South Korea Stocks: Hyundai Engineering, Samsung Electronics
South Korea’s Kospi index rose 7.00, or 0.4 percent, to 1,957.26 at the close in Seoul, ending the week 2.9 percent higher.
The following were among the most-active stocks in South Korean markets.
Hanwha Chemical Corp. (009830 KS), a South Korean chemical producer, added 0.8 percent to 33,600 won, the highest since Nov. 19. The company had its share-price estimate raised to 39,000 won from 28,000 won at Deutsche Bank AG after the brokerage increased its earnings estimates for the company.
Hyundai Engineering & Construction Co. (000720 KS), South Korea’s largest builder, fell 2.7 percent to 65,400 won. The shares tumbled as much as 7 percent earlier after Hyundai Group gave shareholders documents supporting its funding plan for buying a stake in the company, damping speculation the deal may fall apart.
“Investors still have doubts about how Hyundai Group will repay debts used to buy the builder without hurting the financial health of its units or Hyundai Engineering,” said Kang Seung Min, an analyst at NH Investment & Securities Co.
Hyundai Merchant Marine Co. (011200 KS), Hyundai Group’s largest unit, dropped 2.8 percent to 44,400 won.
LS Industrial Systems Co. (010120 KS), a South Korean electric equipment maker, gained 2.6 percent to 84,400 won. The company agreed to supply electric car parts to Daimler AG’s Mercedes-Benz and Renault SA, the Maeil Business Newspaper reported, citing an unidentified senior official at the South Korean company.
Samsung Electronics Co. (005930 KS), Asia’s biggest maker of chips, flat screens and mobile phones, jumped 4.1 percent to 894,000 won, a record. Samsung Electronics promoted the chairman’s son to president as the founding family tightens its grip on South Korea’s biggest industrial group.
Lee Jae Yong will report to Chief Executive Officer Choi Gee Sung, Samsung Group said in a statement. His sister, Lee Boojin was named president of Samsung Everland Inc., chief executive officer of affiliate Hotel Shilla Co. (008770 KS) and adviser to Samsung C&T Corp. (000830 KS). Hotel Shilla rallied 3.4 percent to 30,200 won. Samsung C&T added 4.6 percent to 81,500 won.
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