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Yonhap News Summary

Yonhap News Summary 17:03 October 22, 2018

The following is the second summary of major stories moved by Yonhap News Agency on Monday.

(LEAD) Seoul stocks end higher on institutional buying

SEOUL -- South Korean stocks ended higher Monday helped by increased buying by institutional investors. The local currency strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 5.45 points, or 0.25 percent, to 2,161.71.

Indonesia remains lukewarm on KF-X fighter jet development

SEOUL -- Indonesia has stayed away from a South Korea-led fighter aircraft development program, code-named KF-X, since the latter half of last year, calling for the renegotiation on the terms of a related contract, Seoul's arms agency confirmed Monday.

The Indonesian government had a total of 230 billion won (US$200 million) in arrears as of June, according to the Defense Acquisition Program Administration (DAPA).

(2nd LD) Top-ranking defense officials of two Koreas to attend military forum in Beijing

BEIJING -- North Korea's move to participate in an international military forum organized by the Chinese government is drawing keen attention, amid ongoing negotiations over its denuclearization.

The North's delegation, led by Kim Hyong-ryong, vice minister of the People's Armed Forces, and Song Il-hyok, deputy director general of the Institute for Disarmament and Peace under the Ministry of Foreign Affairs, arrived in Beijing on Monday ahead of the opening of the 8th Beijing Xiangshan Forum later this week.

Cigarette sales down 3.4 pct through Sept. on campaign, higher prices

SEJONG -- Sales of cigarettes in South Korea declined 3.4 percent in the first nine months of 2018 from a year earlier due to a government-led anti-smoking campaign and higher prices, data showed Monday.

South Korean smokers purchased 2.61 billion 20-cigarette packs in the January-September period, compared with the previous year's 2.7 billion packs, according to data compiled by the finance ministry.

Duty free shops' sales hit record high despite drop in Chinese tourists

SEOUL -- South Korean duty free shops saw their sales reach an all-time high in the January-September period of this year despite a drop in the number of Chinese tourists, data showed Monday.

According to the data compiled by the Korea Duty Free Shops Association, its members raked in a whopping US$12.9 billion in revenue over the first nine months. The latest figure has already exceeded the $12.8 billion won posted for the whole of 2017.

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