Seoul shares up by noon, Samsung higher on upgrade
Friday January 16, 11:48 AM
SEOUL, Jan 16 (Reuters) - South Korean shares turned slightly higher by noon on Friday, with key technology shares including market leader Samsung Electronics Co leading the gains.
Sentiment in local technology issues was helped by a rise in U.S. chip shares, after IBM reported surprisingly strong earnings. Samsung Electronics rose 0.91 percent to 501,000 won, extending gains after announcing healthy earnings on Thursday.
ADVERTISEMENT
Goldman Sachs raised on Friday its 2004 earnings per share estimate for Samsung Electronics and upgraded the 12-month target price to 520,000 won. JP Morgan also said it was likely to revise upward its earnings forecast for the chip maker.
The benchmark Korea Composite Stock Price Index (KOSPI) was up 0.23 percent at 847.63 by 0306 GMT.
"The earning season has begun and the market will remain under the influence of U.S. earnings news for a while," said Stephen Ryu, an analyst with Meritz Securities.
Hynix Semiconductor Inc also rose 3.73 percent to 7,500 won. Display maker Samsung SDI Co jumped 3.64 percent to 156,500 won, after the company announced a 2,500 won dividend per share earlier on Friday.
Hyundai Motor Co added 0.77 percent to 52,500 won, helped by the purchase of its shares by affiliate parts maker Hyundai Mobis under a previously announced plan to strengthen management control of the auto group.
KEB Credit Service Co rose 6.42 percent to 3,565 won after the card issuer's board approved a merger with its parent, Korea Exchange Bank . KEB shares also jumped 3.63 percent to 6,850 won.
KEB's takeover of its cash-strapped card unit is expected to result in major job losses at KEB Credit.
Trade volume stood at 240.4 million shares valued at 1.28 trillion won. Losers outnumbered gainers by 366 to 309, with 104 shares trading unchanged.
The March KOSPI 200 futures index was up 0.15 point to 111.00 and the underlying KOSPI 200 spot index was 0.1 percent higher at 110.45.
The over-the-counter Kosdaq fell 0.78 percent to 44.65. |
