South Korean stocks got off to a weak start Monday, dented by losses in top-listed firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.98 points, or 0.43 percent to 1,855.34 in the first 15 minutes of trading. Leading carmaker Hyundai Motor fell more than 1 percent, with steelmaker POSCO dropping 1.2 percent. Tech giant Samsung Electronics traded flat. The local currency was trading at 1,143.20 won against the U.S. dollar as of 9:15 a.m., down 1.05 won from Frida

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South Korean stocks are expected to gather ground this week after a steep decline, as fear of a sudden liquidity squeeze from an unwinding of the U.S. easy-money policy has waned, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,863.32 on Friday, up 2.22 percent from the previous week. The main index underwent a roller coaster trading, dipping more than 2 percent on the first two days before reverting back upon a strong rebound of 4.64 percent over the remaining three se

The Export-Import Bank of Korea said Friday it has clinched a loan deal with its Chinese counterpart to provide Korean firms with loans and guarantees for their overseas projects.Under the agreement, Eximbank Korea will extend a loan to a domestic company doing business in another country, with the Export-Import Bank of China giving a guarantee on the company’s equipment if it is made in China to be used in the overseas project, the Seoul-based policy lender said in a statement.The joint loan an

Big money lenders are scrapping a joint liability system from next month, financial sources said Friday, to fall in line with the regulator’s efforts to reform the outdated lending practice and prevent a chain of defaults.Five major money lenders, including A&P Financial Co. which owns top player Rush N Cash, have decided to abolish the joint surety system on fresh loans from July 1, according to the companies and the Financial Services Commission, the financial watchdog.A joint surety states th

The government plans to increase the cash rewards given to people reporting tax evasion or providing related information to authorities, the Finance Ministry said Friday.According to the ministry, the government will sharply increase the amount given to those tipping off authorities about tax evasions starting from July. In some cases, the amount will triple.Under the revised rules, those who report evasion worth 500 million won ($437,445) to authorities can receive 75 million won as a cash rewa

South Korea’s industrial output shrank in May from a month earlier amid heightened global economic uncertainty, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries shrank 0.4 percent last month from a month earlier. From a year earlier, it also fell 1.4 percent.The drop came a month after the output turned around from four previous months of contractions. The output in the service sector still edge

The number of irregular business practices in the securities and insurance sectors, has surged this year, financial regulators revealed on Friday.According to the Financial Supervisory Service, 29 securities firms’ headquarters or branches were sanctioned in the first half of the year for breaching regulatory rules.They included Samsung Securities, Woori Investment & Securities, Kyobo Securities, Daishin Securities, SK Securities, Hana Daetoo Securities and NongHyup Securities.The FSS also repri

South Korean stocks added 1.56 percent Friday as investors' sentiment was boosted by eased concerns over the United States policy moves and the Chinese economy, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 28.62 points to close at 1,863.32. Trading volume was low at 246 million shares worth 4.34 trillion won (US$3.8 billion) with gainers outpacing losers 631 to 197.Analysts said investors' sentiment got a boost as

South Korean stocks opened higher Friday tracking overnight gains on Wall Street sparked by improved U.S. economic data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.44 points, or 0.79 percent, to 1,849.14 in the first 15 minutes of trading.Shares gathered ground across the board, with top steelmaker POSCO adding 0.68 percent and No. 1 carmaker Hyundai Motor climbing 2.29 percent. Leading chipmaker SK hyix gained 0.33 percent.U.S. stocks closed higher Thursday

The coupling effect of equity price changes has become increasingly visible on the main bourses of Korea and China, stock research analysts reported Thursday.The two countries have seen concurrent rises and falls in their benchmark indices since June 13 on every day except one.On those days, the indices saw continued drops compared to the previous days, except June 14 and 17 when they both went up. The coupling effect is reflective of the increasing influence of the Chinese economy and stock mar

The Financial Supervisory Service is poised to turn up the heat on chiefs of companies whose customers were inconvenienced or faced damage due to cyber security lapses.Chief executives in the financial industry will likely be held more accountable when their firms undergo leaks of customers’ private information through hacker attacks.Officials at the FSS said Thursday that the regulatory agency will unveil a package of comprehensive countermeasures, aimed at bolstering financial firms’ security

South Korean stocks shot up 2.87 percent Thursday, as investors opted to scoop up shares after policy jitters stemming from the U.S. and China waned, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) surged 51.25 points to close at 1,834.70. Trading volume was light at 281.4 million shares worth 4.06 trillion won (US$3.51 billion) with gainers far outnumbering decliners 743 to 115.   "The index is quickly making up for its s

South Korean stocks opened sharply higher Thursday, as disappointing U.S. growth data eased concerns that its government may start withdrawing its monetary easing policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 35.93 points, or 2.01 percent, to 1,819.38 in the first 15 minutes of trading. Top-listed firms gathered ground, with Samsung Electronics shooting up nearly 4 percent and Hyundai Motor gaining 2.4 percent. The U.S. economy expanded 1.8 percent on-year