Stocks open higher tracking US gains

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street, analysts said. The benchmark Korea Composite Stock Price Index rose 3.88 points, or 0.16 percent, to 2,443.78 in the first 15 minutes of trading.Market kingpin Samsung Electronics, however, dropped 1.32 percent, and SK hynix was 2.7 percent down.Hyundai Motor, the No. 1 automaker, rose 0.34 percent, and AmorePacific, the country's top cosmetics maker, gained 2.78 percent.LG Chem, the country's top chemicals firm

July 26, 2017

Banks post record-high H1 profits on household lending

South Korea’s leading banks last week posted record-high first-half earnings, attributing the result to the economic recovery, cost savings, structural improvements and success in nonbanking sectors.But their positive performance was mostly due to an increase in interest rates, a factor weighing on the nation’s households as debt levels continue to rise.The rates for business loans, in contrast, were eased during the period, placing the issue as a task for the Moon Jae-in government

July 25, 2017

Seoul stocks retreat on profit-taking

South Korean stocks finished lower Tuesday on profit-taking, after the key index hit a record high in the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 11.63 points, or 0.47 percent, to close at 2,439.90. Trade volume was moderate at 270 million shares worth 5.3 trillion won ($4.7 billion), with losers outnumbering gainers 499 to 300.The local stock market opened nearly flat as investors sought profit-taking after

July 25, 2017

Korean stocks down late Tuesday morning

South Korean stocks traded lower late Tuesday morning, as investors opted to cash in recent gains after the market closed at a fresh-high level in the previous session.The benchmark Korea Composite Stock Price Index shed 3.83 points, or 0.16 percent, to 2,447.70 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.98 percent, while major chipmaker SK hynix declined 1.92 percent.LG Chem, the country's top chemical company, fell 1.19 percent, while AmorePacific, the No. 1 cosmetics maker, was

July 25, 2017

Seoul stocks open nearly flat on profit-taking

South Korean stocks opened nearly flat Tuesday as investors sought profit-taking after the market closed at a record-high level in the previous session.The benchmark Korea Composite Stock Price Index rose 0.35 point, or 0.01 percent, to 2,451.88 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 0.63 percent down, and SK hynix, a major chipmaker, also fell 1.23 percent.Hyundai Motor, the No. 1 automaker, moved up 1.03 percent.The local currency was trading at 1,117.00 won

July 25, 2017

SK hynix's Q2 net hits record high on strong chip sales

South Korea's No. 2 chipmaker SK hynix Inc. said Tuesday its second-quarter net profit shot up nearly ninefold, apparently helped by a strong average sales price of dynamic random-access memory and NAND chips.The record-breaking net profit came to 2.46 trillion won ($2.2 billion), soaring from 286 billion won a year earlier, the company said in a regulatory filing. Operating profit also advanced 573.7 percent over the cited period to reach a record 3.05 trillion won. Sales came to an all-time hi

July 25, 2017

Corporate direct financing jumps 34.8% in H1

South Korean companies' equity and debt sales jumped 34.8 percent on year in the first half, due mainly to a rise in corporate bond issuance, government data showed Tuesday. Local companies raised 82.1 trillion won ($73.5 billion) by selling stocks and bonds in the January-June period, compared with 60.3 trillion won in April, according to the data from the Financial Supervisory Service. Stock sales, including three initial public offerings, reached some 4.9 trillion won, up 39.2 percent on-year

July 25, 2017

SK widens gap with Hyundai as No. 2 in market cap

SK Group, South Korea’s second-largest conglomerate in market capitalization on the main bourse, managed to widen its lead over Hyundai Motor Group, which it overtook on April 7, data showed Monday.As of Friday’s closing, firms listed on the top-tier market under SK Group had 120 trillion won ($107.5 billion) in market cap, accounting for 6.62 percent of the market, according to data from the sole market operator Korea Exchange. Hyundai Motor Group, which the second most valuable com

July 24, 2017

Kyobo Lifeplanet expands sales via Woori Bank

Kyobo Lifeplanet Life Insurance, a South Korean internet-only insurer, is eyeing expansion in the bancassurance market, picking Woori Bank as the third local commercial bank to sell its products Monday.  Woori Bank, the fourth-largest commercial bank in Korea, plans to sell two products -- savings insurance and pension-linked products.The products can be purchased at the bank‘s financial product category on its website, and “Woori Robo-Alpha,” an artificial intelligence-ru

July 24, 2017

Seoul shares close nearly flat on profit-taking

South Korean stocks closed at a new record high on Monday, although the local stock market finished nearly flat, as investors opted for profit-taking on bullish rallies observed last week, analysts said. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index edged up 1.47 points, or 0.06 percent, to close at a fresh record high of 2,451.53. Trade volume was low at 230 million shares worth 4.56 trillion won ($4 billion), with losers outnumbering gainers a

July 24, 2017

Seoul shares trade lower late Monday morning

South Korean stocks traded lower late Monday morning as investors took an apparent breather after the sharp rise observed last week.The benchmark Korea Composite Stock Price Index fell 3.47 points, or 0.14 percent, to 2,446.59 as of 11:20 a.m.Market behemoth Samsung Electronics fell 0.59 percent and Samsung SDI lost 1.38 percent. LG Electronics moved down 0.15 percent.Builders also traded bearish, with Hyundai Engineering & Construction decreasing 1.03 percent and Hyundai Industrial losing 0

July 24, 2017

Seoul stocks open lower on techs, steel

South Korean stocks opened lower Monday following losses from technology shares and steelmakers.The benchmark Korea Composite Stock Price Index fell 2.87 points, or 0.12 percent, to 2,447.19 in the first 15 minutes of trading.Tech shares mostly lost ground, with Samsung Electronics moving down 0.63 percent and LG Display losing 1.46 percent. No. 2 chipmaker SK hynix, on the other hand, added 0.98 percent.Steelmakers were also among losers, with top player POSCO decreasing 0.46 percent and No. 2

July 24, 2017

Kakao Bank to cut commission fees for wire transfers

Ahead of its launch Thursday, Kakao Bank unveiled Sunday its plans to offer commission fees on offshore wire transfers that were just a tenth of the amount charged at offline banks.As the second branchless bank in South Korea following K bank that started operation in April, Kakao Bank said its fees charged from electronic wire services will be better streamlined than conventional commercial banks. A bank user who transfers money worth up to $5,000 through the smartphone app will be charged

July 23, 2017

[Stock Preview] Record-setting Kospi still vulnerable to external risks

The unprecedented rally in South Korea’s stock market might ease off this week, according to analysts who cited vulnerabilities such as the US Federal Reserve Board’s possible hawkish signs and volatility in the markets and currency exchange rate.Multiple analysts forecast the main bourse index would hover at around the current 2,450 mark, with the lowest at 2,410 and the highest at 2,470.A slight hawkish tone from the July meeting of the Federal Open Market Committee held from Tuesd

July 23, 2017

Number of fake banknotes up 36.5% in H1: BOK

The number of counterfeit South Korean banknotes detected here in the first half of this year rose 36.5 percent from a year earlier, the central bank said Sunday. A total of 912 counterfeit bills were found in the January-June period, up from 668 in the same period last year, according to the Bank of Korea.The increase came as 469 10,000-won ($9) counterfeit bills with the same serial number were found.In South Korea, the 10,000-won bill is the second-highest denomination behind the 50,000-won b

July 23, 2017

Korean banks post surprise H1 earnings

South Korean banks posted surprisingly good first half earnings on the back of an economic recovery and an uptick in interest rate, industry data showed Sunday, stirring up concerns over their bonus plans amid ballooning household debt. According to the data, the country's four biggest banking groups -- Shinhan Financial Group Co., KB Financial Group Inc., Woori Bank and Hana Financial Group Inc. -- posted a combined 5.88 trillion won ($5.25 billion) in net profit for the first six months of the

July 23, 2017

Korea's bourse operator sends warning against insider trading

South Korea's sole bourse operator has sent a warning to all listed companies against possible insider trading as it cracks down on unfair stock transactions, market sources said Sunday. In the warning sent to a combined 2,151 companies listed on the country's benchmark KOSPI, the secondary KOSDAQ and the tertiary KONEX on Thursday last week, the Korea Exchange said it will keep closer tabs on company officials who engage in stock trading using nonpublic information, sources said.The move came a

July 23, 2017

Seoul stocks hit new record on foreign buying

South Korean stocks ended up at a fresh record high Friday on the back of strong foreign buying amid expectations of solid corporate earnings results. The won sharply rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 8.22 points, or 0.34 percent, to close at 2,450.06. Trade volume was moderate at 246.05 million shares worth 5.11 trillion won ($4.6 billion), with decliners outnumbering gainers 404 to 396.  Foreigners bought a net 282.43 billion won worth

July 21, 2017