It's literally "sacred.fire". It means torch more by extension. The general term appears to be 횃불(torche + ㅅ='s.fire), though the one I know comes out as 송명(松明, pine.illumination). Play around with Wikipedia's language toggling some more and it appears that the more British sense of torch, what I'd call a flashlight, comes to 손전등(손電燈, hand.electric.lamp) . . .