The Korea Herald

Foreign holdings of Korean bonds hit new record

Jan 21, 2013

Foreign investments in bonds increased in 2012, spurred by monetary easing overseas that led to an inflow of capital seeking higher-yielding assets.According to the Bank of Korea, foreign net shareholdings in Korean treasuries and monetary stabilization bonds reached a record high of 91 trillion won ($86 billion) as of the end of December 2012, accounting for 7 percent of the total.Funds from the U.S., Hong Kong and Singapore were the biggest investors of Korean fixed-income securities, with the
Shares edge down on earnings woes

Jan 21, 2013

South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The benchmark Korea Composite Stock Price Index shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won ($3.54 billion) with gainers outpacing decliners 459 to 352.“The mood is quite positive in recent times. China’s fourth-quarter growth met market expectations and U.S. policy
KoFC to increase financial support to SMEs

Jan 21, 2013

The Korea Finance Corp. plans to increase its financial support to the nation’s small and medium companies in 2013, the state-run finance promoter said on Monday in a New Year’s press conference. The state-run agency plans to assign about 7.6 trillion won, or about two-thirds of the company’s 12.2 trillion won capital for this year, to support small and medium enterprises.“We will be spending 62 percent of our total budget to support small and medium-sized companies,” said KoFC president and chi
Won’s gains most against yen in 14 years

Jan 21, 2013

The South Korean currency’s ascent to the Japanese yen hit a 14-year high last year, the central bank said Monday, spawning concerns about its impact on Seoul’s exports.The local currency reached 1,238.3 won per 100 yen as of the end of 2012, up 19.6 percent from a year earlier, according to the Bank of Korea.The 2012 numbers marked the strongest gain since the won appreciated 21.8 percent against the Japanese yen in 1998, it added.Last year, the local currency also appreciated 7.6 percent per t
Samsung Life blasted for lack of dividends

Jan 21, 2013

Consumers claim sales people promised dividend payments
Lottery ticket sales hit record

Jan 21, 2013

Korea’s lottery ticket sales hit an all-time high last year, exceeding the regulatory limit imposed by the country’s gambling watchdog for two consecutive years.Sales reached some 3.2 trillion won ($3 billion) in 2012, up about 3.4 percent from 3.08 trillion won a year earlier, according to the Lottery Commission, which is under the wing of the Ministry of Strategy and Finance, on Monday.An increase in consumer purchases of tickets for online lotteries, pension lotteries and traditional electron
Seoul shares edge down 0.05 pct on earnings woes

Jan 21, 2013

South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won (US$3.54 billion) with gainers outpacing decliners 459 to 352."The mood is quite positive in recent times. Chin
Seoul shares down 0.42 pct in late-morning trade

Jan 21, 2013

South Korean stocks traded 0.42 percent lower late Monday morning due to concerns over the further weakening of the Japanese yen, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 8.28 points to 1,979.57 as of 11:20 a.m.Most exporters traded in negative territory, with top steelmaker POSCO dropping 0.7 percent and biggest shipyard Hyundai Heavy Industries sliding 0.22 percent.No. 1 carmaker Hyundai Motor fell 0.7 percent and its smaller affiliate Kia Motors lost 1.85 per
Savings banks' liquidity hits over 5-year low

Jan 21, 2013

South Korean savings banks' liquidity has hit the lowest point in more than five years as the ongoing restructuring of bankrupt players dampens deposits amid a still large amount of problem loans, data showed Monday. The average balance of savings banks' money supply, known as M2, came in at 41.1 trillion won ($38.8 billion) for local savings banks as of the end of November last year, the lowest since the 40.7 trillion won tallied in July 2007, according to data by the Bank of Korea and an indus
Seoul shares trade lower after strong start

Jan 21, 2013

South Korean stocks started slightly higher but soon lost ground on Monday, led by losses in techs and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.01 percent higher but soon shifted to negative territory, losing 9.8 points, or 0.49 percent, to 1,978.05 in the first 15 minutes of trading.Market bellwether Samsung Electronics dropped 1.49 percent and LG Display, one of the biggest flat screen suppliers for Apple, fell 2.26 percent.Carmakers were also b
Jeong promoted to Woori Card CEO

Jan 20, 2013

Woori Financial Group senior executive director Jeong Hyun-jin has been appointed CEO of Woori Card, with the new firm to be launched in March, group officials said Sunday.Jeong will lead the credit card firm, which is scheduled to be spun off from the financial group’s bank unit as an independent subsidiary.Born in Uiseong, North Gyeongsang Province, in 1952, he has worked mainly for Woori Bank and Hanil Bank, a former entity of the commercial lender, for 30 years.Though Woori Card (formerly Wo
Shares may lose ground this week on Vanguard exit

Jan 20, 2013

The South Korean stock market is likely to be weighed down by the effects of a U.S. fund manager’s decision to gradually exclude Seoul shares from its benchmark index, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,987.85 last week, down 0.44 percent from a week earlier. The KOSPI, which started this week on the 2,000 level, lost ground, dogged by concerns over U.S. debt ceiling talks and Vanguard Group’s move to switch into a benchmark index which excludes
Cheap yen poses threat to exporters

Jan 20, 2013

IT, automobiles vulnerable to won’s rise: HERI report
Seoul shares gain 0.69 pct on China's growth data

Jan 18, 2013

South Korean stocks closed 0.69 percent higher Friday as the fourth-quarter growth in China raised anticipations that the slowdown in Asia's largest economy has bottomed out, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.59 points to finish at 1,987.86. Trading volume was heavy at 575.9 million shares worth 3.83 trillion won (US$3.63 billion) with gainers outpacing decliners 544 to 242. "It can be interpreted a
Seoul shares up 0.37 pct in late-morning trade

Jan 18, 2013

South Korean stocks traded 0.37 percent higher late Friday morning, led by gains in share of financial firms and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 7.28 points to 1,981.55 as of 11:20 a.m.No. 1 life insurer Samsung Life Insurance surged nearly 5 percent, with major financial firm Woori Finance Holdings jumping more than 4 percent. In contrast, tech and auto blue-chips lost ground. Top-cap Samsung Electronics edged down 0.3 percent an