Samsung Elec shares rise 2 percent after third-quarter earnings boost outlook

SEOUL Mon Oct 28, 2013 2:45am EDT

A man using his mobile phone walks past a Samsung Electronics shop in the company's main office building in central Seoul July 23, 2013. REUTERS/Lee Jae-Won

A man using his mobile phone walks past a Samsung Electronics shop in the company's main office building in central Seoul July 23, 2013.

Credit: Reuters/Lee Jae-Won

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SEOUL (Reuters) - Shares in Samsung Electronics rose 2 percent on Monday, driven by expectations that the South Korean technology giant will continue to post solid earnings after its record-high profit in the July to September period, analysts said.

Some analysts raised their target prices for Samsung, expecting a strong recovery in its memory chip business to help offset slowing growth of smartphone profits in the coming quarters.

Samsung shares rose as much as 2 percent to 1,478,000 Korean won ($1,400) per share, the highest intraday level in a week.

(Reporting by Hyunjoo Jin and Jungmin Jang; Editing by Richard Pullin)

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