April 8, 2014 / 6:21 AM / 4 years ago

S.Korean stocks up, won closes at strongest in over 3 months

SEOUL, April 8 (Reuters) - Seoul shares reversed initial losses to edge higher on Tuesday encouraged by a Samsung Electronics’ earnings guidance that was broadly in line with analysts’ forecasts, while the won inched to its highest close in more than three months as exporters sold dollars.

The Korea Composite Stock Price Index (KOSPI) closed up 0.2 percent at 1,993.03 points after falling as low as 1,977.61, its weakest since April 1.

Samsung Electronics Co Ltd estimated on Tuesday its January-March operating profit fell by 4.3 percent to 8.4 trillion won ($7.96 billion), slightly below an average forecast from 40 analysts polled by Thomson Reuters I/B/E/S of 8.5 trillion won.

Samsung Electronics shares edged down 0.2 percent after fluctuating for much of the session.

Meanwhile, the won strengthened on exporters’ dollar selling for settlements amid fears of an intervention by the South Korea’s foreign exchange authorities to curb the pace of appreciation.

The won was quoted at 1,052.2 to the dollar at the end of onshore trade, gaining 0.3 percent from Monday’s close of 1,055.4. Tuesday’s close was the strongest since Jan. 2. (Reporting by Jungmin Jang; Editing by Simon Cameron-Moore)

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