Seoul shares up in late morning on Wall Street gains

South Korean stocks traded higher late Wednesday morning as foreign investors scooped up large-cap tech and telecom shares, tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index gained 4.77 points, or 0.2 percent, to 2,427.73 as of 11:20 a.m.On Tuesday (local time), the US Dow Jones industrial average climbed 0.33 percent toward a fresh record and the S&P rose 0.24 percent. The Nasdaq Composite Index also gained 0.23 percent. Most large caps traded mixe

Aug. 2, 2017

Seoul shares open higher on tech shares

South Korean stocks opened higher on Wednesday, largely helped by bullish tech caps.The benchmark Korea Composite Stock Price Index gained 4.34 points, or 0.18 percent, to reach 2,427.30 in the first 15 minutes of trading.  Performance of large-cap stocks were mixed, with tech shares pushing the bourse up.Market behemoth Samsung Electronics added 0.9 percent and global chipmaker SK hynix jumped 2.9 percent.The local currency was trading at 1,122.1 won against the US dollar, down 0.8 won fro

Aug. 2, 2017

Individuals lose money in stock market in July

Despite a bullish stock market, retail investors lost big in their equity investments in July, data showed Wednesday, due to insufficient strategy and information.The top 20 stocks purchased by individuals tumbled 6.11 percent on average last month, according to the data compiled by market tracker FnGuide.In contrast, their 20 most sold stocks generated an average return of 8.07 percent, far higher than the 1.02 percent on-month gain in the benchmark Korea Composite Stock Price Index.Driven by s

Aug. 2, 2017

UK biggest foreign stock trader in Kospi

Investors from the United Kingdom traded the largest volume of stocks in terms of value on South Korean markets, beating out investors from other countries in May and June, data from the Financial Supervisory Service showed Tuesday.In June, UK buyers engaged in trading stocks worth 25.8 trillion won ($23.1 billion), accounting for 33.1 percent of the entire offshore stock trading on the first-tier market. UK investors bought Kospi shares worth 12.93 trillion won and sold 12.89 trillion won.The U

Aug. 1, 2017

Seoul stocks end higher on improved investor sentiment

South Korean stocks closed higher Tuesday on the back of improved investor sentiment despite growing geopolitical tensions caused by North Korea's intercontinental ballistic missile launch, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 20.25 points, or 0.84 percent, to close at 2,422.96. Trade volume was slim at 259 million shares worth 5.5 trillion won ($5.1 billion), with gainers far outnumbering losers 608 to 204.Analysts sai

Aug. 1, 2017

BNP Paribas Cardif Life appoints Benoit Meslet as CEO

BNP Paribas Cardif Life Insurance in Korea announced Tuesday that its board members have appointed Benoit Meslet as the company’s new representative director and CEO, succeeding former head Jean-Christophe Darbes. 　Officially starting his post Tuesday, Meslet has more than 15 years of experience in the financial services and insurance industries, including an extensive background in product development across Asia. 　Prior to joining BNP Paribas Cardif, he worked as the chief transformation

Aug. 1, 2017

Allianz Life renamed ABL Life, revamps digital platforms

　Allianz Life has officially been renamed ABL Life Insurance Co., it announced Tuesday. 　According to the new ABL Life, the revised corporate name represents its strong ties and association with the company’s major shareholder Anbang Insurance Group, and reflects its vision, “With you for a better life.” 　ABL Life also announced it will revitalize its portfolio of advanced digital products and smart services. The company said it will focus on establishing a digital environment

Aug. 1, 2017

Korean shares up on institutional buying

South Korean shares move up late Tuesday morning, paring earlier losses, helped by a buying-spree by institutions.The benchmark Korea Composite Stock Price Index rose 23.94 points, or 1 percent, to 2,462.65 as of 11:20 a.m. The broad index started lower, but soon turned positive as institutional buyers scooped up market heavyweights.Most large caps traded in positive terrain with market kingpin Samsung Electronics adding 0.36 percent and SK hynix, a major chipmaker, moving up 0.3 percent. Leadin

Aug. 1, 2017

Seoul stocks open lower on tech losses

South Korean stocks opened lower early Tuesday due to losses by technology companies, such as market kingpin Samsung Electronics, analysts said.The benchmark Korea Composite Stock Price Index fell 4.89 points, or 0.18 percent, to 2,398.32 in the first 15 minutes of trading. Tech shares mostly lost ground, with Samsung Electronics moving down 1.2 percent and No. 2 chipmaker SK hynix shedding 1.36 percent. LG Display also surrendered 0.79 percent. Auto shares, meanwhile, were in positive terrain,

Aug. 1, 2017

Britons most active traders of Korean stocks in June

British investors were most active stock traders among foreigners in South Korea in June, with Americans holding the largest amount of local shares, the financial watchdog said Tuesday.The value of local stocks traded by offshore investors came to slightly upwards of 78 trillion won ($69.7 billion) in June, accounting for nearly 30 percent of the total market turnover, according to data by the Financial Supervisory Service.Turnover by British investors stood at 25.8 trillion won that month, taki

Aug. 1, 2017

Institutions log massive net stock buying in July

South Korean institutional investors loaded up on stocks in the final sessions of July, helping the local stock market keep its bullish run, data showed Tuesday.In a turnaround from their net selling position, local institutions turned net buyers in the final four days of last month, purchasing a net 1.78 trillion won ($1.59 billion) for all of the month, according to the data by the bourse operator Korea Exchange.Institutional investors had been net sellers till last Tuesday.In contrast, foreig

Aug. 1, 2017

Is Korea’s stock market seeing end to tech run?

South Korea’s main bourse index on Monday saw a recovery from Friday’s drop of 1.73 percent, the largest in nearly 13 months.The Kospi edged up 0.07 percent from Friday to close at 2,402.71 on Monday. Tech giants Samsung Electronics and SK hynix rose 0.92 percent and 2.17 percent, slight recoveries compared to slides of 4.1 percent and 5.56 percent, respectively, Friday.While viewing Friday’s plunge of the Kospi as “short-term noise,” local analysts said time is rip

July 31, 2017

S. Korean stocks close mildly higher amid N. Korean tensions

South Korean stocks finished slightly higher Monday with institutions going on a buying spree as foreign and individual investors dumped local shares to lock in recent gains, amid growing geopolitical tensions caused by North Korea's intercontinental ballistic missile launch, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index edged up 1.72 points, or 0.07 percent, to close at 2,402.71. Trade volume was modest at 273.94 million shares worth 5.

July 31, 2017

Seoul shares down in late-morning trade

South Korean stocks traded lower late Monday morning, tracking losses on Wall Street losses, although tech blue chips continued to gain ground, analysts said. The benchmark Korea Composite Stock Price Index backtracked 5.37 points, or 0.22 percent, to hit 2,395.62 as of 11:20 a.m.Tech giant Samsung Electronics gained 0.9 percent, with chipmaker SK hynix adding 1.7 percent.Top automaker Hyundai Motor, meanwhile, shed 2.68 percent, and its affiliate Hyundai Mobis, an auto parts maker, dropped 3.52

July 31, 2017

Stocks open lower on US losses

South Korean stocks opened lower Monday following late last week's losses on Wall Street.The benchmark Korea Composite Stock Price Index fell 2.62 points, or 0.11 percent, to 2,398.37 in the first 15 minutes of trading.  Most large caps traded mixed with market kingpin Samsung Electronics losing 0.42 percent and leading automaker Hyundai Motor shedding 1.67 percent.In contrast, leading steelmaker POSCO gaining 0.33 percent, and SK hynix was up 1.24 percent on its better-than-expected third-

July 31, 2017

Kakao Bank attracts 800,000 accounts in 4 days

Kakao Bank, South Korea's second Internet-only bank, said Sunday it has attracted some 800,000 accounts four days since its launch, with combined deposits and loans hovering above 500 billion won ($445.2 million).The bank said the number of clients came to 826,000 as of 3:00 p.m., with deposits being estimated at 275 billion won. The newly established bank also rolled out loans worth 260 billion won so far. More than 1.48 million users also downloaded the Kakao Bank application.Its performance f

July 30, 2017

Kospi slides to largest daily loss in over year on foreign selling spree

South Korea’s stock markets tumbled Friday, with its top-tier Kospi market taking its largest daily loss in a year.The Kospi closed at 2,400.99 on Friday, down 1.73 percent from Thursday. The main bourse index tumbled by the largest margin since July 6, 2016, which saw a 1.85 percent Kospi loss. It also marked the largest drop in 2017, following 1.14 percent slide in March 3.　During late afternoon trade, the Kospi fell below the 2,400 mark at around 2:40 p.m. The index has closed above 2,4

July 28, 2017

Seoul stocks crash 1.73% on foreign sell-offs

South Korean shares dropped to their lowest level in over two weeks Friday, as foreign investors heavily sold off market heavyweights, mostly tech stocks, a move seen as cashing in recent gains, analysts said. The local currency fell sharply against the US dollar.The benchmark Korea Composite Stock Price Index plunged 42.25 points, or 1.73 percent, to close at 2,400.99, after dipping to as low as 2,399.06 at one point. The closing price marks the lowest since July 13, when the comparable fi

July 28, 2017

Kakao Bank poses challenges to conventional banks

The successful first day of Kakao Bank, South Korea’s second internet-only bank, not only signaled a new era of mobile banking but is also pushing conventional banks to depart from their loan-focused business model.While recognizing Kakao Bank’s expanded interest benefits, financial supervisors have recently been adding pressure on leading banks to take more risks and boldly invest in new industries.KaKao Bank, a mobile platform-run banking service, attracted over 300,000 accounts af

July 28, 2017

Samsung Securities' long-term model portfolio boasts stability

Samsung Securities’ model portfolio, which guides global investment distribution of the equity firm‘s funds, has boasted stability, the firm said Thursday.  The core-A type of Samsung Securities’ model portfolio saw a cumulative return of 19.68 percent over the last three years as of the end of June. Of the last 12 quarters, the model portfolio saw a positive rate of return in nine quarters, it explained.The longer the asset was managed, the higher the return was, accordin

July 27, 2017