Samsung, Posco guide Kospi to 42nd new high

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Samsung, Posco guide Kospi to 42nd new high

The Seoul stock market had a field day yesterday as it gained the most in a year after the nation’s top company by value soared on speculation of a possible hostile takeover bid.
The benchmark Kospi soared 53.18 points, or 2.8 percent, to close at 1,962.93, reaching the 42nd record high since the beginning of this year.
Samsung Electronics, Korea’s largest company by value, surged 6.4 percent to close at 687,000 won ($749) amid speculation that the U.S. billionaire investor Carl Icahn would make a hostile takeover bid. Samsung Electronics yesterday posted the worst quarterly profit in four years as an industry glut pushed down computer memory chip prices to a record low.
Samsung subsidiaries also rose on the takeover speculation.
Samsung Corp., which has a 4 percent strake in Samsung Electronics, spiked by 14.8 percent, while Samsung Securities rose 3.4 percent. Samsung Electro-Mechanics gained 2.9 percent. Samsung Techwin leaped 5.8 percent, and Samsung Card gained 4.8 percent
Posco, Korea’s largest steelmaker, jumped 9.8 percent to another record high as analysts bet it would report a better-than-expected second-quarter profit.
Daewoo Securities, Korea’s largest stock broker by value, climbed 2.4 percent after it announced it bought a nearly 20 percent stake in Indonesia’s PT eTrading Securities, becoming the stock broker’s second-largest shareholder.
Trading volume was 499 million shares, worth 9.2 trillion won. Gainers beat losers, 528 to 245.
The tech-junior Kosdaq shed 2.82 points, or 0.3 percent, to end at 825.40.
Neowiz Game tumbled 3.4 percent as analysts slashed their target share price, citing increasingly cutthroat competition in the online game industry.
Trading volume was 557 million shares, worth 2.5 trillion won.


By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
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