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THE INVESTOR] South Korean shares traded a tad lower late morning on Oct. 7 as investors eyed a closely US jobs report for an interest rate hike.
The benchmark KOSPI lost 5.25 points to 2,060.05 as of 11:20 a.m.
Most market heavyweights traded weak, while Samsung affiliates were bullish after US hedge fund Elliott Management urged Samsung Electronics to streamline its corporate structure and increase returns to shareholders.
Market kingpin Samsung Electronics rose 0.53 percent after posting upbeat third-quarter earnings guidance thanks to its memory chip and display businesses despite a global recall of its Galaxy Note 7 smartphones.
Samsung C&T, a construction arm that serves as the group’s de-facto holding firm, surged 0.61 percent on hopes that the US activist fund’s demand could raise shareholder value of South Korea‘s largest conglomerate.
Cosmetic shares were down, with No. 1 AmorePacific declining 3.41 percent and its smaller rival LG Household & Healthcare dropping 4.14 percent.
The local currency was changing hands at 1,115.4 won against the US greenback, down 3.2 won from the previous session’s close.
(
theinvestor@heraldcorp.com)
