Seoul shares at 1-week high after Hynix reports upbeat results

Tue Apr 23, 2013 10:29pm EDT

* LG Elec up 0.2 pct before Q1 results

* SK Hynix up 1.6 pct after upbeat earnings

* Korean Air surges on bargain-hunting

* Hanatour dives on China bird flu fears

By Somang Yang

SEOUL, April 24 (Reuters) - Seoul shares rose to a one-week high on Wednesday after chipmaker SK Hynix reported quarterly operating profits that handily beat forecasts, but the upside was capped ahead of more earnings results.

The Korea Composite Stock Price Index (KOSPI) was trading 0.4 percent higher at 1,925.76 points as of 0206 GMT. At one point it rose as high as 1,931.74

"Investors are still waiting for Hyundai, Kia's earnings and the launch of Samsung's Galaxy S4 phone which will determine the market's direction," said Han Beom-ho, an analyst at Shinhan Investment & Securities.

Korean Air surged 4.2 percent. Song Jae-hak at Woori Investment & Securities said that while the airline's earnings for the next two quarters will be modest, it was benefiting from hopes for its mid-term growth prospects as a freighter and as a parts supplier to Boeing.

SK Hynix Inc shares were up 1.6 percent. It also said it sees a stronger second quarter.

LG Electronics, which reports at 0400 GMT, was up 0.2 percent.

But tour operator Hanatour Service Inc slumped 7 percent on concerns about bird flu in China.

Overall, 555 shares advanced, outnumbering 209 decliners.

The KOSPI 200 benchmark of core stocks was up 0.2 percent, while the junior KOSDAQ climbed 1.2 percent. (Editing by Edwina Gibbs)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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