President Moon Jae-in is expected to implement a sweeping overhaul of the financial authorities to reassign their roles and enhance oversight. As a presidential candidate, Moon had pledged to divide the authorities‘ roles between policymaking and regulating, and protecting financial consumers. Moon’s team had pointed to the Financial Services Commission that has been serving as a policymaker and regulator, saying the FSC had been monopolizing the roles.Moon’s economic think tan

Market May 10, 2017

The main bourse took a loss Wednesday mainly on foreign selling of futures, after its index hit a height of above 2,300 points in early morning trade Wednesday.The benchmark Korea Composite Stock Price Index closed at 2,270.12, down 22.64 points, or 0.99 percent, from the previous session Monday. Markets did not open Tuesday for the presidential election, where Moon Jae-in of the Democratic Party of Korea clinched a landslide victory. Opening at 2,295.25 on Wednesday, the Kospi surged to an intr

Market May 10, 2017

The presidential election and a hair salon may seem incongruous, but some polling venues for the 19th presidential election in South Korea on Tuesday were designated inside unlikely commercial shops in Seoul. A long line of people stood outside a barber shop in Seodaemun, western Seoul, on Election Day, as the store was designated by district authorities as an official polling station.Inside the store were partitions set up to provide space for the polling booths while couches were offered for p

Politics May 9, 2017

A week ahead of Tuesday’s Election Day on May 2, conservative Hong Joon-pyo of the Liberty Korea Party climbed to the No. 2 spot in a poll for the first time ever.His spike in popularity did not go over well for the long-time first runner-up Ahn Cheol-soo of the People’s Party in terms of his winning chances, and the stocks were fast to react. The poll was conducted by news channel YTN and was one of the last polls to be released.The so-called “Ahn-themed” stocks, or stoc

Market May 9, 2017

South Korea‘s main bourse-based index reached another all-time high Monday, following abated global uncertainties after French centrist Emmanuel Macron was elected president, as well as rising expectations of the presidential transition in South Korea. The benchmark Korea Composite Stock Price Index closed at 2,292.76, up 2.3 percent, or 51.52 points, Monday, breaking the record high set in the previous trading day of Thursday at 2,241.24. The Kospi hovered around 2,254 points from late mo

Market May 8, 2017

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

Market May 5, 2017

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

Market May 5, 2017

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

Market May 4, 2017

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

Market May 4, 2017

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,

Market May 2, 2017

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

Market May 2, 2017

Economy May 1, 2017

South Korea’s outbound shipments surged 24.2 percent in April from a year prior to $51 billion, mainly boosted by strong sales of ships and semiconductors, data by the Trade Ministry showed Monday. It marked the second most monthly exports, following $51.6 billion in October 2014. The figure saw the sharpest on-year rise in nearly six years, following 25.5 percent in August 2011.Meanwhile, inbound shipments also increased 16.6 percent, compared to the previous year, to $37.8 billion i

Economy May 1, 2017

South Korea’s non-life insurers saw their profits rise due to reduced loss ratios for car insurance and the rise in medical insurance rates in the first quarter, data showed Sunday.However, criticism persisted as the insurers appear to rely on group buying schemes, which allows them to overcharge customers to sustain financial stability for coverage, observers said.The combined net profit of the five major non-life insurers -- Samsung Fire & Marine Insurance, Dongbu Insurance, Hyundai

Market April 30, 2017

Commercial lenders in South Korea have raised interest rates for household lending, weighing on household debt, the central bank’s data showed Sunday. Fresh household loans with rates lower than 3 percent, extended by local banks, took up 26 percent of total household loans in March, hitting a 25-month low, according to data from the Bank of Korea. The proportion of new loans with interest rates below 3 percent plummeted by 50 percentage points to reach 25.8 percent, from 76 percent in Aug

Market April 30, 2017