You are here

Seoul: Stocks edge up on upbeat earnings expectations, won steady


[SEOUL] South Korean shares edged up on Tuesday on expectations that local companies' will post strong first-quarter earnings, especially tech giant Samsung Electronics Co Ltd.

The Korea Composite Stock Price Index (Kospi) was up 0.2 per cent at 2,160.79 points as of 0208 GMT.

"The index may touch a record high on the day of Samsung Electronics's earnings release, and later correct itself in the following sessions," said Lee Jae Man, a stock analyst at Hana Financial Investment Co Ltd.

Samsung Electronics Co Ltd's March-quarter earnings release is slated for April 7. The company's shares gained nearly one per cent in morning trade.

Market voices on:

Foreign investors were set to be net buyers, purchasing 39.3 billion Korean won (S$49.259 million) worth of Kospi shares.

Steelmaker Posco rose nearly one per cent while Naver Corp dropped 3.1 per cent.

Advancing issues outnumbered decliners 446 to 336.

The South Korean won moved narrowly and was quoted at 1,112.5 to the US dollar, barely changed from Monday's close of 1,112.8.

June futures on three-year treasury bonds shed 0.01 point to 109.51.