The local unit of Goldman Sachs gave an optimistic view on Korea’s exports in the second half of this year, lowering its previous warning against weak yen’s negative effects on the Korean economy. “We said in an earlier report (in April) that the weak yen was seen as major problem that was manageable as long as the cross rate stays around 105,” said Kwon Goo-hoon, co-head of research of Goldman Sachs Asia Seoul branch, in a press conference in Seoul on Thursday. “Now we are seeing an inverse cas

South Korean stocks closed almost flat on Thursday as upbeat economic data offset concerns over instability in Syria and so-called quadruple witching, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added0.21 points, or 0.01 percent, to finish at 2,004.06. Trading volume was moderate at 353.2 million shares worth 6.49 trillion won (US$5.99 billion) with gainers outstripping decliners 412 to 399. "Quadruple witching erased the KOSPI's earlier gains as the selloff took place

South Korean stocks traded 0.63 percent higher late Thursday morning, as financial and tech blue-chips widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 12.54 points to 2,016.39 as of 11:20 a.m.Samsung Electronics, the top listed firm on the main bourse, shot up 1.2 percent, with Shinhan Financial Group rising more than 1 percent. But auto-related shares trended lower. Hyundai Mobis, an auto parts maker, and No. 3 automaker Kia Motors shed 1 percent ea

South Korea's central bank stood pat on the key interest rate for the fourth straight month on Thursday amid speculation that the U.S. Federal Reserve may taper its monetary stimulus starting this month.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers froze the benchmark seven-day repo rate, dubbed the base rate, at 2.5 percent, as widely expected.The decision came as all eyes are on whether the Fed will decide to begin cutting the US$85 billion monthly bond purchases at i

South Korean stocks opened slightly higher Thursday on large-cap gains following the previous rally to a three-month high, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.09 point with no percentage change to 2,003.94 in the first 15 minutes of trading, after starting 0.04 percent higher at the opening bell. No. 2 lender KB Financial gained 0.4 percent, with top mobile carrier SK Telecom rising 1.4 percent. The local currency was trading at 1,083.85 won against the

Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the government would reallocate some of its public funds gained from state spending cuts for regional businesses to invest in job creation.In a meeting with economic-related ministers on Wednesday, Hyun said that such “belt-tightening” budgets for regional attractions such as hosting international sporting events are inevitable as the country faces a shortfall in tax revenue.Such international events as the World Cup, the Olympics

About one in every five credit cards issued in South Korea are not in use, data showed Wednesday, amid card firms' unwillingness to clear them off citing market share. The number of dormant credit cards stood at 23.5 million at the end of June, accounting for 20.4 percent of the total issuance, according to the Financial Supervisory Service (FSS). The proportion has stayed around the 20 percent range since the first quarter of last year, but it is a sharp decline compared with 28.6 percent talli

Korean stocks closed 0.49 percent higher Wednesday as foreigners extended their buying spree to the 14th consecutive trading session, analysts said. The local currency closed lower against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.79 points to finish at 2,003.85. Trading volume was low at 294.4 million shares worth 4.5 trillion won (US$4.19 billion) with gainers outpacing losers 540 to 264.It marked the first time in more than three months for the KOSPI to ho

South Korean stocks opened almost flat Wednesday as investors sought after profit-taking amid the market's steep rise over the previous trading sessions, analysts said.After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) moved down 0.54 points, or 0.03 percent, to 1,993.52 in the first 15 minutes of trading.Tech shares lost ground, with Samsung Electronics falling 0.29 percent and its local rival LG Electronics moving down 0.27 percent. Flat panel maker LG Display shed 1

Korea will provide its biggest financial assistance to Vietnam for the construction of a road connecting the Southeast Asian country’s regional industrial complex with Ho Chi Minh City.The Ministry of Strategy and Finance said that Korea will help Vietnam build the 17.85 kilometer, four-lane road linking the Nhon Trach industrial complex, where Korean companies such as POSCO and Lock & Lock have operations, with Vietnam’s biggest city.The $430 million project will be financed by the state-run Ex

Market insiders attribute mass selloffs to suspected manipulation

South Korean stocks closed 0.98 percent higher Tuesday as investor sentiment buoyed on improved trade data from China, analysts said. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 19.39 points, or 0.98 percent, to finish at 1,994.06. Trading volume was low at 252.6 million shares worth 5 trillion won ($4.65 billion) with gainers outpacing losers 481 to 326.Analysts said Seoul shares gathered ground as China’s export advanced 7.2 p

The number of savings banks has decreased by half in 14 years due to the government’s restructuring and the nation’s protracted economic slump, according to data from the Financial Supervisory Service.The number dropped from 186 in 1999 to 91 in March 2013, the report said. The country had 249 savings banks three decades ago.Past irregularities of some savings banks are also held responsible for the decrease as the cases led them to close, an FSS official said.The regulator plans to further stre