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

Kakao Bank goes online, users suffer lag

Kakao Bank officially began operations Thursday at 7 a.m., becoming the second online-only bank to be launched in South Korea, but it was quickly met with complaints due to the server failure of the bank’s mobile app. Within eight hours of the launch, some 230,000 users had downloaded the mobile app, through which some 103,000 new bank accounts were created, according to the bank. It also drew 26 billion won ($23.3 million) in deposits and savings accounts, while extending loans worth 14 b

July 27, 2017

Seoul stocks edge up on US gains after Fed announcement

South Korean stocks finished higher Thursday, taking a cue from overnight gains on Wall Street as the Federal Reserve left interest rates unchanged, analysts said. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 8.73 points, or 0.36 percent, to close at 2,443.24. Trading volume was moderate at 420 million shares worth 5.3 trillion won ($4.7 billion), with gainers outpacing losers 430 to 356.The local stock market opened higher on US gains and

July 27, 2017

Korean stocks up late Thursday morning

South Korean stocks traded higher late Thursday morning, after Samsung Electronics, the top cap here, reported its all-time high earnings for the second quarter.  The benchmark Korea Composite Stock Price Index rose 6.73 points, or 0.28 percent, to 2,441.24 as of 11:20 a.m.Market kingpin Samsung Electronics gained 0.32 percent, while SK hynix, a major chipmaker, was up 3.89 percent.LG Chem, South Korea's top chemicals firm, rose 0.77 percent, while AmorePacific, the country's leading cosmet

July 27, 2017

Stocks open higher on Samsung Electronics' strong earnings

South Korean shares opened higher Thursday, boosted by market bellwether Samsung Electronics' strong earnings report.The benchmark Korea Composite Stock Price Index rose 12.75 points, or 0.52 percent, to 2,447.26 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.2 percent after releasing its second-quarter earnings through a regulatory filing. The tech giant said it racked up 14.1 trillion won ($12.6 billion) in the April-June period, up 72.7 percent from 8.14 t

July 27, 2017

[Advertorial] Citibank streamlines online loan serviceability assessments

Citibank Korea’s quest for online penetration is not limited to online banking but also extends to the loan serviceability assessment of customers, the firm said Wednesday.The launch of an internet-only loan assessment platform on July 18, dubbed Debt Consolidation Service, allows customers to check their eligibility for loans and reduce the cost of consolidating debts. The assessment is not exclusively offered to the customers of Citibank Korea’s online banking service. Users are re

July 26, 2017

Banks’ dependence on household loans hurts economy: FSC chairman

Financial Services Commission Chairman Choi Jong-ku on Wednesday highlighted local banks’ overdependence on gains from household loans as a hurdle to wage-led growth and said he would lower the maximum interest rate to 24 percent from next year.In his first press conference as the head of the nation’s top financial regulator a week after he took office, Choi pledged to address banks’ overreliance on mortgage loans, saying they have distanced themselves from their original role

July 26, 2017

Seoul shares end lower on foreign selling

South Korean stocks closed lower Wednesday as foreign investors offloaded local stocks on profit-taking, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index slid 5.39 points, or 0.22 percent, to finish at 2,434.51. Trading volume was moderate at 332 million shares worth 6.4 trillion won ($5.7 billion) with losers outpacing gainers 419 to 385.The local stock market opened slightly higher, taking a cue from overnight Wall Street gains, but c

July 26, 2017

Korean stocks down late Wednesday morning

South Korean stocks traded lower late Wednesday morning, as declines in tech shares weighed on the market. The benchmark Korea Composite Stock Price Index lost 3.02 points, or 0.12 percent, to 2,436.88 as of 11:20 a.m.Market bellwether Samsung Electronics fell 0.36 percent, and SK hynix, a major chipmaker, declined 4.26 percent.Korea Electric Power Corp. dropped 0.77 percent.No. 1 carmaker Hyundai Motor, meanwhile, rose 1.03 percent, and its smaller affiliate Kia Motors also moved up 1.63 percen

July 26, 2017

Samsung Group funds rate of return tops 30 on solid earnings: sources

The rate of return for equity funds of Samsung Electronics Co. and other Samsung Group-related firms exceeded 30 percent this year amid the bullish market backed by solid corporate earnings and the global economic recovery, industry data showed Wednesday.The benchmark Korea Composite Stock Price Index rose 20.40 percent to 2,439.90 Tuesday from 2,026.46 as of the end of last year. The stock prices of 16 companies affiliated with Samsung Group jumped 32.42 percent during the same time span. The y

July 26, 2017

Stocks open higher tracking US gains

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street, analysts said. The benchmark Korea Composite Stock Price Index rose 3.88 points, or 0.16 percent, to 2,443.78 in the first 15 minutes of trading.Market kingpin Samsung Electronics, however, dropped 1.32 percent, and SK hynix was 2.7 percent down.Hyundai Motor, the No. 1 automaker, rose 0.34 percent, and AmorePacific, the country's top cosmetics maker, gained 2.78 percent.LG Chem, the country's top chemicals firm

July 26, 2017

Banks post record-high H1 profits on household lending

South Korea’s leading banks last week posted record-high first-half earnings, attributing the result to the economic recovery, cost savings, structural improvements and success in nonbanking sectors.But their positive performance was mostly due to an increase in interest rates, a factor weighing on the nation’s households as debt levels continue to rise.The rates for business loans, in contrast, were eased during the period, placing the issue as a task for the Moon Jae-in government

July 25, 2017

Seoul stocks retreat on profit-taking

South Korean stocks finished lower Tuesday on profit-taking, after the key index hit a record high in the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 11.63 points, or 0.47 percent, to close at 2,439.90. Trade volume was moderate at 270 million shares worth 5.3 trillion won ($4.7 billion), with losers outnumbering gainers 499 to 300.The local stock market opened nearly flat as investors sought profit-taking after

July 25, 2017

Korean stocks down late Tuesday morning

South Korean stocks traded lower late Tuesday morning, as investors opted to cash in recent gains after the market closed at a fresh-high level in the previous session.The benchmark Korea Composite Stock Price Index shed 3.83 points, or 0.16 percent, to 2,447.70 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.98 percent, while major chipmaker SK hynix declined 1.92 percent.LG Chem, the country's top chemical company, fell 1.19 percent, while AmorePacific, the No. 1 cosmetics maker, was

July 25, 2017

Seoul stocks open nearly flat on profit-taking

South Korean stocks opened nearly flat Tuesday as investors sought profit-taking after the market closed at a record-high level in the previous session.The benchmark Korea Composite Stock Price Index rose 0.35 point, or 0.01 percent, to 2,451.88 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 0.63 percent down, and SK hynix, a major chipmaker, also fell 1.23 percent.Hyundai Motor, the No. 1 automaker, moved up 1.03 percent.The local currency was trading at 1,117.00 won

July 25, 2017

SK hynix's Q2 net hits record high on strong chip sales

South Korea's No. 2 chipmaker SK hynix Inc. said Tuesday its second-quarter net profit shot up nearly ninefold, apparently helped by a strong average sales price of dynamic random-access memory and NAND chips.The record-breaking net profit came to 2.46 trillion won ($2.2 billion), soaring from 286 billion won a year earlier, the company said in a regulatory filing. Operating profit also advanced 573.7 percent over the cited period to reach a record 3.05 trillion won. Sales came to an all-time hi

July 25, 2017

Corporate direct financing jumps 34.8% in H1

South Korean companies' equity and debt sales jumped 34.8 percent on year in the first half, due mainly to a rise in corporate bond issuance, government data showed Tuesday. Local companies raised 82.1 trillion won ($73.5 billion) by selling stocks and bonds in the January-June period, compared with 60.3 trillion won in April, according to the data from the Financial Supervisory Service. Stock sales, including three initial public offerings, reached some 4.9 trillion won, up 39.2 percent on-year

July 25, 2017

SK widens gap with Hyundai as No. 2 in market cap

SK Group, South Korea’s second-largest conglomerate in market capitalization on the main bourse, managed to widen its lead over Hyundai Motor Group, which it overtook on April 7, data showed Monday.As of Friday’s closing, firms listed on the top-tier market under SK Group had 120 trillion won ($107.5 billion) in market cap, accounting for 6.62 percent of the market, according to data from the sole market operator Korea Exchange. Hyundai Motor Group, which the second most valuable com

July 24, 2017