South Korean stocks finished lower Monday, as investors opted to cash in recent gains after the main bourse closed at a record high the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 8.56 points, or 0.33 percent, to close at 2,549.41. Trade volume was moderate at 209 million shares worth 5 trillion won ($4.48 billion), with losers outnumbering gainers 488 to 324.The local stock market opened lower despite a rally in

South Korea will be able to achieve this year's growth target of 3 percent, barring any sudden economic volatility in the fourth quarter, the country's finance minister said at a parliamentary session Monday.Kim Dong-yeon's view is in line with growth outlooks by the Bank of Korea and the International Monetary Fund.In October, the BOK raised its growth forecast for South Korea's gross domestic product to 3 percent for 2017, up 0.2 percentage point from its earlier estimate. The IMF has also adj

South Korea's antitrust watchdog said Monday that it has levied a combined 37.1 billion won ($33.2 million) in fines on three foreign auto parts firms for allegedly rigging bids.Denso Korea Automotive Corp., an auto parts supplying unit of Japan's Toyota Motor Corp., and Hyundam Industrial Co. owned by Japan's Aisan Industry Co. had been accused of colluding to participate in bids for engine fuel pumps arranged by South Korean carmakers from August 2007 to February 2009, according to the Fair Tr

South Korea's top financial regulator said Monday it will draw up measures by the end of this year to encourage the nation's state pension fund to invest more in the KOSDAQ market. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with executives of financial firms and lawmakers. Financial authorities have considered giving tax breaks and easing listing rules to boost the KOSDAQ in a bid to help promising new companies raise funds on the market. 

Foreign players account for 40 percent of the South Korean brokerage industry as they push to boost their presence here amid a series of local firms' shutdowns and mergers, the financial regulator said Monday.According to the Financial Supervisory Service, 22 foreign securities companies and branches were in operation in the country as of the end of September this year, with the overall number of industry players reaching 55.Of the foreign companies, 11 were wholly owned subsidiaries with the re

South Korea's economy will stay on a recovery track next year but will contend with greater uncertainties due to uncontrollable variables, a think tank under state-owned Industrial Bank of Korea said Monday.The IBK Economic Research Institute estimated next year's economic growth at 2.8 percent, lower than the 3 percent being forecast by the government and the central bank but close to projections by other private economic institutes.Steps taken by the government to increase household income, in

Woori Bank convened a temporary meeting of board members and tapped Sohn Tae-seung as acting chief to overcome the leadership vacuum caused by the sudden resignation of its CEO.The move to name Sohn, who is the lender's executive vice president and head of global business group, comes days after Woori president Lee Kwang-goo apologized to the public and tendered his resignation over alleged irregularities in hiring new employees last year. There have been suspicions that employees of the lender

Following the government’s recent announcement it plans to increase fiscal support for innovative startups and venture firms and revitalize second-tier markets, the Kosdaq has slowly rebounded, closing above the 700-marker last week for the first time in a year and two months. 　And will the nation’s tech-heavy stock market get a boost from the government’s venture support? Some experts gave a positive outlook.　According to industry experts, while stock buying is likely to slow

South Korean households' overseas spending rose 5.5 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.South Korean households spent $6.95 billion overseas in the July-September period, compared with 6.59 billion won in the same period last year, the Bank of Korea said. The data included expenditures South Koreans spent on accommodations and food during their travels or business trips to foreign countries.The number

South Korean stocks are expected to trade stronger next week as expectations of better Seoul-Beijing relations could help exporters, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,557.97 on Friday, up 2.45 percent from the previous week.On Monday, the bourse set a new record with its index closing above the 2,500-level mark for the first time since it opened in 1983. The record-breaking performance was widely attributed to the strength of technology shares.Mar

The head of Kakao Bank, South Korea's second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country's banking sector."The pace of innovation could slow down unless the restrictions are eased," Yun Ho-young, one of the bank's two co-CEOs, said in a news conference in Seoul marking the first 100th day anniversary of the lender starting operations.Kakao Bank, led by Kakao Corp., o

South Korean shares closed at a new high Friday as investors' sentiment was boosted by abated uncertainties from the United States on the nomination of a new chief of the Federal Reserve, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index added 11.61 points, or 0.46 percent, to close at 2,557.97. Trading volume was low at 289 million shares worth 5.47 trillion won ($4.91 billion), with gainers outpacing losers 455 to 331.Analysts said Seo

The number of temporary workers in South Korea rose slightly this year from 2016, with its percentage also gaining ground, government data showed Friday.A total of 6.54 million workers were non-regular workers, part-timers and outsourced laborers as of August 2017, up 1.5 percent, or 98,000, from a year ago, according to the data by Statistics Korea.They accounted for 32.9 percent of the country's salaried employees that totaled 19.88 million. The 2017 data also showed 55.2 percent of them were

South Korea's current account surplus widened in September from a year earlier due to an increased surplus in the goods account, central bank data showed Friday.The country's current account surplus reached $12.21 billion in September, compared with a surplus of $8.07 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 67 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the goods accoun

Woori Bank CEO Lee Kwang-goo resigned Thursday, amid accusations that the bank offered special favors to children of high-profile officials and VIP clients in last year’s open recruitment.“As chief executive of Woori Bank, I offer my sincere apology to the people and to our clients for causing controversies related to the 2016 open recruitment,” Lee said in an email to employees. “Bearing the responsibility, I have notified the directorate of my intention to resign and re