South Korean stocks advanced for a fourth session Wednesday, supported by foreign buying, as some investors sought to digest the weak inflation data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.57 points, or 0.15 percent, to close at 3,153.4 points. Trading volume was moderate at about 605 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 531 to 322. Foreigners bought a n

South Korea‘s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies, and discuss future of electronic tax administration system in the post-pandemic era, officials said Wednesday. National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of Danish tax agency in Copenhagen and a separate meeting in Budapest with his Hungarian counterpart Vagujhelyi Ferenc during his trip earlier this month. Meet

South Korean companies saw their profitability grow in the second quarter, with their sales improving despite the fallout of the COVID-19 pandemic, central bank data showed Wednesday. The ratio of operating profit to sales of firms in the country reached 7.4 percent in the second quarter, up from 5.2 percent tallied a year ago, according to the data from the Bank of Korea (BOK). At the same time, the pretax net profit margin of South Korean companies rose on-year to 8.2 percent from 4.6 percent.

South Korean stocks opened higher Wednesday as bargain hunters sought oversold stocks on expectations of future price hikes. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.09 points, or 0.13 percent, to 3,152.92 points in the first 15 minutes of trading. Bio and bank gains led the Kospi's rise, while chemical and auto shares got off to a weak start. Market kingpin Samsung Electronics added 0.26 percent, but No. 2 chipmaker SK hynix retreated 1.4 percent. Internet portal operator

A majority of South Korean exporting companies expect international freight rates to continue their uptrend till the first half of 2022, a poll showed Wednesday. The survey of 1,000 exporters, taken by the Federation of Korean Industries, showed 7 out of 10 firms forecasting freight rates to keep rising at least until June next year. The companies also expect freight rates to surge 23.8 percent on-year in the second half of this year following a 30.9 percent on-year jump in the first half. Some

Fubon-backed Hyundai Card said Wednesday that it has “no plan” to carry out an initial public offering, despite heated market anticipation for the firm’s market debut over the last two years. “We do not have a plan to carry out an IPO,” a Hyundai Card official told The Korea Herald. "Regarding the Fubon-Affinity deal, it was made without an IPO in mind, it was a different alternative." The credit card firm was under an IPO mandate stipulated in a contra

Foreign investors put more value on high growth potential rather than stability when choosing which domestic stocks to purchase, a report showed Tuesday. According to a report from Korea Economic Research Institute, foreigners tended to buy more shares when the firm showed an improvement in business growth. On the contrary, they reduced the volume of net purchases when the firm stabilized its business. The report also showed that offshore investors’ net purchase trends had a strong tie

This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. For someone who came from an isolated and repressive state like North Korea, starting a business of his or her own in a free but competitive market is a mere dream. No matter how great their ideas are, a lack of business network, insufficient funds and im

South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed Tuesday. As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age range who

South Korean stocks advanced for the third straight session Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 20.97 points, or 0.67 percent, to close at 3,148.83 points. Trading volume was moderate at about 700 million shares worth some 15.4 trillion won ($13.2 billion), with gainers outnumbering losers 607 to

Samsung Group on Tuesday promised to create 30,000 new youth jobs in South Korea in three years by expanding its corporate social responsibility initiatives (CSR), the government said. The plan to create 10,000 new youth jobs annually for three consecutive years was revealed during a partnership announcement event between Samsung Group and the prime minister's office (PMO) on the government's youth job and education support program titled Youth Hope ON held in Seoul, according to the PMO. The ev

Rich people living outside the Seoul area are rushing to buy apartments in the capital city to secure real estate as a means for stable investment, data showed Tuesday. According to the Korea Real Estate Board, the number of apartments bought by people residing outside of Seoul accounted for 25.3 percent of the total 131,996 apartments purchased in the city as of July. Compared to 19.7 percent in July 2017, the purchasing spree of cash-rich non-Seoul residents has accelerated, market insiders

Foreign currency deposits at banks in South Korea gained in August from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits stood at $92.6 billion as of end-August, up $470 million from the previous month, according to the Bank of Korea (BOK). The country's foreign exchange deposits swung to an upturn for the first time in five months. In July, they were down $910 million from June. Residents in

South Korea said Tuesday it plans to implement or launch negotiations for a set of new free trade agreements (FTAs) with trading counterparts from Southeast Asia and Latin America this year, as part of efforts to reduce its reliance on major economies. The country plans to officially sign the pending FTA with Cambodia in October, seven months after completing related negotiations, according to the Ministry of Trade, Industry and Energy. The ministry said the deal is set to help South Korean fi

South Korean stocks opened steeply higher Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.92 points, or 0.51 percent, to trade at 3,143.78 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 0.76 percent, largely on expectations that the Fed would not hurry to roll back its accommodativ