South Korean Stocks: Daelim, Hanwha, Infracore, Korea Aerospace
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi index rose 0.3 percent to 1,814.47.
Daelim Industrial Co. (000210 KS), a builder and chemicals maker, advanced 1.7 percent to 95,600 won. A group including the South Korean company received an order to build a coal-fired power plant in Vietnam, according to a regulatory filing yesterday.
Doosan Infracore Co. (042670) (042670 KS), South Korea’s largest construction-equipment maker, rallied 4.3 percent to 19,300 won. Chances are growing that China’s excavator market will hit the bottom in the second quarter and recover, Tong Yang Securities Inc. said in a report today. The company’s valuation is also lower than that of peers competing in China, the brokerage said.
Hanwha Corp. (000880) (000880 KS) jumped 4 percent to 28,300 won. The company’s construction unit will soon sign an $8 billion agreement with Iraq’s National Investment Commission to build 100,000 housing units in the Middle Eastern country, it said in a statement.
Korea Aerospace Industries Ltd. (047810) (047810 KS), South Korea’s largest planemaker, advanced 8.1 percent to 26,600 won.
“Investors’ speculation that the company will win a major order from Iraq, coupled with the recent share-price drop, is driving the stock higher today,” Lee Sang Woo, an analyst at Hana Daetoo Securities Co., said by phone today.
The company is working to win an order from Iraq for 24 trainer jets, but nothing has been finalized yet, Korea Aerospace spokesman Lee Myeong Hwan said by phone.
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