InfoAnda - Seoul shares hit 13-mth high; Samsung Elec rallies

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Seoul shares hit 13-mth high; Samsung Elec rallies Reuters - Monday, August 24 * KOSPI hits 13-month high fuelled by techs ADVERTISEMENT * Samsung Electronics share price hits record high * Brokerages jump on bull market By Jungyoun Park SEOUL, Aug 24 - Seoul shares rose to their highest level in 13 months on Monday fuelled by technology issues, with Samsung Electronics <005930.KS> hitting a historic peak on an increasingly bullish sector outlook. The Korea Composite Stock Price Index <.KS11> was up 1.49 percent at 1,604.58 points as of 0244 GMT after hitting an intraday high of 1,611.98 points, a level not seen since late July, 2008. Shares in Samsung Electronics, the world's No.1 memory chip maker and the largest share on the KOSPI, rose 3.04 percent after hitting an all-time high of 785,000 won. Its market cap stood at 114 trillion won , accounting for 13.7 percent of the main index. "Samsung Electronics' continued rally is mainly due to continued improvements in the memory chip and liquid crystal display sectors, and as it continues to expand market share in other areas such as handsets and digital media," said Seo Do-won, a senior technology analyst at Hanwha Securities. "The company is fundamentally changing...I would not be surprised to see its shares hitting 1 million won by next year," Seo added. Shares in Hynix Semiconductor <000660.KS>, the world's No.2 memory chip maker, were also up 4.31 percent. Growing appetite for riskier assets amid global equities' strong performance and continued improvements in U.S. and European indicators contributed to the broader market's gains, according to SK Securities market analyst Choi Seong-lak. "Hopes are ripe for a visible turnaround in major economies in the current quarter," Choi said. Banking issues also outperformed on positive brokerage comments and a court ruling seen benifiting lenders, with Shinhan Financial Group <055550.KS> rising 3.41 percent and Woori Finance Holdings <053000.KS> climbing 2.86 percent. RBS said in a report dated August 21 that Shinhan was likely to post "a strong earnings upturn in the second half on a widening net interest margin," maintaining its "Buy" rating and target price of 47,500 won on the stock. News that a South Korean high court had rejected a chemical company's suit to suspend currency options contracts sold by three banks helped, but its effect would be limited given the won's <=KRW> recent stability, analysts said. "While the court's ruling may protect banks from future won volatility, its current impact is not significant," said Ku Yong-uk, an analyst at Daewoo Securities. Brokerage issues also outperformed on expectations rising commissions in a bull market would help their earnings. Shares in Samsung Securities <016360.KS>, South Korea's top brokerage by market value, jumped 5.27 percent and Daewoo Securities <006800.KS> spiked 9.09 percent. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Taiwan dollar firms on Bernanke, exportersReuters - Monday, August 24 Nikkei surges over 3 pct on global recovery hopesReuters - Monday, August 24 Goldman 'trading huddles' offer tips to top clients: reportReuters - Monday, August 24 ASIA LOCAL BONDS-Philippine yields seen up; c.bank rate cuts endReuters - Monday, August 24 Australia to give watchdog new market oversight roleReuters - Monday, August 24 Most Popular – Business Viewed Triple gold for Bolt as Kenya trump Ethiopia Homes of former Porsche executives searched: report Swiss size up hole in iconic banking secrecy Ramadan begins on Saturday amid swine flu worries Egypt warns pharaohs' tombs could disappear View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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