South Korean stocks closed 0.96 percent higher as investor sentiment was boosted on abated concerns over the U.S Federal Reserve's tapering of its quantitative easing, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 19.05 points to finish at 2,013.37. Trading volume was low at 244.1 million shares worth 4.05 trillion won ($3.73 billion), with losers outstripping gainers 444 to 369. Analysts said Seoul shares closed hi

South Korean stocks got off to a strong start Monday, due mainly to gains in tech firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.13 points, or 0.86 percent, to 2,011.45 in the first 15 minutes of trading.Tech shares led the market gain, with No. 1 Samsung Electronics moving up 0.57 percent and top chipmaker SK hynix adding 2.41 percent. LG Electronics advanced 0.82 percent, and LG Display increased 0.73 percent.Carmakers also gathered ground,

France-based BNP Paribas Group is widening its strategic partnerships with Korean financial firms, advancing from its current operations in the wealth management and insurance sectors in alliance with Shinhan Financial Group.It has picked Hana Financial Group, a competitor of Shinhan Financial, as another local business partner.Following its signing of a pact in collaboration with Hana Financial in the bancassurance business last July, BNP Baribas deputy chief operating officer Jacques d’Estais

The government seeks to tighten spending as part of efforts to make ends meet amid worries that tax revenue shortfalls could weigh on its overall budget, sources said Sunday.Recently, the finance ministry held a workshop attended by budget-related officials from government agencies and ministries and asked them to submit expenditure-cutting plans by Monday, according to the sources.They were asked to cut 15 percent of their “unexecuted” spending and other expenses set aside for this year, they s

More and more analysts at home and abroad are reiterating that Korea’s economic fundamentals are solid. They cite robust performances of some major conglomerates and sufficient foreign exchange reserves, forecasting a bullish stock market.Optimists say that Korea has successfully weathered a variety of global negative factors unlike major emerging countries that suffered a plunge in stocks and depreciation of their currencies.Policymakers including Bank of Korea governor Kim Choong-soo also rece

BEIJING (Yonhap News) ― A chip complex under construction by Samsung Electronics Co. in the Chinese city of Xian is expected to be fully operational by the end of this year, state media reported Saturday. The report by the China Daily suggested that Samsung’s $7 billion project to build its first overseas plant for NAND flash memory chips is on schedule for completion.This week, Samsung said it will invest another $500 million into Xian to build a facility for packaging and testing chips at the

The number of local companies established over 50 years ago totaled 480, a report said Sunday, with six of them already having celebrated their centennial. Doosan Group, which has transformed from a consumer goods manufacturer into a heavy industrial conglomerate, is the longest-surviving enterprise in the country, according to the report by corporate research firm Chaebul.com.Of the nation’s 19,060 companies with assets over 10 billion won ($9.2 million) that are subject to external audit, 480

South Korean stocks are expected to wind down their bullish run this week, as uncertainties over the U.S. Fed’s stimulus cut will likely weigh down investor sentiment ahead of its monetary meeting, analysts said. The benchmark Korea Composite Stock Price Index shot up 2.4 percent on Friday from a week earlier, closing at 1,994.32. The KOSPI rallied on the back of a strong streak of foreign buying, surpassing the 2,000 level to a three-month high, standing out among other Asian peers in the midst

KEB, a unit of Hana Financial Group, has won an award for the best foreign exchange bank in Korea from a Hong Kong-based magazine, bank officials said on Sunday.FinanceAsia held the award ceremony over the weekend to hand KEB the Best Foreign Exchange Bank in Korea prize. The bank topped the list for the segment among Korean financial firms for the sixth consecutive year.“Despite the fierce competition with other banks, we, as a bank specializing in foreign currency, will lead the market with ne

Kyobo Life is eager to buy Woori Bank to improve its competitiveness against conglomerate-backed insurance firms, the head of the nation’s public fund committee said on Friday. “Being solely an insurance company is limiting in terms of market share, especially because they have to compete with life insurance firms affiliated with conglomerates,” said Sohn Byung-doo, secretary general of the Secretariat to the Public Fund Oversight Committee. The committee is the public fund unit of the Financial

South Korean stocks fell 0.49 percent Friday, snapping the latest streak of bullish runs as investors opted to take profit while taking a breather ahead of the holiday season and a key policy event in the U.S., analysts said.The local currency inched down against the U.S. dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) retreated 9.74 points to close at 1,994.32. Trading volume was light at 247.4 million shares worth 3.94 trillion won ($3.62 billion) with decliners outnumbering g

South Korean stocks got off to a weak start Friday, as investors seek to take profit after upbeat rallies ahead of a holiday season here and a key policy event in the U.S. next week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.52 points, or 0.18 percent to 2,000.54 in the first 15 minutes of trading. Large-cap stocks led the decline. Tech heavyweight Samsung Electronics slid 0.5 percent and top automaker Hyundai Motor dropped 0.4 percent. The KOSPI rallied more

The Financial Supervisory Service said Thursday that it issued a “caution” against Shinhan Investment Corp. for breaching the law on transactions based on real-name accounts.The securities unit of Shinhan Financial Group has been placed under regulators’ investigation over the past few months market allegations that former group chairman Ra Eung-chan traded group stocks via the Shinhan Investment accounts under borrowed names.An ex-branch manager of Shinhan Investment was found to have endorsed