October 6, 2016 / 2:46 AM / a year ago

REFILE-S.Korea stocks edge up as Samsung Electronics hits record high

(Corrects misspelling of KOSPI)
    * KOSPI touches 1-wk intraday high
    * Market also awaiting Samsung Elec earnings guidance
-analyst

    SEOUL, Oct 6 (Reuters) - South Korean shares edged up early
on Thursday as market heavyweight Samsung Electronics
 hit a record high after saying it would carefully
review a restructuring proposal made by U.S. hedge fund Elliott
Management late Wednesday. 
    Elliott, an activist investor which owns 0.62
percent of Samsung shares, proposed splitting Samsung into a
holding company and an operating company and listing the latter
on the Nasdaq stock exchange.
    The Korea Composite Stock Price Index (KOSPI) was up
0.2 percent at 2,056.85 points as of 0212 GMT, after touching
its highest midday level since Sept. 29, 2016.
    Shares of Samsung Electronics rose as much as 5 percent in
early trade.
    Kim Sung-h wan, a stock analyst at Boo kook Securities said
that market expectations for Samsung Electronics' third-quarter
earnings guidance, to be issued on Friday, were also boosting
prices.
    "Samsung Elect's rise seems to be the main driver for the
Okapi's upward movement today while foreigners' stock trading
volume overall remains low," added Kim.
    Other Samsung group shares also rose in the wake of
Elliott's proposals, with Samsung CDT Corp up as
much as 5.6 pct to a high not seen in more than seven months and
 poised for its biggest daily percentage gain since mid-August.
 
    Offshore investors were set to be net buyers, purchasing
46.2 billion Korean won ($41.64 million) worth of KOSPI shares
near mid-session. 
    Decliners outnumbered advancers 470 to 305.
    The South Korean won also nudged up and stood at
1,110.2 against the dollar, up 0.3 percent versus Wednesday's
close of 1,113.7.
    December futures on three-year treasury bonds gained
0.01 point to 110.74. 
    
                       0212 GMT    Previous close
 Dollar/won             1,110.2       1,113.7
 Yen/won             10.7351/51       10.7613
 *KGB futures            110.74        110.73
 KOPS                 2,056.85      2,053.00
 * Front-month futures on three-year treasury bonds


($1 = 1,109.4100 won)

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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