[Kosdaq Star] Amotech rides high on electric auto part biz

This is the 40th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdAmotech’s unhindered rally over the past two weeks seemed to mark a successful consequence of the partmaker’s decadelong efforts to expand into the electric car part business. The company’s stocks listed on the second-tier Kosdaq market closed at 33,750 won ($29.96) on Friday, up 26.9 percent from two weeks prior and up 53.8 percent from the end of last year. The Frid

Aug. 27, 2017

All eyes on Jackson Hole outcome, export data next week: analysts

South Korean shares may fall to around the 2,360 level next week as the customs office is widely expected to release weakening export data, with all eyes on the outcome of the Jackson Hole meeting, market watchers said Saturday.On Friday, the benchmark Korea Composite Stock Price Index edged up 2.67 points, or 0.11 percent, at 2,378.51. It was up 0.9 percent from a week earlier.This week, the KOSPI index traded in a tight range as investors remained cautious awaiting cues from the US Federal Res

Aug. 27, 2017

Samsung Electronics stumbles on Lee’s verdict

With Samsung Electronics Vice Chairman Lee Jae-yong sentenced to five years behind bars Friday for bribery, embezzlement and flight of capital, Samsung Electronics shares dropped over 1 percent.Samsung Electronics closed at 2,351,000 won ($2,080), down 1.05 percent compared to Thursday’s close. Samsung C&T, the de facto holding company of the group and one of the focal points of the corruption scandal, shed 1.48 percent.Meanwhile, other listed Samsung affiliates saw gains. Samsung Engi

Aug. 25, 2017

Finance ministry eyes 3% economic growth

The finance ministry said Friday that it will put policy priority on restructuring state coffers and strengthening innovative momentum to pull off 3 percent economic growth going forward.Finance Minister Kim Dong-yeon held a policy briefing before President Moon Jae-in in Sejong, an administrative city some 130 kilometers south of Seoul, along with heads of the Fair Trade Commission and the Financial Services Commission."The ministry will expand the South Korean economy's capacity to grow 3

Aug. 25, 2017

Crowdfunding in Korea soars 29% this year

The amount of crowdfunding in South Korea shot up nearly 29 percent this year, data showed Friday, showing the platform growing as an effective financing option for startups.According to the data by the Korea Securities Depository, 106 companies raised a combined 14.2 billion won ($12.6 million) from 5,826 investors between February and August, up 29.1 percent from the same period a year earlier.The number of the firms involved represented a whopping 51.4 percent increase from the 70 a year earl

Aug. 25, 2017

Korea to sell W6.3tr in state bonds in Sept.

South Korea plans to sell a combined 6.3 trillion won (US$5.58 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.25 trillion won in bonds with a maturity of three years and 1.55 trillion won in five-year bonds in September.It also plans to sell 1.4 trillion won in 10-year Treasurys and a combined 2.1 trillion won of bonds with a maturity of between 20 and 30 years. (Yonhap)

Aug. 24, 2017

Kakao Bank secures 2.9m users in 1 month, security woes persist

Kakao Bank solidified its position as South Korea’s leading direct bank in its first month of operation, data showed Thursday, although concerns persist over customer service scams and loopholes in authentication. As of Wednesday, Kakao Bank, the second online-only bank to open in Korea following K bank, attracted some 2.9 million bank accounts, through which customers made deposits and savings worth a combined 1.8 trillion won ($1.6 billion) and took out loans worth 1.3 trillion won. Thes

Aug. 24, 2017

Seoul stocks end higher on institutional buying

South Korean stocks ended higher Thursday as institutions turned to net buyers. The won closed higher against the dollar. The benchmark Korea Composite Price Index rose 9.44 points, or 0.40 percent, to close at 2,375.84. Trade volume was moderate at 290.54 million shares worth 4.59 trillion won ($4.07 billion), with gainers outnumbering losers 428 to 372.Institutional investors bought a net 120 billion won. Foreigners bought stocks worth 14 billion won, extending their buying to a third straight

Aug. 24, 2017

Seoul shares extend gains in late morning trading

South Korean stocks extended gains late Thursday morning as foreigners and institutions scooped up market heavyweights. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 13.36 points, or 0.56 percent, to 2,379.76 as of 11:20 a.m.Institutions and foreigners bought a combined 140 billion won ($124 million), offsetting net selling worth 156 billion won by individuals.  A tight range is widely expected this week ahead of the US Federal Reserve's annual econ

Aug. 24, 2017

LG Chem trades at 52-week high on earnings, battery biz

LG Chem Ltd., South Korea's top chemical firm, soared to a 52-week high on Thursday on solid earnings and hopes for its burgeoning battery business, industry sources said.LG Chem traded at 377,500 won ($345) on the Seoul bourse as of 10:05 a.m., up 3.14 percent from the previous session's close and becoming the seventh most valued firm on the local stock market, and bypassing Internet portal operator Naver and Samsung C&T, the de facto holding firm of Samsung Group.Over the past two months,

Aug. 24, 2017

Korean stocks open higher on foreign buying

South Korean stocks opened higher Thursday helped by foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.52 points, or 0.23 percent, to 2,371.92 in the first 15 minutes of trading.Analysts expected the Seoul stock market to move in a tight range this week ahead of the US Federal Reserve's annual economic policy symposium in Jackson Hole, Wyoming. Large-cap stocks traded mixed across the board, with leading steelmaker POSCO rising

Aug. 24, 2017

Gold funds shine on flight to safety

Gold-related funds in South Korea have posted stellar returns over the past month, data showed Thursday, as geopolitical risks chilled the stock market and stoked investors' flight to safety.Those funds posted an average return of 3.49 percent in the month to Wednesday, the top performer among local investment funds worth 1 billion won ($880,000) or more, according to the data from financial information provider FnGuide.Comparable yields were 2.31 percent for exchange traded funds focused on ove

Aug. 24, 2017

Korea to tighten grip on short-selling

South Korea’s top financial regulators and sole market operator on Wednesday unveiled plans to tighten their control on short-selling in stock markets, a practice widely vilified here.Starting September, Korea will be able to put a brake on short-selling of a certain stock for a day, if short-selling of stocks that have fallen more than 5 percent take up 18 percent -- tighter by 2 percentage points -- of the daily trade volume, while the volume of short-selling on that stock rose sixfold c

Aug. 23, 2017

Seoul stocks end higher on foreign buying

South Korean stocks ended higher Wednesday as foreigners increased their stock purchases that offset sell-offs by institutions. The won traded higher against the dollar. The benchmark Korea Composite Stock Price Index rose 1.07 points, or 0.05 percent, to close at 2,366.40. Trade volume was moderate at 225.09 million shares worth 3.918 trillion won ($3.3 billion), with losers outnumbering winners 479 to 306.Foreigners and individuals bought a combined 183 billion won ($162 million) worth of stoc

Aug. 23, 2017

Naver founder cuts stock holdings to 4.31%

The billionaire founder of Naver Corp., Lee Hae-jin, has cut his stock holdings in South Korea's dominant Internet portal operator by selling 110,000 shares, a regulatory filing showed Wednesday. Lee sold his 0.33 percent stake in a block deal worth 81.8 billion won ($72.3 million), or 743,990 won per share, on Tuesday, according to the filing.Lee's stock holding in Naver was lowered to 4.31 percent from 4.64 percent. It remains unclear why Lee sold the stock, but the transaction came as Naver i

Aug. 23, 2017

Seoul shares shed earlier gains in late morning trading

The South Korean bourse shed some earlier gains late Wednesday morning as institutions sold off stocks. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 2.71 points, or 0.11 percent, to 2,368.04 as of 11:20 a.m.Institutions sold a net 74 billion won ($65 million), outweighing net buying worth 72 billion won by foreigners and individuals. Analysts didn't expect any strong rally in the KOSPI index as investors await cues from the US Federal Reserve's ann

Aug. 23, 2017

Stock funds log net inflows for 2nd month

South Korea's stock funds have chalked up net inflows for the second straight month, data showed Wednesday, as the local stock market is undergoing a period of correction.After touching a record high in late July, the Korea Composite Stock Price Index has been on the skids on foreign investors' massive profit-taking before regaining some ground in recent sessions. KOSPI closed up 0.44 percent at 2,365.33 on Tuesday.According to the data by fund researcher Zeroin, domestic stock funds, excluding

Aug. 23, 2017

Korean stocks open higher on US gains

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street. The Korean won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 12.22 points, or 0.52 percent, to 2,367.22 in the first 15 minutes of trading.On Tuesday (US time) The Dow Jones industrial average rose 0.90 percent to 21,899.89 and the tech-heavy NASDAQ climbed 1.36 percent to 6,297.48.  Analysts expected the Seoul stock market to move in a tight range as investors find

Aug. 23, 2017

Listings of financial firms, chipmakers soar over decade

South Korea's main stock market has seen a surge in the number of listed financial companies over the past decade, with the minor bourse posting a sharp rise in listings of chipmakers and pharmaceutical firms, data showed Wednesday.According to the data by the Korea Exchange, financial companies listed on the country's major bourse numbered 116 as of the end of July, up 59 from 10 years earlier and the largest among all industrial sectors.  The number of companies traded on the major KOSPI

Aug. 23, 2017

Finance Minister vows to keep nation’s debt under W700tr

South Korea’s top fiscal policymaker said in parliament on Tuesday that the government would keep the national debt under 700 trillion won ($616.7 billion) in 2017, amid concerns over rising government expenditure.In a meeting of the National Assembly’s Special Committee on Budget & Accounts, Deputy Prime Minister for Economic Affairs and Finance Minister Kim Dong-yeon said the volume of government debt is “manageable,” while adding the rise in debt is “ine

Aug. 22, 2017