Friday, November 11, 2011

Seoul shares open higher; Hynix climbs on SK Tel bid

SEOUL(Nov 11): Seoul shares opened up on Friday, tracking a Wall Street rebound, with Hynix Semiconductor gaining ground after SK Telecom submitted a final bid for the chipmaker.

Top shareholders of Hynix Semiconductor will decide on Friday whether to pick sole bidder SK Telecom as the preferred bidder for the chipmaker, raising hopes that the long-delayed sale may finally succeed.

Shares in Hynix rose 4 percent, while SK Telecom shares were down 2.1 percent.

The Korea Composite Stock Price Index (KOSPI) climbed 1.16 percent at 1,834.22 points as of 0004 GMT. ' Reuters


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