Foreigners who had been steadily investing in Asian stock markets began to pull out in July, with South Korean stocks ranking as the second most sold, data showed Monday.This year's figures provided by the Korea Exchange said foreigners net purchased between $2.8 billion and $11.9 billion per month in Asian shares from January to June. China and Japan were excluded from the count because they do not provide separate tallies on offshore investors.The buying spree was bucked in July when foreigner

South Korea's top economic official on Monday called for vigilance against potential volatility in the local financial market over heightened tensions between North Korea and the United States."The impact of (North Korean threats) on the financial and foreign exchange market is now expanding to the global level. A small shock will highly likely intensify market volatility,"Finance Minister Kim Dong-yeon said in a policy meeting in Seoul."The government will not let its guard down

South Korean shares traded higher late Monday morning as local institutional investors snatched up market heavyweights amid signs of abating tension between North Korea and the United States. The benchmark Korea Composite Stock Price Index gained 11.72 points, or 0.51 percent, to 2,331.43 as of 11:20 a.m. Large caps traded mixed with market kingpin Samsung Electronics adding 0.85 percent, and global chipmaker SK hynix up 3.91 percent.AmorePacific, the largest cosmetics maker, declined 0.18 perce

Loans extended by savings banks, insurers and other nonbanking institutions hit a record high in the first six months of the year, South Korea's central bank said Monday.The data compiled by the Bank of Korea showed that outstanding loans extended by nonbanking financial companies reached 763.6 trillion won ($671 billion) as of end-June, the highest since 1993 when the central bank began to compile related data. It marks a 5.4 percent, or 39.1 trillion won, rise from the end of last year.It is w

South Korean shares opened higher Monday as some investors returned to the market amid escalating geopolitical tension between the United States and North Korea. The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.54 percent, to 2,332.25 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics gaining 1.43 percent.Top automaker Hyundai Motor climbed 0.7 percent and top steelmaker POSCO rose 1.42 percent.The local currency was tra

President Moon Jae-in has championed job creation and increased household income as a way to put South Korea on the path of sustainable economic growth that can benefit all people.Moon has vowed to create 810,000 "quality" jobs in the public sector during his single five-year term in office that ends in 2022.Last month, the National Assembly, despite some objections, passed the 11.03 trillion-won ($9.8 billion) supplementary budget bill that aims to create 2,575 central government jobs

Rising geopolitical instability over North Korea’s provocations hit South Korea’s stock market last week, but experts expressed mixed views on the prospects for the Kospi, which has been setting records in recent months. 　Some say the market responding to North Korea risks is not new. However, what makes the difference now is that the bigger presence of foreign investors could make the market more vulnerable, as they view the North Korea factor more seriously.　The Kospi has fallen 4.

South Korea's corporate watchdog said Sunday that it will introduce a punitive damages system to the local distribution industry as part of its efforts to root out unfair business practices and strengthen consumer protection.The Fair Trade Commission said it will revise related laws to impose punitive damages of up to three times the actual damage from business practices such as an unfair payment cutback of supplied goods and returns that occur between large shopping mall operators and small sho

The market value of firms affiliated with South Korea's top 10 conglomerates has tumbled more than 5 percent over the past 10 days due to the escalating standoff between the United States and North Korea over Pyongyang's nuclear and missile programs, data showed Sunday.The combined market capitalization of listed companies belonging to the 10 leading groups came to 884.6 trillion won ($772 billion) as of Friday, down 5.15 percent from Aug. 1, according to Chaebul.com and financial sources.It acc

Escalating geopolitical risks surrounding North Korea's nuclear and ballistic missile programs have caused gold prices to soar in South Korea and led to a surge in trade in the precious metal, the local exchange said Sunday.According to the Korea Exchange, a gram of gold changed hands at 47,210 won ($41.20) on Friday, the highest level since April 20, when speculation of a crisis on the peninsula swirled.Last week alone, gold prices jumped 3.18 percent from the previous week, marking the first t

Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tension with North Korea, industry sources said Saturday.The Korea Gold Exchange, a local trader, said the average daily sales of 100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average.  Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared to kilo-level products. A 10-gram gold bar is currently

South Korean shares are expected to move in a tight range next week as escalating war rhetoric between North Korea and the United States could continue to weigh in the main index, analysts said Saturday.Cape Investment & Securities said it expected the benchmark Korea Composite Stock Price Index to trade at the 2,300-2,360 range next week. The broader index closed at 2,319.71 points on Friday, down 3.1 percent from a week ago. Heightened tensions between North Korea and the US are negative f

Despite recently tightened restrictions on mortgage loans as part of the Moon administration’s anti-speculation measures, the total loan balance for major banks continued to rise, albeit slightly, with borrowers turning to credit loans instead.During the week following the real estate policy announcement on Aug. 2, the daily average of mortgage loans filed at the top four banks -- KB Kookmin, Shinhan, KEB Hana, and Woori -- stood at 277.4 billion won ($242 million). The amount was close to

Mirae Asset Daewoo, a leading asset manager here, will establish a brokerage business in India as early as within the year.The company appointed Ryu Han-suk, a manager from its Indonesian operation, as the head of the incoming entity in India, according to officials.“The goal is to establish the Indian branch this year and to kick off business early next year,” said an official of the company. Though details such as total investment and the size of the staff have not been reveal

South Korea’s government and central bank expressed concerns over increasing market volatility sparked by the unfolding conflict between the United States and North Korea, while stock market analysts attributed the latest decline to foreign investors’ profit-seeking. On Friday, the first-tier Kospi market closed at 2,319.71, after a 1.69 percent dip from Thursday, while the tech-heavy Kosdaq dived 1.83 percent. On the top market, foreign investors net sold 648.8 billion won ($566.1 m