South Korean stocks closed higher Thursday as institutions scooped up stocks on bargain hunting. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 10.75 points, or 0.50 percent, to close at 2,149.15. Trade volume was moderate at 262.01 million shares worth 4.91 trillion won ($4.3 billion), with gainers outnumbering losers 445 to 329.Institutional and foreign investors bought a combined 296 billion won worth of shares, offsetting 274.81 billion won in net sell-

Shinhan Financial Group said its net profit rose to 997.1 billion won in the first quarter this year, a 29 percent gain from a year earlier, mainly due to improved net interest margins and reduced general and administrative expenses.The nation’s largest financials having banking, credit card, insurance and other financial units said its first-quarter net profit this year was the largest since the establishment of the holding company in 2001.“While banking and non-banking affiliates i

More people moved out of Seoul and the surrounding metropolitan area than those who moved in for the first time since the relevant tally was gathered in 1971, Statistics Korea said Thursday.The number of people who were residing in the area that they were born in tended to decline until they were in their 50s, and started increasing as they turned 60, the data also showed.The agency said that the rise in the number of people moving out of the capital region is due to relocations of people to Sej

South Korea’s financial regulator said Thursday it planned to allow borrowers who cannot repay debts due to a job loss or the death of a relative, to suspend the repayment of the principal for up to three years.The Financial Services Commission announced a set of measures to help alleviate the debt burdens of vulnerable households after releasing new data on household debt. The growth of household debt slowed in the first quarter after quickly rising 11.7 percent on-year in 2016. Household

Daewoo Shipbuilding & Marine Engineering filed a petition with the Changwon District Court on Thursday, seeking approval for its 2.9 trillion won ($2.5 billion) bailout plan. If DSME’s mass debt-restructuring proposal is approved, the cash-strapped shipbuilding firm will receive 2.9 trillion won in liquidity from its major creditors, including the Korea Development Bank and the Export-Import Bank of Korea. Upon the court’s approval, there will be a weeklong window for bondholders

South Korea's household debt growth, already the highest among emerging markets, increased at a slower pace in the first quarter of this year, thanks to government measures to curb lending, the nation's top financial regulator said Thursday. Household debt, which stood at 1,344 trillion won ($1.17 trillion) at the end of last year, has been cited as one of the key vulnerabilities facing Asia's fourth-largest economy as a mountain of debts threatens to choke off consumer spending.  "Loo

The Bank of Korea on Thursday launched a pilot program with major distribution giants to push forward its long-term goal of creating a coinless society in Korea by 2020.By partnering convenience store chains, department stores and supermarkets nationwide, the BOK is encouraging consumers to use their change from purchases for electronic prepayments. Participating store operators include CU, 7-Eleven, With Me, E-mart and Lotte Mart.For instance, the change that results from a purchase at a CU sto

The volatility in the dollar-won exchange rates slightly increased in the first quarter from the previous three-month period as the US greenback weakened this year, central bank data showed Thursday.The average daily variation, showing the change from the previous session's closing price, came to 5.7 won in the January-March period, up from 4.9 won in the previous quarter, according to the Bank of Korea.The increased fluctuation in the dollar-won exchange rates came as the dollar has weakened si

South Korean stocks turned higher late Wednesday as foreigners and institutions went bargain hunting.The won fell against the US dollar.  The benchmark Korea Composite Stock Price Index advanced 8.75 points, or 0.41 percent, to 2,147.15 as of 11:20 a.m.Foreign and institutional investors bought a combined 114.84 billion won ($100.56 million) worth of stocks, while individuals sold stocks valued at 108.99 billion won, keeping the KOSPI from rebounding further.  The KOSPI ended in negati

China Ocean Resources Co., a Hong Kong-based deep-sea fisheries company, is on the verge of being delisted from the South Korean stock market due to its false financial disclosures. If China Ocean Resources is dropped, it will become the latest Chinese firm that is booted from the local bourse after grappling with lower valuations and a lack of investor confidence.A total of 22 Chinese companies were allowed to trade their shares on the Korean stock market since 2007, but seven Chinese firms hav

South Korea's exports of cosmetics continued their upside mode in the first three months of the year on strong global demand, the latest customs data showed Thursday.Outbound shipments of South Korea-made beauty products were valued at $935 million in the January-March period, up 32.1 percent from a year earlier, according to the data compiled by the Korea Customs Service.Exports to China rose 26.7 percent on-year to $337 million over the three-month period, despite Beijing's recent movement to

South Korean stocks opened lower Thursday, tracking losses on Wall Street, ahead of major companies' first-quarter earnings releases. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.65 points, or 0.08 percent, to 2,136.75 in the first 15 minutes of trading.Investors took to the sidelines as major companies such as Samsung Electronics and Hyundai Motor are set to announce their first-quarter earnings results later this month, analysts said.  T

South Korean stocks closed lower Wednesday as foreigners offloaded stocks on profit-taking in the face of overnight losses on Wall Street. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 10.06 points, or 0.47 percent, to close at 2,138.40. Trade volume was moderate at 337.71 million shares worth 4.71 trillion won ($4.1 billion), with decliners outnumbering advancers 412 to 376.Foreign investors sold 238.11 billion won worth of shares, offsetting net purchase

South Korea's financial watchdog on Wednesday unveiled a set of new regulations on the acquisition of a savings bank by a consumer credit service company in a bid to improve transparency.Under the new rules, a consumer credit service firm is required to present a plan to shut down its retail lending business if it applies to acquire a savings bank in South Korea, according to the Financial Supervisory Service.The new rules also ban a major shareholder from owning a majority stake in more than th

The International Monetary Fund raised its forecast for South Korea’s economic growth this year to 2.7 percent, driven by signs of a turnaround in the global economy.The latest forecast is up 0.1 percentage point from the 2.6 percent growth the agency estimated in its G-20 Surveillance Note in March.It is also higher than the Korean government and the central bank’s 2.6 percent projection.For 2018, it maintained its earlier prediction of 2.8 percent.The organization also projected ro