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Korea Stocks: Daewoo Engineering, Doosan Engine, Hyundai Heavy

Jan. 4 (Bloomberg) -- South Korea’s Kospi index rose 15.06, or 0.7 percent, to 2,085.14 at the close in Seoul, ending at a record high for a second day.

The following were among the most-active stocks in South Korean markets.

Daewoo Engineering & Construction Co. (047040 KS), a South Korean builder, rose 1.9 percent to 13,350 won, gaining for a third day. The company was selected as a preferred bidder by Total E&P Nigeria Ltd. to build a power plant in the African country. The plant, which will be built for about 828 billion won ($735 million), will have a capacity of 420 megawatts, according to a statement.

Doosan Engine Co. (082740 KS), the world’s second-biggest maker of marine engines, jumped 33 percent to 25,700 won on its trading debut, from the initial public offering price of 19,300 won.

Hyundai Heavy Industries Co. (009540 KS), the world’s biggest shipbuilder, climbed 3.8 percent to 451,500 won, the most since Dec. 17. Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, agreed to pay Hyundai Heavy Industries about $590 million to build a drillship as crude producers explore farther offshore, according to a statement.

Kia Motors Corp. (000270 KS), an affiliate of Hyundai Motor Co., gained 5 percent to 55,100 won. “A sharp increase in December sales has boosted expectations Kia could report stronger fourth-quarter earnings than Hyundai,” said Mo Se Joon, an analyst at Hana Daetoo Securities Co.

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net.

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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