South Korea Stocks: Daewoo, Hyundai Merchant, Shinhan Financial
Shares of the following companies had unusual (KOSPI) moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul.
The Kospi Index rose 3.1 percent to 1,848.41, trimming this year’s decline to 9.9 percent.
Financials: Shinhan Financial Group Co. (055550) (055550 KS) jumped 6.3 percent to 40,500 won, the steepest gain since Oct. 6. The stock’s valuation is attractive and the company may post a return on equity of 12.4 percent in 2012, SK Securities Co. said in a report. Hana Financial Group Inc. (086790) (086790 KS) added 5.7 percent to 36,150 won, while Woori Finance Holdings Co. (053000) (053000 KS) rose 5.1 percent to 9,930 won.
Refiners: SK Innovation Co. (096770 KS), South Korea’s biggest refiner, added 4.2 percent to 148,000 won, its biggest advance since Dec. 1. GS Holdings Corp. (078930) (078930 KS) gained 3 percent to 52,200 won, while S-Oil Corp. (010950) (010950 KS) rallied 5.3 percent to 105,000 won. Gasoline for January delivery rose 8.96 cents on the New York Mercantile Exchange yesterday, the biggest gain since Oct. 27.
Daewoo Shipbuilding & Marine Engineering Co. (042660) (042660 KS) rose 2.4 percent to 25,450 won, the most since Dec. 5. The company will sign an agreement to build three 1,400-ton submarines for Indonesia. The contract is worth about $1.1 billion, according to a regulatory filing.
Hyundai Merchant Marine Co. (011200) (011200 KS) rallied 4.5 percent to 25,400 won, its steepest gain since Nov. 29. The company, Neptune Orient Lines Ltd. and four other shipping lines agreed to form an alliance for Asia-Europe trade as they cooperate to curb falling rates amid slowing demand and overcapacity.
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