SEOUL (Reuters) - Shares of South Korea’s Samsung Electronics (005930.KS) rose 3.5 percent on Thursday, following on from Wednesday’s 3.0 percent gain, as bargain hunters outnumbered investors concerned about upcoming first-quarter earnings results, analysts said.
“Some investors were downbeat about Samsung earnings, but its Q1 smartphone shipments may have been flat or slightly higher from the previous quarter despite low seasonal demand,” said HMC Investment Securities analyst Nho Geun-chang.
Samsung, the world’s biggest smartphone maker, is widely expected to release estimates for January-March earnings early next month.
Its shares were up 3.5 percent at 1,330,000 won ($1,200) as of 0514 GMT, compared with a 0.5 percent gain in the broader market .KS11.
($1 = 1074.9500 Korean won)
Reporting by Hyunjoo Jin; Editing by Christopher Cushing