Seoul stocks extend rally ahead of presidential election

South Korean shares extended a rally Monday morning after touching an all-time high last week, amid hopes for an economic stimulus a day before voters go to the polls to choose their president. The benchmark Korea Composite Stock Price Index added 4.15 points, or 0.19 percent, to 2,245.39 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics gaining 0.53 percent.Top automaker Hyundai Motor fell 0.66 percent, and No. 1 steelmaker Posco declined 1

May 8, 2017

Korea-US trade surplus down 25%, most among major trading partners

South Korea’s trade surplus with the United States dropped nearly 25 percent in the first quarter of this year, with its US trading partner ranking falling from No. 6 to No. 8, according to data from the US Department of Commerce on Sunday. Compared to last year’s first quarter, the country’s trade surplus with the US decreased by roughly $1.9 billion or 24.6 percent this year -- the largest drop recorded among America’s 10 major trading partners.  India’s trad

May 7, 2017

Listed manufacturers retire tiny portion of treasury shares: report

Most listed manufacturing firms in South Korea tend to hold or resell treasury shares instead of canceling them in order to help controlling shareholders strengthen their managerial control, a report said Sunday.According to the report by professor Kim Woo-jin of Seoul National University, treasury share cancellations by listed manufacturing companies came to 174 cases between 2004 and 2015.The figure accounted for only 2.3 percent of stock buybacks, resales and retirement conducted by all 7,428

May 7, 2017

Foreign ownership of Korean stocks hits 10-year high: data

Foreign ownership of South Korean stocks hit a 10-year high on large-scale net buying of shares by overseas investors, market data showed Sunday.According to the Korea Exchange, overseas investors bought 6.7 trillion won ($5.9 billion) worth of shares more than they sold coming into this year. On Friday when the benchmark Kospi hit a record high, foreigners controlled over 534.1 trillion won worth of local stocks, equivalent to 36.72 percent of the aggregate value of all listed shares, the bours

May 7, 2017

Seoul stocks set to rise next week

South Korean stocks are set to rise further next week on positive market factors, analysts said Saturday. They expect the country's benchmark Korea Composite Stock Price Index to maintain its upward momentum next week as foreigners are expected to buy more undervalued stocks. The broader index closed at 2,241.24 points Thursday, up 1.6 percent from a week ago. The stock markets were closed on Friday, a national holiday. KB Securities analyst Bae Sung-young said the main index is expected to test

May 7, 2017

Semiconductor, display segments boost component makers

Record-high earnings of Korean semiconductor and display giants sent their domestic component manufacturers’ stock prices rising high.The stock prices regarding light-emitting diode, printed circuit boards and LED display makers saw 40.4 percent, 38.8 percent and 38.7 percent hikes, respectively, as Samsung, LG Electronics and SK hynix’s profit skyrocketed in the first three months, according to Daeshin Securities on Friday. During the same period, the Korea Composite Stock Price Ind

May 5, 2017

[News Focus] Outlook improves for ‘undervalued’ Kospi

The rosy outlook of the “undervalued” main bourse in South Korea is likely to continue for the time being, as robust economic fundamentals outweigh uncertainties, the main bourse operator said.The forecast came after the benchmark Korea Composite Stock Price Index closed at an all-time high Thursday, after reaching 2,241.14, on the back of a buying spree by foreign investors. It broke the closing record of 2,228.96 set on May 2, 2011. The record came in line with a series o

May 5, 2017

17 children own shares worth over W1b

Seventeen children in South Korea were estimated to own shares of listed firms valued at over 1 billion won ($880,000) as of the end of 2016, data by the Korea Exchange showed Friday.Of the total aged below 13, seven were from the family of pharmaceutical holding firm Hanmi Science, topping the list by each holding 37.4 billion won in stocks, as of Dec. 28, 2016. The seven, aged between 9 and 11, held 612,673 shares each, receiving them through bonus issues or as gifts. They are the grandchildre

May 5, 2017

Kospi hits record-high, offsets strong dollar

South Korea’s first-tier stock market hit a fresh record high Thursday, offsetting a strong US dollar on the back of eased global uncertainties and strong foreign buying.　The benchmark Korea Composite Stock Price Index closed at 2,241.24 points, up 21.57 points, or 0.97 percent, compared to the previous trading day Tuesday, when it closed at 2,219.67.　Kospi’s previous record high was 2,231.47, set on April 27, 2011. 　The market did not open Wednesday as it was a public holiday.　Forei

May 4, 2017

Korean shares turn higher on foreign buying

South Korean stocks turned higher late Thursday helped by increased buying by foreign investors.The benchmark Korea Composite Stock Price Index rose 13.02 points, or 0.59 percent, to 2,232.69 as of 11:20 a.m. Bae Sung-young, a market analyst at KB Securities Co., said foreign buying and improved corporate earnings pushed up the main index.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. rose 1.16 percent, and Naver, the top Internet portal operator, gai

May 4, 2017

Kospi hits record-high in morning trade

South Korea’s first-tier stock market index hit an all-time high about five minutes after the market opened Thursday.　The benchmark Korea Composite Stock Price Index recorded 2,232.98 at around 9:05 a.m. Thursday, beating the record-high mark of 2,231.47 set on April 27, 2011.　The market opened at 2,224.91, up 5.24 points, or 0.35 percent, compared to the previous trading day Tuesday, when it closed at 2,219.67.　The market did not open Wednesday as it was a public holiday. 　 Kospi extended

May 4, 2017

Samsung's presence on main bourse to fall on cancellation of treasury shares

Samsung Electronics Co.'s presence on the main bourse is anticipated to edge down after the company completes its plan to cancel its treasury shares, market watchers said Wednesday.NH Investment & Securities Co. said Samsung Electronics' presence on the KOSPI200, the basket of 200 blue chip firms' shares listed on the main bourse, will drop by 1.3 percentage points if the company completes the write down."If there is no change in the price, the combined market capitalization will fall i

May 3, 2017

Stocks trade higher again, despite afternoon losses

Stocks in South Korea’s main bourse traded higher again, though earlier sharp gains evaporated in the afternoon Tuesday. The benchmark Korea Composite Stock Price Index ended at 2,219.67 on Tuesday, up 14.23 points, or 0.65 percent, over Friday, when it closed at 2,205.46 to end seven consecutive gains. The stock market did not open Monday for a public holiday.The first-tier stock market hit its intraday high at around 11:47 a.m. at 2,229.74, approaching its all-time high mark of 2,231.47,

May 2, 2017

Regulations threaten to hold up blockchain's progress in Korea

Financial authorities in South Korea have yet to decide on whether to exempt blockchain technology from regulations on financial privacy, which may hurt Korea’s move to pursue the fintech-led fourth industrial revolution, a news report said Tuesday.Blockchain is expected to be a key feature of financial technology infrastructure in Korea, as it offers enhanced security from tampering. But it requires records in a block of transactions to remain permanent, with no option to alter them retro

May 2, 2017

Seoul stocks close higher on blue chip gains

South Korean stocks closed higher on robust gains of blue chip shares, including market behemoth Samsung Electronics, analysts said Tuesday, posting the second-highest closing figure. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index gained 14.23 points, or 0.65 percent, to close at 2,219.67. Trade volume was low at 290 million shares worth 4.72 trillion won ($4.17 billion), with losers outnumbering gainers 429 to 363.The latest figure marks the second-h

May 2, 2017

Foreigners' Korean bond holdings again surpass W100tr

Foreign investors have snapped up South Korean bonds with their holdings exceeding 100 trillion won ($88.6 billion) again, industry data showed Tuesday. Offshore investors were net buyers of South Korean bonds worth 692.1 billion won last week, raising their holdings to 100.1 trillion won as of last Friday, according to the data and NH Investment & Securities.Foreign investors have been buying South Korean bonds, with the won showing strength against the US dollar. Kang Seung-won, a research

May 2, 2017

‘Moon’s dovish stance may lift credit standing’

North Korea policies proposed by Moon Jae-in, the front-runner in South Korea’s presidential race, may have a positive impact on the sovereign credit rating of the fourth-largest economy in Asia, said a report from Moody’s on Tuesday. The international credit rating agency said South Korea could undergo a change in its geopolitical risks after the upcoming election that falls on Tuesday, considering Moon’s North Korea-friendly policies that have been likened to the “Sunsh

May 2, 2017

Korean stocks trade higher in late morning trading

South Korean stocks traded higher late Tuesday morning on the back of the robust gains of major blue-chip shares.The benchmark Korea Composite Stock Price Index rose 21.66 point, or 0.98 percent, to 2,227.10 as of 11:20 a.m.Market behemoth Samsung Electronics shot up 1.03 percent, and No. 2 chipmaker SK hynix also advanced 2.41 percent. LG Electronics and LG Display gained 2.03 percent and 2.04 percent, respectively.Carmakers are also winners, with Hyundai Motor rising 4.51 percent and its auto

May 2, 2017

Banks' Q1 profits surge to 6-year high

The combined net profit of South Korean banks for the first quarter of this year surged to a six-year high, thanks to a rise in interest income and a decline in loan-loss provisions, government data showed Tuesday. Banks in South Korea posted a combined net profit of 4.3 trillion won ($3.7 billion) for the January-March quarter, up 49 percent on-year, according to the data by the Financial Supervisory Service.It marked the biggest profit since the first quarter of 2011, when profit stood at 4.5

May 2, 2017

Stocks open higher on tech, financial shares

South Korean stocks opened higher Tuesday on the back of robust gains by tech and financial shares.The benchmark Korea Composite Stock Price Index rose 15.23 points, or 0.69 percent, to 2,220.67 in the first 15 minutes of trading. The market closed Monday for Labor Day.Tech shares led the gain, with market behemoth Samsung Electronics moving up 1.79 percent and its smaller rival LG Electronics climbing 0.72 percent. Chipmaker SK hynix advanced 3.33 percent.Financial shares also kicked off higher

May 2, 2017