Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Seoul shares close nearly flat on profit-taking
South Korean stocks closed at a new record high on Monday, although the local stock market finished nearly flat, as investors opted for profit-taking on bullish rallies observed last week, analysts said. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index edged up 1.47 points, or 0.06 percent, to close at a fresh record high of 2,451.53. Trade volume was low at 230 million shares worth 4.56 trillion won ($4 billion), with losers outnumbering gainers a
July 24, 2017
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Seoul shares trade lower late Monday morning
South Korean stocks traded lower late Monday morning as investors took an apparent breather after the sharp rise observed last week.The benchmark Korea Composite Stock Price Index fell 3.47 points, or 0.14 percent, to 2,446.59 as of 11:20 a.m.Market behemoth Samsung Electronics fell 0.59 percent and Samsung SDI lost 1.38 percent. LG Electronics moved down 0.15 percent.Builders also traded bearish, with Hyundai Engineering & Construction decreasing 1.03 percent and Hyundai Industrial losing 0
July 24, 2017
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Seoul stocks open lower on techs, steel
South Korean stocks opened lower Monday following losses from technology shares and steelmakers.The benchmark Korea Composite Stock Price Index fell 2.87 points, or 0.12 percent, to 2,447.19 in the first 15 minutes of trading.Tech shares mostly lost ground, with Samsung Electronics moving down 0.63 percent and LG Display losing 1.46 percent. No. 2 chipmaker SK hynix, on the other hand, added 0.98 percent.Steelmakers were also among losers, with top player POSCO decreasing 0.46 percent and No. 2
July 24, 2017
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Kakao Bank to cut commission fees for wire transfers
Ahead of its launch Thursday, Kakao Bank unveiled Sunday its plans to offer commission fees on offshore wire transfers that were just a tenth of the amount charged at offline banks.As the second branchless bank in South Korea following K bank that started operation in April, Kakao Bank said its fees charged from electronic wire services will be better streamlined than conventional commercial banks. A bank user who transfers money worth up to $5,000 through the smartphone app will be charged
July 23, 2017
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[Stock Preview] Record-setting Kospi still vulnerable to external risks
The unprecedented rally in South Korea’s stock market might ease off this week, according to analysts who cited vulnerabilities such as the US Federal Reserve Board’s possible hawkish signs and volatility in the markets and currency exchange rate.Multiple analysts forecast the main bourse index would hover at around the current 2,450 mark, with the lowest at 2,410 and the highest at 2,470.A slight hawkish tone from the July meeting of the Federal Open Market Committee held from Tuesd
July 23, 2017
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Number of fake banknotes up 36.5% in H1: BOK
The number of counterfeit South Korean banknotes detected here in the first half of this year rose 36.5 percent from a year earlier, the central bank said Sunday. A total of 912 counterfeit bills were found in the January-June period, up from 668 in the same period last year, according to the Bank of Korea.The increase came as 469 10,000-won ($9) counterfeit bills with the same serial number were found.In South Korea, the 10,000-won bill is the second-highest denomination behind the 50,000-won b
July 23, 2017
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Korean banks post surprise H1 earnings
South Korean banks posted surprisingly good first half earnings on the back of an economic recovery and an uptick in interest rate, industry data showed Sunday, stirring up concerns over their bonus plans amid ballooning household debt. According to the data, the country's four biggest banking groups -- Shinhan Financial Group Co., KB Financial Group Inc., Woori Bank and Hana Financial Group Inc. -- posted a combined 5.88 trillion won ($5.25 billion) in net profit for the first six months of the
July 23, 2017
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Korea's bourse operator sends warning against insider trading
South Korea's sole bourse operator has sent a warning to all listed companies against possible insider trading as it cracks down on unfair stock transactions, market sources said Sunday. In the warning sent to a combined 2,151 companies listed on the country's benchmark KOSPI, the secondary KOSDAQ and the tertiary KONEX on Thursday last week, the Korea Exchange said it will keep closer tabs on company officials who engage in stock trading using nonpublic information, sources said.The move came a
July 23, 2017
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Seoul shares likely to face correction next week: analysts
South Korean shares are likely to undergo a correction next week as the ongoing diplomatic row with China is expected to cause weaker earnings for local carmakers and cosmetics firms, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at a fresh record high of 2,450.06 points on Friday. The main index rose 1.5 percent this week helped by strong second-quarter earnings results in financial and chemical firms. LG Chem Ltd. posted a 57-percent on-year ris
July 22, 2017
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Shares of KAI hit 52-week low on corruption probe
Shares of Korea Aerospace Industries Co. (KAI), the country‘s sole aircraft manufacturer, closed at a record low on the main bourse this week amid alleged corruption in major defense projects, market watchers said Saturday. KAI closed at 47,950 won (US$42.85) on the main bourse on Tuesday, hitting a 52-week low, the bourse operator Korea Exchange said. The company managed to slightly rebound to close at 50,400 won on Friday. The company has been involved in high-profile defense projects t
July 22, 2017
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Seoul stocks hit new record on foreign buying
South Korean stocks ended up at a fresh record high Friday on the back of strong foreign buying amid expectations of solid corporate earnings results. The won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.22 points, or 0.34 percent, to close at 2,450.06. Trade volume was moderate at 246.05 million shares worth 5.11 trillion won ($4.6 billion), with decliners outnumbering gainers 404 to 396. Foreigners bought a net 282.43 billion won worth
July 21, 2017
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Seoul shares turn higher Friday morning on foreign buying
South Korean stocks turned higher Friday morning as foreigners increased their holdings. The won traded down against the dollar. The benchmark Korea Composite Stock Price Index that started the day in negative territory rebounded to rise 1.06 points, or 0.04 percent, to 2,442.90 as of 11:20 a.m.Foreigners bought a net 65.4 billion won ($58 million) worth of stocks, outpacing stock selling worth 63 billion won by institutions and individuals. Tech and auto stocks pushed down the index, with
July 21, 2017
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Seoul stocks open lower on US losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 1.15 points, or 0.05 percent, to 2,440.69 in the first 15 minutes of trading. The main index hit a record high of 2,441.84 points in the previous session. On Thursday (US time), the Dow Jones industrial average ended down 0.13 percent at 21,611.78. Tech and auto stocks led declines, with market bellwether Samsung Electronics Co. falling 0.94 percent a
July 21, 2017
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Shinhan Financial‘s Q2 net up 30.5% on-year
Shinhan Financial Group Co., a major South Korean banking group, said Thursday that its net profit rose 30.5 percent in the second quarter from a year earlier on increased interest income.Net profit for the second quarter climbed to 892 billion won ($792 million) from 683.5 billion won a year earlier, the bank said in a regulatory filing.In the January-June period, the group's combined net shot up to 1.88 trillion won, the highest since the foundation of the financial group in 2001, it said. Shi
July 20, 2017
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[Photo News] In honor of Shin Yong-ho
July 20, 2017
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Under new leadership, FSC to tackle mounting household debt
In his inauguration speech Wednesday, new Financial Service Committee Chairman Choi Jong-ku addressed skyrocketing household debt, indicating he may push to adopt the debt-service ratio in household loans to toughen the lending process.“(The FSC) will advance the credit rating systems in financial firms by laying out ones based on the debt-service ratio,” Choi said in a speech at FSC headquarters in central Seoul.He described the nation’s household debt as “the biggest la
July 20, 2017
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SC Bank Korea offers checking account with 1.5% rates
Monetary easing in South Korea has lasted for over a year, with the country’s central bank keeping a record low rate of 1.25 percent for 13 months as of July. Amid uncertainties surrounding the rate, Standard Chartered Bank Korea, the local unit of the London-based banking group, has been holding an event rewarding customers with benefits from checking account interest rates, the bank said Thursday. The move was partly to provide new customers who open checking accounts dubbed My Plus Acco
July 20, 2017
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Seoul stocks hit new record on solid earnings hopes
South Korean stocks ended up at a fresh record high Thursday amid expectations of solid corporate earnings results. The won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.90 points, or 0.49 percent, to close at 2,441.84. Trade volume was moderate at 246.84 million shares worth 5.27 trillion won ($4.5 billion), with gainers outnumbering decliners 431 to 354. Institutions and foreigners bought a combined 102.45 billion won worth of stocks amid expect
July 20, 2017
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Seoul shares turn lower Wednesday morning on foreign selling
South Korean stocks turned lower Thursday morning as foreigners and institutions offloaded their holdings. The won traded down against the dollar. The benchmark Korea Composite Stock Price Index that started the day in positive territory surrendered 0.60 points, or 0.02 percent, to 2,429.34 as of 11:20 a.m.Foreigners and institutions sold a combined 40 billion won ($36 million) worth of stocks more than they bought. Individuals acquired a net 25 billion won that kept the main index from fa
July 20, 2017
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Woori Bank‘s net profit jumps 46.4% in H1
Woori Bank, a major South Korean commercial lender, said Thursday its net profit for the first six months of this year jumped 46.4 percent on year, thanks to a solid gain in both interest and non-interest income.Net profit jumped to 1.09 trillion won ($971 million) in the January-June period on a consolidated basis, the lender said in a statement. It marked the biggest six-month profit since 2011, the lender said. For the second-quarter of this year, Woori Bank's net profit soared 50.1 percent o
July 20, 2017