SKorean shares close higher on analyst upgrades, LG Electronics' upbeat results |
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Thu, 19 Jul 2007 07:40
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SEOUL (Thomson Financial) - South Korean share prices closed higher Thursday, rebounding from a two-day decline, as investors welcomed analyst upgrades for the mainboard KOSPI index, as well as LG Electronics' upbeat second-quarter results.Macquarie raised its 12-month target for the KOSPI to 2,270 points and BNP Paribas also revised up its target again to 2,150 points. Both cited improving corporate earnings and stronger-than-expected demand for the upgradesThe KOSPI index closed up 7.2 points or 0.4 percent at 1,937.90 after trading between 1,950.86 and 1,922.14 points.Phone handset and display panel maker, LG Electronics, announced that its operating profit on a global basis rose over 50 percent year-on-year in the second quarter, supported by solid margins in the cellphone sector and brisk sales of high-end digital home appliances.The operating profit figure of 464 billion won was well ahead of the market consensus estimate for 378.7 billion won.(1 US dollar = 916 SKorean won)eunkyung.seo@thomson.com-es/mbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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SKorean shares close lower on profit taking in Samsung Electronics - UPDATE 