South Korean stocks finished slightly higher on Monday as China’s reserve ratio cut boosted investor sentiment, analysts said, but financial firms’ losses trimmed overall gains. The local currency rose against the greenback.After rising as much as 1.18 percent, the benchmark KOSPI added 0.07 percent, or 1.43 points, to end at 2,024.9. Trading volume was heavy at 723 million shares worth 5.96 trillion won ($5.29 billion) with gainers leading losers 464 to 372.In the early morning, the KOSPI got a

Securities companies operating in Korea saw their earnings for the fiscal third-quarter rise 15 percent from three months earlier thanks to a recovery in the local stock market, the financial watchdog said Monday.The combined net profit of 62 local and foreign securities firms operating here came to 514.3 billion won ($458.7 million) in the October-December period, compared with 447.4 billion won in the previous quarter, according to the Financial Supervisory Service. The tallied brokerages clos

HONG KONG (Yonhap News) ― A joint venture asset manager between Korea’s No. 2 financial services firm Shinhan Financial Group Co. and global banking group BNP Paribas SA. has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, a government document showed Monday.Shinhan BNP Paribas Asset Management Co. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according

Korean shares are expected to trade in a tight range this week while trying to stay above the 2,000 point mark, depending on how the eurozone debt crisis unfolds, analysts said Saturday. The benchmark Korea Composite Stock Price Index wrapped up this week at 2,023.47, up 1.5 percent from a week earlier.The KOSPI had a brisk start to the week as the Greek government’s approval of an austerity bill helped quell investor jitters over a possible Greek default. Hopes for a bailout for debt-ridden Gre

Prices in global stock markets, including in Korea, appear to have moved ahead of the real economy, said Bahk Jae-wan, Korea’s finance minister.“We see some gap as financial markets have recently shown some strength, if not a rally, while the global economy is slowing due to uncertainties concerning Europe,” Bahk told reporters in Seoul today. “The recent gains may reflect investor expectations of improvement in the global economy and European debt crisis in the coming months, and may be due to

Korea’s state-run Industrial Bank of Korea said that its fourth-quarter earnings fell 73 percent from one year ago due largely to an increase in loan-loss provisions. Net income reached 37 billion won ($33 million) in the October-December period, compared with the revised 136 billion won a year earlier, it said in a regulatory filing. Revenue edged down 1 percent on-year to 3.78 trillion won, while operating profit plunged 81 percent to 32 billion won in the cited period. The bank said the worse

Korean financial services groups are widely expected to post robust earnings this year, but net profits will depend on the size of interest income and loan-loss reserves, analysts said Saturday.Top banking group KB Financial Group and its three local rivals posted a record combined net profit of 8.86 trillion won ($7.86 billion) last year, mainly due to an increase in interest income and a one-off gain from a stake sale of Hyundai Engineering & Construction Co., according to FnGuide, a financial

The number of South Korean corporate bankruptcies fell in January from the previous month as financial institutions increased lending to small firms ahead of a major holiday, the central bank said Sunday. The number of companies that went belly-up reached 103 in January, down from 128 in December, the Bank of Korea said.The figure was the lowest since 97 corporate bankruptcies in September of last year. “Before the lunar New Year holidays, financial institutions extend more loans to small and me

Lenders to reduce home-backed loans, putting more pressure on borrowersKorean banks plan to expand their lending but cut down on home-backed loans this year, putting more pressure on debt-laden households. In the 2012 management reports filed to the Financial Supervisory Service, the country’s banks said they would extend their loans to households by 5.4 percent or 25 trillion won ($22.1 billion) from last year, an increase that is within the regulator’s guidelines. The self-imposed restriction

Regulators ask prosecutors to probe insurer over alleged stock riggingGreen Non-Life Insurance, which has been accused of stock manipulation, faces the possibility of business suspension or delisting from the stock market.Though the insurance firm has been mapping out a plan for management normalization, financial regulators filed a complaint against the firm and its chairman with the prosecution for allegedly rigging stocks.The regulatory sanction could make it impossible for the company to inc

Korea Exchange Bank saw its network system, including Internet banking and automated teller machines, break down for about 1-1/2 hours late Thursday.Though KEB said it restored the services around 8 p.m., the commercial bank did not reveal the factors for the breakdown.The Financial Supervisory Serv

Woori Financial Group reported a net profit of 2.15 trillion won ($1.88 billion) last year, a record-high yearly performance for the group.Its 2011 performance compares to 1.28 trillion won in net profit posted a year earlier.The financial group also saw its total assets maintain the No. 1 position in the local financial industry.In a statement, Woori Financial said it has strived to reduce insolvent assets over the past four years since the 2008 global financial crisis.Meanwhile, Woori Financia