Foreigners snap up S. Korean bonds despite NK jitters

Foreign investors have boosted their won-denominated bond holdings so far this year, industry data showed Tuesday, despite growing tensions on the Korean Peninsula over North Korea's nuclear and missile programs. Foreign inflows to the South Korean bond market also came in spite of the US Federal Reserve's decision to raise interest rates this year.  Offshore investors have purchased a net 16.5 trillion won ($14.5 billion) worth of won-denominated bonds as of last Friday, raising their hold

April 18, 2017

Korean shares open higher on US gains

South Korean stocks opened higher Tuesday, tracking gains on Wall Street, amid eased market uncertainties. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 5.12 points, or 0.24 percent, to 2,150.88 in the first 15 minutes of trading.Analysts expected the main index to get a boost from the United States' decision not to designate South Korea as a currency manipulator in Tuesday's session.  The Dow Jones industrial average gained 0.90 percent, a

April 18, 2017

PyeongChang 2018 signs KEB Hana Bank as main banking partner

Organizers of the 2018 PyeongChang Winter Games on Tuesday signed KEB Hana Bank as their main banking partner.The two sides recently wrapped up their negotiations that began in February and announced their deal in a ceremony at KEB Hana Bank's headquarters in central Seoul.The bank will reportedly offer 11 billion won ($9.7 million) in sponsorships, though PyeongChang had earlier said it sought 15 billion won from its top banking partner.KEB Hana Bank was picked as the preferred negotiating part

April 18, 2017

Corporate debt sales dip 25.4% in March over uncertainty

Debt sales by South Korean companies dipped 25.4 percent on-month in March, as economic uncertainties limited corporate borrowing, data showed Tuesday.Although South Korea's exports have been showing signs of a moderate recovery, the nation's economy is confronting the prospects of protectionism by the Donald Trump administration and China's apparent economic retaliation over the deployment of an advanced US missile system in South Korea.South Korean firms issued bonds worth 10.3 trillion won ($

April 18, 2017

Seoul stocks rise 0.51% on institutional buying

South Korean stocks closed higher Monday as institutional buying offset foreign selling amid eased uncertainties following the United States' decision not to designate South Korea as a currency manipulator. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.88 points, or 0.51 percent, to close at 2,145.76. Trade volume was moderate at 255.70 million shares worth 3.63 trillion won ($3.2 billion), with advancers outnumbering decliners 627 to 169.Anal

April 17, 2017

Korean shares extend gains in late morning trade

South Korean stocks extended gains late Monday morning as institutions increased their stock purchases on eased market uncertainties. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index lost 8.44 points, or 0.40 percent, to 2,143.32 as of 11:20 a.m."Investor sentiment has improved after the United States has not designated South Korea as a currency manipulator. It seems to be factored in the main index," Daishin Securities analyst Lee Kyoung-min sa

April 17, 2017

Korean shares open higher on defensive stocks

South Korean stocks opened higher Monday as defensive stocks gained ground. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 6.51 points, or 0.30 percent, to 2,141.39 in the first 15 minutes of trading.Defensive stocks, that are less prone to external changes and provide constant earnings, mostly gained, with South Korea's No. 1 cosmetics company AmorePacific rising 3.0 percent and KB Financial Group jumping 5.08 percent. Keeping the main index in

April 17, 2017

Main creditor expects ‘good result’ in DSME shipyard talks

The main creditor bank of Daewoo Shipbuilding & Marine Engineering on Sunday expected a “good result” in talks with a major bondholder that will help the shipyard stay afloat.The state-run Korea Development Bank and the National Pension Service have engaged in talks since late March to find common ground on debt rescheduling measures for the troubled shipbuilder.  “We have reached a consensus on many disputed points and expect a good outcome (from the talks) at the ear

April 16, 2017

Korea's tax burden remains one of the lowest in OECD: data

South Korea's tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday.Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia's fourth-largest economy stood at 18.5 percent in 2015, which is on par with Slovakia. The ratio takes into account both taxes paid to local and central governments. Corresponding numbers for J

April 16, 2017

Seoul stocks end lower on rising geopolitical tension

South Korean stocks closed lower on Friday as investors sought safer assets amid the tension surrounding the Korean Peninsula, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 13.73 points, or 0.64 percent, to close at 2,134.88. Trade volume was slim at 343 million shares worth 3.31 trillion won ($2.9 billion), with losers outnumbering gainers 592 to 207.Despite the eased concerns, the South Korean market has been dogged by speculat

April 14, 2017

Banks' foreign currency deposits hit record high in March

Foreign currency deposits held by banks operating in South Korea hit a record high in March as exporters deposited their dollar-denominated earnings, central bank data showed Wednesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $70.54 billion in March, up 3.8 percent from $67.94 billion a month earlier, the Bank of Korea said in a statement.Broken down, foreign currency deposits held by domestic lenders came to $60.33 billion in March, up from $56.45

April 14, 2017

Govt. to release fisheries stock during fishing prohibition period

The government said Friday it will release 6,700 tons of its fisheries stock starting next week to keep prices under control during the fishing prohibition period.The prohibition period began April 1 and will continue to Aug. 11, depending on different types of net fishing. Violators are subject to legal punishment.The Ministry of Oceans and Fisheries said the government will put its fish stock on the market from April 17 to May 26, including4,500 tons of Alaska pollacks, 1,314 tons of mackerels

April 14, 2017

Seoul shares trade lower in late morning trade

South Korean shares traded lower Friday morning as key blue chips continued to lose ground amid geopolitical concerns.The benchmark Korea Composite Stock Price Index dropped 11.35 points, or 0.53 percent, to 2,137.26 as of 11:20 a.m.Top market cap Samsung Electronics decreased 0.94 percent, and LG Electronics plunged 1.44 percent. LG Display shed 0.97 percent.Chemical firms were also among the losers, with industry leader LG Chem decreasing 0.18 and No. 1 cosmetics maker AmorePacific falling 0.3

April 14, 2017

Korean overseas bank branches report 15% rise in profits

Overseas branches of South Korean banks saw their combined net profit rise 15 percent on year to $650 million in 2016, thanks to a jump in incomes related to stocks and foreign exchange derivatives, government data showed Friday. The combined interest income at 178 overseas branches gained 6.4 percent on year to $1.35 billion, while non-interest income jumped 54.8 percent on year to $724 million, according to the data by the Financial Supervisory Service.Their average non-performing loan ratio s

April 14, 2017

Korean shares open lower on Pyongyang concerns

South Korean stocks opened lower Friday as investors continued to seek after safer assets amid the rising concern over North Korean provocations including a potential nuke test.The benchmark Korea Composite Stock Price Index fell 9.55 points, or 0.44 percent, to 2,139.06 in the first 15 minutes of trading.Tech shares traded bearish, with market behemoth Samsung Electronics losing 0.8 percent and No. 2 chipmaker SK hynix falling 0.3 percent. LG Electronics shed 1.15 percent. Financial shares also

April 14, 2017

Citibank Korea to close 80% of its branches

Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won't slash staff, despite ongoing restructuring measures.  Instead, about 800 workers at the branches facing closures will be relocated to what the bank calls "non-fa

April 13, 2017

Seoul stocks end higher on eased political uncertainties

South Korean stocks closed higher on Thursday as geopolitical uncertainties both at home and abroad eased to some degree, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 19.70 points, or 0.93 percent, to close at 2,148.61 Trade volume was slim at 331 million shares worth 4.23 trillion won ($3.74 billion), with gainers outnumbering losers 541 to 246.Analysts said market sentiment improved on expectations that the political situatio

April 13, 2017

FSC to strengthen private equity funds' role in bailouts

The Financial Services Commission of Korea rolled out plans Thursday to strengthen the role of private equity firms in carrying out corporate bailout measures, a move aimed to discourage the practice of credit banks being reluctant to declaring insolvencies of financially distressed firms.The projected 8 trillion won ($7.09 billion) fund, where state-owned lenders would first contribute half of the funds, to be matched by private equity firms, will be used to refinance mid-sized enterprises.This

April 13, 2017

Recovering global economy may help Korea turn around: finance minister

South Korea's finance minister said Thursday that the recent signs of a recovery in world trade will help Asia's fourth-largest economy make a rebound despite lingering uncertainties at home and abroad."As the South Korean economy highly depends on exports and global demand, the upside trend in the world economy will be a boon for the country," Finance Minister Yoo Il-ho said in a ministerial meeting in Seoul.Hopes are high that the South Korean economy has entered a positive cycle on

April 13, 2017

Seoul shares slightly up in late morning trade

South Korean shares traded slightly higher late Thursday morning as investors still remained cautious in making bets on risky assets.The benchmark Korea Composite Stock Price Index added 3.14 points, or 0.15 percent, to 2,132.05 as of 11:20 a.m.Market kingpin Samsung Electronics lost 1.09 percent after starting out on a strong note. The company announced earlier in the day that preorders for its new flagship smartphone, the Galaxy S8, have surpassed a whopping 720,000 units in just seven days.SK

April 13, 2017