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7 months ago
S.Korea stocks up led by tech giant Samsung Elec; won slips
January 6, 2017 / 2:30 AM / 7 months ago

S.Korea stocks up led by tech giant Samsung Elec; won slips

3 Min Read

* KOSPI likely to touch 2,080 level in coming week -analyst
    * Foreign investors stock-buying goes on for 8th straight
day

    SEOUL, Jan 6 (Reuters) - South Korean shares climbed early
on Friday as tech giant Samsung Electronics lifted
the index with surprisingly upbeat earnings guidance.
    The company said its fourth-quarter profit likely leapt 50
percent from a year earlier to its highest level in more than
three years, beating expectations on strong chip sales and a
smartphone rebound. 
    The Korea Composite Stock Price Index (KOSPI) was up
0.3 percent at 2,048.54 points as of 0206 GMT.
    Samsung Elec shares rose as much as 2.5 percent in the
earlier trade.
    "The index is likely to test as high as 2,080 level as of
next week unless the U.S. jobs report...arouses market fears
that the Federal Reserve could speed up the pace of its rate
rises," said Park Seok-hyun, an analyst at Eugene Investment &
Securities.
    Offshore investors were set to be net buyers for eight
straight sessions, purchasing 53.3 billion Korean won ($44.84
million) worth of KOSPI shares near mid-session. 
    Chipmaker SK Hynix gained 2.9 percent as the
investors came in on hopes of strong fourth-quarter performance
as high chip sales had propelled Samsung Elec's earnings
surprise.
    Automobile manufacturer Hyundai Motor was down
nearly 2 percent, the fall seen by analysts as a reaction to
Trump's threats against Toyota. 
    In the main bourse, advancing issues were outnumbered
declining ones by 410 to 352.
    The South Korean won edged down 0.2 percent after
a sharp gain, standing at 1,188.9 to the dollar, little changed
compared to Thursday's close of 1,186.3.
    March futures on three-year treasury bonds was
steady at 109.72. 
    
                       0206 GMT    Prev close
 Dollar/won             1,188.9       1,186.3
 Yen/won             10.2536/97       10.2348
 *KTB futures            109.72        109.72
 KOSPI                 2,048.54      2,041.95
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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