SEOUL, Nov 12 (Reuters) - As of 0040 GMT, the main KOSPI was up 2.22 percent at 1,957.20 points. The index opened up 1.9 percent at 1,951.35 points.
Stocks on the move on Friday include:
**SAMSUNG CARD GAINS ON SHARE SALE PLAN**
Shares in Samsung Card rose 2.3 percent on Friday after the company confirmed its plans to sell Samsung Group company stakes worth a combined 774 billion won ($697 million).
The credit card firm plans to offer 2 million shares in Samsung Fire & Marine worth about 381 billion won, and 3.14 million shares worth 204 billion won in Samsung Securities.
It is also selling a stake worth 128 billion won in Samsung Engineering and 61 billion won worth of Samsung Fine Chemicals.
'The share sale plan is boosting sentiment towards Samsung Card stocks as it will immediately translate as capital gains profits, although it will be a one-off profit,' said Ku Yong-uk, an analyst at Daewoo Securities.
'The share sale also brews expectations about an eventual sale of its Samsung Everland stake,' Ku added.
Samsung Card controls 25.6 percent of Samsung Everland.
Shares in Samsung Card were up 2.6 percent, modestly outperforming the benchmark KOSPI.
0040 GMT
(Reporting by Jungyoun Park; Editing by Ken Wills)
($1=1110.0 Won)
((jungyoun.park@thomsonreuters.com; +82 2 3704 5643; Reuters Messaging: jungyoun.park.reuters.com@reuters.net)) Keywords: MARKETS KOREA HOT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Stocks on the move on Friday include:
**SAMSUNG CARD GAINS ON SHARE SALE PLAN**
Shares in Samsung Card rose 2.3 percent on Friday after the company confirmed its plans to sell Samsung Group company stakes worth a combined 774 billion won ($697 million).
The credit card firm plans to offer 2 million shares in Samsung Fire & Marine worth about 381 billion won, and 3.14 million shares worth 204 billion won in Samsung Securities.
It is also selling a stake worth 128 billion won in Samsung Engineering and 61 billion won worth of Samsung Fine Chemicals.
'The share sale plan is boosting sentiment towards Samsung Card stocks as it will immediately translate as capital gains profits, although it will be a one-off profit,' said Ku Yong-uk, an analyst at Daewoo Securities.
'The share sale also brews expectations about an eventual sale of its Samsung Everland stake,' Ku added.
Samsung Card controls 25.6 percent of Samsung Everland.
Shares in Samsung Card were up 2.6 percent, modestly outperforming the benchmark KOSPI.
0040 GMT
(Reporting by Jungyoun Park; Editing by Ken Wills)
($1=1110.0 Won)
((jungyoun.park@thomsonreuters.com; +82 2 3704 5643; Reuters Messaging: jungyoun.park.reuters.com@reuters.net)) Keywords: MARKETS KOREA HOT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.