South Korean stocks rebounded Thursday on strong foreign buying, following the US Federal Reserve's reiteration that rates will remain at near zero through 2023. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 18.51 points, or 0.61 percent, to close at 3,066.01. Trading volume was moderate at about 1.2 billion shares worth some 14.8 trillion won ($13.2 billion), with gainers outnumbering losers 503 to 329. Foreigners bought a net 483 b

After shares spiking to daily permissible ceiling on first day trading, investors anticipate continuing bullish run

The country’s two major lenders Shinhan Bank and Woori Bank have come under scrutiny again over their sale of unsound products of scandal-ridden Lime Asset Management after being called to a financial watchdog’s meeting that would decide the fate of their top executives. The Financial Supervisory Service held its second sanctions committee meeting Thursday to decide the level of sanctions for Woori Bank, Shinhan Financial Group and Shinhan Bank, major sellers of Lime funds that in

An independent committee proposed on Thursday that legislation is needed to better handle and manage spent nuclear fuel as the issue has been a source of controversy over safety. The body under the industry ministry stressed a new law is necessary to proceed with the matter of building storage for spent fuel rods and other waste in a transparent and predictable way. The committee also said South Korea should set up an independent administrative body to monitor the management of waste, while he

Nonperforming loans at South Korean banks inched down last year, due to a slight decline in overdue corporate loans, data showed Thursday. The ratio of bad loans to total lending came to 0.64 percent at the end of last year, down 0.13 percentage point from a year earlier, according to the data by the Financial Supervisory Service. Overdue corporate loans reached 13.9 trillion won ($12.8 billion) at the end of last year, down 1.4 trillion won from a year ago, the data showed. The regulator sai

South Korea's money supply continued to grow in January, as loans to households and firms increased amid the coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,233.4 trillion won ($2.8 trillion) as of end-January, up 1.3 percent from a month earlier, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 10.1 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply

South Korea's finance ministry on Thursday said it will closely monitor market volatility, although the US Federal Reserve has hinted at no rate rise in 2023. Vice Finance Minister Kim Yong-beom said market volatility may rise due to rising US bond yields, in spite of the US Fed's dovish stance. The remarks by Kim were made at a meeting with senior officials at the Bank of Korea (BOK). This week, the BOK cut the size of monetary stabilization bond (MSB) issuance in a move to help stabilize th

South Korea's emissions of fine dust from coal power plants moved down 22 percent on-year during the winter season, data showed Thursday, as the country reduced their operations in sync with its efforts to ease dependence on fossil fuel. The combined amount of fine dust generated by local coal plants reached 2.505 tons from December last year to February, compared with 3,225 tons from a year earlier, according to the Ministry of Trade, Industry and Energy. The volume halved from the same three

South Korean stocks opened higher Thursday, following the US Federal Reserve's reiteration that rates would remain at near-zero through 2023. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.5 points, or 1.07 percent, to 3,080 points as of 9:23 a.m. Stocks started strong as the results from a Federal Open Market Committee (FOMC) meeting partially soothed market concerns of earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics advanced 1.22 percent

Kakao, the operator of South Korea’s top mobile messenger KakaoTalk, saw its shares soar on the nation’s Kospi market Wednesday, with market watchers predicting the online giant will benefit from the Bitcoin craze. Shares of Kakao jumped 2.51 percent to 491,000 won ($433) in early morning trading, falling short by only 28,000 won per share from its 52-week high set on Feb. 16. The stock pared part of its earlier gains, but maintained the overall upward movement in the day to close a

Hong vows to root out speculative investment by public officials

South Korean stocks finished lower Wednesday on selling by foreigners and institutions amid rising uncertainties ahead of the US Federal Open Market Committee (FOMC) meeting. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.67 points, or 0.64 percent, to close at 3,047.5 points. Trading volume was moderate at about 803 million shares worth some 13.2 trillion won ($11.7 billion), with losers outnumbering gainers 430 to 409. Foreigners s

South Korean banks’ average capital adequacy ratio inched up last year from the previous year, indicating improved financial health amid the COVID-19 pandemic, data from the financial watchdog showed Wednesday. The average ratio of 19 commercial and state-run lenders gained 1.08 percentage points to 15 percent on-year as of end-2020, according to the Financial Supervisory Service. The capital adequacy ratio, based on the Switzerland-based Bank of International Settlements’ guidel

Finance ministers of South Korea and the US have shared their views on efforts to continue expansionary fiscal policies in reviving virus-battered local economies and supporting underprivileged groups, the ministry said on Wednesday. During a phone call between South Korean Finance Minister Hong Nam-ki and his US counterpart Jane Yellen, the two also agreed to strengthen bilateral economic cooperation in tackling the COVID-19 pandemic and the climate change crisis, officials added. The top e

South Korea's post-pandemic economic recovery depends on the successful rollout of COVID-19 vaccines, and economic growth is likely to be sluggish before herd immunity is achieved, the head of the Bank of Korea (BOK) said Wednesday. "Many people believe that the distribution of vaccines could get us out of a long tunnel of the new coronavirus," BOK Gov. Lee Ju-yeol said at a forum in Seoul. However, Lee said there are "dangerous factors" that threaten solid economic recover