South Koreans' overseas stock investment has jumped nearly 40 percent in 2017 from a year ago, data showed Wednesday, as retail investors apparently turn to foreign markets amid a domestic rally dominated by large caps.According to the data by the Korea Securities Depository, local investors' direct transactions of stocks traded overseas came to $6.32 billion as of Friday, up 39.9 percent from the same period a year earlier.The balance of foreign-traded stocks deposited at the clearing agency th

South Korea‘s main bourse extended record-setting rallies for the second consecutive day Tuesday on robust institutional buying that offset foreign selling.The benchmark Korea Composite Stock Price Index closed at 2,311.74, up 0.33 percent compared to Monday, when it reached a previous all-time high at 2,304.03.The Kospi showed significant surge in the late morning trade. At around 11 a.m., the market index began to shoot up to around 2,320. The index hit intraday high of 2,326.57 in the a

South Korea's central bank is tipped to hold its benchmark interest rate steady for May amid expectations of a possible US rate hike and a recovery in the local economy, a poll showed Tuesday.The survey of 200 bond market experts showed that all of the respondents forecast the Bank of Korea to freeze the key rate at its monthly rate-setting meeting slated for Thursday. The survey was taken by the Korea Financial Investment Association from May 10-15. The BOK left its policy rate unchanged at an

Growth of South Korea’s household debt slowed in the first quarter but its total balance still remained at a high level, data by the Bank of Korea showed Tuesday. Household credit grew by 17.1 trillion won ($15.2 billion), or 11.1 percent on-year, in the first quarter, slowing in pace from a 20.6 trillion won gain in the same period a year earlier. Among the 17.1 trillion won, 8.4 trillion won loans were extended by banks, credit unions and mutual savings banks. The rest came from ins

South Korean stocks traded higher on late Tuesday morning led by gains in top market cap Samsung Electronics and other market heavyweights.The benchmark Korea Composite Stock Price Index  climbed 16.20 points, or 0.70 percent, to 2,319.48 as of 11:20 a.m.The index remained in positive terrain after opening on an upbeat note, apparently tracking overnight gains on Wall Street. In New York on Monday (local time), the Dow Jones Industrial Average closed up 0.43 percent at 20,894.32 points

Global credit appraiser Standard & Poor's will have its annual meeting with South Korean policymakers this week to assess the nation's overall economic situation and credit status, the finance ministry said Tuesday.A delegation led by Kim Eng Tan, a senior director for Asia Pacific, will be in the country for the four-day meeting that will start on Tuesday, according to the Ministry of Strategy and Finance. During the stay, the team will meet with policymakers from government agencies, inclu

South Korean stocks opened higher on Tuesday, largely helped by bullish tech large caps, analysts said.The benchmark Korea Composite Stock Price Index added 3.18 points, or 0.14 percent, to reach 2,307.21 in the first 15 minutes of trading. Big tech shares pushed up the market.Market behemoth Samsung Electronics gained 0.49 percent, with its smaller rival LG Electronics adding 0.61 percent to hit a record high. Top steelmaker Posco increased 0.53 percent.The local currency was trading at 1,

South Korea has trumped other Asian Pacific countries in terms of mobile financial service usage, a report showed Monday.Users in South Korea had over 7 billion sessions in banking apps in 2016, which was nearly four times as many compared to Australians, according to the latest report by online-based global mobile app tracker App Annie. The report was based on the screening carried out in 13 Asian Pacific countries. The report analyzed how mobile devices are transforming banking and financial s

South Korean shares ended sharply higher Monday to breach the 2,300 point mark for the first time ever on renewed hopes for improved economic recovery following the launch of the new Moon Jae-in administration, analysts said.The benchmark Korea Composite Stock Price Index added 15.55 points, or 0.68 percent, to 2,304.03. The Kospi had previously hit intra-day highs exceeding the 2,300 mark three times this year, but backtracked before the end of trading. "Consumer sentiment has improve

Financial regulators in South Korea said Monday they were seeking the entry of a fourth credit appraiser into the market, to improve credit rating market confidence and reduce collusive ties between rating agencies and the firms they evaluate.The Financial Services Commission and the Financial Supervisory Service in a release Monday said the third-party committee will hold its first meeting next week, in order to evaluate the credit rating market. The committee, launched in December 2016 compris

Kakao Bank, the second online-only bank in the country set to start its services in June, has joined the Korea Federation of Banks.The KFB said Monday that Kakao Bank had become the 22nd banking institution under the federation Friday. All commercial banks in operation in South Korea are members of the KFB, which gathers views from the banking sector and submits them to the parliament or financial regulators as a whole.In January, K bank entered the association as the country’s first onlin

South Korean shares breached the 2,300-point mark for the first time ever as foreign investors scooped up major tech stocks amid sound corporate earnings, bucking overnight gains on Wall Street, analysts said. The Korean won sharply rose against the US dollar.The benchmark Korea Composite Stock Price Index added 15.55 points, or 0.68 percent, to an all-time high of 2,304.03.Trade volume was slim at 334.55 million shares worth 5.74 trillion won ($5.04 billion), with advancers outnumbering losers

Following his nomination by President Moon Jae-in on Sunday as deputy prime minister for the economy and finance minister, Kim Dong-yeon said his main objectives will be to revitalize the country’s lagging economy by increasing the effective tax rate and adding more jobs.“I think the next five years will be our last chance to save the economy,” Kim said during a press conference at the Government Complex in Gwacheon on Sunday.“In the short term, we will concentrate on int

South Korean banks and credit card firms might face difficulty in raising their fees, as the financial authorities began reviewing President Moon Jae-in’s pledges to adopt a new regulation to toughen rules on financial fees, industry sources said Monday.Moon, who believes in big government and its larger role in the market, had vowed to “adopt a system to evaluate the legitimacy of financial fees,” according to the booklet of his election pledges.  The Financial Services C