost 4.7 points, or 0.21 percent, to 2,281.32 in the first 15 minutes of trading.Earlier in the day, North Korea said that it has successfully tested-fired a new surface-to-surface intermediate-range ballistic missile, claiming that the US mainland is within its reach.Market bellwe

May 15, 2017

Regulators recommence work to consolidate financial oversight

Financial regulators have restarted their postponed discussion to consolidate a financial supervision system, a measure aimed at better spotting potential financial risks. The move is part of the Moon Jae-in administration’s chaebol reform drive, by examining financial transfers between a group’s companies, including loans and investments such as cross-shareholding. 　 The Financial Services Commission and Financial Supervisory Service have reportedly picked up talks on how to oversee

May 14, 2017

4 out of 10 Kospi stocks left out of bullish trend

Despite the record-setting bull run on South Korea’s main bourse, 4 out of 10 stocks there fell, data from the Korea Exchange showed Sunday.The KRX said 302 stocks out of 750 listed on the benchmark Korea Composite Stock Price Index fell as of Thursday compared to Dec. 29, accounting for 40.3 percent. The Kospi rose 13.32 percent over the cited period, from 2,026.46 to 2,296.37. As for the listed firms of both the first-tier and second-tier stock markets, 890 stocks out of 1,973, accountin

May 14, 2017

Seoul stocks down 0.45% on profit-taking

South Korean stocks ended slightly lower Friday on increased selling by foreigners and institutions.The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.35 points, or 0.45 percent, to 2,286.02.Bae Sung-young, a market analyst at KB Securities Co., said foreigners and institutions offloaded stocks in apparent profit-taking, which are to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said foreign sel

May 12, 2017

BOK names expert on foreign reserves as head of reserve management group

South Korea's central bank said Friday it has named an expert on foreign reserves as the new head of its Reserve Management Group.Suh Bong-gook, director general at the International Department of the Bank of Korea, will be in charge of planning, investment and risk management of the country's foreign reserves, according to the BOK. As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, according to the BOK.Suh worked at

May 12, 2017

NPS earns W13tr from local equity investment this year

Earnings made by the National Pension Service through its investments in local stocks have amounted to 13 trillion won ($11.5 billion) this year, with the main bourse Kospi recently hitting highs above the 2,300 level, industry data showed Friday.The appraised value of local stocks held by the nation‘s largest institutional investor rose 13.5 percent from 93.6 trillion won at the end of last year to 106.2 trillion won as of Wednesday, according to financial data tracker FnGuide. The value

May 12, 2017

Korean shares down 0.36% in late morning trade

South Korean stocks extended losses late Friday morning as foreign investors offloaded large-cap stocks.The benchmark Korea Composite Stock Price Index lost 8.25 points, or 0.36 percent, to 2,288.12 as of 11:15 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.11 percent, with the tech-heavy Nasdaq composite index declining 0.22 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign selling of large-cap stocks worth nearly

May 12, 2017

Korean shares open lower on Wall Street losses

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index lost 5.48 points, or 0.24 percent, to 2,290.89 in the first 15 minutes of trading.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.11 percent, with the tech-heavy Nasdaq composite index declining 0.22 percent.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained 1.01 percent, and

May 12, 2017