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S. Korean shares up in late morning trading

All News 11:35 October 06, 2016

SEOUL, Oct. 6 (Yonhap) -- South Korean shares traded 0.27 percent higher late Thursday morning as gains in Samsung Group affiliates supported the broader market after Samsung Electronics was targeted by a U.S. hedge fund to restructure its corporate governance.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 5.48 points to 2,058.48 as of 11:20 a.m.

Market kingpin Samsung Electronics increased 3.52 percent after hedge fund Elliott Management on Thursday urged the tech giant to split itself into a holding firm and called for a special dividend. Its shares briefly surpassed the record-high price of 1.7 million won (US$1,530).

Samsung C&T, a construction arm that serves as the group's de-facto holding firm, jumped 5.26 percent on hopes that the U.S. activist fund's demand could raise shareholder value of South Korea's largest conglomerate.

Samsung Life Insurance, a life insurer of Samsung, rose 1.91 percent.

The local currency was changing hands at 1,110.1 won against the U.S. dollar, up 3.6 won from the previous session's close.


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