Foreign currency deposits held by banks in South Korea increased in May, central bank data showed Monday, as both individuals and companies apparently sought to expand their foreign exchange holdings amid the weakening of the local currency.As of end-May, foreign currency savings here came to $65.61 billion, up $2.41 billion from the month before, according to the data from the Bank of Korea. "The amount increased as local companies delayed exchanging their currency holdings on hope of furt

South Korean stocks traded higher Monday morning as institutions turned net buyers ahead of a Federal Reserve meeting this week and the Group of 20 summit later this month.The benchmark Korea Composite Stock Price Index rose 3.41 points, or 0.16 percent, to 2,098.82 as of 11:15 a.m.  Institutions bought a net 29 billion won ($24 million) worth of stocks, allowing the main index to trade in positive territory.Foreigners and individuals sold a combined 27 billion won worth of stocks. Large-ca

South Korean securities firms saw their combined net profit jump to a record high in the first quarter, fueled by investment gains and higher commission fees from their wealth management businesses, data showed Monday.The combined net profit of 56 brokerages stood at 1.4 trillion won ($1.18 billion) in the January-March period, up 183.3 percent from three months earlier, according to the data from the Financial Supervisory Service. Brokerage commission fees rose 1 percent on-quarter to 891.3 bil

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of key economic events, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,095.41 points on Friday, compared with 2,072.33 points a week ago.The index rose for two sessions in a row to a one-month high on Tuesday as China's exports remained bullish in May and it eased rules on local government spending on public projects.The KOSPI, however, closed

Mirae Asset Global Investments said Thursday it hosted a forum last week where top fund managers and experts from eight countries gathered to share their insights on the latest trends in global exchange-traded funds market.The 2019 Mirae Asset Global ETF Rally was held June 7-8 in Seoul and Hongcheon, located about 100 kilometers northeast of the capital city.  The participants included Australia-based ETF manager BetaShares CEO Alex Vynokur, Canada’s Horizon ETFs CEO Steve Hawkins, U

HO CHI MINH, Vietnam -- In Vietnam, one of the fastest growing economies in the world, investors have been searching for ways to hedge risks in times of equity market volatility. Last year, the benchmark index on Ho Chi Minh Stock Exchange (Hose) slipped 9.3 percent, while that of the development board fell 10.8 percent.One alternative they found was the derivatives market. Among the many instruments, they pounced on covered warrants -- a publicly traded product that allows investors to make lev

Foreign holdings of South Korean bonds amounted to 119.2 trillion won ($111 billion) at the end of last month, reaching a new monthly high, according to data from the Financial Supervisory Service, while the local stock market remained stagnant. The figure surpassed the previous monthly record high of 114.3 trillion won in August 2018.  Overseas investors’ debt holdings accounted for 6.7 percent of the total market, according to the FSS data. They net purchased 11.3 trillion won worth

Weeks following the Korean financial regulator’s rejection of its request to set up the nation’s third and fourth internet-only banks, Toss Bank may have to draw up a fresh list of strategic investors to get a second shot. The Financial Services Commission on Sunday pointed out issues with Toss Bank’s shareholding structure and lack of a feasible plan to raise capital as key reasons behind its decision to reject the application.  In a shocking turn of events, the FSC on Ma

The Financial Supervisory Service has decided to take disciplinary action against major securities firms for lax control on their overseas stock trading systems, officials said Friday.　The financial market watchdog earlier conducted an investigation on 17 local brokerages, of which more than 10 turned out to have loopholes in their foreign stock trading systems, according to officials.The list included major players such as Korea Investment & Securities, Samsung Securities, NH Investment &am

William B. Stanton, Citibank Korea’s head of commercial bank, speaks at the “Singapore Digital Day” seminar, hosted by the Korean unit of the international banking giant, at Google Campus in Seoul on Wednesday. Around 100 corporate strategy, planning and treasury officers as well as Yip Wei Kiat, Singapore’s ambassador to Korea, attended the event, where experts shared their knowledge of the digital market and global opportunities in Singapore and ASEAN nations. (Citibank

South Korea’s benchmark Kospi shed 7.34 percent in May alone, according to the Korea Exchange on Tuesday, its largest monthly loss since October last year.The main bourse’s lackluster performance last month is fueling concerns among investors still recovering from the shock in October, when the stock market experienced the steepest monthly decline in a decade.  At that time it shed 13.37 percent, weighed down by the US’ decision to implement 10 percent tariffs on $200 bill

South Korea’s wealthy are more concerned about inheritance issues than generating profit from financial products in terms of asset management, data compiled by Samsung Securities showed Monday.The data was based on 1,630 cases of regular consulting with the firm’s clients who have over 3 billion won ($2.6 million) deposited in the firm for investment.  Of the clients, 30.2 percent acknowledged that inheritance issues were their priority concern, while 30 percent chose collecting

The amount of international money transfers handled by South Korea’s fintech firms have increased more than 25 times over the past year, hinting at the growing popularity of small-sum cross-border money transfer services.According to the Financial Supervisory Service, Korea handled $365 million worth of small-sum money transfers in the first quarter of 2019, up 2,507 percent from $14 million handled in the fourth quarter of 2017 when such services began operations here.This total figure is

South Korea’s main bourse Kospi posted a weak return rate of 0.03 percent since the beginning of the year, data from the Korea Exchange showed Sunday, putting the bourse near the bottom rank among its G20 counterparts. According to the KRX, the Kospi’s rate of return stood at a lackluster 0.03 percent as of Friday, the last trading day of May, placing it at No. 19 out of 20 major bourses around the world. Its rate of return hovered just above Turkey’s benchmark XU100, which ran

South Korean stocks rose for the second straight session Friday as the central bank said the economy is recovering. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 2.94 points, or 0.14 percent, to 2041.74. Trading volume was moderate at 426 million shares worth 4.8 trillion won ($4.3 billion), with gainers outnumbering decliners 485 to 348. The index opened lower, but it moved into positive terrain, apparently tracking Wall Street gains.US