* LG Display falls after brokerage downgrade
* Foreign selling weighs on market
SEOUL, Oct 5 Seoul shares edged up on Friday
after bellwether Samsung Electronics posted
stronger-than-expected earnings, but a dimmer outlook capped
Shares in Samsung Electronics, which makes up over 15
percent of the benchmark KOSPI, ended up 0.22 percent
after rising as much as 1.68 percent earlier in the day after it
estimated a record quarterly profit of $7.3 billion, powered by
strong sales of its Galaxy smartphones.
"There are concerns that Samsung earnings may have peaked
and its competition with Apple's iPhone 5 will be
challenging," Lee Seon-yeob, an analyst at Shinhan Securities,
"Samsung Elec's share price had been steadily gaining before
today's earnings results and now share movement will be affected
by fourth-quarter forecasts," said David Choi, an analyst at SK
The Korea Composite Stock Price Index (KOSPI) ended up 0.12
percent at 1,995.17 points.
Continued foreign selling weighed on the market although
institutional investors lent support.
LG Display tumbled 4.45 percent after a local
brokerage downgraded its outlook for the South Korean
flat-screen maker, expecting falls in prices of TV and notebook
panels in the fourth quarter because of sluggish demand and low
"The poor performance of LG Display and other laggards is
weighing down on the bounce to the KOSPI following Samsung's
announcement," said Kim Chul-jung, an analyst at Korea
Investment & Securities.
Hyundai Motor shares remained weak, down 0.82
percent, as investors remained concerns about its third-quarter
earnings despite its sales recovery in September.
Move on day +0.12 percent
12-month high 2,057.28 14 March 2012
12-month low 1,666.52 5 Oct 2011
Change on yr +9.28 percent
All-time high 2,231.47 27 April 2011
All-time low 93.10 6 January 1981
(Reporting by Somang Yang and Hyunjoo Jin; Additional reporting
by Seongwon Chang; Editing by Chris Gallagher and Matt Driskill)