(Corrects misspelling of KOSPI)
* KOSPI touches 1-wk intraday high
* Market also awaiting Samsung Elec earnings guidance
SEOUL, Oct 6 South Korean shares edged up early
on Thursday as market heavyweight Samsung Electronics
hit a record high after saying it would carefully
review a restructuring proposal made by U.S. hedge fund Elliott
Management late Wednesday.
Elliott, an activist investor which owns 0.62
percent of Samsung shares, proposed splitting Samsung into a
holding company and an operating company and listing the latter
on the Nasdaq stock exchange.
The Korea Composite Stock Price Index (KOSPI) was up
0.2 percent at 2,056.85 points as of 0212 GMT, after touching
its highest midday level since Sept. 29, 2016.
Shares of Samsung Electronics rose as much as 5 percent in
Kim Sung-h wan, a stock analyst at Boo kook Securities said
that market expectations for Samsung Electronics' third-quarter
earnings guidance, to be issued on Friday, were also boosting
"Samsung Elect's rise seems to be the main driver for the
Okapi's upward movement today while foreigners' stock trading
volume overall remains low," added Kim.
Other Samsung group shares also rose in the wake of
Elliott's proposals, with Samsung CDT Corp up as
much as 5.6 pct to a high not seen in more than seven months and
poised for its biggest daily percentage gain since mid-August.
Offshore investors were set to be net buyers, purchasing
46.2 billion Korean won ($41.64 million) worth of KOSPI shares
Decliners outnumbered advancers 470 to 305.
The South Korean won also nudged up and stood at
1,110.2 against the dollar, up 0.3 percent versus Wednesday's
close of 1,113.7.
December futures on three-year treasury bonds gained
0.01 point to 110.74.
0212 GMT Previous close
Dollar/won 1,110.2 1,113.7
Yen/won 10.7351/51 10.7613
*KGB futures 110.74 110.73
KOPS 2,056.85 2,053.00
* Front-month futures on three-year treasury bonds
($1 = 1,109.4100 won)
(Reporting by Dahee Kim; Editing by Eric Meijer)