South Korean stocks closed 0.87 percent lower on Thursday as concerns over China’s weak manufacturing data weighed on investor sentiment here, analysts said. The local currency dropped against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 17.55 points to 1,990.33. Trading volume was heavy at 612.4 million shares worth 5.28 trillion won ($4.7 billion), with decliners outnumbering gainers 461 to 366.“The market expects the Chinese economy to make a turnaround. However, this

Global investors’ holding of local stocks to hit record high of W500trForeigners recently became net buyers of Korean stocks amid policies of the U.S. and European Union to boost the regional and global economies.Data released by the Financial Supervisory Service showed that foreign investors have bought local stocks and bonds worth a net 40.3 trillion won ($35.9 billion) so far this year.Their net buying of bonds and shares came to 15.3 trillion won and 25 trillion won, respectively, between Ja

South Korean stocks opened lower on Thursday as shares lost ground across the board, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.61 points, or 0.43 percent, to 1999.27 in the first 15 minutes of trading.Tech blue chips led the decline, with market behemoth Samsung Electronics falling 1.07 percent and its smaller rival LG Electronics losing 0.26 percent. Leading car

South Korean stocks rose 0.15 percent on Wednesday as the Japanese central bank surprised the market with an asset purchase program to prevent a further slowdown, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 2.92 points to 2,007.88. Trading volume was heavy at 946.1 million shares worth 5.72 trillion won ($5.12 billion) with gainers outstripping losers 491 to 320. “Expectations for upward momentum revved up aga

South Korean stocks got off to a weak start on Wednesday as major tech firms suffered losses, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.18 points, or 0.36 percent, to 1,997.78 in the first 15 minutes of trading.Tech blue chips led the decline, with Samsung Electronics falling 0.76 percent and its smaller rival LG Electronics declining 0.52 percent following a law

South Korea will sharply increase the budget intended to provide more support and incentives for foreign businesses interested in making investments here, the finance ministry said Wednesday.The government will set aside 300 billion won (US$268.1million) for next year, which will be used exclusively to attract foreign investment, according to the ministry. The amount is up 36.1 percent from 220.5

South Korean stocks started higher Tuesday, led by gains in big tech firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained0.81 points, or 0.04 percent, to 2003.16 in the first 15 minutes of trading.Big-cap tech names led the rise, with market bellwether Samsung Electronics increasing 0.99 percent and SK hynix climbing 0.87 percent.The local currency was trading at 1,1

A new type of electronic payment system with lower commissions than credit cards is due to launch around the end of this year, portending a major shakeup in the market for money transfers. Consumers will be able to buy products and services using just their phone numbers or smartphone applications, according to sources at the Financial Services Commission and in the electronic finance industry.“The technologies for the service are ready,” an FSC official said. “We expect to unveil the service on

The government said Monday that it has injected 100 billion won ($89.6 million) into the Export-Import Bank of Korea to help the policy lender secure better trade financing capacity for exporters.The capital increase was made in the form of stock contribution as the government used about 9.55 million shares in the state-run Korea Express Corp., according to the Finance Ministry.The move is aimed at providing more financing capacity for the bank so that it can help strong but liquidity-strapped e

Korean retail investors suffered a massive loss in their stock investment this year lagging behind robust profits boasted by institutional and foreign investors due to information disparity, data showed Monday.Individual investors reported a net loss of 18.15 percent for their top 10 mostly purchased shares through Sept. 14 this year, according to the data compiled by the main bourse operator Korea Exchange.On the other hand, foreign investors gained 4.6 percent from their top 10 most buying sha

South Korean stocks fell 0.26 percent on Monday as investors took profits from recent gains powered by the U.S. bond-buying program, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 5.23 points to 2,002.35, the first loss in four sessions.Trading volume was heavy at 871.3 billion shares worth 6.5 trillion won ($5.83 billion). But gainers outnumbered losers 458 to 359.“Investors took a breather after the previous session‘s ral

Financial Hub Korea, a unit of the Financial Supervisory Service, jointly hosted the 2012 Financial Hub Seoul IR with the Seoul Metropolitan Government in Hong Kong last week. Over 200 executives from about 70 global finance institutions attended the event aimed at promoting Seoul’s bid to attract foreign financial companies and become a leading financial hub, officials said.Participants included John McCormick, chairman of Royal Bank of Scotland Group, Asia Pacific; Wong David See Hong, deputy

South Korea’s economy is expected to grow 2.5 percent this year, a state-run think tank said Monday, slashing its growth outlook sharply on slowing exports growth affected by heightened global uncertainty.The latest growth projection is far lower than the 3.6 percent expansion that the Korea Development Institute forecast in May. It is also much lower than the government’s 3.3 percent growth estimate for this year. “We expect that the economic growth rate will fall to 2.5 percent this year as bo