South Korean stocks slid 0.2 percent Monday on foreign selling spurred by worse-than-expected quarterly growth in the United States, analysts said. The local currency rose against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) lost 3.86 points to close at 1,940.70. Trading volume was light at 260.8 million shares worth 3.59 trillion won (US$3.23 billion) with losers outstripping gainers 426 to 374.   "Investors stayed on the sidelines as there were no leads to drive u

South Korean stocks traded 0.36 percent lower late Monday morning, led by losses in shippers an builders, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) slipped 7.04 points to 1,937.52 as of 11:20 a.m.   Hanjin Shipping plunged nearly 8 percent, with logistics firm Hyundai Glovis falling 2.7 percent, as concerns over global economic recovery worsened on lower-than-expected first-quarter growth rate of the United States. No. 1 builder Hyundai Engineering & Construction l

South Korean stocks turned lower after opening higher, dented by widening losses in large-cap exporters and major banking groups, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.12 points, or 0.11 percent to 1,942.44 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics shed 0.4 percent, with blue-chip auto-parts maker Hyundai Mobis slipping nearly 1.6 percent. Shares of major banking firms lost ground as they began to release quarterly earnings f

Korean firms’ annual usage of company credit cards at entertainment establishments including room salons totaled at least 1.4 trillion won ($1.25 billion) on average, the Korea Institute of Public Finance said Sunday.According to the institute’s research report, the nation’s corporate sector paid 1.41 trillion won with their company cards at entertainment spots in 2011.Room salons (or hostess bars) topped the list in company card settlement records of 923.7 billion won, followed by karaoke rooms

The Financial Supervisory Service said Sunday that it issued a “warning” against Ergo Daum Direct, an online auto insurance company, for rigging insurance premium-related figures in an alleged bid to attract more policyholders.Ergo Daum Direct, which is now under the wing of the France-based Axa General Insurance, was also levied fines of 50 million won ($44,600) from the financial regulator.In 2012, the insurer sought to increase its market share by manipulating the loss ratio ― or the ratio of

Amid chilly South Korea-Japan relations, the South’s food exports to Japan took a dive last year, the national agricultural product agency said Sunday. South Korea exported $32 million worth of makgeolli, Korea’s traditional fermented rice wine, to Japan last year, 33.9 percent less than the amount shipped to the country in 2011, according to the Korea Agro-Fisheries & Food Trade Corporation.Exports of South Korea ramyeon, or instant noodles, reached $43 million last year, down 18.6 percent from

South Korea’s finance minister said Saturday that it would “do more harm than good” for the government to intervene in the foreign currency market.Hyun Oh-seok, who concurrently serves as deputy prime minister in charge of the economy, made the remarks during a parliamentary committee meeting. “I think that it would do more harm than good for the government directly to intervene in (the movement of) foreign exchange rates in terms of market stability and trust,” he said.His remarks were in respo

South Korean stocks are forecast to set their directions according to results of the European Central Bank’s rate-setting meeting next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed on Friday at 1,944.56, up 1.98 percent, or 37.81 points, from a week ago. Analysts said the local stock market is expected to move on results of the ECB’s rate-setting meeting slated to be held this week amid growing voices for an interest rate cut in the eurozone. However, it wi

　The Financial Supervisory Service ordered Woori Investment & Securities to dismiss two stockbrokers, including a branch manager, engaged in embezzlement, regulatory officials said Sunday.　The regulator said it has uncovered incidences of embezzlement of 1.39 billion won ($1.24 million) committed at two branches in Seoul and Busan of Woori Investment.　The manager of Woori Investment’s Suyeong branch in Busan pocketed 665 million won from five customers’ accounts two years ago, FSS officials said

KB Financial Group reported weak quarterly earnings beset by weak lending amid the economic slowdown.The financial holdings giant posted a net profit of about 413 billion won in the first quarter of this year, down more than 32 percent from 608.4 billion won a year earlier, the company disclosed Friday.It performed below the market consensus of a 30 percent decrease in profit at around 420 billion won.Its sales reached 6.2 trillion won, down about 10 percent from 6.9 trillion won in the same per

South Korean stocks opened lower Friday, as investors' sentiment was dented by the rising concerns over the listed firms' first-quarter earnings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.61 points, or 0.18 percent, to 1,947.99 in the first 15 minutes of trading.Carmakers traded bearish, with No. 1 industry player Hyundai Motor falling 0.77 percent and its smaller affiliate Kia Motors losing 0.76 percent. Top auto parts maker Hyundai Mobis shed 1.12 percent.Tec

Samsung Electro-Mechanics Co., a South Korean industrial parts maker, said Thursday its first-quarter net profit jumped 39 percent from a year earlier on the back of growing demand for mobile components.Net profit reached 97.8 billion won ($87.5 million) in the January-March period, compared with a profit of 70.4 billion won in the previous year, the company said in a regulatory filing.Revenue climbed 17 percent on-year to 2.04 trillion won in the past quarter, and operating profit surged 20 per