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S. Korean stocks start higher on Samsung gains

All News 09:24 October 06, 2016

SEOUL, Oct. 6 (Yonhap) -- South Korean shares opened higher Thursday led by gains in Samsung Group affiliates after U.S. hedge fund Elliott Management urged Samsung Electronics to revamp its business structure.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.4 points, or 0.6 percent, to 2,065.4 in the first 15 minutes of trading.

Market kingpin Samsung Electronics jumped 4.2 percent after Elliott on Thursday urged the tech giant to split itself into a holding firm and called for a special dividend.

Samsung C&T, a construction arm that serves as the group's de-facto holding firm, increased 4.6 percent on hopes that the U.S. activist fund's demand could raise shareholder value of South Korea's largest conglomerate. Samsung Life Insurance, its financial unit, rose 2.39 percent.

The local currency was trading at 1,112.4 won against the U.S. dollar, up 1.3 won from Wednesday's close.


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