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LG Uplus set to surpass bigger rival in market cap

2018/09/16 10:45

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SEOUL, Sept. 16 (Yonhap) -- LG Uplus Corp., South Korea's smallest mobile carrier, is set to see its market cap surpass that of its bigger rival KT Corp., on a rosy business outlook, industry data showed Sunday.

LG Uplus closed at 17,000 won (US$15) on the Seoul bourse Friday, up 8.63 percent from a week ago. On Thursday, its market cap reached 7.6 trillion won, briefly relegating No. 2 player KT to third place in terms of market value, the latest data showed.

LG Uplus has been on a sharp rise on optimism that its business may get a boost from the commercialization of high-end fifth-generation (5G) networks.

LG and two other local rivals have been working to commercialize the 5G wireless network in March next year, making them one of the first to do so anywhere in the world.

LG Uplus made its market debut in 2000, and its market cap was very small compared with that of KT.

"Foreign investors have been snatching up LG Uplus hoping for earnings, and their buying binge will continue," said Kim Heung-shik, an analyst at Hana Financial Investment Corp.

sam@yna.co.kr

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