Reuters: Hot Stocks: Korea Hot Stocks-LG Electronics up on new phone hope; Samsung Elec lags

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Korea Hot Stocks-LG Electronics up on new phone hope; Samsung Elec lags Aug 6th 2013, 02:01 SEOUL | Mon Aug 5, 2013 10:01pm EDT SEOUL Aug 6 (Reuters) - South Korea's main KOSPI share index was down 0.8 percent at 1990.59 points as of 0151 GMT. Stocks on the move on Tuesday include: **LG ELECTRONICS AT 7-WEEK-HIGH** Shares in LG Electronics gained more than 3 percent to a seven-week-high ahead of its Wednesday launch of its flagship smartphone G2, which raised hopes that the world's No.3 smartphone market would narrow the gap with bigger rivals Samsung Electronics and Apple Inc.. LG Electronics shares rose as much as 3.6 percent at 75,400 Korean won ($67.69), its highest level since June 19. "Apple and Samsung are struggling because of the commoditization of high-end smartphones. This in turns gives opportunity to second-tier smartphone maker LG Electronics, as consumers do not feel much difference in high-end smartphones," said Kevin Lee, an analyst at Korea Investment & Securities. "Second-tier smartphone maker HTC is also floundering, which will offer opportunity to rival LG Electronics," he said. LG Electronics plans to launch its G2 premium smartphone in New York on Wednesday, the first time it will hold a global launching event in the United States, a spokesman said. Meanwhile, Samsung Electronics extended falls, down more than 2 percent, after the U.S. administration overturned a ban on sales of some Apple phones and tablets, giving a boost to the U.S. rival in a bitter patent war. Samsung Elec shares have been down nearly 20 percent since June on worries about slowing smartphone sales growth. ($1 = 1113.9000 Korean won) (Reporting by Hyunjoo Jin; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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