Korea, China renew currency swap deal worth W64tr

Despite still-unresolved political and economic tensions over an anti-missile system deployment, Seoul and Beijing have agreed to renew their currency swap deal worth 64 trillion won ($56.9 billion) for another three years, Bank of Korea Gov. Lee Ju-yeol and Finance Minister Kim Dong-yeon told reporters in Washington on Friday. 　The two finance officials are currently in Washington to attend a meeting of G-20 finance ministers and the annual meeting of the International Monetary Fund and the Wor

Oct. 13, 2017

Korean shares marginally up in late Friday morning

South Korea's benchmark stock index traded slightly higher after swinging between gains and losses late Friday morning, as foreign investors turned net sellers of local stocks and top cap Samsung Electronics retreated. The benchmark Korea Composite Stock Price Index rose 2.93 points, or 0.12 percent, to 2,477.69 as of 11:20 a.m. after falling as low as 2,469.75 at one point. Samsung Electronics fell 0.55 percent, and global chipmaker SK hynix declined 2.15 percent.Hyundai Motor slipped 1.92

Oct. 13, 2017

Only one-fifth of chaebol affiliates disclose governance: report

About one-fifth of listed affiliates of the nation's top 10 family-run business conglomerates, or chaebol, have posted public disclosures of their corporate governance, a report showed Friday. Of the 88 listed affiliates of the major business groups, only 17 affiliates made a public disclosure of their governance structure as of September, according to the report by the Daishin Economic Research Institute.  The nation's stock exchange operator maintains that listed firms should disclose the

Oct. 13, 2017

Seoul stocks start higher on institutional buying

South Korean shares opened higher Friday, with institutional investors net buyers of local stocks. The benchmark Korea Composite Stock Price Index rose 1.98 points, or 0.08 percent, to 2,476.74 in the first 15 minutes of trading. Most large caps had mixed trading, with market kingpin Samsung Electronics falling 1.72 percent.Top automaker Hyundai Motor declined 0.96 percent, while top steelmaker POSCO rose 1.6 percent.The local currency was trading at 1,133.40 won against the US dollar, down 0.2

Oct. 13, 2017

Top financial officials to face grilling at audit

 With parliamentary audit sessions entering full-swing, the financial circle is bracing for tough weeks ahead, especially those involved in alleged irregularities in granting an internet-only bank’s license.During the three-week audit period, a total of 19 high-profile financial officials from supervisory organizations and state-run and commercial banks will be present at the parliament as either witnesses or testifiers, according to the parliamentary National Policy Committee.Among t

Oct. 12, 2017

[News Focus] Tech super cycle dwarfs NK tension, snubs small cap shares

The record-high closure of South Korea’s main bourse this week appeared to prove once again that foreign appetite for the market’s tech giants amid a global tech super cycle tends to precede uncertainties from geopolitical tension. Some analysts also highlighted the contrasting trend of large and small cap shares.The main bourse Kospi on Thursday extended a record streak for two days, closing at 2,474.76, up 0.68 percent from Wednesday. On Wednesday, the Kospi hit an all-time high, 2

Oct. 12, 2017

Chaebol owner' children control W100b worth of stocks: data

Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won ($88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road.The amount of stocks held by 25 children of the nine chaebol, or family-run conglomerates, reached 103.2 billion won as of the end of September, according to data by the Fair Trade Commission.The f

Oct. 12, 2017

Korean shares up in late morning trading

South Korean shares traded slightly higher late Thursday morning, aided by foreign buying.The benchmark Korea Composite Stock Price Index rose 2.73 points, or 0.11 percent, to 2,460.89 as of 11:20 a.m.Top cap Samsung Electronics fell 0.84 percent, and global chipmaker SK hynix declined 1.01 percent. No. 1 automaker Hyundai Motor fell 1.29 percent, and its smaller affiliate Kia Motors traded 2.3 percent lower. POSCO, the No. 1 steelmaker, fell 0.95 percent.Naver, the operator of the country'

Oct. 12, 2017

FDI pledges fall 9.7% in first three quarters of 2017

New foreign direct investment pledged to South Korea in the first three quarters of this year declined due to military tension on the Korean Peninsula and rising protectionist practices by major trading partners, the government said Thursday.South Korea received $13.59 billion worth of FDI commitments from January to September, retreating 9.7 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.The amount of actual investments made by foreign investors and compani

Oct. 12, 2017

KOSPI opens higher, set to extend record streak

South Korea's main stock index hit a fresh record intraday high Thursday, tracking a strong lead from Wall Street overnight. The benchmark Korea Composite Stock Price Index gained 4.75 points, or 0.19 percent, to 2,462.91 in the first 15 minutes of trading. Most large caps traded mixed, with market kingpin Samsung Electronics rising 0.62 percent.Top automaker Hyundai Motor fell 0.65 percent, while top steelmaker POSCO rose 1.27 percent.The local currency was trading at 1,131.05 won against the U

Oct. 12, 2017

Korea's FX reserves down in September on strong US dollar

South Korea's foreign exchange reserves fell slightly in September as the US dollar's strength reduced the value of non-dollar currencies when converted into the greenback, central bank data showed Thursday.As of the end of September, the country's foreign exchange reserves came to $384.67 billion, down $170 million from the previous month, the Bank of Korea said in a statement. Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as Internatio

Oct. 12, 2017

Household debt, aging threaten economy: report

Indebted households and the projected pace of aging in South Korea are worrisome, raising an urgent need for the country to develop households’ financial systems and access, a report showed Wednesday. Korea had the highest household debt to gross domestic product ratio among 10 Asian countries analyzed in 2016, according to the Allianz Global Wealth Report 2017 released by the German insurance giant. The debt ratio of Asia’s fourth-largest economy came to 95.8 percent, much higher th

Oct. 11, 2017

KOSPI hits record high on foreign buying, Samsung Electronics

South Korea's main stock index hit a record high on Wednesday, buoyed by strong buying by foreign investors, while Samsung Electronics rallied ahead of its earnings release. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 24.35 points, or 1 percent, to close at 2,458.16. Trade volume was moderate at 193 million shares worth 5.6 trillion won ($3.07 billion). The local stock market opened higher, tracking a strong lead from Wall Street overnight. 

Oct. 11, 2017

Possible irregularities found in granting K-Bank's license

An independent panel in charge of drawing up financial reform measures said Wednesday it has found possible irregularities by financial authorities in granting a license to the nation's first Internet-only bank, K-Bank. The possible irregularities are centered on Woori Bank, one of the major shareholders of K-Bank with a 10-percent stake, according to the panel. Under banking laws, Woori Bank was required to have a capital adequacy ratio of more than the average ratio of banks when financial aut

Oct. 11, 2017

Korean shares up in late morning trading

South Korea's bourse traded higher late Wednesday morning, buoyed by Samsung Electronics and foreign investors remaining net buyers of local stocks. The benchmark Korea Composite Stock Price Index rose 14.61 points, or 0.6 percent, to 2,448.42 as of 11:20 a.m.Large caps had a mixed morning of trading, with market kingpin Samsung Electronics adding 2.46 percent and global chipmaker SK hynix up 0.11 percent.Hyundai Motor rose 1.99 percent, and its smaller affiliate Kia Motors traded 2.19 percent h

Oct. 11, 2017

Korea ranks 22nd in per capita net financial assets: Allianz report

South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said Wednesday.The average South Korean had 28,180 euros in financial assets including cash, bank deposits, stocks, insurance and pensions last year, according to a global wealth report by the German-based Allianz Group. It marks an increase of 809 euros from 27,371 euros the previous year, when the ranking was 21st. The United States had the largest amount at 177,210 euros last year due t

Oct. 11, 2017

Foreigners holding high-value stocks, mostly in portfolio investments: data

Foreigners hold about 12 percent of South Korean stocks, valued at 34 percent of the market cap, an indication that they own high-priced portfolios, data showed Wednesday.According to the Financial Supervisory Service, offshore investors held 9.158 billion stocks in the main and secondary markets as of the end of August, equal to 12.3 percent of the total. Their holdings break down as 7.129 billion stocks, or 17 percent, in the main market KOSPI and 2.029 billion stocks, or 6.3 percent, in the t

Oct. 11, 2017

Seoul stocks start higher, tracking Wall Street

South Korean shares opened higher Wednesday, tracking Wall Street's strong showing overnight.  The benchmark Korea Composite Stock Price Index rose 7.34 points, or 0.3 percent, to 2,441.15 in the first 15 minutes of trading.Most large caps traded mixed, with market kingpin Samsung Electronics gaining 1.44 percent.Top automaker Hyundai Motor rose 0.66 percent, while top steelmaker POSCO fell 1.09 percent.The local currency was trading at 1,132.85 won against the US dollar, up 2.25 won from t

Oct. 11, 2017

Foreign buying on Kospi largest in over 4 years

South Korea‘s main bourse saw the largest foreign net purchase of its stocks in over four years Tuesday, while the market index approached the record-high in its closing, overshadowing escalating verbal war threats between North Korea and the United States. The Kospi closed at 2,433.81 Tuesday, the highest since July 27, when the index closed at 2,443.24. Kospi went up 1.64 percent from the previous trading day on Sept. 29, the highest rise in five months since 2.3 percent surge on May 8.

Oct. 10, 2017

Foreign investors may adjust portfolios over N. Korea risks: BOK board member

Global investors may adjust their portfolios by exiting their capital from South Korea in case of a prolonged security risk on the Korean Peninsula, a central bank monetary board member said Tuesday.The unidentified member of the Bank of Korea monetary policy board has called for close monitoring of foreign investors as he issued the warning about a possible outflow of funds, according to the minutes of a September meeting.In August, foreign investors offloaded South Korean stocks and bonds wort

Oct. 10, 2017