S. Korea Stocks: Daewoo Ship, Hyundai Elevator, Hyundai Motor
South Korea’s Kospi index fell 7.41, or 0.4 percent, to 2,022.19 at the close in Seoul, falling for a third day.
The following were among the most-active stocks in South Korean markets.
Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) climbed 2.9 percent to 37,400 won, the highest since Aug. 19, 2008. The company said orders are forecast to reach $11 billion next year, according to a statement.
Hyundai Elevator Co. (017800 KS), South Korea’s largest elevator maker, jumped 15 percent to 111,000 won, after a filing showed Schindler Holding AG increased its stake. Schindler Holding, the world’s biggest elevator maker after Otis Elevator, increased its stake to 6.7 percent in Hyundai Elevator this month, sparking speculation that the South Korean company may become a takeover target, said Byun Sung Jin at Mirae Asset Securities Co. in Seoul.
Hyundai Motor Co. (005380 KS), South Korea’s largest automaker, retreated 3.4 percent to 172,500 won, falling for a second day after the city of Beijing decided to limit the number of new passenger vehicles in the Chinese capital to ease congestion. Kia Motors Corp. (000270 KS), the second-biggest, declined 3.5 percent to 50,000 won.
“Beijing’s move to limit the number of new cars as well as China’s fresh monetary tightening have raised some concern about demand there and are affecting sentiment today,” said Song Seong Yeob, a fund manager at KB Asset Management Co. in Seoul, which oversees the equivalent of $17 billion in assets.
KT&G Corp. (033780 KS), South Korea’s biggest tobacco maker, climbed 0.7 percent to 68,300 won, after rising as much as 1.8 percent earlier. Hyundai Securities Co. rated the shares “buy” in new coverage, saying earnings will recover in 2011.
Woori Finance Holdings Co. (053000 KS) rose 2 percent to 15,250 won, ending a three-day retreat. Woori Bank, a unit of Woori Finance, is aiming for net profit of 1.8 trillion won ($1.6 billion) next year, rising from an estimate of about 1.2 trillion won for this year, as the company projects lower bad- loan provisions in 2011, according to the lender’s chief executive officer Lee Chong Hwi. Woori Bank spokesman Jung Hee Kyung confirmed the CEO’s remarks, which were earlier reported by Yonhap News.
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