South Korean stocks closed 1.04 percent higher Tuesday, as indications that global economies are on the path for recovery boosted investor confidence, analysts said.The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 20.83 points to finish at 2,031.64. Trading volume was moderate at 397.3 million shares worth 4.24 trillion won ($4.01 billion) with gainers outnumbering decliners 426 to 391. Analysts said global economies showing si

South Korean stocks traded nearly 1 percent higher late Tuesday morning thanks to bullish large-cap heavy industries and construction shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.54 points to 2,030.35 as of 11:20 a.m.Samsung Heavy Industries, a major shipyard, surged more than 4 percent, with Daewoo Engineering & Construction hiking 4.3 percent. But shares of telecom companies lost ground. LG Uplus, the smallest mobile carrier here, dipped 3 percent.

South Korean stocks turned higher after a bearish start Tuesday, as investors opted to increase bets on blue-chip auto and chemical shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.58 points, or 0.38 percent to 2,018.39 in the first 15 minutes of trading, after starting some 0.05 percent lower at the opening bell. Leading carmaker Hyundai Motor gained 1.2 percent, with its auto parts-making affiliate Hyundai Mobis rising 1 percent. LG Chem jumped 2.3 percen

A group of Korean companies filed a class action suit against eight global investment banks in the United States on Monday, claiming that the big financial firms manipulated foreign exchange rates.The IBs are Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase, National Association, Royal Bank of Scotland and UBS.In their damages claim filed with a court in New York state, the plaintiff including Simmtech Co. said the IBs rigged foreign exchange rates via a cartel and ultimately in

Korea’s financial regulators will require domestic banks to apply tougher rules and procedures for customers opening a bank account in an effort to prevent them from establishing accounts under borrowed names used by third parties for slush funds and other financial irregularities.Consumers will no longer be able to open an account within five minutes at banks from next month as the Financial Supervisory Service will require banks to go through rigorous identification screening and verification,

The Ministry of Strategy and Finance said Monday that it will jointly host the G20 Seoul Conference with Australia’s department of finance, the Korea Institute of Finance and the Korea Development Institute on Dec. 18-19.Australia will host the G20 in 2014, and Sydney will host the first of two meetings of Group of 20 finance ministers and central bank governors on Feb. 21-23, 2014, according to the Australian prime minister’s office. Korea’s Finance Ministry said the Seoul Conference will invit

South Korean stocks closed 0.26 percent higher Monday, as investors kept their hopes high about a delay of the U.S. stimulus cut, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) added 5.17 points to finish at 2,010.81. Trading volume was light at 310.3 million shares worth 3.04 trillion won ($2.85 billion) with decliners outpacing gainers 462 to 339. The main index capped its gains as foreigners and retail investors opted

South Korean stocks traded 0.48 percent higher late Monday morning, buoyed by gains in autos and oil refiners, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.7 points to 2,015.34 as of 11:20 a.m.Industry leader Hyundai Motor soared 2 percent and top oil refiner SK Innovation rose 1.8 percent. In contrast, some financial blue-chips fell. No. 4 banking group Shinhan Financial shed 1.2 percent, with Samsung Fire & Marine Insurance, South Korea's No. 1 nonlife insur

South Korean stocks opened higher Monday as investors continued to react with optimism over U.S.Federal Reserve Chair nominee Janet Yellen's remarks that the stimulus cut won't happen soon, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.58 points, or 0.28 percent, to 2,011.22 in the first 15 minutes of trading.Shares gathered ground across the board, with food makers and chemical companies leading the climb. Leading confectioner Orion gained 1.5 percent, and LG Che

The Ministry of Strategy and Finance will give more power to its steering committee to boost its oversight and evaluation of hundreds of state-run companies, institutions and quasi-sovereign enterprises, it said Sunday.The committee will be given more authority to operate like a “creditor bank” over the management of state-run companies to prevent executives from running the companies recklessly under heavy debt and receiving excessive pay and benefits.It will strengthen its management evaluatio

Reassurance by the U.S. Federal Reserve Chairwoman nominee Janet Yellen that it will maintain its quantitative easing until the country has made progress in growth and employment has boosted global stocks, including Korea’s last week.The Korean benchmark KOSPI rebounded above the psychologically important 2,000 threshold for the first time in six trading days last Friday, driven by improved investor sentiment following Yellen’s support for an easy money policy.However, global markets, including

Korea’s financial indices including equity prices and foreign exchange rates gained Friday as U.S. monetary policymakers overnight hinted at a longer-than-expected stimulus package.The benchmark KOSPI, which stayed below the 2,000 mark for five consecutive trading sessions, closed at 2,005.64, up 38.08 points from a session earlier. The secondary KOSDAQ also rose by 0.99 points to close at 512.74.The U.S. dollar fell 4.5 won to close at 1,063.4 won, heralding another round of the Korean currency

Six credit card businesses in the consumer goods-distribution industry will be scrapped as financial regulators move to crack down on the reckless issuance of quasi-cards among department stores and other big retailers.According to the Financial Supervisory Service, they are Grand Department Store, JU Department Store, Daehyun, Shinwon, Chonan Arario and Buan Paradise Hotel.Officials said the cards issued by the large retailers engaged in irregular offerings of benefits to cardholders or reckles

South Korean stocks closed 1.94 percent higher Friday due mainly to abated woes over the United States' policy uncertainties, analysts said. The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) added 38.08 points to close at 2,005.64. Trading volume was low at 259.7 million shares worth 3.62 trillion won (US$3.39 billion) with gainers outpacing losers 536 to 278.Analysts said Seoul shares gathered ground as investors' sentiment was boosted by th