Monday January 14, 3:29 PM
Seoul shares end up 2.3 pct on Samsung Electro-Mech
sg.biz.yahoo.com
(Updates to close)
SEOUL, Jan 14 (Reuters) - Seoul shares ended more than two percent higher on Monday, led by electronic parts maker Samsung Electro-Mechanics Co <09150.KS> on an upbeat earnings forecast.
Chip titan Samsung Electronics also surged, rising 7.84 percent to a 17-month closing high of 330,000 won after reports that Morgan Stanley had boosted its Samsung target price.
"The consensus was a short-term correction, but strong demand for the two stocks led the market higher," said Lee Young-seog, a chief fund manager at Dongwon BNP Investment Trust Management Co, overseeing 300 billion won ($230 million).
The Korea Composite Stock Price Index (KOSPI) <.KS11> ended 2.29 percent higher at a session high 744.03.
Samsung Electro-Mechanics rose 9.72 percent to 47,400 won, a six-month peak, after forecasting 42 billion won in earnings before interest and taxes (EBIT) for the fourth quarter. It had negative EBIT in the third quarter.
Shares in the Samsung Group [SAGR.UL] company are up almost 120 percent since late September.
Samsung Electronics has risen 136 percent in the same period, getting a further boost on Monday after U.S. brokerage Morgan Stanley was reported to have raised its 12-month target price for Samsung's shares to almost 530,000 won from 318,000.
Morgan officials could not immediately confirm the reports. |
