Local brokerages miss forecast on over-optimism

Earnings of South Korean banking groups are likely to fall 29 percent this year from the previous year as lending margins decline amid a long streak of low rates, industry data showed Sunday.The combined earnings of six banking groups are estimated to reach 5.93 trillion won (US$5.62 billion) this year, compared with 8.35 trillion won the previous year, according to the data.The banking groups include Woori Finance Holdings Co., KB Financial Group, Shinhan Financial Group and Hana Financial Grou

Shinhan Bank appoints first female execShinhan Bank said Friday that it named its first female executive since its establishment.Shin Soon-cheol, who has been appointed to assistant deputy CEO, started her banking career in 1979 at Chohung Bank, which was absorbed into Shinhan in 2006.The 53-year-old has been evaluated as a well-skilled and sincere banker among her colleagues, a spokesman said.Shinhan Bank, in the unveiling of its yearly personnel policy on the day, said the appointment of the g

U.S.-based investor Franklin Templeton Investments, the biggest overseas owner of South Korean bonds, has scaled back its exposure to local bonds for the second consecutive month, stoking concerns over possible capital outflows from the country, industry sources said Friday.According to NH Investment & Securities, six out of nine Franklin Templeton‘s funds that have exposures to Korean bonds had $13.22 billion worth of local bonds in their portfolio as of end-November, down $360 million from a m

The new venture-focused bourse in South Korea posted a sluggish growth since its launch in July, the financial regulator said Friday, giving weight to calls to revise its strict entry rules to spur expansion. The average daily turnover of the Korea New Exchange reached 390 million won ($369,500) between July and Dec. 26, with its trading volume coming in at 60,000 shares per day in the same period, according to the Financial Services Commission. KONEX debuted on July 1 as part of the government‘

South Korean stocks ended 0.15 percent higher on Friday as overnight gains on Wall Street boosted market sentiment here, offsetting falls in high-dividend stocks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.98 points to 2,002.28. Trading volume was light at 203 million shares worth 2.89 trillion won (US$2.75 billion), with gainers outnumbering decliners 425 to 374.Analysts said another strong performance of the U.S

South Korean stocks traded 0.07 percent higher late Friday morning on gains in automakers and financial shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.36 points to 2,000.33 as of 11:10 a.m.Tech and financial shares led the overall market decline, with top market cap Samsung Electronics falling 0.05 percent.Automakers remained in the positive terrain. Industry leader Hyundai Motor rose 1.55 percent, and its smaller affiliate Kia Motors advanced 1.27 percent.

South Korean stocks started lower on Friday with losses in tech and financial stocks, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.79 points, or 0.44 percent, to 1,990.51 in the first 15 minutes of trading. Tech and financial shares led the overall market decline, with top market cap Samsung Electronics falling 0.07 percent.Automakers remained in the positive terrain. Industry leader Hyundai Motor rose 0.22 percent, and its smaller affiliate Kia Motors advanced 0

Eight of 14 Woori Financial units meet potential acquirers

Deputy Prime Minister and Finance Minister Hyun Oh-seok reiterated on Thursday that the planned establishment of the state-run Korea Railroad Corp. unit that will be operating a new railway was primarily to improve its services for the people.In a public statement, the deputy prime minister said the so-called Suseo Korea Train Express subsidiary was intended to spur competition, which would help reduce rail fares for passengers.“KORAIL has monopolized the country’s rail operations over the last

South Korean tech giant Samsung Electronics Co. is expected to post weaker-than-expected earnings for the fourth quarter of 2013, analysts said Thursday, due to the volatile foreign exchange market.Analysts here earlier predicted the world’s No. 1 smartphone maker would reap an operating profit of 10.2 trillion won ($9.62 billion) on average for the October-December period, according to the market researcher FnGuide.A handful of local brokerage houses, however, said Samsung’s fourth-quarter earn

South Korean stocks closed almost unchanged Thursday as investors took to the sidelines, cautious about buying shares amid a dearth of major market momentum, analysts said. The local currency remained flat against the U.S. dollar. The country's key stock index, the KOSPI, slipped 2.29 points, or 0.11 percent, to finish at 1,999.30. Trading volume was light at 215 million shares worth 3.16 trillion won ($2.98 billion) with gainers outpacing decliners 405 to 394. Analysts said investors are not te

The logistics sector is estimated to have posted operating losses of about 6 billion won ($5.7 million) over the past weeks in the wake of the railway union’s ongoing strike launched early this month, according to the state-run Korea Railroad Corp. on Sunday.KORAIL officials said the number of available freight trains fell by 2,546 (or about 170 trains a day) nationwide between Dec. 9 and Dec. 23.As a result, shipments on freight trains during the period were equivalent to only 39 percent of the

NH’s deal with Woori set to change landscape of securities houses