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THE INVESTOR] South Korean shares traded 0.27 percent higher late morning on Oct. 6, on gains in Samsung Group affiliates amid US-based hedge fund Elliot Management’s interest in the firm’s corporate governance.
The benchmark KOSPI advanced 5.48 points to 2,058.48 as of 11:20 a.m.
Market kingpin Samsung Electronics increased 3.52 percent after Elliott Management urged the tech giant to split itself into a holding firm and called for a special dividend.
Its shares briefly surpassed the record-high price of 1.7 million won (US$1,530).
Samsung C&T, a construction arm that serves as the group’s de-facto holding firm, jumped 5.26 percent on hopes that the US activist fund’s demand could raise shareholder value of South Korea‘s largest conglomerate.
Samsung Life Insurance, a life insurer of Samsung, rose 1.91 percent.
The local currency was changing hands at 1,110.1 won against the US greenback, up 3.6 won from the previous session’s close.
(
theinvestor@heraldcorp.com)
