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Samsung, Panasonic signal tech industry upturn. - 11/2/2009 9:23:06 AM   
astra

 

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Samsung Electronics and Panasonic gave a robust outlook on improving demand and cost cuts, fuelling hopes a recovery in the global technology sector will outlive the pre-Christmas shopping season.

The strong showing from other Asian technology groups such as Sharp Corp and Acer, and Sony's reduced annual loss outlook provided further ammunition for bullish technology investors, rounding out the industry's relatively upbeat quarterly earnings.

"In the global IT sector, the recovery next year will be led by sectors that suffered most this year, such as PCs. The strongest recovery will be in memory chips," Mirae Asset Securities analyst Lee Hak-Moo said.

"LCD TVs have done well this year and its performance in 2010 won't stand out so much."

Taiwan PC firms Acer and Quanta issued upbeat sector outlooks, underscoring the recovery in consumer demand and boding well for peers such as Hewlett-Packard and Dell.

"It's very clear now that demand is back," Acer CEO Gianfranco Lanci told an investor conference. "We're starting to see replacement activity increasing even from companies."

Globally, investors are taking heart from the United States' return to economic growth, which gives reassurance on the recovery's staying power.

On Thursday, data showed consumer spending, which normally accounts for more than two-thirds of U.S. economic activity, rose 3.4 percent in the third quarter, the fastest advance since the first quarter of 2007.  
More reading:

http://in.reuters.com/news/technology

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