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South Korean Stocks: Daekyung, Daewoo International, Shinwon

July 16 (Bloomberg) -- 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 climbed 0.3 percent to 1,817.79, rising for a second day.

Daekyung Machinery & Engineering Co. (015590 KS) slipped 8.3 percent to 2,000 won. Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) dropped its bid for Daekyung, citing changes in the domestic and global economic environment and failure to negotiate a price for the company. Daewoo Shipbuilding added 1.2 percent to 25,600 won.

Daewoo International Corp. (047050 KS), a South Korean trading company, added 6.5 percent to 33,000 won, the biggest advance since Feb. 23. About 10.2 million shares were listed on July 12 after investors converted bonds into shares, according to a regulatory filing.

Overhang concerns which recently weighed on the shares will ease after the listing has been completed, Doh Hyun Woo, an analyst at KTB Investment & Securities Co., said by phone today. Expectations for the company’s Myanmar gas project will also rise, Daishin Securities Co. said in a separate report.

Shinwon Corp. (009270 KS), a South Korean apparel maker, jumped by the daily limit of 15 percent to 1,350 won, the highest close since May 11. The stock climbed after the Seoul Economic Daily reported the company acquired Italian luxury bag maker Romeo Santamaria.

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

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

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