Local opened higher Thursday following an overnight gain in U.S. stocks, and the Korean currency continued to rally against the U.S. dollar, causing the Finance Ministry to step up monitoring on the exchange rate.The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.44 points, or 0.27 percent, to 2,003.94 in the first 15 minutes of trading.Exporters started a tad lower on concerns over the strengthening local currency, while defensive shares gathered ground.Top market cap Samsung Electr

South Korea's central bank froze the key interest rate for the 11th straight month on Thursday amid an economic recovery at the first rate-setting meeting with its new chief at the helm.Bank of Korea Gov. Lee Ju-yeol and his six fellow policymakers held the benchmark seven-day repo rate, called the base rate, at 2.5 percent as widely expected.Gov. Lee, a former senior deputy governor at the BOK, replaced his predecessor Kim Choong-soo on April 1, vowing to operate the monetary policy in a consis

String of suicides by executives raises questions about how to claim innocence

South Korean stocks closed higher Wednesday, led by gains in defensive shares and steelmakers, amid worries that the soaring local currency may weaken exporters’ profitability, analysts said. The won closed at near six-year high.The benchmark Korea Composite Stock Price Index inched up 5.92 points, or 0.3 percent, to 1,998.95. Trading volume was moderate at 230 million shares worth 4.69 trillion won ($4.51 billion), with gainers outpacing losers 472 to 331.The index opened higher, tracking an ov

KB Financial Group has embarked on a policy to reinforce its nonbanking units, focusing on a group of auction targets in the merger and acquisition market.Under the initiative of its chairman Lim Young-rok, the group is seeking to diversify its earnings portfolio to overcome its reliance on first-tier banking.“Our nonbanking businesses lag behind several competitors. We plan to participate in the coming bids for stock brokerage houses or insurance firms,” said a group spokesman.He stressed that

Korea’s money supply grew 5.2 percent in February from a year earlier as bank lending remained firm, the central bank said Wednesday.The country’s M2, a narrow measure of money supply, amounted to 1,954 trillion won ($1.87 trillion) in February from a year earlier, compared with 1,937 trillion won in February, according to the Bank of Korea.On a seasonally adjusted basis, the country’s M2 advanced 1 percent in February from the previous month, quickening from a 1 percent on-month gain in January

String of suicides by executives leaves questions about how to claim one’s innocence

South Korea's financial watchdog is in talks with its Japanese counterpart over inspections into Tokyo branches of local banks on suspicions of various illegal activities. The Financial Supervisory Service (FSS) recently held discussions with Japan's Financial Services Agency on cooperative steps in looking into allegations that Tokyo branches of Woori Bank and state-run Industrial Bank of Korea (IBK) were involved in illegal lending and creating slush funds.The watchdogs are also discussing fol

South Korean stocks closed almost flat Tuesday as gains in steelmakers, shipbuilders and telecom shares offset a decline in some tech shares, analysts said. The South Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index inched up 3.33 points, or 0.17 percent, to 1,993.03. Trading volume was light at 215 million shares worth 3.7 trillion won ($3.52 billion), with gainers outpacing losers 407 to 399.The index opened lower, tracking an overnight fall in the U.S. sto

Critics argue eased rules would allow Seoul to draw away investment

South Korean stocks closed almost flat on Monday as gains by steelmakers, shipbuilders and tech helped offset a decline in autos and telecom shares. The South Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index moved up 1.61 points, or 0.08 percent, to 1,989.70. Trading volume was light at 182 million shares worth 3.59 trillion won ($3.42 billion), with losers outpacing gainers 510 to 286.The index opened lower, tracking Friday’s fall in the U.S. stock m

Foreign investors of South Korean stocks extended their selling spree for the fifth consecutive month in March as concerns over the slowing Chinese economy and protracted Ukraine conflict kept them from betting on risky assets, the financial watchdog said Sunday.Overseas investors offloaded a net 1.25 trillion won ($1.19 billion) worth of local stocks in March, compared with a net selling of 1.23 trillion won a month earlier, according to the Financial Supervisory Service (FSS).The FSS noted tha