중앙데일리

Stocks Are Shorn By Uncertainty

The Korean stock market has found a savior due to the injection of 300 billion won ($237 million) of pension fund money. The Korea Composite Stock Price Index has even managed to maintain the 600-point level despite continued falling share prices in New York. Although there has been a tendency for some foreign institutions and domestic institutions to sell, overall, there is no major fall in share prices. Recently, market participants have vi…

Mar 04,2001
Industrial Bank Soothes Union Merger Outrage

Denying speculation that a union with Korea Exchange Bank is in the works, the head of the state-owned Industrial Bank of Korea said that he would not pursue a merger with an ailing bank. Lee Kyung-jae said Friday that "a merger with a troubled bank could hurt our role of providing financing to small and midsize firms to help strengthen the economy." The bank president added that he would not push the bank to establish a financial holding…

Mar 02,2001
Rate Hope Dims; Seoul Marts Fall

Share prices on Seoul's main exchange lost ground Friday, plunging to a two-month low on heavy foreign selling in futures amid what analysts said were dashed hopes of an early U.S. interest rate cut. The Korea Composite Stock Price Index sank 18.66 points, or 3.22 percent, to 559.44, off a high of 574.61 and a low of 557.20. Trading volume shrank to 329.7 million shares valued at 1.9 trillion won ($1.5 billion). Declining issues overwhe…

Mar 02,2001
Technology Loses Its Luster As Overseas Interests Sell

Foreign investors in Seoul stocks are fleeing from technology shares, which are especially vulnerable to a global business slowdown, but are searching for safe havens in traditional blue chips, analysts said Friday. "Foreigners began purchasing traditional shares in December," an analyst at SK Securities said. Foreign investors unloaded 100,000 shares of Samsung Electronics on the main stock exchange Friday, selling off the semiconductor …

Mar 02,2001
Falling Interest Rate Hits Grants

A plunge in interest rates has undermined the operations of public and private grant-making and scholarship institutions. With less interest earned on endowments, local governments and private foundations may be forced to fundamentally reassess their funding. A teenage head of a household, who is taking care of a father stricken with paralysis and two younger siblings, has been able to continue studying because of a 500,000 won ($400) scholar…

Mar 02,2001
Asset Firms Eye Korea

A number of the world's major asset management firms are making inroads into Korea's investment trust market. Some have local partners, while others are setting up independent operations. On Wednesday, UBS Asset Management of Switzerland and Korea Investment Trust Management Co. announced a business alliance. In addition, UBS Asset Management has an option to buy a stake in the Seoul-based trust firm, which was nationalized last year. …

Mar 02,2001
Crystal Balls Are Cloudy on Market Moves

Analysts Sunday expressed generally conservative and unclear views on the Seoul stock market outlook for March. Most brokerage companies expected that the Korea Composite Stock Price Index and the Kosdaq composite index will not deviate much from the average levels of February. A number of major brokerage firms said they expected that the Kospi will move between 550 and 650 points in March, and that the Kosdaq composite index will range f…

Mar 02,2001
Kosdaq Tightens Steps To Get a Board Listing

Firms seeking a Kosdaq listing will have to meet tougher conditions once the market's evaluation committee sets up screening standards by the end of this month. The committee said that the bids of probably about half of the 400 companies expected to shoot for listings this year will be rejected. Six criteria will make up the new test: liabilities must not exceed assets; the company must not show a net loss in its most recent reporting year…

Mar 02,2001
Korea Life to Take On Policies of 3 Insurers

Three ailing life insurers, Hyundai Life Insurance Co., Samshin Life Insurance Co., and Hanil Life Insurance Co., will suspend their operations Friday to prepare them to be liquidated, the Financial Supervisory Commission said Thursday. Clients of the troubled insurers will have their policies frozen while the government transfers their contracts to a healthy life insurance firm. The government plans to first transfer restructuring funds to …

Mar 02,2001
2 Banks Extend Service Hours

To assist families in which both parents work, both HSBC and Kookmin Bank will offer after-hours banking services beginning Friday. HSBC said Thursday that it would start its night banking services, focused on attracting deposits and loan applications, at its Bundang branch before expanding the program to other outlets. The London-based commercial bank said that the service is aimed at providing for the banking needs of double-income familie…

Mar 02,2001

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