Reuters logo
S.Korea stocks up for 6th day despite Samsung profit-taking; won at 3-week high
October 13, 2017 / 3:53 AM / 2 months ago

S.Korea stocks up for 6th day despite Samsung profit-taking; won at 3-week high

    * KOSPI sets record high
    * Samsung Elec CEO's resignation appears to be shrugged off
    * Too early for stocks to reflect Kwon's resignation
-analyst
    * Won at 3-week high after currency swap extension with
China

    SEOUL, Oct 13 (Reuters) - South Korean shares looked set to
post their sixth straight day of gains on Friday as bets on
strong third-quarter corporate earnings offset concerns over
Samsung Electronics CEO's decision to step down.             
    This surprise resignation of Kwon Oh-hyun, the No.1 memory
chip maker's CEO and vice chairman, came hours after the company
forecast record third-quarter profits on the back of soaring
memory chip prices.             
    Shares of Samsung Electronics             were down 0.4
percent, taking a breather after soaring 6.9 percent over the
past four sessions.
    At 0311 GMT, the Korea Composite Stock Price Index (KOSPI)
        was up 0.2 percent at 2,478.79 points, a fresh intraday
record.
    "Seoul stock markets usually take a rest after Samsung
Electronics earnings guidance release since it is a very big
event. But the KOSPI is still on the rise meaning that
investment sentiment is that strong," said Kim Sung-hwan, a
stock analyst at Bookook Securities.
    Kim added that it was yet too early for Samsung Elec shares
to reflect Kwon's resignation, as it will take some time to
determine the impact.
    Offshore investors were set to snap a three-day buying
spree, offloading a net 82 billion won ($72.62 million) of KOSPI
shares near mid-session. 
    They bought a net 1.8 trillion won worth from Tuesday
through Thursday.
    The South Korean won        edged up to stand at more than a
three-week high after Seoul said it has agreed with China to
extend a currency swap deal to add to existing financial safety
nets.             
    The won            was quoted at 1,129.6 to the dollar, up
0.3 percent from Thursday's close of 1,133.2.
    Shares of cosmetics-related companies all jumped as the
extension of currency swap between South Korea and China was
interpreted as a sign for improvement in the relationship
between the two countries.
    Amorepacific             rose 6.1 percent and Korea Kolmar
            gained 4.4 percent.
    South Korea's drugmaker Celltrion Inc             as well as
Celltrion Healthcare             and Celltrion Pharm            
all hit record high on large offshore purchases.             
    December futures on three-year treasury bonds         were
unchanged at 108.62. 
    
                       0313 GMT    Prev close
 Dollar/won             1,129.6       1,133.2
 Yen/won             10.0722/94       10.0792
 *KTB futures            108.62        108.62
 KOSPI                 2,478.79      2,474.76
 * Front-month futures on three-year treasury bonds

For a round up of market news, please see our daily Asia Morning
Call report            
    

 (Reporting by Dahee Kim; Editing by Richard Borsuk)
  

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