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Kospi finishes week by rising 11.17 points

Jan 05,2008
The Kospi, Korea’s main stock market, added 11.17 points, or 0.6 percent, closing at 1,863.90 yesterday.
LG Electronics, Asia’s No. 2 cell phone maker, advanced 6,500 won ($6.94), or 6.7 percent, to 104,000 won, the largest gain since Dec. 5. Citigroup raised LG’s 12-month price estimate by 11 percent to 149,000 won, saying the company “is no longer a second-tier handset player.”
“LG looks like a very safe bet among IT stocks,” said Paek Seung-hoon, an analyst at CJ Asset Management in Seoul. “Compared with the company’s poor performance in the past, it’s releasing a lot of hit models these days and looks like it can keep doing well.”
Shinhan, Korea’s second-largest financial services company, lost 1,700 won, or 3.4 percent, to 48,000 won. Kookmin Bank, Korea’s biggest, fell 1,000 won, or 1.5 percent, to 65,400 won. Credit Suisse cut its estimate for Shinhan’s fourth-quarter profit to 80.3 billion won, from 507.1 billion won, in a report.
Hyundai Motor, which sells four out of five of its cars overseas, lost 600 won, or 0.9 percent, to 70,400 won. Americans bought 16.1 million cars and light trucks last year, the least since 1998, automakers including General Motors, Ford and Toyota said yesterday.
Samsung Electronics, Korea’s biggest exporter, fell 7,000 won, or 1.3 percent, to 539,000 won. LG.Philips LCD, the world’s second-largest maker of liquid-crystal displays, dropped 950 won, or 2 percent, to 46,000 won.
Separately, Goodmorning Shinhan Securities cut its estimate for Samsung’s fourth-quarter operating profit by 10 percent to 1.58 trillion won, in a report. A fall in memory chip earnings will offset record profit from LCDs, wrote Kim Gee-soo, an analyst.
About 294 million shares valued at 5.5 trillion won traded on the Korea stock exchange, 21 percent less than the three-month daily average of 6.9 trillion won.
Bloomberg



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