Reuters logo
S.Korean shares edge higher led by techs, won shade firmer vs dlr
September 4, 2014 / 2:51 AM / 3 years ago

S.Korean shares edge higher led by techs, won shade firmer vs dlr

* Bourse heavyweight Samsung Elec up 2 pct on new smartphone
model
    * Won climbs as exporting firms sell dollars ahead of
holiday

    By Joonhee Yu
    SEOUL, Sept 4 (Reuters) - South Korean shares edged higher
on Thursday, underpinned by a modest rally in tech shares,
although overall gains were limited as investors waited for the
outcome of a European Central Bank policy meeting later in the
day.
    The Korea Composite Stock Price Index (KOSPI) was up
0.13 percent at 2,054.03 as of 0218 GMT.
    "Foreign investors have been picking up IT shares, but
selling most of everything else," said Grace Park, an analyst at
Korea Investment & Securities.
    "With hopes of easing in Europe fully priced in, the market
is waiting for the ECB's explanation and outlining of their QE
plan to see how they compare with market expectations," Park
said.
    While the ECB is unlikely to take action on Thursday, any
hint from ECB President Mario Draghi that the bank was ready to
inject cheap liquidity into the system would be a boon to risky
assets in emerging markets.
    Shares in blue-chip bellwether Samsung Electronics Co
 rose 1.9 percent after it unveiled a new version of
its Galaxy Note line of smartphones. 
    Shares in the tech giant have fallen in the past four
sessions and it has hit a two-year intraday low amid nagging
worries over its third-quarter earnings.
    NHN Entertainment Corp jumped 12.5 percent after
saying in a regulatory filing that it was acquiring a 30.15
percent majority stake in KCP Co Ltd, a provider of
electronic payment services.
    NHN, the operator of Naver, South Korea's most widely used
search engine, said it was acquiring KCP to strengthen its
e-commerce ventures and online transaction services.
    Duty-free store operator Hotel Shilla saw its
shares tumble 9 percent on reports the government was pushing
ahead with a new tax measure on duty-free profits.
    Offshore players lent modest support to the bourse with net
purchases of 17.4 billion won ($17.1 million) of KOSPI shares
during the morning.
    Foreign investors have been net buyers for six straight
sessions, gobbling up a net 663.6 billion won ($652 million) of
equities during that period.
    The won firmed on Thursday, pushed up by exporters as
they sold dollars for settlements ahead of a long holiday
weekend in South Korea. 
    The local currency was quoted at 1,017.8 per
dollar as of 0218 GMT, compared to Wednesday's close of 1,020.0.
    September futures on three-year treasury bonds 
ticked 2 basis points lower to 106.99. 
    
                       0218 GMT    Prev close
 Dollar/won             1,017.8       1,020.0
 Yen/won            9.6998/7082        9.7267
 *KTB futures            106.99        107.01
 KOSPI                 2,054.03      2,051.20
 * Front-month futures on three-year treasury bonds

 (Reporting By Joonhee Yu; Editing by Alan Raybould)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below