South Korean stocks closed marginally higher Friday as investors took a breather following a two-day rally and weak output data in the eurozone, analysts said.The local currency strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.57 points, or 0.08 percent, to finish at 1,981.18. Trading volume was heavy at 590.5 million shares worth 3.86 trillion won (US$3.56 billion) with gainers outpacing decliners 422 to 374."Lackluster corporate performan

　Ilsung Corp., a local manufacturer of equipment for oil refining and petrochemicals, said on Friday that as of last week, it was on track to get back on its feet.　The company said that on Feb.7, the court issued an approval for its self-restructuring plans, which involved lay-offs and other efforts to trim down and stay more efficient.  　The move came less than a year since Ilsung first entered into court receivership in April of 2012. 　Ilsung, which had been recording sales of an annual 200 bi

South Korean stocks traded marginally lower late Friday morning, as automakers and shipping lines drove the key index down, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.69 points, or 0.03 percent to 1,978.92 as of 11:20 a.m.No. 2 shipyard Hyundai Merchant Marine plunged more than 4 percent following a market forecast that its earnings had dwindled in 2012. Industry leader Hyundai Motor fell 1.8 percent. In contrast, domestic-focused issues gathered ground, wit

ING, a Dutch banking group, has sold its stakes in KB Financial, in an apparent move to rebuild its capital base and break away from its long-term relationship with the Korean banking group. The move comes after the sale of ING Life to KB Financial broke down between the two sides as KB backed away from the potential deal last year. ING is currently also looking to unload its shares in a KB insurance subsidiary.The Amsterdam-based company had been a major shareholder in KB Financial with a 5.02

South Korean stocks opened higher Friday but then fell slightly as a decline in the quarterly output of European nations spurred losses in key local exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 0.39 points to 1,979.22 as of 9:15 a.m.Market bellwether Samsung Electronics slid 0.6 percent and automaker Hyundai Motor dipped 1.4 percent. The 17-nation eurozone economy reported on Thursday its gross domestic product declined 0.6 percent on-year in the four

Foreign banks operating in Korea appear to have scrapped their plan to offer more generous dividend payouts to main shareholders in the face of alleged opposition from the nation’s regulatory officials.Among the lenders are Standard Chartered Bank Korea and Citibank Korea, according to the Financial Supervisory Service.“Paying huge dividends to main shareholders ― more specifically to their parent groups in the U.S. and U.K. ― is spurring concerns about massive capital outflow and the local unit

A trade deal between the European Union and the U.S would have little impact on the Korean economy, which has its own free trade agreements with the two major export destinations, experts in Seoul said on Thursday. “It is too early to talk about the detailed fallout of the EU and U.S. trade pact, but Korean exporters could be shielded by the two effective trade pacts with the U.S. and EU,” an official from the Korea International Trade Association said. Concerns have been raised over the afterma

The Financial Supervisory Service has asked commercial banks to prevent customers with overdue payments from becoming credit delinquents via a pre-workout program.A pre-workout program is a debt rescheduling method, under which banks reduce heavy payment burdens on individuals and corporate customers, who suffer from cash flow problems.Key methods include rollover of payment dues and lower interest.Banks have run a pre-workout program worth about 10.3 trillion won ($9.5 billion) for about 150,00

South Korean stocks closed 0.18 percent higher Thursday as a spate of negative factors began to fade, whetting investors’ appetite for risk, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index advanced 3.54 points to finish at 1,977.42. Trading volume was moderate at 330.5 million shares worth 3.36 trillion won ($3.09 billion) with gainers outstripping decliners 481 to 304. “North Korea’s nuclear test had little impact, currency worries

SEJONG (Yonhap News) ― Global credit appraiser Fitch Ratings will maintain its sovereign ratings on South Korea despite heightened geopolitical tension following the recent nuclear test by North Korea, government officials said Thursday.The credit ratings agency officially notified the Seoul government of the decision through an email, according to the finance ministry. Fitch also said it will maintain its rating outlooks at “stable.”Last September, Fitch raised the ratings on South Korea from “

South Korea logged a trade surplus for the 12th straight month in January but the surplus dropped to the lowest level ever during the same period as exporters faced tough competition in global markets, customs data showed Thursday.According to the customs clearance trade figures provided by the Korea Customs Service, South Korea’s exports rose 10.9 percent on-year in January to $45.68 billion, while imports grew 3.9 percent to $45.21 billion. As a result, South Korea posted a trade surplus of $4