* KOSPI up 1.51 pct
* Interpark turns lower after Gmarket sale news
* LG Elec up after brokerage note
(Updates to mid-morning)
By Jungyoun Park
SEOUL, April 16 (Reuters) - Seoul shares traded higher on
Thursday, following gains overnight on Wall Street amid signs the
recession in the world's No.1 economy may be abating, with techs
including LG Electronics (066570.KS) leading advances.
The Korea Composite Stock Price Index (KOSPI) was up
1.51 percent at 1,353.25 as of 0240 GMT.
"It looks like there will be little technical correction
despite the latest steep gains. Growing hopes about the economy
keep fueling markets, but the closer the index nears the
1,400-point level, more appetite for selling will likely occur,"
said Lee Woo-hyun, a market analyst at KTB Securities.
"We have had some signs that the economy is stabilising, but
there has not been a clear set of numbers and indicators
confirming that the economy has hit bottom. Once we have a set of
key corporate results, we will have clearer ideas about where the
market is headed," Lee added.
But shares in Interpark Corp (035080.KQ) turned lower, down
1.17 percent, after South Korea's Interpark Corp (035080.KQ) said
on Thursday that it would sell $350 million worth of Gmarket Inc
GMKT.O shares to eBay Inc (EBAY.O), making the U.S. online
auctioneer a dominant player in South Korea. [ID:nSEO17563]
EBay would buy a 29 percent stake, or 14.6 million shares, in
Gmarket from Interpark, its current top shareholder, at $24 per
share, the Korean company said in a filing.
LG Display (034220.KS) also underperformed the benchmark, up
0.32 percent, ahead of its first-quarter results that are
scheduled to be released at around 0600 GMT.
The world's No.2 flat-panel maker is expected to post another
quarter in the red, but losses in January-March likely narrowed
from the previous quarter, driven by booming sales in China.
[ID:nSEO373063]
LG Electronics (066570.KS) jumped 3.86 percent after Nomura
on Thursday said it was raising its price target on the world's
No.4 handset maker to 133,000 won from 123,000 won and reiterated
its buy rating on the handset and appliance maker. [ID:nSP231132]
"We are confident of stronger momentum in the handset
business ... and see the TV business delivering 40 percent
year-on-year unit growth this year," Nomura said, adding that it
expected a positive earnings surprise for the first quarter.
LG Elec is scheduled to report its first-quarter earnings on
April 21.
Elsewhere, steelmakers were rallying on the back of
strengthening hopes about the economy, analysts said.
"We think steelmakers' earnings will probably improve from
the second quarter," said Cho In-je, an analyst at KB Investment
& Securities.
POSCO (005490.KS) was up 4.11 percent, while Hyundai Steel
(004020.KS) rose 7.1 percent.
(Editing by Chris Lewis)
