Bloomberg News

Samsung, LG Shares Gain After Apple Says Steve Jobs Died

October 05, 2011

Oct. 6 (Bloomberg) -- Samsung Electronics Co. and LG Electronics Inc., South Korea’s two largest electronics makers, rose after Apple Inc. said its former Chief Executive Officer Steve Jobs died.

Samsung advanced 3.9 percent to 875,000 won as of 9:18 a.m., while LG jumped 7.6 percent to 74,800 won, outperforming the benchmark Kospi index that gained 3.3 percent.

“Even without Jobs as the CEO, people thought he would have direct and indirect impact on management, and the company would keep showing its ability to develop new devices,” Choi Do Yeon, an analyst at LIG Investment & Securities Co. in Seoul said. “His death might weaken such ability. I cautiously think it could be a chance for Korean companies to regain some of the leadership they lost to Apple.”

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net

To contact the editor responsible for this story: Shinhye Kang at skang24@bloomberg.net


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