South Korea Stocks: Daekyung, E-Mart, Samsung Life, Vieworks
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul. The Kospi Index (KOSPI) lost 14.72, or 0.7 percent, to 2,130.48.
Medical-equipment makers: Value Added Technologies Co. (043150 KS) jumped 8.3 percent to 10,500 won, while Vieworks Co. (100120 KS) surged 15 percent to 16,250 won. Samsung Electronics Co. is in talks to buy makers of MRI scanners and X-Ray machines, Senior Vice President Jo Jae Moon, who leads a team of medical-equipment developers, said in an interview on July 15.
“As Samsung Electronics is known to be seeking acquisitions of medical-equipment makers, investor sentiment for related companies is getting a boost,” Kim Hyun Tae, an analyst at Shinyoung Securities Co. in Seoul, said by telephone.
Daekyung Machinery & Engineering Co. (015590 KS) surged 9.4 percent to 4,005 won after the Korea Economic Daily reported that Daewoo Shipbuilding & Marine Co. (042660 KS) is considering buying the company. Daewoo has not decided whether to buy the chemical machinery maker, the shipbuilder said in a regulatory filing today. Daewoo Shipbuilding shares lost 1.9 percent to 40,500 won.
E-Mart Co. (139480 KS) rose 7.7 percent to 278,500 won, a record close. The operator of discount stores said on July 15 operating profit rose 1.3 percent from a year ago.
Samsung Life Insurance Co. (032830 KS) rose 3 percent to 98,300 won, the biggest increase since April 20. The company plans to buy back 3 million shares, according to a filing. In a separate filing, the company said it will spend 652.8 billion won ($615 million) to develop commercial land in Beijing.
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