South Korean stocks closed 0.18 percent higher Thursday as a spate of negative factors began to fade, whetting investors’ appetite for risk, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index advanced 3.54 points to finish at 1,977.42. Trading volume was moderate at 330.5 million shares worth 3.36 trillion won ($3.09 billion) with gainers outstripping decliners 481 to 304. “North Korea’s nuclear test had little impact, currency worries

SEJONG (Yonhap News) ― Global credit appraiser Fitch Ratings will maintain its sovereign ratings on South Korea despite heightened geopolitical tension following the recent nuclear test by North Korea, government officials said Thursday.The credit ratings agency officially notified the Seoul government of the decision through an email, according to the finance ministry. Fitch also said it will maintain its rating outlooks at “stable.”Last September, Fitch raised the ratings on South Korea from “

South Korean stocks closed 0.18 percent higher Thursday as a spate of negative factors began to fade, whetting investors' appetite for risk, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.54 points to finish at 1,977.42. Trading volume was moderate at 330.5 million shares worth 3.36 trillion won (US$3.09 billion) with gainers outstripping decliners 481 to 304. "North Korea's nuclear test had little impact, curren

South Korean stocks traded 0.13 percent higher late Thursday morning, buoyed by gains in steelmakers and tech shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.51 points to 1,978.58 as of 11:20 a.m.Leading steelmaker POSCO moved up 1.3 percent, with tech behemoth Samsung Electronics rising 0.07 percent. But telecom shares continued to trend downward from the previous session, with top mobile carrier SK Telecom dipping 1.7 percent. The local currency was changi

Boo-Kang Tech, an environmental tech company, is seeking to list on the tech-heavy KOSDAQ possibly in the first half of this year with Mirae Asset Securities as its lead underwriter, a BKT official said.BKT is looking to raise around 30 to 40 billion won via an initial public offering. The IPO proceeds will be used to finance environment and energy plant engineering projects both at home and abroad.Also, the stock floatation will help the company secure funding from banks for further project inv

KOSPI climbs 30.28 points despite North Korea’s nuclear test

Currency devaluation and exit strategies for monetary easing are expected to top the agenda among financial policymakers at the upcoming G20 meeting of finance ministers and central bankers, Korean officials said Wednesday. The meeting is scheduled for Feb. 15-16 in Moscow.Korea’s Finance Minister Bahk Jae-wan and Bank of Korea Governor Kim Choong-soo will be attending the two-day meeting to share their views, especially on the global foreign exchange market, which has been prone to increased vo

South Korean stocks closed 1.56 percent higher on Wednesday as concern over a global currency row eased following a warning from major advanced economies against Japan's aggressive monetary easing, analysts said. The Korean won gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) soared 30.28 points to finish at a three-week high of 1,976.07. Trading volume was moderate at 324.9 million shares worth 3.62 trillion won (US$3.33 billion) with gainers far o

South Korean stocks traded 1.14 percent higher late Wednesday morning, fueled by gains in brokerage firms and steelmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 22.11 points to 1,967.90 as of 11:20 a.m.Major local brokerage firm Mirae Asset Securities spiked 4.5 percent and steelmaker Hyundai Steel soared nearly 3 percent. In contrast, telecom shares trended downward, with top mobile carrier SK Telecom falling 0.6 percent. The local currency was changing h

South Korean stocks began higher Wednesday, tracking overnight gains on Wall Street, as investors were buoyed by encouraging remarks by U.S. President Barack Obama before his State of the Union address, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.58 points, or 0.29 percent, to 1,951.37 in the first 15 minutes of trading. Most shares trended upwards, with brokerage houses and insurance companies driving up the index. No. 2 brokerage firm KDB Daewoo Securities r

Prosecutors have again placed former Shinhan Financial Group chairman Ra Eung-chan under investigation for his alleged embezzlement into a slush fund.The prosecution recently launched an investigation into the allegation that a slush fund totaling 300 million won ($278,000) ― fostered by Ra ― was offered to then-lawmaker Lee Sang-deuk, brother of President Lee Myung-bak, in 2008.The allegation was made by civic group Solidarity for Economic Reform that Ra had ordered Shinhan Bank’s then-CEO Lee

South Korean stocks closed 0.26 percent lower Tuesday, driven by foreign-led program selling, with North Korea's nuclear test having little effect on the market, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 5.11 points to finish at 1,945.79. Trading volume was light at303.5 million shares worth 2.81 trillion won (US$2.56 billion) with losers outstripping gainers 465 to 311. “Foreigners went on a net selloff in

South Korean stocks traded marginally lower late Tuesday morning, led by losses in utilities and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.11 points, or 0.01 percent to 1,950.79 as of 11:20 a.m.State-run electricity provider Korea Electric Power Corp. slid nearly 2 percent, with No. 1 life insurer Samsung Life Insurance falling 1.2 percent. In contrast, tech and construction firms gathered ground, with flat panel giant LG Display ga