S. Korea Stocks: Dongkuk Steel, Doosan Heavy, Woori Investment
South Korea’s Kospi index rose 17.06, or 0.9 percent, to 2,026.30 at the close in Seoul, the highest level since November 2007. The gauge rose 2 percent this week, the third straight advance.
The following were among the most-active stocks in South Korean markets.
Brokerages: Woori Investment & Securities Co. (005940 KS) jumped 7.1 percent to 23,300 won. Daewoo Securities Co. (006800 KS) added 6.3 percent to 27,000 won. Mirae Asset Securities Co. (037620 KS) climbed 7 percent to 60,000 won. The shares gained as investors speculated trading volumes will increase as the benchmark stock index approaches a record-high. “The market is showing an uptrend, and there are growing expectations that trading value and volume will increase,” said Cho Soung Kyung, an analyst at KTB Securities Co.
Dongkuk Steel Mill Co. (001230 KS), the third-largest steelmaker, advanced 4.5 percent to 32,650 won, the highest since Aug. 7, 2009. Korea Investment & Securities Co. raised its share-price estimate by 40 percent to 42,000 won, citing higher earnings and attractive valuations.
Doosan Heavy Industries & Construction Co. (034020 KS) added 3 percent to 85,000 won, the most since Nov. 9. The company may win a $3 billion order to build a power plant in Vietnam, the Maeil Business Newspaper reported, citing an unidentified industry official. Bae Kyun Ho, a Doosan Heavy spokesman, declined to comment.
Posco Coated & Color Steel Co. (058430 KS) fell 3.5 percent to 29,350 won. Posco Coated & Color Steel and five other South Korean steelmakers may be fined by the Fair Trade Commission for fixing prices, the Maeil Business Newspaper reported, without saying where it got the information.
“It’s true that we investigated cold-rolled sheets makers, but whether they violated fair trade rules hasn’t been confirmed,” the commission said in an e-mailed statement. An official at Posco Coated’s public relations team said he has no information on the reported fines.
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