S. Korean stock market falls by sharpest margin in decade: data

South Korea‘s major stock indices recorded the sharpest fall in a decade this year, data showed Friday, amid global uncertainties and slowing domestic demand. 　The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,041.04 in the final trading session of the year on Friday, down 17.28 percent, or 426.45 points, from the end of last year, according to the bourse operator, Korea Exchange. 　This is the biggest drop since 2008 when the index nosedived 40.7 percent due to the global

Dec. 28, 2018

Korean stocks to take biggest yearly slump since 2008 financial crisis

South Korea’s stock market indexes in 2018 are set to mark the largest yearly slump in a decade since the global financial crisis hit Asia’s fourth-largest economy in 2008.As of the Wednesday session’s close, the main bourse index Kospi fell 17.8 percent since Jan. 2 this year, while the second-tier market benchmark Kosdaq slid 16.6 percent, according to data from the Korea Exchange on Thursday. Both figures indicate the largest gap since 2008, when the Kospi plunged 40.7 perce

Dec. 27, 2018

Small firms face tougher punishment over accounting irregularities

Small and medium-sized firms will be subject to tougher punishment if they are found to have engaged in accounting irregularities under revised regulations, the financial watchdog said Thursday. If accounting irregularities worth 5 billion won ($4.4million) or more are found at a small firm, financial authorities could punish the company regardless of the company's size, the Financial Supervisory Service said.  Currently, punishments for accounting irregularities can be reduced if a company

Dec. 27, 2018

Seoul stocks open tad lower despite Wall Street rally

South Korean stocks started slightly lower Thursday as institutions offloaded large-cap shares despite overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.1 percent, to 2,025.89 in the first 15 minutes of trading. US stocks soared Wednesday to snap a four-day losing streak, with the Dow Jones industrial average advancing 4.98 percent and the Nasdaq Composite jumping 5.84 percent. In Seoul, blue chips were mixed across the board.Market kingpin Sam

Dec. 27, 2018

Korean stocks drift lower on Trump fears

South Korea’s stock market indexes drifted lower Wednesday on prevailing risk-averse investor sentiment due to uncertainties in the United States. The main bourse benchmark Kospi closed at 2,028.01, down 1.3 percent, while the second-tier benchmark Kosdaq slid 0.6 percent to close at 665.74.  Both markets suffered strong net sales from retail investors. They net sold stocks worth 468.1 billion won ($415.8 million) on the main bourse and shares worth 348.7 billion won on the second-tie

Dec. 26, 2018

CEO replacement brawl hints at leadership strife within Shinhan Group

Shinhan Bank CEO Wi Sung-ho, who recently failed to clinch his reappointment, publicly let out disappointment and shock over his replacement decision, indicating at possible leadership strife within the financial holding group.“I feel baffled by the unexpected notice,” Wi told reporters Wednesday.While claiming to have had “no idea” over the sudden personnel decision, Wi said he shall for now refrain from further comments for the sake of organizational stability. Last wee

Dec. 26, 2018

BOK to maintain accommodative monetary policy stance in 2019

South Korea's central bank said Wednesday that it will keep an accommodative monetary policy next year to prop up the economic recovery, with the annual inflation target set at 2 percent."The Bank will maintain its accommodative monetary policy stance, considering macro-economic conditions such as the domestic economic and inflation trends," said the Bank of Korea in a report on its annual monetary. "The Bank will pay close attention to the possibility of a buildup in financial im

Dec. 26, 2018

Dividends of Kospi-listed firms expected to rise for 6th straight year

The size of annual dividends of Kospi-listed firms is likely to jump for the sixth consecutive year this year, partly spurred by the companies’ efforts to enhance responsible shareholder engagement since 2017, data showed Tuesday. The volume of dividends from ordinary shares and preferred shares trading on the Kospi throughout 2018 will unprecedentedly top a combined 30 trillion won ($26.6 billion), unless the year-end dividend shrinks by over 4 percent to 20.9 trillion won compared to the

Dec. 25, 2018

Small merchants to get loans with lower interest rates next year

Self-employed shop owners and small merchants will get 1.8 trillion won ($1.6 billion) worth of loans with lower interest rates next year as the government seeks to support their businesses, officials said Tuesday.Small merchants have been grappling with rising hiring costs and higher rental fees at a time when the nation's economic growth is slowing in the face of sluggish private consumption.  The Financial Services Commission unveiled a package of measures to help support small merchants

Dec. 25, 2018

Korea to add two more internet-only banks

South Korea’s financial authorities announced Sunday plans to introduce at most two internet-only banks within the next two years, in an apparent move to ramp up competition in a market in the course of deregulation.Business entities with plans to operate new banks without brick-and-mortar branches will be granted preliminary regulatory approval by the Financial Services Commission by May 2019, according to the FSC’s plans. The application will be accepted by March. Considering times

Dec. 23, 2018

Capital raised through IPO lowest in 5 years

The annual volume of capital raised through initial public offerings in the South Korean stock market this year is expected to mark the lowest in five years, amid volatile sessions throughout 2018 due to external uncertainties, data showed Sunday.Some 2.8 trillion won ($2.4 billion) in equity capital is expected to be raised through IPOs in Korea’s markets by the end of the year, according to data from the Korea Exchange, the sole market operator. The figure included the anticipated raise

Dec. 23, 2018

Seoul shares expected to rebound next week

South Korean stocks are expected to rebound slightly over the holiday-shortened trading sessions next week, led by bargain hunting from the recent slump, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,061.49 points on Friday, down 0.38 percent from the previous week.This week, investors took to the sidelines out of concerns over the US Federal Reserve's interest rate hike and global economic growth. While the Fed's fourth rate raise of the year had been widely

Dec. 22, 2018

Seoul shares up on institutional buying

South Korean stocks slightly rose Friday as institutions scooped up local shares to offset a selloff by foreigners who remained jittery about global growth, analysts said. The South Korean won firmed against the US dollar.The benchmark Korea Composite Stock Price Index added 1.37 points, or 0.07 percent, to 2,061.49. Trading volume was slim at 304.92 million shares worth 5.38 trillion won ($4.79 billion), with losers outnumbering winners 445 to 381. The index was in negative territory on continu

Dec. 21, 2018

Seoul shares down for 2nd day on global growth woes

South Korean stocks fell for a second day on Friday as investors were increasingly jittery about global economic growth and a possible government shutdown in the United States, analysts said. The South Korean won firmed against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.37 points, or 0.07 percent, to 2,061.49. Trading volume was slim at 304.92 million shares worth 5.38 trillion won ($4.79 billion), with losers beating winners 445 to 381.  Foreign investors remained

Dec. 21, 2018

Another cryptocurrency fraud case further dampens market sentiment

The cryptocurrency market, already reeling from a free-fall in the values of key digital currencies, was dealt another blow on Friday as officials at South Korea's No. 1 cryptocurrency exchange were indicted for offering fraudulent transactions and swindling money from investors.The three officials at Upbit -- a board chairman, a financial director and a working-level official -- allegedly opened a fake account around September last year and made bogus orders worth 254 trillion won ($226.2 billi

Dec. 21, 2018

Banks encouraged to provide policy loans to desperate borrowers

The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won ($886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens.About 3 million borrowers, who have no option but to borrow money from private lenders due to their poor credit scores, are expected to benefit from the move, the Financial Services Commission said in a statement.  The maximum legal lending rate was lowered to 24 percen

Dec. 21, 2018

Korean stock market to end 2018 session on Dec. 28

South Korea's stock market will close this year's trading session next week, the bourse operator said Friday.The main KOSPI, secondary KOSDAQ and derivative markets are scheduled to wrap up the year on Dec. 28, according to the Korea Exchange. Trading will restart at 10 a.m. on Jan. 2, an hour later than usual, though the day's trading will finish at 3:30 p.m. as normal, the KRX added. The ex-dividend date for listed firms, whose fiscal year ends on Dec. 31, is set at Dec. 27, so investors seeki

Dec. 21, 2018

Authorities vow closer watch on US rate hike repercussion

South Korea’s central bank has vowed closer monitoring in domestic financial markets to brace for potential volatile capital flows following a US rate hike Wednesday, while the financial watchdog reviewed a contingency plan of the national financial system. The Bank of Korea said Thursday it held an emergency meeting led by BOK Deputy Gov. Huh Jin-ho to keep close tabs on the possible consequences of the US Federal Reserve’s decision and its persisting hawkish stance in monetary poli

Dec. 20, 2018

US Fed's rate hike schedule creates room for S. Korea's monetary policy: BOK chief

A slower rate hike schedule by the US Federal Reserve may give South Korea greater leeway in terms of setting monetary policy in the new year, the head of the country's central bank said Thursday.On Wednesday (US time), the Fed raised its key interest rate for the fourth time this year to a range of 2.25 percent to 2.5 percent. It also said it will raise the rate twice next year after reviewing global economic data and international financial markets."The rate hike and its scheduled adjustm

Dec. 20, 2018

Korea vows to thoroughly prepare for destabilizing factors

South Korea will make thorough preparations for any destabilizing factors after the US raised interest rates, a senior official said Thursday.Lee Ho-seung, the first vice minister of economy and finance, also said in a meeting with relevant officials in Seoul that a possible hike in market rates in South Korea is something that households and companies can cope with.South Korea's overall household debt reached a record 1,514 trillion won ($1.34 trillion) as of September. He made the remarks afte

Dec. 20, 2018