South Korean stocks are expected to trade higher next week on the back of rising hopes for the country's economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier this week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials raised

The Financial Services Commission said Friday that it has endorsed the establishment of JB Financial Group, which will be headquartered in North Jeolla Province.The financial group will act as the parent unit of Jeonju City-based Jeonbuk Bank. Jeonbuk Bank had said it was considering a transformation into a financial holding company in a bid to boost its competitiveness through more integrated business of affiliates.The provincial bank also said it was reviewing the shift for the long haul in a

A Seoul court on Friday gave the green light to a self-rescue plan proposed by Woongjin Holdings Co., clearing the way for the cash-strapped mid-sized group to make a fresh start.Under the approved plan, Woongjin Holdings, which owes about 1.57 trillion won ($1.5 billion) to its creditor banks, said it will pay off its debts with proceeds from its stake sale of several subsidiaries.The group will first sell its stake in its chemical unit, Woogjin Chemical Co.; its food unit, Woongjin Foods Co.;

The Financial Supervisory Service is considering taking punitive measures against Ergo Daum Direct, an online auto insurance firm, for fabricating the ratio of insurance payouts to premiums ― also called loss ratio.Though FSS officials said they have yet to decide on the sanction level, there is a high possibility that the insurance firm will be issued an institutional “warning” or “caution” by the regulator.But the punishment is not expected to deal a heavy blow to the insurance firm’s business

South Korean stocks closed almost flat on Friday as investors set on the sidelines ahead of major events around the globe, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.18 percent, or 3.67 points, to 2018.89. Trading volume was moderate at 403.2 million shares worth 3.9 trillion won (US$3.66 billion) with gainers outpacing losers 422 to 375."The stock market moved in a narrow range as investors took a wait-and-

Hyun and Cho to tackle household debt, exchange-rate volatility to counter systemic risk

South Korea’s household credit rose to a fresh record high in the fourth quarter as the government’s temporary housing tax benefits raised demand for mortgage loans, the central bank said Thursday.Household credit totaled 959.4 trillion won ($997.2 billion) as of the end of December, up 23.6 trillion won from three months earlier, in contrast to an 11.8 trillion won gain in the third quarter, according to the Bank of Korea.The on-quarter growth picked up, but compared with a year earlier, the gr

South Korea’s anti-trust watchdog has opened an internal audit into allegations that E-Mart Co., the country’s largest discount chain operator, lobbied its officials to stop them from reporting the company’s unfair trading practices, industry sources said Thursday. The audit comes after the recent leak of confidential documents of Shinsegae Group, the parent company of the discount chain operator, that included E-Mart’s illegal lobbying of Fair Trade Commission officials in a bid to have them ke

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has won a $1.1 billion contract to build part of an offshore oil production platform.Under the deal with Statoil of Norway, Daewoo Shipbuilding will deliver the topside of the platform by the end of 2016, the company said in a statement.The platform has a capacity of producing 63,000 barrels of oil and 90,000 cubic meters of natural gas on a daily basis, according to Daewoo Shipbuilding.So far this ye

South Korean stocks closed 0.47 percent lower on Thursday as investors took a breather following a six-session rally, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 9.42 points to 2,015.22. Trading volume was moderate at 385.9 million shares worth 4 trillion won ($3.7 billion), with decliners outnumbering gainers 527 to 279.Foreigners extended their net buying to a fourth straight session, while institutions shifted to selling.

 South Korean stocks closed 0.47 percent lower on Thursday as investors took a breather following a six-session rally, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) slid 9.42 points to 2,015.22. Trading volume was moderate at 385.9 million shares worth 4 trillion won (US$3.7 billion), with decliners outnumbering gainers 527 to 279.Foreigners extended their net buying to a fourth straight session, while institutions shifted

South Korean stocks traded 0.46 percent lower late Thursday morning due to losses in brokerage houses and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) decreased 9.26 points to 2,015.38 as of 11:20 a.m.Brokerage houses traded lower, with Samsung Securities falling 1.05 percent and KDB Daewoo Securities losing 1.21 percent. Woori Investment & Securities moved down 1.17 percent.Logistics shares also lost ground, with Hanjin Shipping declining 2.19 percent a

South Korean stocks got off to a weak start on Thursday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.82 points, or 0.34 percent, to 2,017.82 in the first 15 minutes of trading.Large caps mostly retreated, with market bellwether Samsung Electronics slipping 0.19 percent and the country's top steelmaker POSCO slumping 1.35 percent.The local currency was trading at 1,081.85 won to the U.S. dollar as of 9:15 a.m., down 3.35 w

Prosecutors, financial regulators investigating a series of alleged wrongdoings