* Samsung Elec extends gains to reach intra-day record high
* Hyundai Motor up on solid U.S. November sale forecasts
By Joyce Lee
SEOUL, Nov 23 Seoul shares edged higher in the
morning trading session on Friday led by tech heavyweight
Samsung Electronics which extended its record run on
expectations of strong earnings.
The Korea Composite Stock Price Index (KOSPI) ticked
0.3 percent higher to 1,905.41 points as of 0217 GMT.
"The index appears locked in a grappling tug-of-war near the
1,900-mark in the absence of a clear upside momentum," said Kim
Jung-hwan, an analyst at KDB Daewoo Securities.
Shares in Samsung Electronics Co Ltd set a new intra-day
high after rising more than 0.5 percent during trading near
The world's biggest smartphone maker with a market
capitalisation of around 209 trillion won ($192.5 billion), had
previously peaked at 1.418 million won per share in May and has
climbed more than 30 percent since its recent low hit in early
On Thursday, Samsung Electronics closed at a record-high on
favourable sales outlooks for its smartphones and tablet PCs in
the year-end shopping season.
Asian shares marked time on Friday but were on course for a
weekly gain of nearly 2 percent, after manufacturing surveys
from China and the United States raised hopes that the global
growth outlook is improving.
Auto shares were up across the board in Seoul, led by a 3
percent gain by Hyundai Motor Co after shares in the
automaker lost ground or remained flat for the past four
"Hyundai Motor is expected to report solid U.S. sales in
November, with seasonally adjusted annualised auto sales hitting
their highest level since February of 2008," said Chung Tae-oh,
auto sector analyst at Daishin Securities.
Shares in energy-to-telecommunications SK Group units fell
as prosecutors asked for a four-year prison term for the SK
Group Chairman Chey Tae-won late on Thursday on embezzlement
SK Innovation Co Ltd slid 0.6 percent, while SK
Chemicals Co Ltd fell 1.9 percent. The final ruling
is expected in late December.
The KOSPI 200 benchmark of core stocks was up 0.4
percent, while the junior KOSDAQ traded flat.
($1 = 1085.5500 Korean won)
(Editing by Jeremy Laurence)