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South Korea Stocks: Daum Communications, Hyundai Engineering

Nov. 22 (Bloomberg) -- South Korea’s Kospi index rose 0.2 percent to 1,944.34 at the close of trading in Seoul.

The following are among the most-active stocks in South Korea markets.

Daum Communications Corp. (035720 KS) rose 0.9 percent to 79,000 won. UBS AG rated the stock “buy,” with a target price of 106,000 won.

Hyundai Engineering & Construction Co. (000720 KS) fell 3.5 percent to 60,200 won. Creditors aren’t reviewing Hyundai Group’s funding plans for the acquisition of the builder, Korea Exchange Bank said late Friday in an e-mailed statement, denying a Yonhap News report on Nov. 19. Hyundai Group was named the preferred bidder for the stake last week.

Posco (005490 KS) climbed 0.8 percent to 458,000 won. South Korea’s biggest steelmaker may aim to boost its revenue to 200 trillion won by 2020, spokesman Chung Jae Woong said by phone today, responding to a Korea Economic Daily report. The company plans to finalize the target as early as the end of this year, Chung said.

Samsung Card Co. (029780 KS) surged 9.2 percent to 63,900 won. The stock gained on speculation the company may sell a stake in Samsung Everland Inc., the defacto holding company of parent Samsung Group, as part of a restructuring of the group, said Kim In, an analyst at Eugene Investment & Securities in Seoul. Lee Yun Dong, a spokesman at Samsung Card, declined to comment on the speculation.

“The stake sale will take time, but investors are pricing that in quickly,” Eugene Investment’s Kim said.

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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