Foreign firms take up 40% of brokerage sector

Foreign players account for 40 percent of the South Korean brokerage industry as they push to boost their presence here amid a series of local firms' shutdowns and mergers, the financial regulator said Monday.According to the Financial Supervisory Service, 22 foreign securities companies and branches were in operation in the country as of the end of September this year, with the overall number of industry players reaching 55.Of the foreign companies, 11 were wholly owned subsidiaries with the re

Nov. 6, 2017

Woori Bank taps global biz group head as acting CEO

Woori Bank convened a temporary meeting of board members and tapped Sohn Tae-seung as acting chief to overcome the leadership vacuum caused by the sudden resignation of its CEO.The move to name Sohn, who is the lender's executive vice president and head of global business group, comes days after Woori president Lee Kwang-goo apologized to the public and tendered his resignation over alleged irregularities in hiring new employees last year. There have been suspicions that employees of the lender

Nov. 5, 2017

[Newsmaker] Will Kosdaq get boost from Seoul’s venture support?

Following the government’s recent announcement it plans to increase fiscal support for innovative startups and venture firms and revitalize second-tier markets, the Kosdaq has slowly rebounded, closing above the 700-marker last week for the first time in a year and two months. 　And will the nation’s tech-heavy stock market get a boost from the government’s venture support? Some experts gave a positive outlook.　According to industry experts, while stock buying is likely to slow

Nov. 5, 2017

Seoul shares set to trade higher next week on China-related shares

South Korean stocks are expected to trade stronger next week as expectations of better Seoul-Beijing relations could help exporters, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,557.97 on Friday, up 2.45 percent from the previous week.On Monday, the bourse set a new record with its index closing above the 2,500-level mark for the first time since it opened in 1983. The record-breaking performance was widely attributed to the strength of technology shares.Mar

Nov. 4, 2017

Kakao Bank says regulations likely to delay innovation in banking sector

The head of Kakao Bank, South Korea's second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country's banking sector."The pace of innovation could slow down unless the restrictions are eased," Yun Ho-young, one of the bank's two co-CEOs, said in a news conference in Seoul marking the first 100th day anniversary of the lender starting operations.Kakao Bank, led by Kakao Corp., o

Nov. 3, 2017

Seoul shares at record high on new Fed chief nomination

South Korean shares closed at a new high Friday as investors' sentiment was boosted by abated uncertainties from the United States on the nomination of a new chief of the Federal Reserve, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index added 11.61 points, or 0.46 percent, to close at 2,557.97. Trading volume was low at 289 million shares worth 5.47 trillion won ($4.91 billion), with gainers outpacing losers 455 to 331.Analysts said Seo

Nov. 3, 2017

Woori Bank chief resigns amid recruiting scandal

Woori Bank CEO Lee Kwang-goo resigned Thursday, amid accusations that the bank offered special favors to children of high-profile officials and VIP clients in last year’s open recruitment.“As chief executive of Woori Bank, I offer my sincere apology to the people and to our clients for causing controversies related to the 2016 open recruitment,” Lee said in an email to employees. “Bearing the responsibility, I have notified the directorate of my intention to resign and re

Nov. 2, 2017

Seoul shares down 0.4% on profit-taking

South Korean shares closed lower Thursday, snapping a four-day rise, as institutional and foreign investors sought profits after the main bourse posted new records for the fourth consecutive session this week, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.11 points, or 0.4 percent, to close at 2,546.36. Trading volume was high at 521 million shares worth 6.17 trillion won ($5.53 billion), with losers outpacing gainers 450 to

Nov. 2, 2017

[News Focus] Trump, FOMC decisions unlikely to jolt market

Markets in South Korea were moderately mixed Thursday, while analysts here noted that dovish decisions in the United States would leave the market free of immediate impacts, citing the unlikelihood of a rate hike by the Korean central bank at least until the end of this year.The top-tier stock market index took a breather Thursday. The Kospi closed at 2,546.36, down 0.4 percent from Wednesday’s close. This marked an end to the record run that lasted for the four previous days, which lifted

Nov. 2, 2017

Korea's 100 richest people own stocks worth more than one third of national budget

South Korea's 100 richest people own stocks worth more than one third of the country's national budget amid a recent stock rally, industry data showed Thursday.The value of stocks held by the 100 richest people reached 123.2 trillion won ($110.5 billion) as of the end of Wednesday, up 35.6 percent from early January, according to industry tracker Chaebul.com.Last year, parliament approved a 400.5 trillion won budget bill for 2017. A recent stock rally has further boosted the value of stocks held

Nov. 2, 2017

KIS one step closer to lending rights

Korea Investment & Securities, Korea‘s fifth-largest securities firm by net worth, moved a step closer in obtaining the rights to lend to local corporations, and is now awaiting the approval of the country’s top regulator, expected next week. On Wednesday, the Securities and Futures Commission sent approval of the short-term debt instrument license of Korea Investment & Securities to its umbrella body and Korea’s top financial watchdog, the Financial Services Commission

Nov. 2, 2017

Individuals' credit loans up in October

Credit loans extended by South Korea's five major banks rose slightly in October from a month earlier, data showed Thursday, as the government tightened mortgage lending rules.The outstanding balance of credit loans by the five retail banks, including KB Kookmin Bank and Shinhan Bank, stood at 95.62 trillion won ($85.8 billion) at the end of October, up 1.77 trillion won from the end of September, according to the data from the financial industry.The increase is the highest since 2016, according

Nov. 2, 2017

Samsung Group affiliates make up third of market cap on main bourse

Samsung Group shares account for roughly one-third of market capitalization on South Korea's main bourse as they continue to gain ground, data showed Thursday.Finance market analyzer FN Guide put the total market cap of 15 Samsung Group affiliates at 529.36 trillion won ($476.25 billion) as of Wednesday's closing. It marks a 9.04 percent increase since Oct. 10, when the main KOSPI market reopened after the 10 day Chuseok, or autumn harvest, holiday.The KOSPI's market cap rose 4.95 percent during

Nov. 2, 2017

Stocks open nearly flat as investors take breather

South Korean stocks opened nearly flat Thursday as the market took a breather after the main bourse renewed its record highs for the fourth consecutive session.The benchmark Korea Composite Stock Price Index edged down 2.2 points, or 0.09 percent, to 2,554.27 in the first 15 minutes of trading. Market kingpin Samsung Electronics inched up 0.07 percent, with its smaller rival LG Electronics increasing 1.95 percent. LG Display also added 1.86 percent.No. 1 carmaker Hyundai Motor, in contrast, shed

Nov. 2, 2017

Seoul stocks hit another record on tech shares

South Korean stocks closed at another record high Wednesday, led mainly by technology shares, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 33.04 points, or 1.31 percent, to close at 2,556.47. The gain marks the fourth consecutive session that the main bourse has moved up. Trade volume was moderate at 357.9 million shares worth 7.44 trillion won ($6.79 billion), with gainers outnumbering losers 449 to 354.Analysts said the growth wa

Nov. 1, 2017

KB eyes No. 1 ranking ahead of 16th anniversary

Kookmin Bank celebrated its 16th anniversary on Wednesday, amid anticipations that it would become the nation’s largest commercial bank this year.Yoon Jong-kyoo, chief executive officer of KB Financial Group and its flagship Kookmin Bank, said 2017 is “(the bank’s) first year as a leading bank” in a speech at the anniversary event. This came days after KB Financial Group and Kookmin Bank were found to have both outperformed Shinhan Financial Group and its commercial Shinh

Nov. 1, 2017

Consumer card transaction in Q3 jumps 15%

South Korean consumers’ card transactions in the third quarter this year jumped 14.5 percent on-year, while consumer card payments soared 11.9 percent, partly on the back of a 10-day holiday early in September and the rise in car purchases on the domestic market, data showed Wednesday.Consumers made nearly 4.5 billion card transactions, accounting for over 90 percent of all debit and credit card transactions in the third quarter, according to an estimate from the Credit Finance Association

Nov. 1, 2017

Chaebol rankings seesaw over 2 decades

Nearly two-thirds of South Korea's top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday.According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining their status or being split up.Out of the 19 chaebol, 11 business groups -- including Daewoo, Ssangyong, Dongah, Kohap -- were dissolved in the wake of th

Nov. 1, 2017

Korea's biz environment ranking climbs to 4th place: World Bank

South Korea moved up to fourth place in this year's business environment survey, thanks to high scores in legal settlements and electricity supply, a report by the World Bank showed Tuesday.According to the organization's "Doing Business 2018" report, which is based on an annual survey, the country's ranking represents a one-notch gain from its standing a year earlier.For this year, the World Bank analyzed 190 countries' business environments by breaking them down into 10 broad categor

Nov. 1, 2017

Stock market's daily turnover soars 33% in Oct.

The daily turnover of South Korea's stock market spiked more than 33 percent on-year in October thanks mainly to the market's recent bull run, the bourse operator said Wednesday.The combined shares traded on the main Korea Composite Stock Price Index and tech-heavy KOSDAQ markets averaged slightly over 10 trillion won ($8.93 billion) last month, up 33.4 percent from a year earlier, according to the Korea Exchange.The amount was also up 14.1 percent from the previous month. It marks the first tim

Nov. 1, 2017