The Korea Herald

Woojeon to shut down Chinese subsidiary for corporate restructuring

[DISCLOSURE] Woojeon (052270) will shut down Dongguan Woojeon, its wholly owned subsidiary in China, as part of corporate restructuring following a decline in client orders and difficulties collecting account receivables from major clients, it announced on Aug. 10. The shutdown cost is 121 billion won (US$110.4 million), which accounts for 62.89 percent of the parent company’s total revenue in 2015.

Aug. 10, 2016

Seoul Stocks down in late morning trading

[THE INVESTOR] South Korean shares traded lower late morning on Aug. 10 as the Korean won surged against the US dollar. The benchmark KOSPI shed 1.15 point, or 0.06 percent, to 2,042.63 as of 11:20 a.m.After rising to a nine-month high a day earlier, the KOSPI stock index started 0.04 percent lower and it swung between gains and losses.Market expectations for an interest rate hike by the US Federal Reserve were slightly lower following softer US productivity data. Such sentiment weakened demand

Aug. 10, 2016

Dollar hits yearly low against won

[THE INVESTOR] South Korea's local currency hit 1099.5 won against the US dollar in early morning trading on Aug. 10, a record low since June 22, 2015, when it was 1097.5 won. S&P Global Ratings’ recent decision to upgrade South Korea’s sovereign rating and low expectations surrounding US Federal Reserve’s decisions on interest rates are considered to have contributed to the won’s gain. The increasing foreign investments in South Korean companies is also considered as a major reason behind the g

Aug. 10, 2016

Daechang resumes brass production

[DISCLOSURE] Daechang (012800) announced on Aug. 10 that it has resumed production of brass products at one of its plants on Aug. 9 following the Ministry of Employment and Labor’s decision to lift its ban. The revenue from production at the plant was 501.7 billion won (US$455.8 million), 49.35 percent of its total sales in 2015.

Aug. 10, 2016

Seoul shares start higher on Aug. 10

[THE INVESTOR] South Korean shares opened higher on Aug. 10, extending gains after hitting a nine-month high a day earlier.The benchmark KOSPI rose 2.43 points, or 0.12 percent, to 2,046.21 in the first 15 minutes of trading.Large caps traded mixed with market kingpin Samsung Electronics gaining 0.32 percent. Major chipmaker SK hynix fell 0.57 percent. Naver, the country’s biggest internet portal, rose 1.32 percent. Top automaker Hyundai Motor was flat, and its affiliate Kia Motors inched down 0

Aug. 10, 2016

Seoul stocks hit 9-month high

[THE INVESTOR] South Korean stocks hit a nine-month high Aug. 9, as foreign investors continued to buy local stocks. The Korean won rose against the US dollar. The benchmark KOSPI rose 12.66 points, or 0.62 percent, to close at 2,043.78. Trade volume was moderate at 433 million shares worth 4.09 trillion won (US$3.69 billion), with gainers outnumbering losers 491 to 302.The KOSPI last surpassed the 2,040-level on Nov. 6 last year. The local stock market opened higher, buoyed by improved sentimen

Aug. 9, 2016

Seoul shares edge up in late morning trading

[THE INVESTOR] South Korean shares traded slightly higher late morning on Aug.9, with improved sentiment.The benchmark KOSPI rose 4.85 points, or 0.24 percent, to 2,035.97 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics shedding 0.57 percent, and global chipmaker SK hynix up 0.29 percent.Top carmaker Hyundai Motor gained 1.88 percent and its affiliate Kia Motors rose 1.34 percent. AmorePacific, the largest cosmetics maker, fell 0.66 percent.Naver, the operator of

Aug. 9, 2016

Seoul shares edge up in late morning trading

Seoul stocks start higher on Aug. 9

[THE INVESTOR] South Korean shares opened higher on Aug. 9 on the back of gains in tech and auto stocks. The benchmark KOSPI rose 5.15 points, or 0.25 percent, to 2,036.27 in the first 15 minutes of trading.Large caps traded mixed with market kingpin Samsung Electronics gaining 0.06 percent. Major chipmaker SK hynix fell 1.14 percent. Top automaker Hyundai Motor rose 1.5 percent, and its affiliate Kia Motors inched up 0.61 percent. The local currency was trading at 1,106.80 won against the US do

Aug. 9, 2016

Seoul stocks hit yearly highs

[THE INVESTOR] South Korean stocks rose to hit fresh yearly highs on Aug. 8, as positive US jobs data eased concerns about the pace of an economic slowdown. The Korean won gained against the US dollar.The benchmark KOSPI rose 13.18 points, or 0.65 percent, to close at 2,031.12. Trade volume was slim at 266 million shares worth 4.09 trillion won (US$3.68 billion), with gainers outnumbering losers 420 to 387.“As US economic indicators improve, the possibility of a US rate hike in September is like

Aug. 8, 2016

S&P upgraded Korea’s sovereign rating to ‘AA’

[THE INVESTOR] Global credit appraiser Standard & Poor’s raised South Korea‘s sovereign rating one notch to “AA” from “AA-” on Aug. 8.“The upgrade reflects our assessment that Korea’s strong record of steady growth has generated a prosperous economy, greater fiscal and monetary flexibility, and continual improvements in external metrics,” the company said in a statement.“Our rating on Korea reflects the country’s favorable policy environment, sound fiscal position and net external creditor posit

Aug. 8, 2016

Seoul shares up in late morning trading

[THE INVESTOR] South Korean shares traded higher late morning on Aug. 8, backed by positive US job data that eased concerns about the pace of an economic slowdown. The benchmark KOSPI rose 4.77 points, or 0.24 percent, to 2,022.71 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics adding 0.19 percent, and global chipmaker SK hynix down 0.86 percent.Top carmaker Hyundai Motor was flat, and its smaller affiliate Kia Motors traded 0.12 percent higher.POSCO, the No. 1 st

Aug. 8, 2016

Seoul stocks start higher on Aug. 8

[THE INVESTOR] South Korean shares opened higher on Aug. 8 following improved sentiment on Wall Street. The benchmark KOSPI rose 7.48 points, or 0.37 percent, to 2,025.42 in the first 15 minutes of trading.Large caps traded mixed with market kingpin Samsung Electronics gaining 0.19 percent.Top automaker Hyundai Motor fell 0.38 percent, and major chipmaker SK hynix rose 0.38 percent. Kia Motors, an affiliate of Hyundai Motor, rose 0.61 percent. The local currency was trading at 1,115.35 won again

Aug. 8, 2016

KRX to extend listing qualification inspection period of DSME

[DISCLOSURE] KRX said on Aug. 5 that it will extend its inspection period by 15 days on whether debt-heavy Daewoo Shipping & Marine Engineering (042660) is eligible to stay listed on the nation’s benchmark stock exchange KOSPI. The firm’s shares will be banned from trading until the date of announcement.

Aug. 5, 2016

Seoul shares close higher on BOE measures

[THE INVESTOR] South Korean shares advanced on Aug. 5 as the Bank of England’s monetary easing measures boosted risk appetites among foreigners. The Korean won rose against the US dollar.The benchmark KOSPI scored 17.91 points, or 0.9 percent, to 2,017.94. Trade volume was slim at 286.19 million shares worth 4.11 trillion won (US$3.69 billion), with losers slightly outnumbering winners 408 to 404.Foreign investors scooped up local equities after the Bank of England’s rate cut and stimulus packag

Aug. 5, 2016

Namhae makes foreign currency deposit in NH Bank

[DISCLOSURE] Namhae Chemical (025860) announced on Aug. 5 that is has made a 10.8 billion won (US$9.70 million) foreign currency fixed deposit in its affiliate NongHyup Bank.The interest rate is 1.46 percent and the redemption date is Aug. 4, 2017.

Aug. 5, 2016

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