South Korea's household credit grew at a faster clip in the third quarter compared to three months earlier, driven by a rise in banks' home-backed loans, central bank data showed Tuesday. Household credit reached a record high of 1,682.1 trillion won ($1.51 trillion) as of September, up 44.9 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial instit

The combined net profit of insurance firms in South Korea gained 6.1 percent on-year in the first nine months of this year, partly supported by fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Tuesday. Life and non-life insurers saw their combined net profit increase by 319.5 billion won ($286.8 million) to 5.5 trillion won for the January-September period, according to data from the Financial Supervisory Service (FSS). In a statement, the FSS said profits

South Korea said Tuesday it will release its reserved grains into the market to cope with the reduced rice output after the long rainy season this year coupled with major typhoons. The country will release up to 370,000 tons of reserved rice, according to the Ministry of Agriculture, Food and Rural Affairs. The detailed amount will change depending on the market situation. The rice will be released after the harvest season in different phases to minimize potential fluctuations in the market.

More than seven in 10 South Korean exporting companies expect their overseas shipments to increase in 2021 from this year, a poll showed Tuesday. The survey of 801 exporters, taken by the Korea International Trade Association (KITA), showed 71.3 percent of the respondents anticipating an increase in their exports next year. The poll did not give reasons for their expectations for a hike in overseas shipments in the coming year. Exports of petroleum products are projected to climb 6 percent on

Combined order backlogs of South Korea's top five shipbuilders, led by Hyundai Heavy Industries Co., fell 22 percent in the first nine months of the year from the end of last year due to decreased new orders amid the coronavirus pandemic, industry sources said Tuesday. But their good financial health will prevent them from raking in orders at lower prices, according to Han Young-soo, an analyst at Samsung Securities Co. The shipbuilders have 38 trillion won ($34.2 billion) worth of order backl

Sales of imported commercial vehicles in South Korea jumped 21 percent last month from a year earlier on robust sales of Scania and Mercedes-Benz trucks, an industry association said Tuesday. The number of newly registered imported commercial vehicles rose to 474 units in October from 392 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Imported commercial vehicles currently account for a large share of the domestic commercial vehicle market

South Korean stocks opened higher Tuesday after hitting an all-time high the previous session on hopes of an economic recovery and new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.01 points, or 0.27 percent, to 2,609.6 in the first 15 minutes of trading. Investor sentiment ran high in the global financial markets, as progress in COVID-19 vaccine development fueled optimism that the economy and trade would normalize down the road. Overnight,

A recent surge in coronavirus infections at home and abroad is likely to come as a big draw on South Korean oil refiners already battered by the fallout from the pandemic, industry sources said Tuesday. Whipsawed by weak oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined net loss of more than 5 trillion won ($4.5 billion) in the first half of the year. The situation didn't improve much in the third quarter despite rising demand

Spending on housing also soars amid jeonse shortage

South Korean stocks rose for a fourth consecutive day to near an all-time high Monday on massive foreign buying, backed by hopes for a quick economic recovery, shrugging off concerns over a resurgence of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.09 points, or 1.92 percent, to close at 2,602.59 points, after reaching as high as 2,605.58 points at one point. Monday's closing price is just shy of the index's a

South Korea’s real estate investment trust, indirectly controlled by Hong Kong-listed real estate platform ESR, said Monday that it is gearing up for an initial public offering that will raise 357.3 billion won ($321.3 million) before a listing on the main stock bourse, Kospi, to attract retail investors to its industrial portfolio. The new REIT, dubbed ESR Kendall Square REIT, will become the first listed REIT dedicated to logistics properties in Korea if the IPO goes ahead as planned l

South Korean credit card issuer Lotte Card has issued social bonds worth 150 billion won ($135 million), the company said Monday. The newly issued bonds, a type of environment, social and governance investment, are aimed at supporting the socioeconomically vulnerable population and creating jobs. Funds raised from the bond issuance will be used to pay settlement costs in advance for mom-and-pop stores and small businesses, which have been bearing the brunt of the ongoing coronavirus crisis.

Since the passing of the late Samsung Group Chairman Lee Kun-hee on Oct. 25, stocks of the conglomerate’s seven affiliates, including Samsung Electronics and Samsung C&T, rose 13.8 percent on average, according to data released Monday. The increase is thought to be driven by expectations of an economic recovery as well as increased dividend payouts to help late Samsung chairman’s heirs pay inheritance taxes. Samsung Electronics, the crown jewel of the nation’s largest co

Brokerages expect Kospi to trade up to 3,000 next year

South Korea's financial markets will start trading an hour later than usual on Dec. 3 due to the nationwide college entrance exam, the bourse operator said Monday. Trading of stocks, as well as the exchange traded fund (ETF) and bond markets, will begin at 10 a.m. and close at 4:30 p.m., the Korea Exchange (KRX) said in a statement. Trading of derivatives will run from 10 a.m. to 16:45 p.m. Among commodities, trading of gold will begin an hour late at 10 a.m. and close at the usual 3:30 p.m