South Korean stocks traded 1.66 percent higher late Friday morning on the back of gains in techs and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 32.57 points to 2,000.13 as of 11:20 a.m.Tech shares gathered ground, with the No. 1 industry player Samsung Electronics adding 1.83 percent and top chipmaker SK hynix climbing 4.02 percent. Flat panel maker LG Display gained 1.29 percent.Carmakers also traded higher, with No. 1 Hyundai Motor rising 2.88 perce

South Korean stocks opened higher Friday on the back of overnight gains on Wall Street following abated woes over a possible tapering of quantitative easing moves by the U.S. Federal Reserve, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.65 points, or 1.35 percent, to 1,994.21 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 1.62 percent and No. 1 carmaker Hyundai Motor rising 2.67 percent.

Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the government will tame excessive borrowing and executive pay at state-owned enterprises and put their finances under control.In a meeting with chief executives of 12 state-run enterprises on Thursday, the deputy prime minister warned them that “the party is over,” saying that the government will put a stop to their relentless greed for higher bonuses and salaries, and overleveraging.“The party is over now. We should face reality

Central bank freezes benchmark interest rate at 2.5% on global economic recovery

South Korea’s credit rating is anticipated to remain flat down the road despite the country’s rising public debts and household debts, Moody’s Investors Service Inc. said Thursday.“While (South) Korea’s general government fiscal fundamentals remain strong, supporting its Aa3 rating and stable outlook, the rise in public-sector corporate debt and household debts are credit challenges,” said Tom Byrne, a Moody’s senior vice president and regional credit officer.The remark came as South Korea’s hou

South Korean stocks closed 0.2 percent higher Thursday as investors' sentiment was boosted by the U.S. Federal Reserve chief candidate's remarks suggesting the stimulus tapering will not happen soon, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 4 points to close at 1,967.56. Trading volume was moderate at 319 million shares worth 3.7 trillion won ($3.46 billion) with gainers outpacing losers 441 to 367.Analysts sai

South Korean stocks traded 0.18 percent higher late Thursday morning, led by gains in tech large-caps and textile firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.49 points to 1,967.05 as of 11:20 a.m.LG Electronics, South Korea's major home appliance maker, climbed 1.2 percent, with leading apparel firm LG Fashion soaring more than 2 percent. In contrast, shares of banking groups lost ground. No. 4 player Shinhan Financial fell 1.2 percent and its rival KB F

South Korean stocks began higher Thursday as remarks by the U.S. Federal Reserve chief candidate suggesting the stimulus tapering will not happen soon cheered investors, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared 14.48 points, or 0.74 percent, to 1,978.04 in the first 15 minutes of trading. Shares gathered ground across the board, with techs and autos leading the climb. Market behemoth Samsung Electronics gained 1.7 percent, with SK hynix hiking 2.4 percent. Hy

Authorities to investigate whether two firms are abusing market position

Customs authorities have launched an investigation into three casino operators in Seoul and Busan for allegedly engaging in illegal foreign currency trading.The three firms are Paradise Casino Walkerhill, Paradise Casino Busan and the Busan unit of Grand Korea Leisure, according to the Korea Customs Service.Paradise Casino Busan was found to have performed irregular foreign exchange trading worth about 2.5 trillion won ($2.2 billion), followed by Paradise Casino Walkerhill with 500 billion won a

South Korean stocks closed 1.6 percent lower Wednesday, as investors took to the sidelines ahead of a key speech by the U.S. Federal Reserve chief, analysts said.The local currency inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 31.92 points to finish at 1,963.56. Trading volume was light at 240.8 million shares worth 3.19 trillion won ($2.97 billion) with losers far outstripping gainers 556 to 242. Analysts said investors are curious to hear

South Korean stocks traded 0.9 percent lower late Wednesday morning, as large-cap tech firms and steelmakers widened their losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 18 points to 1,977.48 as of 11:20 a.m.Chip giant SK hynix shed 1.1 percent and Hyundai Steel fell 2.7 percent. But domestic-focused shares rose. State-run Korea Electric Power Corp. shot up more than 2 percent, with top mobile carrier SK Telecom advancing 0.5 percent. The local currency w

South Korean stocks got off to a weak start Wednesday, as investors stayed cautious ahead of U.S. Federal Reserve Chairman Ben Bernanke's speech on the next day (Seoul time). The benchmark Korea Composite Stock Price Index (KOSPI) dropped 8.64 points, or 0.43 percent to 1,986.84 in the first 15 minutes of trading. Tech firms and steelmakers led the decline, with Samsung Electronics losing 1.2 percent and POSCO sliding 0.8 percent. Analysts said key Fed officials' split views over when the Fed wi