Seoul shares turn higher Friday morning on foreign buying

South Korean stocks turned higher Friday morning as foreigners increased their holdings. The won traded down against the dollar.  The benchmark Korea Composite Stock Price Index that started the day in negative territory rebounded to rise 1.06 points, or 0.04 percent, to 2,442.90 as of 11:20 a.m.Foreigners bought a net 65.4 billion won ($58 million) worth of stocks, outpacing stock selling worth 63 billion won by institutions and individuals. Tech and auto stocks pushed down the index, with

July 21, 2017

Seoul stocks open lower on US losses

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street.  The benchmark Korea Composite Stock Price Index fell 1.15 points, or 0.05 percent, to 2,440.69 in the first 15 minutes of trading. The main index hit a record high of 2,441.84 points in the previous session. On Thursday (US time), the Dow Jones industrial average ended down 0.13 percent at 21,611.78. Tech and auto stocks led declines, with market bellwether Samsung Electronics Co. falling 0.94 percent a

July 21, 2017

Shinhan Financial‘s Q2 net up 30.5% on-year

Shinhan Financial Group Co., a major South Korean banking group, said Thursday that its net profit rose 30.5 percent in the second quarter from a year earlier on increased interest income.Net profit for the second quarter climbed to 892 billion won ($792 million) from 683.5 billion won a year earlier, the bank said in a regulatory filing.In the January-June period, the group's combined net shot up to 1.88 trillion won, the highest since the foundation of the financial group in 2001, it said. Shi

July 20, 2017

[Photo News] In honor of Shin Yong-ho

July 20, 2017

Under new leadership, FSC to tackle mounting household debt

In his inauguration speech Wednesday, new Financial Service Committee Chairman Choi Jong-ku addressed skyrocketing household debt, indicating he may push to adopt the debt-service ratio in household loans to toughen the lending process.“(The FSC) will advance the credit rating systems in financial firms by laying out ones based on the debt-service ratio,” Choi said in a speech at FSC headquarters in central Seoul.He described the nation’s household debt as “the biggest la

July 20, 2017

SC Bank Korea offers checking account with 1.5% rates

Monetary easing in South Korea has lasted for over a year, with the country’s central bank keeping a record low rate of 1.25 percent for 13 months as of July. Amid uncertainties surrounding the rate, Standard Chartered Bank Korea, the local unit of the London-based banking group, has been holding an event rewarding customers with benefits from checking account interest rates, the bank said Thursday. The move was partly to provide new customers who open checking accounts dubbed My Plus Acco

July 20, 2017

Seoul stocks hit new record on solid earnings hopes

South Korean stocks ended up at a fresh record high Thursday amid expectations of solid corporate earnings results. The won fell against the US dollar.  The benchmark Korea Composite Stock Price Index rose 11.90 points, or 0.49 percent, to close at 2,441.84. Trade volume was moderate at 246.84 million shares worth 5.27 trillion won ($4.5 billion), with gainers outnumbering decliners 431 to 354. Institutions and foreigners bought a combined 102.45 billion won worth of stocks amid expect

July 20, 2017

Seoul shares turn lower Wednesday morning on foreign selling

South Korean stocks turned lower Thursday morning as foreigners and institutions offloaded their holdings. The won traded down against the dollar.  The benchmark Korea Composite Stock Price Index that started the day in positive territory surrendered 0.60 points, or 0.02 percent, to 2,429.34 as of 11:20 a.m.Foreigners and institutions sold a combined 40 billion won ($36 million) worth of stocks more than they bought. Individuals acquired a net 25 billion won that kept the main index from fa

July 20, 2017

Woori Bank‘s net profit jumps 46.4% in H1

Woori Bank, a major South Korean commercial lender, said Thursday its net profit for the first six months of this year jumped 46.4 percent on year, thanks to a solid gain in both interest and non-interest income.Net profit jumped to 1.09 trillion won ($971 million) in the January-June period on a consolidated basis, the lender said in a statement. It marked the biggest six-month profit since 2011, the lender said. For the second-quarter of this year, Woori Bank's net profit soared 50.1 percent o

July 20, 2017

Citibank Korea named best foreign commercial bank in Korea

Citibank Korea has been named the best foreign commercial bank in Korea in this year’s Country Awards for FinanceAsia, a Hong Kong-based financial magazine, the bank said Wednesday.The New York-based banking group’s unit in Korea bagged the award eight times over the last 10 years. FinanceAsia cited the bank’s “level of soundness” in capital adequacy, “robust growth” in the wealth management business and in card business, as well as “excellence in

July 19, 2017

Seoul stocks hit new record on solid earnings hopes

South Korean stocks ended up at a fresh record high Wednesday backed by institutional buying amid hopes for sound corporate earnings. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 3.90 points, or 0.16 percent, to close at a record high of 2,429.94. Trade volume was moderate at 266.82 million shares worth 5 trillion won ($4.5 billion), with gainers outnumbering decliners 521 to 289. Institutional investors bought a net 140 billion won worth of stoc

July 19, 2017

Seoul shares turn lower Wednesday morning on foreign selling

South Korean stocks turned lower Wednesday morning as foreigners and individuals offloaded their holdings. The won traded higher against the dollar.  The benchmark Korea Composite Stock Price Index that started the day in positive territory surrendered 2.36 points, or 0.10 percent, to 2,423.68 as of 11:20 a.m.Foreigners and individuals sold a combined 133 billion won ($118 million) worth of stocks. Institutions bought a net 126 billion won that kept the main index from falling further. Tech

July 19, 2017

Seoul stocks open higher despite US losses

South Korean stocks opened higher Wednesday despite losses on Wall Street, with institutions buying stocks on bargain hunting.  The benchmark Korea Composite Stock Price Index rose 1.26 points, or 0.05 percent, to 2,427.30 in the first 15 minutes of trading. The main index hit a record high of 2,425.10 in the previous session. Institutional investors bought a net 29 billion won ($26 million) worth of stocks. Foreigners and individuals offloaded a combined 27 billion won in shares.  On

July 19, 2017

National pension fund raises holdings of Samsung, SK hynix stocks

South Korea's national pension fund has raised its holdings of stocks in Samsung Electronics Co. and SK hynix Inc. apparently to capitalize on the global semiconductor industry boom, market data showed Wednesday. The National Pension Fund held 85.4 trillion won ($75.8 billion) worth of stocks in 100 companies in South Korea at the end of last month, according to the data by corporate tracker CEO Score. The fund's holdings of Samsung Electronics stocks stood at 30.8 trillion won, accounting for 3

July 19, 2017

‘Trader protection priority in bitcoin bill’

Panelists in a public hearing held Tuesday to build a legal ground for cryptocurrency in South Korea called for regulators to take swift action to strengthen consumer protection from its transactions.The panel also encouraged the state-led protection to guarantee the stability of the cryptocurrency‘s value and soundness of the related business. Rep. Park Yong-jin, lawmaker of ruling Democratic Party of Korea, presided over the public hearing, about two weeks after he unveiled a plan to pro

July 18, 2017

Seoul stocks hit record high on expectations of strong Q2 earnings

South Korean stocks turned higher to reach a fresh record high Tuesday backed by institutional buying. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 0.94 point, or 0.04 percent, to close at a record high of 2,426.04.Trade volume was moderate at 255.64 million shares worth 4.6 trillion won ($4 billion), with losers outnumbering winners 414 to 387. Institutional investors bought a net 122.04 billion won worth of stocks amid expectations that ma

July 18, 2017

Seoul shares trim earlier losses Tuesday morning

South Korean stocks trimmed earlier losses Tuesday morning as institutions and individuals bought stocks on bargain hunting. The won traded higher against the dollar.  The benchmark Korea Composite Stock Price Indexa backtracked 1.75 points, or 0.07 percent, from the previous day's close to stand at 2,423.35 as of 11:20 a.m.Institutions and individuals bought a combined 85 billion won ($75 million) worth of stocks. Foreigners sold a net 93 billion won, pulling down the main index. Market be

July 18, 2017

FSC nominee defends approval of K bank

Financial Services Commission Chairman nominee Choi Jong-ku on Monday denied allegations that the regulator gave a preliminary endorsement for the license of K bank, the nation’s first internet-only bank, despite it not meeting the requirements.“I do not believe that FSC officials would have jumped to conclusions with certain intentions and given favors,” Choi said during a confirmation hearing at the National Assembly. But Choi added he would take due measures, if the approval

July 17, 2017

Seoul stocks at another historic high, Samsung affiliates lead gains

South Korean stocks ended at a fresh record high Monday taking a cue from gains on Wall Street last week. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 10.47 points, or 0.43 percent, to close at a record high of 2,425.10. Trade volume was moderate at 252.17 million shares worth 4.82 trillion won ($4.27 billion), with gainers outnumbering losers 526 to 279.Institutional investors bought a net 110.77 billion won worth of stocks on expectations that

July 17, 2017

Seoul stocks open higher on US gains

South Korean stocks opened higher Monday tracking gains on Wall Street, with investors waiting for second-quarter earnings results from big companies due out later this month.The benchmark Korea Composite Stock Price Index added 11.89 points, or 0.49 percent, to a high of 2,426.52 in the first 15 minutes of trading.On Friday, the Dow Jones Industrial Average ended up 0.39 percent at 21,637.74 and the tech-heavy NASDAQ was up 0.61 percent to 6,312.47. Companies such as Samsung Electronics Co. and

July 17, 2017