The benchmark Korea Composite Stock Price Index rose 12.70 points, or 0.61 percent, to 2,089.62. Trading volume was moderate at 307.93 million shares worth 5.01 trillion won (US$4.46 billion), with winners outpacing losers 505 to 322. After opening a tad higher, the index had fluctuated between positive and negative terrain throughout the session. But last-minute buying propped up the index. Individuals picked up 171.9 billion won worth of local shares, while institutions and foreigners were net sellers, unloading 177.5 billion won and 7.3 billion won worth of stocks, respectively. "While investors have been awaiting the results of the U.S. elections, which would affect its direction regarding key pending issues, there seems to be hope for possible progress in trade disputes between the U.S. and China," said Seo Sang-young, an expert at Kiwoon Securities. The elections in the U.S. are to begin at 5 a.m. on Tuesday (Washington time). Big-cap bio, steel and auto shares gathered ground to … [Read more...] about Seoul stocks end higher ahead of U.S. elections
South korean chipmakers
Samsung sees record third quarter profit on chip demand
Samsung Electronics expects to post record operating profit in the third quarter, helped by strong demand for its memory chips. The South Korean electronics giant is forecasting operating profits of around 17.5 trillion won ($15.5bn; £11.9 bn), up 20.4% from a year ago. The guidance is above analyst estimates for the period, boosted by its thriving chip business. Samsung overtook Intel to become the biggest chipmaker last year. The firm expects consolidated sales will reach around 65 trillion won in the three months to September, up 4.8% on last year. Shares were steady following the guidance update. The South Korean firm has seen earnings surge in recent years largely due to demand for memory chips in mobile devices, but falling prices for some electronic components could hit further earnings growth. Chips account for nearly 80% of its operating profit, according to Reuters. It has also confronted some challenges in its mobile unit and in July, Samsung posted lower-than-expected … [Read more...] about Samsung sees record third quarter profit on chip demand