South Korean exports of information and communication technology (ICT) products rebounded in June, data showed Monday, as robust shipments of computers cushioned weak demand for displays and mobile devices. Outbound shipments of ICT products moved up 1 percent on-year to $14.9 billion last month, according to the data compiled by the Ministry of Science and ICT. It marked a sharp improvement from 15.3-percent on-year drop posted in April, which was followed by a 2.7-percent decline in May. Th

Foreign investors extended their selling spree of South Korean stocks to a fifth straight month in June, data showed Monday. Foreigners sold a net 420 billion won ($348.6 million) worth of local stocks last month, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 2.5 trillion won worth of stocks last month, while British investors net purchased 1.7 trillion won worth of stocks, according to the FSS. As of end-June, local stocks held by foreign

South Korean shares opened higher Monday on hopes for economic rebound despite rising virus outbreaks around the globe. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.51 points, or 0.63 percent, to 2,163.76 in the first 15 minutes of trading. The gains were led by optimism for a quick economic recovery. South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower rate of decline signaled recovery in outbound shipments. This week, South Kore

SEJONG -- South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower pace of contraction signaled a recovery in shipments as more nations lifted coronavirus lockdown measures, customs data showed Monday. The nation's outbound shipments stood at $13.3 billion in the July 1-10 period, according to the data from the Korea Customs Service. The daily average exports during the 10-day period also declined 1.7 percent. In the first 10 days of June, exports jumped 20

Matthew Shampine aims to bring positive changes to domestic real estate sector

South Korea’s central bank is expected to keep its base rate frozen near-zero at its regular monetary policy meeting scheduled Thursday, to avoid further aggravation of the local housing market, experts said Sunday. According to experts, the Bank of Korea will maintain its policy rate at the current record-low of 0.5 percent for the time being, despite rate cut pressures stemming from economic downturns due to the coronavirus pandemic coupled with the trend of low inflation. This is main

Korean New Deal drive to boost local IT stocks

The prime office market in Seoul has recently showed signs of normalization, as uncertainties due to the economic impact of the coronavirus outbreak have been on the wane in key business districts, data showed Sunday. Demand from the information technology industry remained healthy, allowing major prime buildings to sign leases with large tenants, according to an estimate from real estate service firm Colliers International. In Gangnam, one of the larger business districts of the city, financ

The South Korean economy is expected to contract 2.3 percent on-year in 2020, hit by the fallout of the new coronavirus outbreak, a local private think tank said Sunday. Asia's fourth-largest economy is forecast to have fallen 1.7 percent in the first half and to contract 2.9 percent in the second half, according to the Korea Economic Research Institute (KERI). The yearly projection is the same as its earlier estimate made in March. It would mark the South Korean economy's first contraction

The delinquency rate for South Korean banks' loans inched down in June from a month earlier, but the fall was mainly attributed to a sharp rise in lending amid the new coronavirus outbreak, industry data showed Sunday. The rate for bank loans more than 30 days overdue against total lending by five major banks preliminarily stood at 0.21-0.33 percent as of end-June, down from 0.25-0.4 percent the month earlier, according to industry data. But industry watchers cautioned against reading too muc

South Korean bourse operator Korea Exchange said Friday that it will review a business normalization plan by bio tech firm SillaJen to decide whether to delist it. The KRX has been reviewing the company's listing, after the company's chief executive and key management were indicted over charges of embezzlement and breach of trust. SillaJen submitted its business normalization scheme to the bourse operator, and the KRX will have to decide whether to accept it by Aug. 4. In the case of granti

Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de

Government rolls out 22nd set of measures to curb surging house prices

South Korean shares closed lower Friday, as investors turned risk-averse amid rising new coronavirus infections around the world. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.65 points, or 0.81 percent, to close at 2,150.25. Trading volume was high at about 876 million shares worth some 11.9 trillion won ($9.9 billion), with losers outnumbering gainers 675 to 190. The index's fall came after daily COVID-19 cases in the United State

The amount of credit loans taken out by individuals sharply increased in June due to the government’s tough regulations on mortgage loans and the recent stock market rallies. According to data released by the Financial Services Commission and the Financial Supervisory Service on Friday, the entire outstanding balance of credit loans at commercial banks and savings banks totaled 3.5 trillion won ($2.9 billion) last month. The amount of loans extended at commercial banks last month, stan