The Korea Herald

Seoul shares open flat

Jan 21, 2016

South Korean share prices opened nearly flat Thursday despite some support from tech and logistics stocks. Screens display market numbers at a South Korean brokerage in Seoul. (Yonhap)The benchmark Korea Composite Stock Price Index added 2.07 points, or 0.11 percent, to 1,847.52 in the first 15 minutes of trading.But the index soon fell into the negative, and was trading more than 1 percent lower at 1843.86 as of 9:46 a.m. Samsung Electronics opened 0.97 percent higher, and No. 1 chipmaker SK hy
Seoul stocks hit 5-month low on foreign selling

Jan 20, 2016

South Korean stocks dropped to a five-month low on Wednesday as foreign investors dumped shares amid fears over China's hard landing and falling oil prices. The Korean won fell against the U.S. dollar to the lowest level for 2016.The benchmark Korea Composite Stock Price Index tumbled 44.19 points, or 2.34 percent, to end at 1,845.45. Trade volume was moderate at 399 million shares worth 5.26 trillion won, with losers far beating winners 743 to 110.Analysts said Seoul shares lost ground due to t
Seoul shares plunge 2.34 pct on foreign selling

Jan 20, 2016

South Korean stocks plunged 2.34 percent on Wednesday as foreign investors dumped local shares amid fears over China's hard landing and swings in oil prices. The Korean won fell against the U.S. dollar to the lowest level for 2016.The benchmark Korea Composite Stock Price Index tumbled 44.19 points to end at 1,845.45. Trade volume was moderate at 399 million shares worth 5.26 trillion won , with losers far beating winners 743 to 110.Analysts said Seoul shares lost ground due to the uncertainty o
Barclays to completely pull out of Korea

Jan 20, 2016

British investment bank Barclays will shut its Korean operations after 39 years as the bank seeks to slash costs through global restructuring, sources said Wednesday.The London-headquartered financial institution will close its bank and equities units in Seoul before the end of the year as part of the wider pullback in Asia. “Barclays decided to exit from Korea to refocus on Hong Kong, Singapore and India markets in the Asian region,” an official of the bank said. Some 103 employees work for Bar
Seoul shares down 1.21 pct in late morning trade

Jan 20, 2016

South Korean stocks traded 1.21 percent lower late Wednesday morning as tech and logistics firms went south.The benchmark Korea Composite Stock Price Index lost 22.88 points to 1,866.76 as of 11:20 a.m.Tech shares continued to lose ground, with leading Samsung Electronics falling 1.96 percent and SK hynix moving down 4.06 percent. LG Display shed 1.36 percent.Logistics also traded weaker, with top air carrier Korean Air plunging 3.11 percent and Asiana Airlines moving down 1.19 percent.Jeju Air
Record amount of W50,000 bills issued in 2015

Jan 20, 2016

South Korea issued a record amount of 50,000 won banknotes -- the country’s highest denomination bills -- in 2015, according to data from the central bank. South Korea’s highest denomination 50,000 won bills are being stacked at a local bank. (Yonhap)Last year, the Bank of Korea issued some 20.5 trillion won ($16.99 billion) worth of 50,000-won notes, up 34.8 percent from the previous year, breaching the 20-trillion-won mark for the first time since it introduced the
Seoul shares open bearish on blue chip losses

Jan 20, 2016

South Korean shares opened weaker on Wednesday on losses in tech and other blue chips.The benchmark Korea Composite Stock Price Index shed 9.24 points, or 0.49 percent, to 1,880.40 in the first 15 minutes of trading.Tech shares led the decline, with market behemoth Samsung Electronics losing 1.88 percent and top chipmaker SK hynix moving down 3.36 percent. LG Electronics shed 1.46 percent.Carmakers also opened weaker, with No. 1 Hyundai Motor sliding 0.71 percent and Hyundai Mobis stepping down
Global oil money expected to leave Korean bourse

Jan 19, 2016

Oil-producing countries will continue to pull their money out of the Korean stock market as they grapple with the prolonged slump in oil prices, a Korean brokerage house said Tuesday. (Yonhap)According to KDB Daewoo Securities, the Korean equity market has suffered 15 trillion won ($12.45 billion) in net outflows from foreign investment since June 2015, and the biggest exit came from Saudi Arabia. “Of the amount, withdrawals by Saudi Arabia accounts for nearly 30 percent at some 4.5 trillion wo
Seoul shares up 0.6% on China stimulus hopes

Jan 19, 2016

South Korean stocks rose 0.6 percent on Tuesday as investors bet on another Chinese stimulus after data showed weaker growth of the world's No. 2 economy. The Korean won gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 11.19 points to end at 1,889.64. Trade volume was moderate at 327 million shares worth 4.43 trillion won, with losers beating winners 505 to 304.Analysts said Seoul shares managed to climb as investors were not too disappointed about Ch
Seoul shares down 0.25% in late morning trade

Jan 19, 2016

South Korean stocks traded 0.25 percent lower late Tuesday morning amid growing woes over China's economy, the top export market for Asia's No. 4 economy.The benchmark Korea Composite Stock Price Index lost 4.64 points to 1,873.81 as of 11:20 a.m.Carmakers continued to trade weak, with Hyundai Motor falling 0.72 percent and its auto parts affiliate Hyundai Mobis losing 1.24 percent. Kia Motors, in contrast, edged up 0.21 percent.Logistics also traded bearish, with Hyundai Glovis moving down 0.78
Former WB director takes helm of KIC

Jan 19, 2016

Eun Sung-soo, a former World Bank director and long-time Korean Finance Ministry official, has taken the helm of Korea’s sovereign wealth fund Korean Investment Corp, the Seoul-based fund said Tuesday. Eun Sung-sooEun, 54, began his three-year term on Tuesday, filling the void left by Ahn Hong-chul, a controversial leader who resigned in November after criticism for low investment returns, mismanagement and alleged irregularities. A prosecutorial investigation into the allegations is currently o
Iran's Mellat Bank moving to normalize Seoul branch soon

Jan 19, 2016

The South Korean branch of Iran's Mellat Bank is moving to normalize operations as soon as possible following the landmark nuclear accord that helped to lift international sanctions on the oil-rich country, the branch chief said Tuesday.Seoul said Sunday that it will step up "reciprocal cooperation"with Iran as countries around the world move to lift economic and financial sanctions against Tehran. Seoul citing allegations that Mellat had violated a UN Security Council Resolution had restricted
Seoul shares open weaker on China woes

Jan 19, 2016

South Korean shares opened lower on Tuesday as investors remained concerned over China's financial uncertainty.The benchmark Korea Composite Stock Price Index shed 4.18 points, or 0.22 percent, to 1,874.27 in the first 15 minutes of trading.Builders opened bearish, with Hyundai Engineering & Construction decreasing 1.9 percent and Daelim Industrial losing 3.5 percent. GS Engineering & Construction plunged 1.1 percent.Carmakers also started weaker, with Hyundai Motor falling 1.08 percent and its
Stock market volatility hits 5-month high in Jan.

Jan 19, 2016

South Korea's stock market has been on a rollercoaster ride in the new year due to unfavorable external conditions and concerns over corporate earnings, with its volatility hitting a five-year high, data showed Tuesday.The daily volatility of the benchmark Korea Composite Stock Price Index came in at 1.38 percent this year until Monday, far higher than last year's monthly average of 0.94 percent, according to the data compiled by the Korea Exchange.It is also highest since August 2015, when the
Rising savings rate may further dampen consumption

Jan 18, 2016

Government policymakers are racking their brains to work out measures to boost domestic consumption to prop up the country’s sluggish economy. Briefed on 2016 economic policies last week, President Park Geun-hye urged them to step up efforts to expand domestic demand.While trying to bolster domestic spending, policymakers may be put into a dilemma over the country’s increasing savings rate.According to data from the Bank of Korea, the nation’s total savings rate rose from 35 percent in the first