LG Electronics traded near this year’s high on Friday on hopes that its latest high-end smartphone, the G3, would help pull its money-losing handset business out of the red.
Shares of LG Electronics closed at 72,900 won on the Seoul bourse, down 1.62 percent from this year’s high of 74,100 won, after hitting an intra-day high of 74,800 won at one point.
For the past four sessions, its stock price has gained more than 6 percent as foreign and institutional investors scooped up the tech giant.
On Wednesday, LG Electronics unveiled the G3, a revamped version of its predecessor, the G2, to take on Samsung Electronics’ Galaxy S5 and Apple’s next high-end smartphone, the iPhone 6, rumored to be unveiled in August.
Among other specifications, the new device with a 5.5-inch screen has a screen quality four times that of standard high-definition resolution, and also features a laser focus for the camera.
Also, LG Electronics lowered the price tag for its flagship model to 899,800 won in South Korea, some 6 percent lower than its predecessor, in order to woo more customers.
“In terms of specifications and capabilities, the G3 is superior to the Galaxy S5 and the iPhone 5S, and its design and camera are better than expected,” said Kim Ji-san, an analyst at Kiwoom Securities. “The device will help LG’s handset business turnaround starting from the second quarter.” (Yonhap)
