BOK raises growth outlook of Korea's economy to 2.6%

South Korea's central bank on Thursday revised up its growth outlook for Asia's fourth-largest economy to 2.6 percent from 2.5 percent for 2017.BOK Gov. Lee Ju-yeol announced the estimate in a news conference after the BOK Monetary Policy Board kept its policy rate at an all-time low of 1.25 percent in April.The BOK's gross domestic product growth estimate for 2017 is 0.1 percentage point higher than the central bank's estimate released in January. (Yonhap)

April 13, 2017

BOK holds key rate steady at 1.25% in April

South Korea's central bank on Thursday held its key rate steady for April to support the country's growth, despite a recent US rate hike.The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April after dropping the rate to its lowest level to bolster Asia's fourth-biggest economy.Last month, the US Federal Reserve raised its key rate by a quarter of a percentage point to a target range of 0.75 to 1 percent. It also signaled that additional h

April 13, 2017

Funds investment increases but skews away from stocks

South Korea's funds market grew big in size, gaining some 100 trillion won ($8.73 billion) in just two years, but the gain has not been all healthy with bigger lumps of money going to non-stock investments, industry data indicated Thursday.The Korea Financial Investment Association put the country's net fund assets at a record amount of 500.63 trillion won as of Friday. The value had just surpassed 400 trillion won in March 2015.A detailed look, however, showed that the largest sum of 28.84 tril

April 13, 2017

Korean shares open higher on tech gains

South Korean stocks opened higher Thursday on the back of robust gains in tech firms.The benchmark Korea Composite Stock Price Index climbed 4.95 points, or 0.2 percent to 2,133.86 in the first 15 minutes of trading.Most large-cap stocks were mixed across the board, with tech shares leading the gain.Market behemoth Samsung Electronics added 0.24 percent, and major chipmaker SK hynix moved up 0.61 percent. LG Electronics advanced 1.45 percent.Naver, the top Internet portal operator, was up 1.56 p

April 13, 2017

Kookmin Bank to compile feedback on expat banking

Kookmin Bank launched a group to help the company gather feedback from its expat customers Wednesday.The group is made up of 12 expats, non-Korean online community users and bloggers. It is expected to compile feedback from the foreign customers of Kookmin Bank for a year. An event to celebrate its launch took place at the main branch of Kookmin Bank in Myeong-dong, Seoul, Wednesday.  The move comes in line with the launch of an in-house department for international customers by teaming up

April 12, 2017

Seoul stocks rebound ending 6-day losing streak

South Korean stocks closed slightly higher Wednesday ending a six-day losing streak, although the rise was limited due to heightened geopolitical tension surrounding the Korean Peninsula, analysts said.The benchmark Korea Composite Stock Price Index inched up 5.06 points, or 0.24 percent, to close at 2,128.91. Trade volume was moderate at 405.1 million shares worth 3.8 trillion won ($3.32 billion), with losers outnumbering gainers 399 to 395.Analysts said the increase came as investors became le

April 12, 2017

Korean shares edge up in late morning trade

South Korean stocks traded a tad higher late Wednesday morning, but the gain was limited by geopolitical tension surrounding the Korean Peninsula.The benchmark Korea Composite Stock Price Index inched up 2.2 points, or 0.1 percent, to 2,126.05 as of 11:20 a.m.Top tech giant Samsung Electronics continued to gain ground, rising 0.43 percent.Mobile carriers lost ground, with No. 1 SK Telecom falling 0.61 percent and KT losing 1.27 percent. LG Uplus, the smallest player, shed 2.46 percent. &nbs

April 12, 2017

Financial holding firms see profits gain 19.6% in 2016

South Korea's seven financial holding companies saw their combined net profit gain 19.6 percent on year in 2016, helped by solid interest income and lower debt provisions, government data showed Wednesday. The combined net profit of financial holding firms stood at 7.5 trillion won ($6.5 billion) in 2016, compared to a profit of 6.2 trillion won in 2015, according to the data by the Financial Supervisory Service.  Banking units of the financial holding firms have expanded assets, led by mor

April 12, 2017

Seoul stocks fall for 6th consecutive session

South Korean stocks closed lower Tuesday, marking the sixth consecutive session drop amid rising concerns over a potential nuclear test by Pyongyang, analysts said.The benchmark Korea Composite Stock Price Index fell 9.47 points, or 0.44 percent, to close at 2,123.85. Trade volume was moderate at 460.2 million shares worth 4 trillion won ($3.49 billion), with gainers outnumbering losers 409 to 384.Analysts attributed the drop to the escalating concern that the North will soon press ahead with an

April 11, 2017

Financial markets stable despite geopolitical worries

South Korea's financial regulator said Tuesday geopolitical concerns won't impact financial market stability, while warning that it will sternly deal with spreading unfounded rumors. Jin Woong-sup, chairman of the Financial Supervisory Service, held an emergency meeting earlier in the day as the nation's stocks and currency lost ground over uncertainties centered on North Korea's nuclear and missile programs.In a statement, the regulator said the financial markets have remained "stable with

April 11, 2017

Korean shares down in late morning trade

South Korean stocks traded lower late Tuesday morning following losses from carmakers and mobile carriers.The benchmark Korea Composite Stock Price Index lost 9.46 points, or 0.44 percent, to fall to 2,123.86 as of 11:20 a.m.Carmakers continued to lose ground, with Hyundai Motor and Kia Motors losing 1.71 percent and 0.7 percent, respectively. Top auto parts maker Hyundai Mobis slid 1.8 percent.Mobile carriers also lost ground, with SK Telecom sliding 3.76 percent and KT decreasing 2.79 percent.

April 11, 2017

Korean shares open nearly flat on geopolitical concerns

South Korean stocks opened nearly flat Tuesday as investors remained concerned over the rising speculation that Pyongyang may stage another nuclear test in the near future.The benchmark Korea Composite Stock Price Index shed 1.82 points, or 0.09 percent, to 2,131.50 in the first 15 minutes of trading.Carmakers were major losers, with Hyundai Motor decreasing 1.37 percent and its autoparts arm moving down 0.9 percent. Kia Motors plunged 0.84 percent.Steelmakers, on the other hand, gained ground,

April 11, 2017

Local currency weakens amid growing security tension

South Korea’s local currency fell 0.55 percent to close at 1142.2 won against the US dollar Monday, amid growing security tension on the Korean Peninsula.The benchmark Korea Composite Stock Price Index also shed 18.41 points, or 0.86 percent, to close at 2,133.32 with key blue chip losses. LG Electronics moved down 4.23 percent. Major chipmaker SK hynix shed 1.61 percent to close at 49,000 won.North Korea launched an extended range Scud on Tuesday, which US officials said exploded in the a

April 10, 2017

Net profits of foreign banks plummet in Korea in 2016

Foreign banks operating business in South Korea saw their net profits plummet by 39 percent in 2016 from a year earlier, with several of them leaving the country due to mounting losses, government data showed Monday.According to data from the Financial Supervisory Service, the combined net profits of 43 foreign banks here stood at 689.3 billion won ($603.5 million) last year, a 39.1 percent on-year decrease from 1.13 trillion won in 2015. Foreign banks’ net profits grew 16.6 percent on-yea

April 10, 2017

Kosdaq firms with false disclosure face toughened penalties

South Korea's bourse operator said Monday that it has toughened its penalties for tech-laden KOSDAQ firms that falsely disclose information, in a move to try to regain investor confidence. A company listed on the secondary board is designated as an "unfaithful disclosure" firm when it intentionally delays a regulatory filing or reports false information twice a year.The toughened penalties require an "unfaithful disclose" firm to pay a fine of up to 10 million won ($8,769) pe

April 10, 2017

Korean shares down in late morning trade

South Korean stocks traded lower late Monday morning as investors took to the sidelines amid increased geopolitical risks.The benchmark Korea Composite Stock Price Index lost 17.98 points, or 0.84 percent, to 2,133.75 as of 11:20 a.m.Tech shares traded mixed, with Samsung Electronics rising 0.34 percent, while its smaller rival LG Electronics moved down 2.96 percent. Major chipmaker SK hynix shed 0.8 percent. Chemical firms were also losers, with industry leader LG Chem decreasing 0.88 percent.

April 10, 2017

Foreigners remain net buyers of Korean stocks for 4th month

Foreign investors remained net buyers of South Korean stocks for the fourth straight month in March, led by investors from the United States and Canada, data showed Monday. Offshore investors snapped up a net 3.29 trillion won ($2.88 billion) worth of South Korean stocks last month, according to the data by the Financial Supervisory Service.Massive foreign capital inflows into the local stock market were in part attributed to expectations about solid earnings by big companies in South Korea, wit

April 10, 2017

Korean shares open lower on blue chip losses

South Korean stocks opened lower Monday as key blue chips lost ground.The benchmark Korea Composite Stock Price Index shed 10.96 points, or 0.51 percent, to 2,140.77 in the first 15 minutes of trading.Tech shares mostly fell, with South Korea's No. 2 chipmaker SK hynix moving down 1 percent, and LG Electronics sliding 2.12 percent. Market behemoth Samsung Electronics, on the other hand, managed to climb 0.38 percent.Mobile carriers also gave up ground, with industry leader SK Telecom down 0.59 p

April 10, 2017

Will internet-only banks shake up Korea's banking industry?

With a newly launched internet-only bank garnering higher-than-expected interest from consumers, expectations are growing that the market entrance of such banks could trigger a change in South Korea’s banking industry. K bank, the country’s first branchless, internet-only bank, attracted more than 100,000 bank accounts in its first three days of operation, beginning April 3.As of Thursday, the bank had 107,379 savings accounts with deposits totaling about 73 billion won ($64.2 millio

April 9, 2017

Fourth Chinese firm listed on Kosdaq sees disappointing first trading day

Chinese farm equipment-maker Cayman Golden Century Wheel, the fourth Chinese company to be listed on the secondary Korean bourse, closed weaker than expected on its first trading on Thursday. The company’s stock closed at 3,815 won ($3.40), 4.74 percent lower than the market price set at 4,005 won, while Kosdaq inched up 0.15 percent to 661.26 points. It was higher than the initial public offering price of 3,500 won, but lower than expected, experts said. The price of 3,500 won is 6.

Oct. 19, 2016