* KOSPI trades firm, up 0.30 pct
* Shares face resistance as index hits new 2009 high
* LG Display up after earnings, investment news
(Updates to mid-morning)
By Jungyoun Park
SEOUL, July 17 (Reuters) - Seoul shares rose on Friday as
advances overnight on Wall Street and positive earnings news
boosted sentiment, with gains fueled by techs such as LG Display
(034220.KS) and LG Electronics (066570.KS).
The Korea Composite Stock Price Index (KOSPI) was up
0.30 percent at 1,436.49 points as of 0150 GMT, after hitting
1,445.60 points, the highest intraday level seen so far this
year.
"Markets started off fairly strong helped by U.S. earnings
and shares' gains, but are currently facing resistance as the
index is near its earlier 2009 high," said Won Sang-pil, a market
analyst at Tong Yang Securities.
"But with surprisingly strong earnings, there are enough
reasons for markets to rise further, and we belive the index will
eventually settle comfortably at the year's new high," Won added.
Shares in LG Display rose 1.72 percent after the world's No.
2 maker of liquid crystal display (LCD) screens returned to a
quarterly profit after two straight losing quarters, spurred by
robust demand for flat-screen TVs that is expected to power the
industry through most of the year. [ID:nSP56216]
LG Display expects the LCD industry to face an oversupply
situation between late this year and early 2010, but its CEO said
the impact could be limited due to glass shortages and possible
output cuts by makers.[ID:nSEO292164]
LG Chem (051910.KS) rose 0.72 percent after the chemicals and
electronic materials maker posted a 31.2 percent year-on-year
jump in net profit to a record high. [ID:nSEO251920]
The company also said it planned to invest 430 billion won
($339.6 million) in LCD glass production until March 2010.
[ID:nSEL000694]
Kyobo Securities said in a research note on Friday that
rising demand for LCDs and a global market share increase by
domestic handset makers including LG Electronics would help LG
Chem's earnings in the third quarter.
AhnLab Inc (053800.KQ) advanced 2.81 percent after the online
security company reported a 47 percent annual jump in net profit
for the April-June quarter to 4.15 billion won ($3.28 million).
Shares in Hyundai Heavy Industries Co Ltd (009540.KS) rose
1.31 percent after news late on Thursday it had won a $1 billion
gas equipment project order in the United Arab Emirates.
[ID:nSEL000693]
(Editing by Jonathan Hopfner)
